欧盟新电池法案及“碳关税”政策对中国动力电池企业影响简析

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The Chinese power battery industry has experienced rapid growth over the past decade, with a significant increase in domestic installation volume, but the growth rate has declined, indicating potential overcapacity risks [1][2] - The EU's new battery legislation and carbon border adjustment mechanism (CBAM) create new "green barriers" for Chinese battery manufacturers, necessitating increased investment and operational costs to comply with sustainability standards [1][6][12] - The EU market presents substantial growth potential for new energy vehicles, making it a critical market for Chinese power battery companies [2][5] Summary by Sections 1. Development of the Chinese Power Battery Industry and Importance of the European Market - The installation volume of Chinese power batteries increased from 0.35 GWh in 2011 to 387.7 GWh in 2023, with an average annual growth rate of 79.35% [2] - The export volume of power batteries rose significantly, with exports increasing from 68.1 GWh in the previous year to 127.4 GWh in 2023, a year-on-year growth of 87.1% [4] 2. Core Content of the EU New Battery Law and "Carbon Tariff" Policy - The New Battery Law sets various execution standards for battery and raw material recycling rates, carbon footprint management, and requires companies to manage their product carbon footprints [6][8] - The CBAM calculates product carbon emissions based on production and raw material processes, determining carbon tariff amounts based on the EU carbon market prices [11] 3. Potential Impacts of the New Battery Law and "Carbon Tariff" Policy on Chinese Power Battery Companies - The implementation of the New Battery Law will require significant additional investments from Chinese power battery companies, increasing operational costs and posing challenges to their capital strength [12][13] - If the CBAM expands to include the power battery sector, it could significantly impact the profitability of Chinese power battery companies [12][14] 4. Responses of the Chinese Power Battery Industry - Many leading power battery companies have begun implementing carbon footprint management and are actively preparing to meet EU standards [19][20] - Some companies have established production capacities in Europe to better integrate into local supply chains and comply with local regulations [23] - Efforts to increase the use of clean energy and promote zero-carbon factories are underway to reduce greenhouse gas emissions [24][26]