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2010 9 8 (8610) 6622 9389 xiaoman.ni@bocigroup.com S1300206070221 2009 30.5 15,000MWh 2013 14,000 MWh 2009 93% 2018 45,000 MWh 2009 3 60% PVDF NMP DOP (PVDF) N- (NMP) DOP N- (NMP) γ- BOCR <GO> firstcall.com, Multex.com ( www.bociresearch.com.) (BUY)() 6 10%(SELL)() 6 10% (NR) (HOLD) () 6 10%

...3...12...25...27...32...40...42...45...47 2010 9 8 2

1. 3.6V 1.2V 2. 20% 3. 1~2 h 1~2 8%/ 30% 40% 4. 1. V 1.2 1.2 3.6 (Wh/Kg) 50 65 105-140 (Wh/L) 150 200 300 ( ) 500 500 1,000 %/ 25-30 30-35 6-9 20 90 2010 9 8 3

2. 500 3% 2001 2008 45.5% 2009 18.75 81.48% 3. 35 30 25 20 15 10 5 0 2005 2006 2007 2008 2009 40% 0% -40% 2010 9 8 4

21 4. 5% HEV 2% 9% 45% 11% 28% 2010 9 8 5

5. 1 2 3 4 5 6 7 8,250 20 2 4 10 100 PHEV 2008 9 2016 PHEV 2,500-7,500 2009 4 1 3 2011 23 150 1,120 2009 1 2009 3 38 68 2007 30% 2009 4 5 PHEV BEV 2,000-5,000 2,00 1,000 2,600 2010 30 /2008 HEV 5 2009 500 ICE HEV PHEV BEV HEV(Hybrid Electrical Vehicle) HEV 5kWh HEV Prius 100 2010 9 8 6

PHEV(Plug-in Hybrid Electrical Vehicle) HEV PHEV PHEV HEV 5-15kWh PHEV HEV PHEV Plug-in Volt Volt 16kWh 40 PHEV BEV(Battery Electrical Vehicle) BEV 20kWh BEV BEV Plug-in BEV PHEV 18650 18mm 65mm PHEV BEV 3Wh 70Wh 8KWh 20KWh 2009 30.5 13.5 4,000MWh 16 11,000MWh 15,000MWh 75 BEV 2010 2010-2013 2013 226 14,000 MWh 2009 93% 2014-2018 2018 600 45,000 MWh 2009 3 2010 9 8 7

6. HEV PHEV BEV (%) HEV PHEV BEV MWH MWH MWH MWH 2010E 15.8 1.2 2.9 19.9 474 96 580 1,150 2011E 35.4 2.9 6.1 44.4 123.12 1,062 232 1,220 2,514 2012E 63.8 11 18.3 93.1 109.68 1,914 880 3,660 6,454 2013E 170.8 18 37.2 226 142.75 5,124 1,440 7,440 14,004 2014E 213 25.5 56.2 294.5 30.31 6,384 2,040 11,240 19,664 2015E 258.1 36.5 76.7 371.3 26.08 7,743 2,920 15,340 26,003 2016E 302.6 44.5 94.7 441.8 18.99 9,078 3,560 18,940 31,578 2017E 338.1 54 117.7 509.8 15.39 10,143 4,320 23,540 38,003 2018E 379 64 140.7 583.8 14.52 11,373 5,120 28,140 44,633 IIT 2011 2020 20 10~20 2011 2015 100 2016 2020 300 500 2010 9 8 8

7.2009 2010.06.01 ) 5 5 6 2010.04 4 2010.03.24 2009.12.09 2009.07.01 2009.05.06 200 2009.03.20 2009.02 2009.01.23 2009.01.14 2009 T10 13 20 5 2007 200 3 50 5% ( 5%) 4000 5 6 25 3 10 1,000 13 HEV 5-45 100 2010 9 8 9

Li+ Li+ (Rocking chair batteries) 8. 2010 9 8 10

90% LiCoO2 LiNiO2 LiVO2 LiMn2O4 7% 8% 3% 4% 20 µm 90% 4% 5%6% 7% 20 µm 0.18 0.2 mm, 10 µm 1 mol/l LiPF6 9. 2010 9 8 11

50% 28% 40% 30 1. Mn+ LixMyXz 2. LixMyXz x 3. / x 4. 5. 6. LiCoO2 LiNiO2 LiMn2O4 LiFePO4 2010 9 8 12

10. ( ) ( ) 3.7-4.3 3.5-3.7 2.8-3.1 2.1-2.4 (mah/g) 145 155(4.4V) 110 130 (V) 2.7-4.3 2.7-4.3 2.7-4.3 2.5-3.8 0.95 0.9 0.95 150 >90% >90% >80% >80% 5% 10% 5% 15% LiCoO2 LiCoO2 1958 W.D.Johnston α-nafeo2 O-Co-O CoO2 274mAh/g 3.6V LiCoO2 0.5 0.5 Li1-xCoO2 LiCoO2 50%-60% LiCoO2 - LiCoO2 LiNiO2 LiNiO2 SAFT Moli 2010 9 8 13

LiNiO2 LiCoO2 α-nafeo2 6c O 3a Ni 3b Li [111] Li+ NiO LiNiO2 275mAh/g LiCoO2 / LiNiO2 150~180mAh/g LiCoO2 10~30mAh/g 4V Ni Co 1) LiNiO2 2) / 3)LiNiO2 LiNiO2 Biensan Co Al Mn Mg LiNiO2 2D LiNiO2 LiFePO4 1997 Padhi LiMPO4 M=Fe Mn Co Ni LiFePO4 (170mAh/g) LiFePO4 a-c c a-c c a-c PO4 LiFePO4 Li1-xMO2 LiFePO4 200 2010 9 8 14

11.LiFePO4 LiFePO4 - - Fe3+ Fe2+ LiFePO4 2010 9 8 15

600 8-10 0 100-120Wh/kg 60Wh/kg Phostech 5-10 2010 9 8 16

LiMn2O4 LiMnO2 Li2MnO3 / LiCoO2 LiMn2O4 Fd3m a=8.2402å 148mAh/g 110-120mAh/gLiMn2O4 8a 16d 32e 8a 48f 16c LixMn2O4 x 0.15-1 120mAh/g 12. LiMnO2 286mAh/g 200mAh/g LiMnO2 Li+/Mn3+ Mn-O Li+ Mn3+ Jahn-Teller LiMn2O4 Pechini Pechini - 2010 9 8 17

LiMn2O4 MnO2(CMD) MnO2(EMD) Li2CO3 LiOH LiNO3 2010 9 8 18

4V 1. Mn LiMn2O4 Mn LiMn2O4 Mn LiMn2O4 Mn 2Mn3+ Mn2+ Mn4+(1-4) / Mn2+ Li+ LiPF6+H2O=2HF+POF3+LiF 4H++2LiMn2O4=3MnO2+Mn2++2Li++2H2O 2. Jahn-Teller 2.95V Mn3+ 16d Jahn-Tener Z X Y c/a Mn3+ Mn3+ 2010 9 8 19

3. 4.2V 4.0V 4.2V 4.0V 1 2 1. Mn 2. HF LiMn2O4 (A12O3 MgO BaO Li2CO3 ) HF HF Mn LiPF6 LiMn2O4 LiMn2O4 LiMn2O4 2010 9 8 20

3. Cr Ni Co Al Li Cu Fe Mg Mn Mn3+ LiMn2O4 John-Teller 4. Jahn-Teller LiMn2O4 LiMn2O4 Mn ( ) LiMn2O4 Mn LiCoO2 LiNiO2 LiMnO2 LiCoO2/LiNiO2/LiMnO2 LiCoxMnyNi1-x-yO2(0<x<0.5 0<y<0.5) 2010 9 8 21

LiCoO2 (274mAh/g) 50%(135-150mA/g) LiNiO2 LiMnO2 LiNiO2 LiMnO2 LiCoO2 LiNiO2 LiMnO2 Ni Co Mn Ni Co Mn Ni Co Mn,(LiNi1-xCoxO2 LiMnl-xCoxO2 LiNi1-xMnxO2 LiNixCoyMnl-x-yO2 ) 2006 science LiNi0.5Mn0.5O2 LiNi0.5Mn0.5O2 0.2mA/cm2 160mAh/g Ni Co LiNixCoyMnl-x-yO2 LiFePO4 LiFePO4 LiFePO4 LiFePO4 LiFePO4 LiCoO2 LiMn2O4 2010 9 8 22

13. THINK PHEV EV HEV EV PHEV HEV HEV HEV EV HEV i-miev Volt S400HYBRID 7 THINKCity Sonata PEVE AESC BEJ LEJ LG HVE JCS JCS EnerDel LG 5.2KWh 24KWh 16KWh 16KWh 0.5KWh 0.8KWh 0.9KWh 20KWh 1.4KWh 5Ah 35Ah 6Ah 50Ah 20Ah 4.4Ah 6.5Ah 6.6Ah 20Ah 5.3Ah NCA Mn Mn Mn Mn Mn Mn Mn Mn 2009 600 IIT 2012 50 2011 2012 5 14. 2010 122010 2009 2010 2010 2010 2009 5,500 1,500 UMICORE 3,500 L&F 1,600 2,476 1,600 1,400 1,200 1,200 1,000 1,000 15. 09 2010E 2010E 2010E ( / ) 000839.SZ 19.68 24.27 0.29 53.44 244.60 1500 500 2010 13% 300073.SZ 5.35 8.77 0.84 68.73 46.24 5200 870 2010 1030 98% 600884.SS 21.32 26.51 0.79 25.80 84.06 4000 500 2010 500 200 49% 3500 2009 000009.SZ 32.69 38.79 0.41 29.65 136.34 1200 1500 9% 600470.SS 29.16 31.80 0.28 52.74 47.99 002125.SZ 5.01 5.77 0.27 86.42 17.57 5.5 2010 80% 600367.SS 6.86 35.73 3.8 2010 30% 600390.SS 10.12 10.97 0.19 92.06 27.29 002466.SZ 3.05 3.57 0.48 176.84 83.72 5600 2010 67% 002460.SZ 2.47 3.47 0.44 147.64 65.30 3000 2010 26% 2010 9 8 23

2010 9 8 24

1. 2. x 3. / 4. x 5. 6. SEI solid-electrolyte interface 7. SEI 8. 9. (3,860 mah/g) (-3.045 V) LiAlFe LiPb LiAl LiSn LiCd LiSi 2010 9 8 25

16. MCMB (MCMB) / LiXC6(x 1) 372 mah/g 2010 9 8 26

, 17. / m 25 /g m-1 300 / cm2 2 /N m-1 100 Gurley /s m-1 1 6.9MPa <2% / m 1 / 130 /% 40 / 150 (PE)(PP), PE PP 3 PP/PE/PP 2010 9 8 27

( ) 4.1 9,300 18. 4,000 3,500 1,200 600 (Asahi) 15,000 Tonen 6,800 UBE) 2,400 Celgard 7,000 Entek 1,100, 2010 9 8 28

PE PP, Celgard PE PP 3 PP/PE/PP 20 90 PP PP, 1-3 Entek 5-7 PE 2010 9 8 29

19. () ( ) PE PP PE PE I.Kuribayashi PP PE PE,, PE PP Celgard PP/PE PP/PE/PP3 3 PE 2 PP 2010 9 8 30

() - (PVDF-HFP) Bellcore PVDF-HFP 118% PVDF-HFP 2 m 50 m 60% PVDF-HFP/SiO2 20µm 50µm,, 4.8VvsLi+/Li 3.35 10-4S/cm (LiCoO2/ /MCMB) 3C 0.2C 93.4%, 0.33 / 20. 09 2010E 2010E 2010E () () / () 000973.SZ 36.99 38.94 0.21 72.48 94.39 1200 2010 49% 600096.SS 60.28 72.34 0.66 31.09 121.45 1500 002389.SZ 2.14 2.41 0.72 82.88 40.15 1500 1,500 / 2010 9 8 31

15% 32% 1. 2. 3. 4. 5. ( ) 6. LiClO4 LiAsF6 LiPF6 LiBF4 LiAsF6 LiPF6 LiClO4 LiBF4 LiAsF6 LiBF4 LiPF6 LiClO4 LiAsF6 LiPF6 LiBF4 LiClO4 2010 9 8 32

(LiClO4) LiClO4 (LiAsF6) (LiPF6) PF6 LiPF6 LiPF6 30 130 (LiBF4) LiPF6 LiPF6 5 / 10 / 35 / 60% 21. 1 (99%) 1.4 6,000-7,000 / 2 (99.8%) 0.18 16-20 / 3 0.7 7,000-8,000 / 4 0.09 1,900-3,900 / 5 KWh 280 6 6bar t 4 7 m3 2.84 ((DMC) (DEC)(EMC) ) ( (EC)(PC) ) 2010 9 8 33

5% SEI HF 1 SEI SEI SEI SEI SEI Covalent Y.Ein-Eli SO2 CO2 CO Li2S Li2CO3 Li2SO3 Li2SO4 Li2O 2010 9 8 34

VC ES PS DMS DES (VC) EC PC DEC DMC VC, -OCO2Li SEI (TCE) (AAN)(VA) Li2CO3 2 Z.X.Shu 12--4 PC MF THF H.S.Lee CF3CO2Li/DME 1%~5% 3 2010 9 8 35

TMPTMP TMP [P] [F] [Cl] [Br] TMPTEPTPP TBP HMPN F CH2F-EC CHF2-EC CF3-EC MFA EFA 2010 9 8 36

- P F F SEI F 2,2,2- TFP2,2,2- BMP 2,2,2- TDP2,2,2- TTFP 4 2010 9 8 37

22. (Li+/Li)/V 4.7 PTC 4.75 5.34 3-5.46 18650 3-5.48, -2-5.15,1C -3-4.95,1C 5.2 3.5 N- 4.1, 3.05 3.38 3.05 3.38 Fe(bpy)3(ClO4)2 3.9 4.0, Fe(phen)3(ClO4)2 3.9 4.0, 4.06 4.12 2,7-4.2 4.3 ( ) 4.3 4.4 4.29 18650 4.31 18650 5 (HF) SEI A.M.Stux HF LiPF6 6 2010 9 8 38

23. 09 2010E 2010E 2010E () () / () 002407.SZ 7.73 9.51 0.88 61.48 58.21 200 002091.SZ 26.48 33.37 0.64 45.18 86.49 5,000 300037.SZ 3.19 4.34 0.84 55.94 50.46 1,200 2010 31% 600273.SS 14.44 20.03 0.39 36.92 45.90 5,000 002411.SZ 6.78 8.42 0.66 68.29 38.60 400 600160.SS 37.00 46.53 0.61 20.06 36.95 2010 9 8 39

PVDF NMP / (1) () (2) (3) (1) (2) (4) (1) (2) (3)(4) (5) ( ) (PVDF) N-(NMP) {CF2 CH2 n } 375400 3% ] 70 PVDF ElfAtochem Kynar740 1.5 1014Ωcm 50-60s 500v/s 63kv/mm105Hz 8.2 F PVDF CH2 CF2 50,000 1 2010 9 8 40

24.PVDF 100000 0.9 1.25 1.75 2.45 / 175 175 175 175 /% 40 38 36 33 ElfAtochem 10-1 10-6S/cm LiCoO2 10-2S/cm LiNiO2 10-1S/cm LiMnO2 10-6S/cm N- (NMP) γ- 25. 09 2010E 2010E 2010E () () ( / ) 600636.SS 21.02 25.01 0.11 78.81 30.73 PVDF3000 PVDF 8% 000755.SZ 22.70 30.88 0.20 46.15 38.29 r- 1.5 r- 5% 2010 9 8 41

(Ppy)(PTh)(Pan) ( ) (PEO) (PVDF) (PAN) (PMMA) (PVC) (DOP(DBP) (separator) 26. 27. CEIC 2010 9 8 42

GouldElectronic Powerdex Bellocore 1990 1999 3 1999 3.8mm 3.6mm 3.8mm ( 0.5mm) 50% 28. ( ) 2010 9 8 43

29. V 1.2 1.2 3.6 3.7 (Wh/Kg) 50 65 105-140 120-170 (Wh/l) 150 200 300 300-460 ( ) 500 500 1000 1000 %/ 25-30 30-35 6-9 3 30. 09 () 2010E () (PDA) DOP 2010E ( / ) 2010E 600589.SS 13.13 20.78 0.48 15.28 44.29 DOP5 24% 2010 9 8 44

2009 30.5 15,000MWh 2010-2013 2013 226 14,000 MWh 2009 93% 2014-2018 2018 600 45,000 MWh 2009 3 1,500 / 60% PVDF NMP DOP (PVDF) N- (NMP) (DOP) PVDF NMP γ- DOP 2010 9 8 45

31. ( ) 10-12 PEG 2009 2010E (%) 2010E 2011E 2012E (%) ( ) ( PS( ) ) 000839.SZ 1,968.2 2,426.6 23.3 53.4 40.3 20.9 60.1 0.9 24,459.7 12.4 300073.SZ 534.6 877.4 64.1 68.7 41.2 28.9 54.3 1.3 4,624.0 8.6 600884.SS 2,131.9 2,650.5 24.3 25.8 21.4 16.8 23.9 1.1 8,406.2 3.9 000009.SZ 3,269.4 3,730.9 14.1 29.6 20.7 14.3 44.2 0.7 13,634.4 4.2 600470.SS 2,916.4 3,180.0 9.0 52.7 28.7 21.4 56.9 0.9 4,798.7 1.6 002125.SZ 501.3 576.5 15.0 86.4 70.6 1,756.8 3.5 600367.SS 685.7 3,573.0 5.2 600390.SS 1,011.7 1,097.0 8.4 92.1 39.5 29.1 77.8 1.2 2,728.9 2.7 002466.SZ 305.1 357.0 17.0 176.8 120.2 88.0 41.7 4.2 8,372.1 27.4 002460.SZ 246.9 346.5 40.4 147.6 105.5 82.8 33.6 4.4 6,530.0 26.5 000973.SZ 3,699.1 3,893.9 5.3 72.5 37.9 24.7 71.4 1.0 9,439.5 2.6 600096.SS 6,027.8 7,234.2 20.0 31.1 23.0 16.7 36.3 0.9 12,144.7 2.0 002389.SZ 214.1 240.7 12.4 82.9 63.9 45.3 35.3 2.3 4,015.3 18.8 002407.SZ 772.5 951.2 23.1 61.5 44.1 33.7 35.1 1.8 5,820.8 7.5 002091.SZ 2,647.5 3,336.9 26.0 45.2 35.2 27.6 28.0 1.6 8,649.0 3.3, 300037.SZ 318.9 433.5 36.0 55.9 42.1 31.8 32.7 1.7 5,046.1 15.8 600273.SS 1,443.8 2,002.5 38.7 36.9 21.5 19.9 36.3 1.0 4,589.6 3.2 002411.SZ 678.2 842.4 24.2 68.3 51.1 35.3 39.1 1.7 3,859.7 5.7 600160.SS 3,699.6 4,653.2 25.8 20.1 18.7 16.7 9.5 2.1 7,515.1 2.0 600636.SS 2,102.2 2,500.5 18.9 78.8 51.2 45.9 31.1 2.5 3,073.0 1.5 PVDF 000755.SZ 2,270.0 2,982.7 31.4 46.2 23.1 17.9 60.7 0.8 3,829.2 1.7 r- 600589.SS 1,312.9 2,078.0 58.3 15.3 11.5 9.5 26.7 0.6 4,428.7 3.4 DOP 2010 9 8 46

(000839.SZ/ 15.66, ) (300073.SZ/ 56.85, ) (600884.SS/ 20.74, ) (000009.SZ / 12.47, ) (600470.SS/ 15.09, ) (002125.SZ/ 25.63, ) (600367.SS/ 12.48, ) (600390.SS/ 17.74, ) (002466.SZ/ 83.53, ) (002460.SZ / 65.76, ) (000973.SZ/ 15.63, ) (600096.SS/ 20.89, ) (002389.SZ/ 61.30, ) (002407.SZ / 56.55, ) (002091.SZ/ 29.38, ) (300037.SZ / 47.63, ) (600273.SS/ 14.65, ) (002411.SZ/ 45.80, ) (600160.SS/ 12.27, ) (600636.SS/ 8.87, ) (000755.SZ/ 8.12, ) (600589.SS/ 7.50, ) 2010 9 7 () 6 10% () 6 10% (NR) () 6 10% 2010 9 8 47

/ (i) 1%(ii) (iii) (iv) 12 2010 9 6 2010 9 8 48

(), () ( ) / ( )() ; ( ) (BOC International (Singapore) Pte. Ltd.) Financial Advisers Act (FAA) Financial Advisors Regulation (FAR) ( 110 ) Regulation 2 BOC International (Singapore) Pte. Ltd. (1) FAR Regulation 34 FAA 27 ; (2) FAR Regulation 35 FAA 36 ( ) 2010 200 39 200121 : (8621) 6860 4866 : (8621) 5888 3554 :(852) 2867 6333 : 10 10800 8521065 21 10800 1521065 800 852 3392 :(852) 2147 9513 :(852) 2867 6333 :(852) 2147 9513 28 2 15 :100032 : (8610) 6622 9000 : (8610) 6657 8950 () 90 EC4N 6HA : (4420) 7022 8888 : (4420) 7022 8877 () 1270 202 NY 10020 : (1) 212 259 0888 : (1) 212 259 0889 ( ) 199303046Z (049908) : (65) 6412 8856 / 6412 8630 : (65) 6534 3996 / 6532 3371