[Changjiang Power & New Energy] Ronbay Technology Sodium-Ion Battery Research Update 0730

English summary

1. The company announced plans to invest 4.723 billion yuan (fixed investment 4.0 billion + working capital 0.723 billion, with funding sources: 20% self-owned, 43% bank loans, 37% self-raised) in Xiantao, Hubei, to build an integrated project for 300,000 tons/year of polyanion-type sodium-ion cathode materials. The project will be advanced in three phases (50,000/100,000/150,000 tons), with the three phases expected to commence production in May, July, and September 2027, respectively, with an overall cycle of about 24 months. The company currently has a sodium-ion cathode NFPP capacity of 18,000 tons (12,000 tons in Guizhou Xinren + 6,000 tons in Xiantao, Hubei). The accelerated advancement of integrated capacity is expected to support the volume increase of sodium-ion cathode materials. 2. In terms of operations, the company expects sodium-ion cathode material shipments to approach 10,000 tons in 2026, marking the first year of mass production for sodium-ion. The company expects to break through 50% market share in sodium-ion energy storage in the next 5-10 years, with the potential to achieve 20 million tons of sodium-ion cathode materials by 2035. ...