The Zhitong Finance App learned that Galaxy Securities released a research report saying that the composite collector is currently on the eve of industrialization from 0 to 1. The commercialization of composite aluminum foil is progressing rapidly but it is difficult to reduce costs. There are still differences in the composite copper foil technology route. It is recommended to pay attention to the progress of sample delivery testing and production expansion in foil factories. Equipment manufacturers will take the lead in benefiting from the increase in downstream capital expenditure. We recommend Jiaocheng Ultrasound, the most definitive ultrasonic roller welding equipment manufacturer. Dongwei Technology (688700.SH), which has the ability to mass-produce core water electroplating equipment using the two-step composite copper foil method, focus on one-step process equipment manufacturers Dawson Co., Ltd. (603800.SH), Sanfu Xinke (688359.SH), etc.

Galaxy Securities's views are as follows:

Composite fluid collector: A new type of material with high safety, low cost, and extremely thin.

The composite collector uses a “metal-PET/PP polymer material-metal” sandwich structure to replace traditional aluminum foil and copper foil as battery positive and negative electrode materials, and has the advantages of low cost, high safety, long life, and high energy density. 1) High safety: In recent years, electric vehicle fires and spontaneous combustion accidents caused by uncontrolled battery heat are one of the core issues in the safety of new energy vehicles. The polymer substrate in the middle of the composite fluid collector has flame retardant properties and can melt quickly before the heat gets out of control. Battery damage is limited to forming a “point break” at the puncture site, and can reduce the compressive stress caused by lithium dendrite growth, thereby delaying the battery short circuit. 2) High energy ratio: In order to improve battery energy density and extend battery life, lithium battery copper foil has shown a trend of lightening and thinning in recent years. The thickness of copper in composite copper foil decreased by 66.67% compared to 6 μm copper foil, and the thickness of aluminum in composite aluminum foil decreased by 80% compared to 10 μm aluminum foil. The middle layer of the composite fluid collector uses lightweight polymer materials. The weight is reduced by about 50% compared to the pure metal collector, which can effectively increase the energy density of the battery. 3) Low cost: Traditional copper foil accounts for about 83% of raw material costs, while composite copper foil accounts for about 31% of raw material costs, and equipment costs account for up to 50% due to early industrialization. Composite copper foil production has more room to reduce costs through scale effects. Under complete technical conditions, composite copper foil is expected to achieve less than 4.5 yuan per square meter after large-scale mass production. Compared with traditional copper foil, manufacturing costs are expected to be reduced by 40%.

The composite fluid collector uses a new process, which has spawned investment opportunities on the equipment side.

The technical route for the preparation of composite aluminum foil is very clear, mainly using the vacuum evaporation coating dry process. That is, a layer of 1 μm aluminum film is coated on both sides using vacuum evaporation on the surface of the PET/PP substrate with a thickness of 4.5 to 6.0 μm. Currently, there are various preparation processes for composite copper foil, including one-step method (chemical deposition/vacuum magnetron sputtering/vacuum evaporation method), two-step method (vacuum magnetron sputter+water electroplating), and three-step method (vacuum magnetron sputter+vacuum evaporation +water electroplating). Core equipment includes vacuum evaporation, vacuum coating equipment including vacuum magnetron sputtering, and water electroplating equipment. Furthermore, after applying a composite fluid collector, lithium battery preparation will include an additional pole-ear transfer welding process using ultrasonic high-speed roller welding technology, leading to a definite demand for ultrasonic roller welding equipment.

Industrialization is getting closer, and the equipment sector is expected to usher in a 10 billion dollar market.

Since this year, GAC Aian magazine batteries 2.0 and Ningde Era Kirin batteries have all used composite fluid collector materials. Kirin batteries have already been loaded with Krypton 001 and 009, and the M9 may also use composite fluid collectors, and the industrialization trend is becoming more and more clear. Judging from the current state of the industrial chain, composite copper foil currently coexists with various technical routes, and players are entering the market one after another to explore commercialization paths together.

1) On the substrate side, due to PET's poor acid and alkali resistance, high temperature circulation diving occurred during the test, and the composite copper foil substrate may shift from PET to PP. 2) On the process equipment side, the two-step method of “magnetron sputtering” + “water electroplating” is gradually becoming the mainstream of the industry, becoming the mainstream choice of composite copper foil material manufacturers such as Baoming Technology and New Nano Materials, which are progressing rapidly and have large production capacity plans. 3) Based on the current mainstream two-step process for composite copper foil, it is estimated that the total market space of magnetron sputter+electroplating equipment+ultrasonic roll welding equipment will reach 14.3 billion yuan in 2025.

Risk warning: risk of R&D progress falling short of expectations; risk of terminal verification and testing falling short of expectations; risk of production capacity not progressing as expected; risk of downstream demand falling short of expectations; risk of increased industry competition, etc.