1、 Power exchange has become an important means to solve energy supplement anxiety, and policy support has been increasing

1.1 The penetration rate of new energy vehicles continues to increase, and power exchange has become an important means to solve energy supplement anxiety

Production and sales volume of domestic new energy vehicles and Electric vehicle charging pile The permeability increased rapidly. According to the data of China Association of Automobile Manufacturers, in 2021, the sales volume of domestic new energy vehicles will be 3.521 million, with a year-on-year growth of 157.5%, of which the sales volume of pure electric vehicles will be 2.734 million, with a year-on-year growth of 173.5%; The sales volume of plug-in hybrid vehicles was 600000, up 143.2% year on year. The domestic retail penetration rate of new energy passenger vehicles was 15.53%, up 9.34 pct year on year; The penetration rate of new energy commercial vehicles was 3.88%, up 1.35 pct year on year. In January 2022, the sales volume of domestic new energy vehicles will be 431000, with a year-on-year growth of 140.8%; The penetration rate of new energy vehicles was 17.0%, up 9.5 pct year on year.

Battery replacement mode is a form of supplying electric energy to electric vehicles by quickly replacing power batteries with special devices or manual assistance. The battery can be removed from the electric vehicle, and users can choose charging service or battery replacement service according to their own needs. The battery replacement service is mainly realized through the power exchange station, which can monitor the operation status of battery replacement equipment and traction battery during the power exchange process, and carry out centralized storage, centralized charging and unified distribution for a large number of batteries, so as to realize the integrated management and control of battery maintenance management, logistics deployment and status monitoring.

Based on the consideration of efficiency and cost, the future charging and switching modes will have their own application scenarios and customer bases, and the switching mode will become an important supplement to the charging mode.

According to the different power exchange carriers, the power exchange mode can be divided into the overall replacement of the battery pack, the power exchange of the battery pack in different boxes and the power exchange of the mobile car:

Overall replacement of battery pack: the whole power battery pack is replaced with a high degree of automation. The car owner can complete the replacement as long as sitting in the car and waiting for 3 to 5 minutes, but the vehicle compatibility is low, and it is difficult for different car enterprises to achieve universal matching of batteries;

Battery pack sub box replacement: design a minimum standard module for the battery, install different numbers of batteries for different models, and then replace the battery pack sub box, which is easier to achieve the standardization and safety of the battery. However, there are higher requirements for the energy density and consistency of a single battery pack, and the battery packs are linked to each other There are also stricter requirements for the stability and synergy of the communication between the single battery pack and the whole vehicle;

Mobile tram replacement: when the vehicle is running out of power, let the tram to the scene to replace power, similar to an emergency rescue method.

According to the different contact and conduction modes during power exchange, New energy vehicle charging pile The forms of power exchange can be divided into plug-in type and end type:

Plug in power change: the plug-in guide hole and guide shaft of the vehicle body and battery are guided and positioned to connect the battery and the vehicle. According to the different relationship between the running direction of the car body and the direction of the battery during power change, plug-in power change can be further divided into vertical plug-in power change and parallel plug-in power change.

End face type power exchange: The end face type power exchange is similar to the plug-in type power exchange. The battery is installed on the chassis, but the power exchange is located by the contact surface of the plug-in, and the non guided shaft hole.

According to the different leading parties, the power change mode can be divided into vehicle manufacturers, power change operators, and vehicle manufacturers and power change operators:

Vehicle manufacturers lead: vehicle manufacturers are responsible for the research and development of power replacement technology, and operators are responsible for the production of battery packs according to design requirements. The whole vehicle manufacturer entrusts the power change operator to carry out the power change service operation. The power change operator is responsible for the daily operation and management of the battery pack, battery energy supplement and maintenance, and docking with consumers. Consumers purchase and rent power batteries for the replacement of tramcars. A typical representative enterprise is a car.

The leading role of the power operator: the vehicle manufacturer manufactures the vehicle body, and the power change operator is responsible for the research and development of the power change technology, as well as the daily operation management, battery energy supplement and maintenance of the vehicle battery pack. The power change operator provides a full range of power change product design, and carries out power change technology docking with the manufacturer. Typical representative enterprises are New Energy and Bertan Technology.

The cooperation between the vehicle manufacturer and the power exchange operator leads: the power exchange operator cooperates with the vehicle manufacturer to research and develop the power exchange technology, the vehicle manufacturer sells the vehicle, and the power exchange operator is responsible for the daily operation management, battery energy supplement and maintenance of the vehicle's battery pack and provides power exchange services. Typical representative enterprises are new energy BAIC New Energy, new energy Foton Motor, and time-space electric Lifan.

1.2 The policy side continues to make efforts, and the combination mode of charging and changing is gradually promoted

The energy supplement mode combined with charging and changing has become the policy guidance since 2019. Since 2006, the State Grid Corporation of China has organized and carried out a series of research, development and practice of electric vehicle charging facilities, and attached great importance to the research and application of electric vehicles. In 2011, the State Grid decided on the operation idea of "power replacement first, plug-in charging second, centralized charging, and unified distribution". However, due to the shortcomings of too high investment cost in power replacement stations, fewer replacement trams, fewer compatible models, and other factors, such as imperfect standards and low enthusiasm of enterprises, the power replacement mode was shelved, and the direction encouraged by the policy was changed to the charging based energy supplement mode. Until June 2019, the National Development and Reform Commission, the Ministry of Ecology and Environment and the Ministry of Commerce mentioned again the promotion of new energy vehicle battery rental and other vehicle electricity separation consumption methods, and encouraged enterprises to develop new energy vehicle products that combine charging and changing.

In April 2020, the Notice on Adjusting and Improving the Subsidy Policy for New Energy Vehicles clearly supported the development of new business models such as "vehicle electricity separation". In April 2021, the first national standard, Safety Requirements for Electric Vehicle Replacement, was released and will be implemented from November 2021. In the second half of 2021, the Ministry of Industry and Information Technology and the Energy Administration will carry out pilot work on the application of new energy vehicle power exchange mode. With the gradual improvement and development of industrial policies, China's power exchange industry has a broad prospect and will be an important supplementary means for charging mode. Since 2019, as the direction of policy support has shifted to the energy supplement mode of combining charging and changing, relevant policies and industry standards supporting the development of the power change mode have been released successively.

Looking forward to the future, it is expected that by 2035, the power exchange mode will become one of the mainstream energy supplement methods, with large-scale business, rich scenarios and further improved standardization (Note: China Charging Alliance (EVCIPA) is a non-profit social organization in response to the requirements of the Guo Ban [2015] No. 73 document, and the National Energy Administration as the guiding unit). (Source: Future Think Tank)

2、 The power exchange efficiency and cost advantages continue to be reflected, and the pain point ushers in a breakthrough

2.1 Continuous embodiment of power exchange efficiency and cost advantages

2.1.1 New energy vehicles have obvious advantages in energy supplement efficiency under power exchange mode

The energy supplement time of the new energy vehicle in the power change mode is significantly shorter than that in the charging mode. From the perspective of energy supplement time, the energy supplement time under the power exchange mode only takes 3-5 minutes (3.5 minutes for battery replacement in the second generation power station), which is significantly faster than fast charging (15-30min) and slow charging (6-8h). In heavy trucks, new energy buses, logistics vehicles, operational passenger vehicles and other vehicles that are more sensitive to time costs, the power change mode effectively solves the demand for rapid energy supplement, saves the time for power supplement and queuing, thus increasing the operation time, and can effectively make up for the service cost under the power change mode.

2.1.2 Power replacement reduces the purchase cost and flexibly controls the cost of power supplement

In the power change mode, users can choose to rent batteries instead of buying batteries when purchasing new energy vehicles, thus reducing the initial purchase cost. Taking the models published on the official website as an example, the purchase cost reduction brought by renting batteries can reach RMB 7-12800, and the purchase cost reduction ratio will reach 15-32%. In addition, under the power change mode, new energy vehicle users can adjust the required battery version according to different scenarios, flexibly control the battery use cost, and combine with the avoided battery depreciation loss under the rental battery mode, the cost advantage of the power change mode is very obvious.

2.1.3 Vehicle electricity separation improves battery reuse rate and reduces risk

The power change mode is conducive to promoting the cascade utilization and recovery of batteries. On the one hand, under the traditional dealer model, it is difficult to recover power batteries from dispersed consumers. The natural advantage of the power change mode is that it can effectively improve the recovery rate of power batteries, introduce more waste battery flow, and combine with cascade utilization to form a charge change energy storage closed-loop. On the other hand, the differences in the performance and specifications of power batteries will lead to inconsistent performance parameters among retired battery cells, thus affecting the value of cascade utilization. For example, the difference between battery voltage, internal resistance, etc. will reduce the actual available capacity of the system after grouping, and lead to unstable current and voltage, greatly reducing the reliability and safety of the battery in long-term operation. Under the power change mode, the battery can be managed in a balanced way, charged and discharged scientifically, and the remaining capacity and remaining service life of the battery used in echelon can be effectively evaluated. At the same time, the model, energy density, use intensity and use scenario of the power battery used in the vehicle electricity separation mode are relatively unified, so the status and capacity of retired batteries are more consistent, which is conducive to the cascade utilization of power batteries and the automatic disassembly of battery packs, New energy vehicle maintenance Ensure the reliability and safety of the battery when it is applied again, and realize the maximization of value.

The power change mode adopts centralized and controllable charging to ensure the safety of the charging process. The battery is most likely to cause accidents within half an hour after overcharge or full charge. Compared with unattended charging piles and underground garage charging piles with large potential safety hazards, the power station can charge the battery in a constant temperature and humidity environment, dynamically monitor the charging state, temperature and other indicators of the power battery, and provide multiple safety protections, Professional technicians can monitor and manage the battery in an all-round way, which greatly improves the safety of battery use and avoids the danger for the car owner. Centralized charging in the converter station can control the excellent charging environment and charging curve, and improve the safety of battery charging process.

The power change mode is constant low power charging under constant temperature and humidity conditions, which can effectively avoid the impact of high power fast charging and fluctuating power charging on the performance of the power battery. At the same time, the battery asset management company, together with battery enterprises, has established a professional service network to provide service support such as power battery maintenance, which can also further ensure the quality and safety of batteries.

2.2 Breakthrough in power exchange mode

2.2.1 The standardization and generalization of battery assembly and interface are expected to usher in a breakthrough

Vehicle manufacturers are not willing to cooperate to realize standardization and generalization of battery assembly and interface. In the process of promoting the power exchange mode, it is necessary to standardize and universalize the battery assembly and interface. However, if we want to realize the generalization of battery assembly, vehicle manufacturers need to open the core technology platform to the outside world. For vehicle manufacturers, this means that their voice and pricing power may be weakened, so vehicle manufacturers are not willing to cooperate.

The demand side and upstream battery manufacturers jointly promote standardization. From the demand side, the B-end user is highly time cost sensitive, and has a strong demand for replacing the tram type, but the non-uniform battery models limit the use scenarios; Most C-end private cars only use 10% - 20% of the battery power in the daily use scenarios. However, in order to alleviate the mileage anxiety and energy supplement anxiety, they have to buy models with large power and pay a lot of sunk costs. Only 54.6% of new energy vehicle users are satisfied with the perfection of the current charging network construction. If the standardization and generalization of the battery assembly and interface are realized, the universality of the exchange station will be significantly enhanced, and the anxiety of the user's demand for energy supplement will also be alleviated.

From the perspective of upstream battery manufacturers, Time Electronics, a wholly-owned subsidiary of Ningde Times, announced the launch of EVOGO, a power change brand, on January 18, 2022, and released the battery "chocolate power change block" specially developed for mass production to achieve shared power change. This type of battery has three characteristics: small and high-energy, free combination and minimal design. The weight energy density is more than 160Wh/kg, and the volume energy density is more than 325Wh/L. A single battery can provide a range of about 200km, and can adapt to 80% of the models developed on the pure electric platform that have been launched in the world and will be launched in the next three years. Consumers can select one or more batteries to flexibly match the needs of different mileage when changing power. In addition, the "chocolate converter block" adopts wireless BMS technology, with only high-voltage positive and negative interfaces outside, which improves the reliability of plug-in components.

2.2.2 The cost of station construction is still high, but the payback period of investment is only about 5 years

At present, the cost of the construction of the power station is still high, but the internal rate of return (after tax) of the total investment in passenger cars and heavy truck power stations is high, so the investment payback period is about 5 years. According to the announcement issued by GCL Energy Technology, the investment in single seat power station for passenger vehicles and commercial vehicles reached 2.6072 million yuan and 4.2014 million yuan respectively, and the total construction investment reached 5.072 million yuan and 10.1514 million yuan respectively. However, the internal rate of return (after tax) of the total investment of a single passenger car for power station is 10.20%, and the payback period (after tax) is 5.22 years; The internal rate of return (after tax) of the total investment of a single heavy truck replacement power station is 12.23%, and the payback period (after tax) is 5.16 years. The overall economic benefit is good.

3、 The demand for power exchange is booming, and the equipment of power exchange station is the first to benefit

3.1 Several enterprises have successively released the construction plan of power exchange station

According to the data of China Charging Alliance, by the end of February 2022, the main players in the market of power exchange station operators in China include three enterprises, Hangzhou Botan, and the total number of power exchange stations in operation is 873, 424, and 108 respectively. In addition, Time Electronics, a wholly-owned subsidiary of the cell giant Ningde Times, released the power exchange service brand EVOGO and the integrated solution for combined power exchange on January 18, 2022, becoming an important participant and driver in the power exchange market.

With the gradual clarification of the policy support orientation of the power exchange mode and the recognition of the power exchange mode by consumers, many enterprises issued the construction plan of the power exchange station. By 2025, Automobiles, Li Auto, New Energy, Sinopec and State Power Investment respectively plan to build 4000, 5000, 10000, 5000 and 4000 exchange stations, and GCL Energy Technology plans to build 5000-6000 exchange stations, a total of 33500 (the median of the construction plan of GCL Energy Technology is 5500). Although Times Electric Service, a subsidiary of Ningde Times, has not yet released a clear plan for the construction of power exchange stations, it clearly pointed out in the press conference of its power exchange brand EVOGO that the first batch of power exchange services will be launched in 10 cities in the future.

3.2 The power exchange station ushers in a broad market space, which is expected to reach 40.853 billion yuan in 2025

The investment in power exchange projects accounts for about 41-52% of the total. According to the announcement of GCL Energy Technology, the overall investment of the power exchange project mainly includes the investment of power exchange station, battery, line and other investments. Among them, the single station cost of passenger car and heavy truck power exchange project is 2.6072 million yuan and 4.2014 million yuan respectively, accounting for 52.07% and 41.39% of the total project investment respectively.

The cumulative demand for power exchange stations is expected to reach 29700 from 2021-2025. In order to calculate the demand for power station replacement, we propose the following assumptions based on the data of the Passenger Association and the China Automobile Association: 1) The total sales of domestic passenger cars and commercial vehicles will maintain a steady growth of 3% from 2022 to 2025; 2) The penetration rate of new energy vehicles, passenger cars and commercial vehicles is expected to reach 40% and 8% by 2025, assuming a linear growth from 2022 to 2025; 3) According to the data of the Passenger Association, the proportion of non operating passenger vehicles will reach 88% in 2021, and it is expected that the proportion will further increase to 90% in the future; 4) As the cost advantage of the future tram replacement model gradually appears and battery standardization continues to advance, the penetration rate of the future non operating new energy vehicle replacement is expected to gradually increase to 30% by 2025, and the rental of new energy passenger vehicles and commercial vehicles are more sensitive to the cost of time and convenience, and the penetration rate of the electricity replacement model is expected to reach 75% and 70% respectively;

5) On average, non operating new energy passenger vehicles will be recharged once a week. The daily mileage of leased new energy passenger vehicles is about 300-400km. It is estimated that the electricity will be recharged once every 1.5 days, and commercial vehicles will be recharged once every half day; 6) The daily service limit of new energy for power station is about 300 times, and the utilization rate of non operating new energy passenger vehicles and rental new energy passenger vehicles for power station is 30%, 50% and 30% respectively. Based on the estimation of the above assumptions, the cumulative demand for domestic power exchange stations is expected to reach 28500 in 2021-2025, including 12300 new power exchange stations in 2025.

The power exchange market is expected to reach 35.757 billion yuan in 2025. According to the announcement of GCL Energy Technology, as of July 2021, the investment amount of passenger vehicles and commercial vehicles for single seat power conversion is about 2.6072 million yuan and 4.2014 million yuan. Assuming that the investment amount required for single station will decrease by 100000 yuan every year from 2022 to 2025, the corresponding market size of power conversion in 2025 will be 35.757 billion yuan.

From the perspective of the penetration rate of new energy vehicles and the penetration rate of car replacement vehicles, we calculate the sensitivity of the demand for power station replacement and investment in 2025:

(1) Under pessimistic assumptions: the penetration rates of new energy passenger vehicles and commercial vehicles are 35% and 5% respectively, and the penetration rates of non operating new energy passenger vehicles, rental new energy passenger vehicles and new energy commercial vehicles are 25%, 70% and 65% respectively, so the demand for new power exchange stations in 2025 will be 8500, and the corresponding investment in new power exchange equipment will be 25.145 billion yuan;

(2) Under the neutral assumption: the penetration rate of new energy passenger vehicles and commercial vehicles is 40% and 8% respectively, and the penetration rate of non operating new energy passenger vehicles, rental new energy passenger vehicles and new energy commercial vehicles in power exchange mode is 30%, 75% and 70% respectively, so the demand for new power exchange stations in 2025 will be 123 thousand, and the corresponding investment in new power exchange equipment will be 35.757 billion yuan;

(3) Under optimistic assumptions: the penetration rates of new energy passenger vehicles and commercial vehicles are 45% and 11% respectively, and the penetration rates of non operating new energy passenger vehicles, rental new energy passenger vehicles and new energy commercial vehicles are 35%, 80% and 75% respectively, so the demand for new power exchange stations in 2025 will be 16700, and the corresponding investment in new power exchange equipment will be 49.410 billion yuan;

The core parts of the passenger car exchange station mainly include RGV platform, battery turnover bin, integrated station shell, charging and distribution system, station control system and other equipment (including temperature control equipment, monitoring equipment and fire fighting equipment, etc.). The value of the above parts accounts for about 25% - 30% (27.5% of the median value), 20%, 20%, 15%, 10% - 15% (12.5% of the median value) and 5% respectively.

Generally speaking, due to the large volume of batteries and vehicles, truss robots (including slings) and container systems (including integrated station shells and battery racks) need to be used to replace the RGV platform, battery turnover bin and integrated station shells of the passenger vehicle power station. Therefore, the core parts of commercial vehicles mainly include the charging and distribution system, container system, truss robot, temperature control equipment and other equipment (including station control system, monitoring equipment, fire fighting equipment, etc.). The value of the above parts accounts for about 35% - 40% (37.5% of the median value), 25%, 15% - 20% (17.5% of the median value), 10% and 10% respectively.

By 2025, it is estimated that the demand for RGV platform, battery turnover warehouse, integrated station shell, charging and distribution system, station control system and other equipment for the core parts of passenger vehicle power station can reach RMB 4221, 30.70, 30.70, 2.302, 1.919 and 767 million respectively.

By 2025, the estimated demand for the core components of the commercial vehicle power exchange station, such as the charging and distribution system, container system, truss robot, temperature control equipment and other equipment, can reach 7.653 billion yuan, 51.02 billion yuan, 3.571 billion yuan, 2.041 billion yuan and 2.041 billion yuan respectively.

4、 Analysis of companies related to power exchange equipment

4.1 Hanchuan Intelligent: 1+N strategic layout for power plant replacement, with significant performance improvement in 2021

Hanchuan Intelligent is an integrated solution provider of intelligent manufacturing, mainly engaged in the R&D, design, production, sales and service of intelligent manufacturing equipment and systems. Its performance will improve significantly in 2021. From 2016 to 2021, the company's operating revenue increased from 150 million yuan to 758 million yuan, and the CAGR reached 38.23%; The company's net profit attributable to the parent company increased from 200 million yuan to 67 million yuan, and the CAGR reached 98.40%. From the perspective of business income, the proportion of the company's automotive electronic intelligent manufacturing equipment will still be high, reaching 42.24% in 2020, but the proportion of new energy intelligent manufacturing equipment (including power exchange station), medical health intelligent manufacturing equipment, and industrial interconnection intelligent manufacturing system will increase significantly compared with the past, reaching 26.62%, 24.76%, and 5.21% respectively.

From the perspective of development strategy, the company focuses on intelligent manufacturing. Under the 1+N strategic development mode, it has formed a "1", focusing on the automotive electrification and intelligent industry as the main direction of deep strategic cultivation. "N" refers to the rhythmic and step-by-step exploration and expansion of other intelligent manufacturing application scenarios based on "1". At present, "1" includes automobile equipment, lithium battery equipment, power plant replacement and other segments, and "N" includes industrial interconnection, industrial components and medical health segments. In terms of power station exchange, the company produces passenger vehicles, commercial vehicle power stations and core parts, and is also responsible for operating terminals, etc.:

Type of power exchange station: the whole power exchange station products can be divided into subcontracting power exchange station and package power exchange station according to the type of battery; According to the type of electric vehicle, it can be divided into passenger vehicle power station and commercial vehicle power station; According to the position of the battery, it can be divided into 48, 26, 7 and customized positions.

Power exchange station customers: At present, the company's power exchange stations can be adapted to the following automobile brands: Times Electric Service, Dongfeng Automobile, Liuzhou Automobile, Chery Automobile, BAIC New Energy, FAW Pentium, FAW Jiefang, Shaanxi Automobile, and other new energy exchange station models, and provide some core components of other commercial vehicles and passenger vehicle brand models.

Technical advantages of power plant replacement: the company has sufficient project management experience, strong batch delivery capability, rich technical reserves and other advantages. The company has established corresponding advantages in automotive equipment (system integrator), such as the company's high-speed cam technology, positioning technology, detection technology, alignment technology and other core technologies are also applied in power plant replacement, The underlying core technology can be universal.

4.2 Shandong Weida: The position of electric tool accessories is stable, and the power station is replaced with in-depth cooperation

The invisible position of the electric tool accessories industry continues to consolidate. Shandong Weida is invisible in the global electric tool accessories industry, and can provide drill chucks, precision castings, powder metallurgy parts, alloy saw blades and other parts for downstream electric tool enterprises. By the end of the first half of 2021, the company has an annual production capacity of 66 million drill chucks, 12000 tons of powder metallurgy parts, more than 25 million precision castings, more than 30 million electric tool switches and battery packs; Customers have accumulated leading domestic and foreign electric tool enterprises such as Bosch, Mutian, Baide, Chuangke Industry, Nanjing Deshuo, Ruiqi Shares and Jiangsu Dongcheng.

The power exchange station enters the stage of batch listing and supplies the second generation power exchange station. In 2016, it acquired DEMECK, which mainly engaged in factory automation, logistics automation and robot intelligent equipment. In August 2017, its wholly-owned subsidiary, DEMECK, jointly funded the establishment of Kunshan Swap, with 44% of its shares held by DEMECK. Swap's main business includes the construction of automatic power station exchange, charging and changing Internet platform and power battery cascade utilization big data platform. Since 2021, the company's power exchange business has entered the stage of batch listing, driving the revenue of automatic products to increase by 280.04% in the first half of the year. We estimate that it will still maintain rapid growth in the second half of the year. Looking into the future, the global total number of replacement power stations is planned to exceed 4000, with an average annual demand of more than 600. As a major supplier of second-generation replacement power stations, the company will continue to benefit. In addition, the company also continues to expand non customers, such as Dongfeng Liuqi, Zhejiang Jianeng, and has always maintained close cooperation and good communication with some car enterprises, operators, and battery manufacturers. (Source: Future Think Tank)

From the perspective of operating performance, from 2012 to 2020, the company's operating revenue increased from 645 million yuan to 2.165 billion yuan, CAGR reached 16.35%, net profit attributable to the parent company increased from 66 million yuan to 254 million yuan, and CAGR reached 18.47%. In 2021, the company is expected to achieve a net profit attributable to the parent of 320 million to 400 million yuan, a year-on-year increase of 25.79% to 57.24%.

4.3: From 3C equipment to lithium battery equipment, the intelligent charging and changing power station has an earlier layout

The company focuses on the R&D, design and production of intelligent manufacturing equipment, provides overall solution services for intelligent manufacturing, and cuts into lithium battery equipment from 3C equipment. In recent years, on the basis of deepening and strengthening the 3C field, the company has seized the market opportunities brought by the increased demand for production automation and intelligence in various industries and continued to expand downstream application fields. Among them, with the support of industrial policies, the rapid development of new energy vehicles has promoted the rapid expansion of power battery industry capacity. Under this background, the company has carried out a forward-looking layout, successfully seized the opportunity of rapid development of new energy vehicles and lithium battery industry, made full use of its accumulated industry experience and technical advantages in the field of automation equipment, and has successfully entered the supply chain system of lithium battery manufacturers such as ATL and Ningde Times.

In 2018, the company successfully developed a number of smart charging and changing power stations for cars, meeting customers' investment needs for new energy vehicles and supporting power stations. With the iterative updating of power exchange products, the company's customized power exchange products have been iterative for three generations, and the self-developed power exchange products have been iterative for six generations. In 2021, the company successively launched standard type power exchange station, customized power exchange station for automobile enterprises, multi-functional automatic charging and changing power station and other products.

(This document is for reference only and does not represent any investment advice. If you need to use relevant information, please refer to the original report.)