里昂：宁德时代宜春锂矿停产影响有限 目标价535港元

Core Viewpoint - Citigroup's report indicates that CATL (宁德时代) demonstrates strong profit defense capabilities during lithium price fluctuations, suggesting its ability to withstand shocks is superior to its peers [1] Group 1: Company Performance - Citigroup maintains a "highly confident outperform" rating for CATL's A-shares with a target price of 390 RMB and an "outperform" rating for its H-shares with a target price of 535 HKD [1] - The report highlights CATL's diversified lithium resource supply channels, which allow the company to quickly shift to third-party procurement if necessary [1] Group 2: Industry Impact - CATL's Yichun lithium mine factory has suspended production since August 10 due to the expiration of its mining license, which is linked to the government's crackdown on illegal lithium mining since July [1] - The suspension is expected to have a limited operational impact on CATL but may significantly affect the global lithium supply chain, potentially raising market sentiment towards lithium prices [1] - Short-term upward risks for lithium prices are anticipated, which could suppress battery manufacturers' profits in the second half of the year [1]