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来源:@21世纪商业评论微博

撰文丨覃毅 编辑丨鄢子为

4月中旬,一艘中国轮船,运载200吨货物,抵达韩国。

船上装的是“超高镍核壳前驱体产品”,用于制造动力电池正极材料。

收货人是韩国巨头ECOPRO,其为LG、三星、SK等多家电池厂商的供应商。发货人为深圳企业格林美,市值超300亿元,掌舵人是中南大学教授许开华。

许开华(前排左一)陪同ECOPRO李东彩会长(前排右一)到车间考察交流

9日,格林美董事长许开华,专程飞抵韩国,笑容满面,与ECOPRO会长李东彩签约。

双方协定,将各自发挥长板,做大做强印尼国际绿色产业园(IGIP)项目。

简单来说,就是格林美提供具有价格竞争力的镍资源和前驱体,ECOPRO用它加工成高端正极材料。

绑定巨头

这200吨货物,由湖北荆门一家工厂制造。

在当地高新区,格林美3000余亩的厂房内,氢氧化镍钴(MHP)经过溶解、除杂、提纯、合成等工艺,最终转化为新能源汽车电池正极材料等产品,再打包送出。

原材料MHP,来自许开华的印尼工厂。

他是技术出身,亲自率队,在印尼建厂,利用当地丰富的镍资源,把MHP的冶炼技术做到低成本国产化。

采用“印尼资源+中国技术+全球市场”的模式,许开华赶上风口,去年1至9月,净赚9亿元。

联姻ECOPRO,是许开华打开全球市场的重要一步。ECOPRO制造的正极材料,输送至三星等电池厂,再进入特斯拉、宝马、奔驰的供应链。

ECOPRO本次采购的,是格林美的高端产品——超高镍核壳前驱体。“核壳”技术,是指给高镍材料戴上“安全帽”,提升电池的循环寿命和安全性。

格林美称,该产品的订单,已被提前锁定,出口市场不受美国关税政策影响,且一季度公司产销两旺,产能利用率超过95%。

新一代超高镍9系核壳三元前驱体即将装车发货

两家是老熟人,合作超十年。

许开华去年签署协议,约定从2025年到2028年,ECOPROBM将向格林美采购26.5万吨前驱体,旨在满足美国和欧洲等市场的新增需求。

本次合作,两家公司称,要让在IGIP园区生产的镍资源、前驱体、正极材料等产品,成功进入欧美市场。

ECOPRO许诺,将积极向韩国及海外客户宣传印尼项目的竞争力,并尽最大努力争取客户。

许开华与之设定了一个目标,要一起把价格打下来,将正极材料的生产成本,降至全球最低。

千里求镍

续航里程800公里以上的新能源汽车,由高镍来驱动,而中国镍资源储量仅占全球3%。

车企比拼续航能力,许开华看好高镍三元电池前景,为确保原材料供应稳定,斥巨资押注印尼,于2019年在当地建厂。

2019年1月11日,格林美印尼镍资源项目隆重奠基

其本人积极融入当地文化,出席印尼活动时常穿传统服饰——巴迪克风“花衬衫”,立志“要在印尼做很大、很长久的事业”。

2023年,许开华扩产,共投资21.49亿元,将印尼“高镍前驱体”年产能,由3万吨扩大至5万吨。

公司预计,项目将于2025年10月竣工,达产后,按10万元/吨计算,销售年收入可达到44.6亿元,毛利润8亿元,投资回收期约5.8年。

截至目前,格林美在印尼建成总量达15万吨的MHP产能,与年产5万吨高镍三元前驱体材料产能。

去年11月,其又与淡水河谷印尼公司,签署合作协议。双方将在印尼苏拉威西省,建造一个冶炼厂,将镍矿加工成MHP。

格林美称,海外产能不断扩大,对镍资源有需求。

4月19日,公司还与京东工业合作,计划在其平台采购不低于50亿元的商品,涵盖机械装备、工程材料、仪器仪表、个人防护、数码电器、员工福利等物资,配置印尼项目建设。

一举两得,公司称,此次采购,“以IGIP项目的建设需要为基础,以实际行动支持京东,共助国内优秀外贸企业渡过难关。”

步步为营,许开华为格林美抢占有利位置。

降本提效

许开华长期专注于研究冶金材料,在中南大学做教授,眼光独到。

他以废旧电池回收业务起家,后推进“城市矿山开采+新能源材料制造”双轨战略,即回收废旧电池、电子垃圾等资源,同时生产三元前驱体等电池材料。

格林美看好三元电池前景。

“欧美没有废旧电池回收处理能力,也不允许填埋。未来三元(电池)在当地依然是主流,高镍以及超高镍优质产能,不存在过剩情况。”

管理层介绍,早在2019年,格林美就开始开发针对固态电池的前驱体材料,且有吨级以上产品出货。

“固态电池适合使用能量密度更高的正极材料,和高镍更匹配。其大规模使用,有利于高镍三元的发展。”董事会秘书潘骅解释。

坐拥印尼镍矿的格林美,也有隐忧。

宁德时代等,纷纷进军高镍电池领域,成为对手。新能源车企要求供应商降价,压力也向上游传导。

此背景下,管理层表示,将通过产品创新与极限降本,提升毛利率。去年上半年,其MHP冶炼成本,降至约8000美元/吨镍。

期间,格林美电池材料业务毛利率提升至16.7%,镍资源产品毛利率30.2%。

许开华扩张提速,财务压力加大。截至去年9月底,格林美账面货币资金33亿元,短期要处理的债务则超130亿元。

年初,他再提赴港上市计划,意在深化全球化布局、加速拓展海外业务。

这位超级镍玩家,想补充弹药,迈向新台阶。

图片来源:格林美,除标注外

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