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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 downstream demand potential of zinc-manganese battery is great in the future, and it will grow moderately in the future. According to the data of Zhiyanzhan Industrial Research Institute, the dry battery market in China increased from 45.68 billion yuan in 2018 to 60.01 billion yuan in 2022, with a CAGR of 7.1%, maintaining a steady growth trend. With the moderate growth of the downstream electric toy market of zinc-manganese batteries, the iteration of household appliances renewal and the increase of household medical equipment brought about by aging, the future demand of zinc-manganese batteries will be stable or will increase moderately.

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.The 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.

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-241211The downstream demand potential of zinc-manganese battery is great in the future, and it will grow moderately in the future. According to the data of Zhiyanzhan Industrial Research Institute, the dry battery market in China increased from 45.68 billion yuan in 2018 to 60.01 billion yuan in 2022, with a CAGR of 7.1%, maintaining a steady growth trend. With the moderate growth of the downstream electric toy market of zinc-manganese batteries, the iteration of household appliances renewal and the increase of household medical equipment brought about by aging, the future demand of zinc-manganese batteries will be stable or will increase moderately.