Ronbay Technology 1H26 Business Update: Ternary Business Recovers, Sodium-Ion Battery Accelerates

English summary

#Ternary: Product and customer mix optimization, profitability continues to recover. In 1H, shipments were 52,000 tons, with Q2 shipments of 29,000 tons. June reached a historical high with monthly shipments of 12,000 tons, mainly due to the Korean plant (North American commercial vehicles) and the ramp-up of medium-nickel products (6-series products have been introduced to domestic customers and will further ramp up in 2H). Overseas customers now account for over 30% of shipments, with average net profit per ton of RMB 3,000-4,000. For full year, shipments are expected to be 130,000 tons; as capacity utilization improves, unit profitability will continue to improve. #Sodium-ion cathode: Order-driven capacity expansion. Shipments in 1H were a few hundred tons, losing RMB 10-20 million. Volumes will pick up in 2H, with full-year shipments expected at 10,000 tons. The company has existing sodium-ion capacity of 18,000 tons, and plans a 300,000-ton sodium-ion plant in Xiantao, with the first phase of 50,000 tons expected to gradually ramp up in May 2027, mainly using the polyanionic route. The company has covered multiple top battery manufacturers, with some customers as sole supplier. Sodium-ion batteries, with advantages in wide temperature range, high safety, and system cost reduction, are expected to scale up in energy storage, IDC, and other scenarios. #LFP: Capacity entering intensive commissioning period. ...