Regulation can not manufacture the excess - lead battery industry-Shenzhen Power Kingdom Co., Ltd.

by:Power Kingdom     2020-03-12
Lead battery is currently the most widely used secondary battery, can be used as automobile starting batteries, electric vehicle power battery backup/energy storage power, and the automobile starting batteries is the first big application field. Along with the development of the new battery technology, lead battery is facing the threat from lithium electricity, and other alternative battery, in the short term, we think the car starting areas don't have to worry about be replaced, backup and storage battery replace may only exist in medium and small capacity market, power battery field will be the first to be lithium battery replacement, but the replacement process is relatively slow. Power battery stable demand, the price war smoke constantly. Electric bicycle slowing demand, lithium electricity gradually replace and day, amd expansion has two oligarchs competition leads to power battery market competition environment deteriorating, the price war shadow lingering. Power battery is about 22% gross margin level at present, although the short-term for the peak season for incremental price, but the price downward pressure after the season is still larger. For the first time give the lead battery industry & other; Neutral & throughout; Rating: the long term lead battery industry overall demand growth is within 10%, and industry consolidation will be a long process, the industry is difficult to have integrity investment opportunities, but we think there are still structural opportunities. Lead battery downstream the three application market, considering the market demand and profitability, we think that the automobile starting batteries optimal, communication second battery, power battery, relatively bullish automobile starting batteries camels shares and communication batteries bibcock of SMW power supply. Industry excess regulation can not manufacture pattern, market concentration ascending slowly. 2011 the environmental storms cause lead battery industry began in the history of the most severe and current industry regulation draws near, lead battery in production capacity to recover quickly, industry starts fell below 60%, overcapacity situation remains. Expansion has giant the opportunity of treatment actively, with power and starter battery enterprise, but due to a large number of enterprises and production, the production capacity of the industry leading concentration did not appear obvious changes, industry regulation is expected to impact on market concentration will be a slow and long process. Automobile starting batteries steady growth in demand, prices fell back. Benefit from the sustained growth in car sales, and ownership base to expand, starter battery demand growth to remain above 10%. Starting batteries are divided into supporting and maintenance of the market, market is given priority to with five line companies, the competitive landscape is stable, but the price is low, weak profitability; Maintenance market is very scattered, in perfect competition, but the price is higher, more than 20% of the gross margin level. Due to the large number of recovery industry production capacity in 2012, before starting batteries fell back to rise in price, considering the demand of stable growth and competition strategy and profitability, giant future first-line brand battery price stability probability is bigger. Communication 4 g construction speed, industry reshuffle has prompted the battery price stabilization. Speed up the construction of communication 4 g started in 2013, over the next 2 years communication investment will have close to double-digit growth, communication batteries will also usher in a higher growth. Communication battery products quality problem prompted industry began to shuffle, battery prices are bottoming out, corporate profitability has now recovered, battery bibcock is expected to be in the future communication so quantity and price.
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