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Risk warning: the prosperity of the real estate market has declined; Risk of exchange rate fluctuation; Risk of raw material price fluctuation; Sales of new products fell short of expectations.TF Securities-I Solid-state Dry Battery Industry 24w48 Zhou Du Research: Alkaline manganese gradually replaces carbon manganese, and downstream demand drives moderate growth of the industry-241211

Zhou Du research focus: research on zinc-manganese battery industryTarget recommendation: 1) Home appliances: such as [Gree Electric]/[Midea Group]/[Haier Zhijia]/[Hisense Household Appliances]; 2) Small household appliances: such as [Cobos]/[Jimi Technology]/[Xiaoxiong Electric Appliances]; 3) Kitchen appliances: such as [Vantage Shares]/[Boss Electric Appliances]; 4) Black electricity: such as [TCL Electronics]/[Hisense Video]The alkalization rate of zinc-manganese batteries in China is increasing year by year, and there is still much room for improvement compared with developed countries. Carbon zinc-manganese battery has low production cost, but small capacity, large internal resistance and low stability. Alkaline battery is developed on the basis of carbon zinc-manganese battery, which has the advantages of large capacity, good stability, long storage time and good low-current discharge performance, and is especially suitable for environments that need low-current discharge for a long time. Under the same model, the capacity of alkaline Zn-Mn battery is 5-7 times that of carbon Zn-Mn battery, and it is the future development trend that alkaline Zn-Mn battery replaces carbon Zn-Mn battery. At present, various departments in China have issued various industrial policies to support the sustainable development of alkaline zinc-manganese battery industry in China, and alkaline batteries are exempted from 4% consumption tax. With the upgrading of consumption, the alkalization rate of zinc-manganese batteries in China has increased year by year, and it is about 60% at present, which has a great room for improvement compared with the 80% alkalization rate in developed countries.

TF Securities-I Solid-state Dry Battery Industry 24w48 Zhou Du Research: Alkaline manganese gradually replaces carbon manganese, and downstream demand drives moderate growth of the industry-241211The decline in the export volume of zinc-manganese batteries has narrowed, the export destinations are relatively scattered, and the impact of US tariffs is small. In terms of exports, in 2023, the total export volume of zinc-manganese batteries in China was US$ 1.78 billion, which was -5.2% year-on-year, and the export volume was 27.05 billion, which was -0.8% year-on-year. Among them, the total export volume of carbon zinc-manganese batteries was 590 million US dollars, which was -6.5% year-on-year, and the export volume was 13.29 billion pieces, which was-0.6% year-on-year; The total export volume of alkaline zinc-manganese batteries was US$ 1.195 billion, which was -4.4% year-on-year, and the export volume was 13.758 billion, which was -0.7% year-on-year. On the whole, the downward trend of the export volume of zinc-manganese batteries in the past 23 years has narrowed, and the decline rate is even greater, which means that the average price of zinc-manganese batteries has declined. The export destinations of zinc-manganese batteries are relatively scattered, and the impact of US tariffs is small. Among them, in 2023, Nigeria became the first country in China to export carbon zinc-manganese batteries, with an export volume of 2.914 billion and an export value of 93 million US dollars.