Lithium battery: industry concentration improve leading benefit

The battery has become a big industry, the degree of concentration Ascension brings leading opportunity: China's battery industry has become a big industry in 2011 sales revenue of China's main battery products (including photovoltaic cells) amounted to 315.6 billion yuan; the battery industry regulation and implementation of the access conditions conducive to enhance the degree of concentration of the industry, the positive industry leader; From the pattern of global Toshiba PA3788U-1BRS Battery industry, battery industry forward transfer to China, the the the battery business growth in China has provided a broad space.

Lead-acid, lithium space. Chemical secondary battery larger mainly lead-acid batteries, and lithium batteries, has a stable demand for each downstream; nickel-metal hydride and nickel cadmium batteries due to performance, environmental protection, price growth in the size of the market space is limited.

Lead-acid battery: safety, economy and achievement of its large battery living space. Lead-acid batteries are mainly used in car or motorcycle starter, electric bicycles, low-speed electric vehicles, emergency or backup battery and energy storage in areas such as market size of lead-acid batteries in China has more than 100 billion in 2012; due to its advantages as well as technological advances , lead-acid batteries in the next decade will continue to be the mainstream of the Toshiba PA3534U-1BAS Battery market. The industry leading multiply remediation machine contrarian seize market share, investment opportunities appear.

Lithium-ion battery: digital products is the foundation of power, energy storage Achievement imagination. Stage, the lithium battery demand is mainly from mobile phones, laptops and other digital products, accounting for more than 70%; continued development of digital products, lithium battery has a stable downstream demand. Power, energy storage has a larger space, the current demand is not yet open, in short-term power storage batteries affected by the policy. However, the expansion of the battery to the lithium battery materials market investment opportunities.

Investment rating: given a "good" rating. We believe that the battery industry has a stable downstream demand, distributed energy, the development of new energy vehicles will further promote the development of the industry, considering the investment rating of "optimistic", given the battery industry, especially optimistic about better management of lead-acid battery company, and benefit downstream demand of lithium battery materials, lithium battery module sub-sectors.

Recommendations concern the company: 1, lead-acid batteries, it is recommended that concerned about the focus on the Toshiba PA3692U-1BAS Battery of the car to start camel shares (601311.SH), and the overall layout of the communication, power, energy storage Southern Power (300068.SZ); lithium battery materials the electrolyte leading new state-chou (300037.SZ), proposes a focus on lithium hexafluorophosphate enterprises Fluoride (002407.SZ); 3, lithium battery module business advice concern Desai battery (000049.SZ), welcomes Wanda (300207.SZ ).