大行评级｜大摩：预期宁德时代宜春锂矿停产或推动锂价上涨 维持“增持”评级

Core Viewpoint - Morgan Stanley reports that the mining license for CATL's Yichun lithium mine, with an annual production capacity of 100,000 tons of lithium carbonate equivalent, has expired, leading to a production halt. This mine accounts for approximately 30% of the company's total demand, and its previous low utilization has resulted in breakeven or slight losses in recent quarters. The suspension of the Yichun mine may drive lithium prices up, benefiting CATL's existing raw material inventory value. The company is expected to maintain competitive contract lithium prices due to its scale advantage, and cost increases can be passed on to automakers, leading to a "buy" rating with a target price of HKD 465 [1][1][1]. Group 1 - The Yichun lithium mine's mining license has expired, resulting in a production halt [1] - The mine's capacity represents about 30% of CATL's total demand [1] - The mine has previously operated at low utilization, leading to breakeven or slight losses [1] Group 2 - The suspension of the Yichun mine is expected to push lithium prices higher [1] - This price increase may enhance the value of CATL's existing raw material inventory [1] - CATL is anticipated to maintain competitive contract lithium prices compared to smaller battery manufacturers [1] Group 3 - Cost increases can be transferred to automakers, supporting CATL's pricing power [1] - Morgan Stanley maintains a "buy" rating for CATL with a target price of HKD 465 [1]