it is reported that Tesla's modified Model 3 has already started trial production and is expected to start mass supply in September and delivery in October. Compared with previous expectations, this progress has been advanced. According to the estimation of parts cost, the guidance price of this new car is about 200000 yuan, and it will use the new 66 kWh M3P battery provided by Ningde Times. It is understood that M3P battery or lithium manganese iron phosphate pure use-based, with the facelift Model 3 ahead of trial production, lithium manganese iron phosphate is expected to accelerate the release.

At present, in addition to Ningde, Guoxuan Gaoke has also introduced L600 Qichen battery based on lithium manganese iron phosphate system. Yiwei, BYD and others are also accelerating the research and development of lithium manganese iron battery. In 2023 or the first year of lithium manganese iron phosphate, the existing lithium iron phosphate battery will be upgraded and iterated. As Tesla takes the lead in loading, it is expected that other domestic car companies will gradually follow suit and further open up the market space of lithium manganese iron lithium. It is predicted that the demand for manganese iron lithium is expected to reach more than 800000 tons in 2027, and the compound annual growth rate from 2023 to 2025 is expected to reach 115.

among the related companies, Hunan yuneng (301358) has the largest shipment volume of lithium iron phosphate in China, mainly supplying manufacturers such as Ningde era and BYD. the company is in the pilot stage of lithium manganese iron phosphate. Xinwanda (300207) is currently developing lithium manganese iron phosphate battery. the energy density of lithium manganese iron phosphate battery can reach 235Wh/kg, and the product performance is in the forefront of the industry. currently, it has been recognized by customers and is undergoing industrial development.

Orient Securities recently pointed out that lithium manganese iron phosphate cathode material has high cost performance and obvious advantages in the field of power batteries. It is a very potential lithium battery cathode route, and market demand is expected to usher in rapid growth. Ningde era M3P battery is expected to achieve loading application this year, Guoxuan Gaoke released Qichen battery will be mass production in 2024, will promote the industrialization process of lithium manganese phosphate material accelerated. In the short term, enterprises that take the lead in capacity construction and certification will fully benefit from the first-mover advantage. In terms of investment: 1) battery link: it is suggested to pay attention to Ningde era (300750) with leading industrial layout; 2) Positive electrode material link: It is suggested to pay attention to German nano (300769) and Rongbai Technology (688005) with mass production capacity; 3) The conductivity of lithium manganese iron phosphate can be improved by matching carbon nanotubes. It is suggested to pay attention to the subdivision leader Tiannai Technology (688116);4) Manganese source: the mass production of lithium manganese phosphate will bring about an increase in demand for manganese, and it is recommended to pay attention to Red Star Development (600367) and Xiangtan Electrochemical (002125).