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TF Securities-I Solid-state Dry Battery Industry 24w48 Zhou Du Research: Alkaline manganese gradually replaces carbon manganese, and downstream demand drives moderate growth of the industry-241211The competition pattern of zinc-manganese battery is mature and stable,Zhou Du research focus: research on zinc-manganese battery industry

TF Securities-I Solid-state Dry Battery Industry 24w48 Zhou Du Research: Alkaline manganese gradually replaces carbon manganese, and downstream demand drives moderate growth of the industry-241211The competition pattern of zinc-manganese battery is mature and stable,

Risk warning: the prosperity of the real estate market has declined; Risk of exchange rate fluctuation; Risk of raw material price fluctuation; Sales of new products fell short of expectations.It is a leading enterprise in this field in China. From a global perspective, the zinc-manganese battery market is mainly occupied by international company brands and domestic excellent battery enterprises. In the domestic market, Nanfu battery mainly occupies a leading position with its own brand, and its "Nanfu" brand alkaline manganese battery products have been ranked first in the China market for 31 consecutive years (1993 -2023), and its sales share in the retail market of alkaline No.5 and No.7 batteries in China is 85.9% (Nielsen data).Risk warning: the prosperity of the real estate market has declined; Risk of exchange rate fluctuation; Risk of raw material price fluctuation; Sales of new products fell short of expectations.