Investment Rating - The report rates the lithium mining industry as "Positive" [3] Core Insights - The report summarizes insights from quarterly earnings calls of 13 overseas lithium companies, focusing on their views regarding global prices, supply, demand, and inventory [4] - Companies agree that current prices are at a low point, but there are differing opinions on when a rebound may occur [4] - There is a strong consensus among companies that demand remains robust, while inventory is primarily concentrated in downstream battery sectors [4] Price Analysis - SQM (17% market share) believes that prices will stabilize in the short term and be optimistic in the second half of the year [6] - ALB (16% market share) states that current prices are below marginal cash costs, which could lead to structural shortages in the future [7] - ALTM (4.3% market share) asserts that prices must rise to meet future demand, as current prices are not sustainable [8] Supply Dynamics - SQM indicates that new supply may be delayed due to longer-than-expected commissioning times and that weaker competitors may be affected by current prices [10] - ALB mentions that current lithium prices do not incentivize new greenfield projects, leading to production cuts and project delays [10] - Pilbara (8% market share) is prepared to endure lower prices to rationalize the market [10] Demand Forecast - SQM forecasts a 20% growth in global lithium demand in 2024, with a projected increase of 600,000 tons LCE by 2033 [12] - ALB anticipates a compound annual growth rate (CAGR) of 15-20% from 2024 to 2030, with a demand of 1.3 million tons LCE in 2024 [12] - Sayona (1.6% market share) expects a significant increase in battery metal demand to drive the clean energy transition [12] Inventory Insights - ALB reports a gradual decline in industry inventory since early 2023, with battery manufacturers holding higher inventory levels [14] - ALTM notes that extended downtime during the Lunar New Year will help reduce battery-level inventory [14] Additional Observations - The report highlights that in a market with over 20% annual demand growth, total costs are more critical than cash costs [15] - The lithium carbonate market is described as immature, with a need for products not priced by the Chinese market [16] - Companies express concerns about the complexity of supply chains and the need for more secondary or tertiary battery manufacturers to exit the market [21]

证券研究报告 | 行业点评 [Table_Main] 小米 SU7 上市点评：小米汽车破圈， [ 汽Tab 车le_I nvest] 评级： 看好 突围 20 万元纯电市场 日期： 2024.04.01 事件描述 [分Ta析bl师e_ A张ut鹏ho r] 登记编码：S0950523070001 2023年3月28日晚，小米汽车首款车型SU7正式上市，共三款配置，定价 ： 18373169614 21.59万元、24.59万元、29.99万元；上市 27分钟订单突破 50000 台，部 ： zhangpeng1@wkzq.com.cn 分用户提前手动锁单，订单有效性预期稳定。 联系人 顾思捷 事件点评 ： 18862755264 ： gusj@wkzq.com.cn 小米 SU7定位中大型纯电轿车，定价略超预期，车型配置具备亮点。小米SU7 轴距3000mm，比Model 3空间大，与极氪001、小鹏P7、智界S7 相当， 联系人 张娜威 比燃油车宝马3系、奔驰 C级略大，21.59万元的起步价低于其他中大型车。 ： 18551983137 车型亮点方面：（1）外观符合大多数消费者审美。SU7提供9种车身颜色 ...

证券研究报告 | 行业点评 [Table_Main] Figur e和英伟达 GTC的背后有什么技 [ 机Tab 械le_I 设nve 备st] 评级： 看好 术新动向？ 日期： 2024.03.22 事件描述 [分Ta析bl师e_ A祁ut岩ho r] 登记编码：S0950523090001 2024年3月1日，Figure官宣与OpenAI、微软达成合作。2024年 3月 13 ： 021-61102527 日，Figure发布视频展示了与OpenAI合作后的进展。 ： qiyan1@wkzq.com.cn 2024年 3月 19日，英伟达举行 GTC2024。本次 GTC 上，NVIDIA 发布了 [行Ta业bl表e_现Pic Quote] 2024/3/21 自己的人形机器人方案。 4% -3% 事件点评 -9% -16% Figure 是谁？Figure 2022 年成立，希望通过通用的人形机器人创造一个更 -22% 好的未来。Figure的成员来自波士顿动力、特斯拉、谷歌 DeepMind等公司。 -29% 2023/3 2023/6 2023/9 2023/12 Figure 这次视频的亮点是什 ...

证券研究报告 | 行业点评 [Table_Main] 硬质合 金及刀具行业点评：中短期钨精 [ 有Tab 色le_I 金nve 属st] 评级： 看好 矿供应紧张，叠加下游旺盛需求，硬质 日期： 2024.03.22 合金企业提价氛围渐浓 [分Ta析bl师e_ A王ut小ho芃r] 登记编码：S0950523050002 事件描述 ： 13401186193 ： wangxiaopeng@wkzq.com.cn 九江金鹭3月14日发布调价函，将自2024年 3月 20 日起对部分硬质合金 分析师 祁岩 类产品的销售价格进行适当调整。与此同时，天工硬质合金于3月 15 日发布 登记编码：S0950523090001 调价函，将自2024年 3月 25日起对公司硬质合金产品进行整体上调。 ： 13661240951 事件点评 ： qiyan1@wkzq.com.cn 钨矿价格走高带动仲钨酸铵和碳化钨粉价格抬升，四因素共振导致中短期钨 联系人 何能锋 矿供应紧张。根据 SMM 数据显示，2024年 3月19日黑钨精矿（≥65%） ： 021-61102510 均价125750元/吨，较2023年年底每吨涨价 325 ...

The research analyst is primarily responsible for the content of this report, in w hole or in part. The analyst has the Securities Investment Advisory Certification granted by the Securities Association of China. Besides, the analyst independently and objectively issues this report holding a diligent attitude. We hereby declare that (1) all the data used herein is gathered from legitimate sources; (2) the research is based on analyst's professional understanding, and accurately reflects his/her views; (3) t ...

证券研究报告 | 行业周报 [Table_Main] 电子行 业半月报：英伟达 GTC 2024, 全新 [ 电Tab 子le_I nvest] 评级： 看好 Blackwell 平台震撼亮相 日期： 2024.03.20 报告要点 [分Ta析bl师e_ A王ut少ho南r] 登记编码：S0950521040001 3月上板块走势回顾：2024年 3月上（3月 1日-3月 15日），大盘指数中， ： 0755-23375522 上证综指上涨1.31%，深证成指上涨3.03%，创业板指上涨4.26%，沪深300 ： wangshaonan@wkzq.com.cn 上涨1.53%。截至 2024年 3月 15日，申万电子指数为3443.91，较3月1 联系人 金凯笛 日上涨3.94%，行业涨跌幅在所有一级行业中排序9/31。申万电子各子行业 ： 021-61102509 中，元件板块上涨 8.10%，其他电子板块上涨 7.97%，消费电子板块上涨 ： jinkaidi@wkzq.com.cn 7.73%，光学光电子板块上涨 4.79%，半导体板块上涨 1.18%，电子化学品 板块上涨 0.83%。2024年 3月 ...

证券研究报告|行业周报 2024/03/20 新能源行业 投资评级 看好 新能源产业趋势跟踪 （2 4 年 3 月上 ）： 需求回暖供给释放延迟，光伏底部渐清晰 ...

证券研究报告|行业深度 2024/3/18 电气设备行业 投资评级 看好 风驰“电车”系列 3 ：当 下新能 源 车渗透 率提升 的关键在哪里？ ...

证券研究报告 | 行业点评 [Table_Main] 锂电行 业点评：六氟磷酸锂产业部分企 [ 电Tab 气le_I 设nve 备st] 评级： 看好 业短期停产检修 日期： 2024.03.13 事件描述 [分Ta析bl师e_ A张ut鹏ho r] 登记编码：S0950523070001 1）天赐材料公告，公司计划于2024年 3月 11 日开始对年产 3万吨液体六 ： 18373169614 氟磷酸锂产线进行停产检修，预计检修时间不超过30天。 ： zhangpeng1@wkzq.com.cn 2）根据高工锂电，24年 Q1 的六氟磷酸锂报价约为7.5万元/吨，当前价格 [行Ta业bl表e_现Pic Quote] 2024/3/12 水平已跌至部分厂商现金成本。 4% -5% -15% 事件点评 -24% -33% 产业链企业短期停产检修。根据EV Tank，2023年全球六氟磷酸锂出货量达 -43% 2023/3 2023/6 2023/9 2023/12 16.9万吨，其中天赐材料、多氟多、天际股份等三家企业合计市场份额62.7%。 电气设备 沪深300 我们预计本次天赐材料检修的3万吨液体六氟磷酸锂 ...

Investment Rating - The investment rating for the automotive industry is optimistic [1] Core Insights - The battery is a dominant segment in the new energy vehicle (NEV) supply chain, with automakers facing challenges such as limited battery capacity, high prices, and lack of control over core technologies [3][6] - The concentration of the battery industry is higher than that of the NEV industry, with the top five battery companies controlling 87.3% of the market share, while the top five NEV brands hold only 61% [7][11] - Automakers are increasingly entering the battery sector due to rising battery prices and capacity constraints, with strategies divided into independent research and development (R&D) and cooperative layouts [3][32] Summary by Sections Battery Industry Dynamics - The battery industry has a high concentration level, with the CR5 reaching 87.3% in 2023, compared to 61% in the NEV sector [7][11] - The bargaining power of battery manufacturers is stronger, as their gross margins are generally higher than those of the automotive parts industry [7][19] Automaker Strategies - Automakers can adopt two main strategies for battery layout: independent R&D, which requires significant investment and offers control over production, and cooperative layouts, which are less capital-intensive but limit control [3][32] - The investment required for a single GWh production line is approximately 350 million yuan, indicating a high financial barrier for entry into the battery market [3][32] Key Players - BYD and CATL are highlighted as key players in the battery sector, with BYD benefiting from a vertically integrated supply chain that enhances cost reduction capabilities [4][29] - CATL has maintained a significant market share, supplying batteries to major automakers like Tesla and NIO, with its market share dropping to 43.1% in 2023 [11][19] Market Trends - The demand for batteries is closely tied to the growth of NEV sales, with battery capacity and pricing issues becoming more pronounced since the NEV boom in 2021 [3][13] - The cost of batteries constitutes about 40% of the total vehicle cost, creating significant pressure on automakers to reduce expenses [15][19] Technological Innovations - Battery technology advancements are crucial for enhancing vehicle performance, with ongoing developments in materials and structures, such as lithium iron phosphate (LFP) and solid-state batteries [21][23] - Innovations like CTP (cell-to-pack) and CTC (cell-to-chassis) are blurring the lines between battery and vehicle technologies, potentially shifting control from automakers to battery manufacturers [23][24]