Core Viewpoint - The industry is experiencing significant changes as companies in the cathode materials sector seek to adapt amidst a backdrop of overcapacity and financial losses, leading to project terminations and a shift towards more advanced materials like lithium manganese iron phosphate [1][4][10]. Group 1: Industry Dynamics - The effective capacity of lithium iron phosphate has increased from 500,000 tons in 2021 to 4.5 million tons by 2024, while the industry's capacity utilization rate has dropped from over 90% to 55% during the same period [4][6]. - Major companies like Hunan Yuno (湖南裕能) have maintained a relatively high capacity utilization rate, with figures of 96.82%, 89.77%, and 101.3% from 2022 to 2024, contrasting sharply with the overall industry trend [13]. Group 2: Company Actions - Zhongke Titanium White (中核钛白) announced the termination of its 500,000-ton lithium iron phosphate project, reallocating remaining funds to supplement working capital due to changes in market demand and profitability concerns [6][7]. - Other companies, including Longbai Group (龙佰集团) and Jingu Titanium Industry (金浦钛业), have also paused or terminated their investments in lithium iron phosphate projects, reflecting a broader trend of project cancellations in the industry [5][6]. Group 3: New Directions - Hunan Yuno is focusing on lithium manganese iron phosphate, which offers higher voltage, energy density, and better low-temperature performance compared to traditional lithium iron phosphate, with plans to invest 2.8 billion yuan in a 320,000-ton production project [10][12]. - The first phase of Hunan Yuno's lithium manganese iron phosphate project, with a capacity of 160,000 tons, has been completed and is currently utilized for high-pressure lithium iron phosphate production, ensuring operational efficiency [12][14].
磷酸铁锂“产能优化”进行时