The ternary lithium is not fragrant? LG new energy forces force the lithium iron phosphate to catch up with "Ning Wang"

On July 27, LG's new energy released financial reports showed that the net profit in the second quarter of this year was 89.9 billion won, a year -on -year decrease of 85.7%; operating profit was 195.6 billion won, a year -on -year decrease of 73%. LG new energy said that the reason for the decline in profit is the continuous interruption of the global supply chain.

At the same time, LG new energy announced that it is planned to produce lithium iron phosphate batteries in the LG China factory in 2023.

As the former "Power Battery Brother", LG's new energy is mainly produced by the production of ternary lithium batteries. The market share is comparable to that of the Ningde era. However, with the gradual sought after by the lithium iron phosphate, the gap between the LG new energy and the Ningde era is increasing.

Today, LG's new energy has begun to force lithium iron phosphate. Is it not fragrant? Still struggling to chase the Ningde era?

Hao Hongmei, an analyst of Longzhong Information Lithium Battery Industry Chain, told a reporter from the Securities Daily that the penetration rate of lithium iron phosphate in the field of power batteries has continued to increase. Tesla and other car companies will also focus on lithium iron phosphate routes. To improve the market share and maintain existing customers, we must further deploy lithium iron phosphate batteries.

Lithium iron phosphate chase "Ning Wang"?

In the two years of the booming of new energy vehicles, LG New Energy and Ningde Times have been in a state of contest.

On January 27, 2022, LG New Energy landed on the Korean Stock Exchange. The opening price was 597,000 won, which is the largest IPO in South Korea's history. At that time, Quan Yingshou, the CEO of LG New Energy, said that in the global competition of the electric vehicle battery market, LG New Energy will soon defeat Chinese competitors Ningde Times.

Back to the back, in the first half of 2020, LG New Energy surpassed the Ningde era by virtue of supplying batteries to Tesla China. It is understood that the LG New Energy and Ningde Times are supplying batteries for the Tesla Shanghai plant. Among them, LG's new energy mainly provides Tesla with ternary lithium batteries, corresponding to long battery life and high -performance version models, which are high -end series; Ningde Times mainly provides lithium iron phosphate batteries, corresponding to the standard range of models.

However, the road of attacking LG's new energy is not so smooth. Data from the Korean market research institution Snee Research show that in the global power battery installed capacity rankings in 2021, Ningde Times ranked first with a global installed capacity of 96.7GWH and a market share of 32.6%. Energy, global installed capacity is 60.2GWh, and the market share is 20.3%.

In the first half of this year, the gap between LG new energy and Ningde era further expanded.

According to the data released by the above agencies, the Ningde Times continued to dominate the list with the installed capacity of 69GWH in the first half of the year, an increase of 111%year -on -year, and the market share was 34%. The installed capacity ranks second in the world, with a significant slowdown in the world, only 4%, and the market share is 14%.

In addition to the market share is far from the Ningde era, affected by the sharp increase in the price of power battery raw materials, the results of LG new energy listing for half a year are also more bleak.

From the perspective of the secondary market, the stock price of LG new energy after listing has fallen all the way. As of July 27, the stock price was 393,500 won, and since its listing, it has fallen by more than 34%.

Hao Hongmei believes that the frequency and comprehensiveness of product technology innovation lag behind in the Ningde era, making the market share of LG new energy decrease.

Qi Haiyu, the president of Beijing's Sunshine New Energy, told a reporter from the Securities Daily that the main reason for LG's new energy is lagging behind the Ningde era. In the Ningde era, there were also ternary lithium batteries, which used to be the main product, but the development strategy of the "two leg walking" in Ningde era was flexible and pace with the times. After all, the lithium battery industry is a dual -dense industry of "technology+funds", and the product iteration is upgraded quickly. On this track, it will be thrown behind.

Lithium iron phosphate is favored by cost advantage

In fact, due to the advantages of lithium iron phosphate in terms of cost, not only LG new energy, but more and more car companies are favored.

The latest data shows that in terms of vehicle power batteries, my country's power battery installed capacity was 110.1GWh in the first half of this year, a year -on -year increase of 109.8%. Among them, the installed capacity of ternary lithium batteries accounted for 41.4%, an increase of 51.2%year -on -year; the installed capacity of lithium iron phosphate batteries accounted for 58.5%, an increase of 189.7%year -on -year.

Global car companies are turning to lithium iron phosphate batteries. Recently, Ningde Times announced the signing of a memorandum of understanding with Ford, which will supply lithium iron phosphate batteries from next year, and the supply scope of supply includes China, Europe and North America.

It is worth mentioning that it is also an important reason for the continuous increase in the market share of global car companies in the Ningde Times.

At present, Tesla's lithium iron phosphate battery in Ningde era has accounted for 19%of its total shipments and is the largest customer.

"The large -scale application of hot -selling models such as Tesla and BYD promotes the rapid improvement of the penetration rate of lithium iron phosphate batteries, and gradually exceeds the ternary lithium battery." CITIC Securities Research report said that by 2025, it is expected to be in the field of power batteries. With the release of iron and lithium models in the world, lithium iron phosphate batteries will account for 43%; in the field of energy storage, lithium iron phosphate batteries are expected to account for 85%in the future.

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