储能需求持续释放，碳酸锂“量价齐升”有望延续

Core Viewpoint - The lithium carbonate industry appears to have emerged from a downturn, with significant profit growth reported by major A-share lithium mining companies in Q3, driven by increased demand from the energy storage sector [1][2]. Group 1: Industry Performance - Ganfeng Lithium reported a year-on-year profit increase of 364.02%, Yahua Group saw a 278.06% increase, and Salt Lake Co. experienced a 113.97% growth in net profit for Q3 [1]. - The average price of battery-grade lithium carbonate reached 82,100 yuan/ton, up over 36% since late June [2]. - Major lithium salt companies maintained an operating rate above 60% in Q3, with some top firms operating at full capacity, indicating strong demand [4]. Group 2: Demand and Supply Dynamics - The energy storage sector has significantly boosted lithium carbonate demand, with global lithium battery energy storage installations exceeding 170 GWh in the first three quarters of 2025, a 68% year-on-year increase [2]. - Orders from energy storage customers have increased from approximately 20% at the beginning of the year to over 40% currently [2]. - The lithium carbonate market is transitioning from oversupply to a tight balance, with a notable "rush for goods" observed as companies struggle to meet surging order demands [4]. Group 3: Future Outlook - Most companies maintain an optimistic outlook for future supply and demand trends, with energy storage cell production ratios rising from 24% in June to 40% in October [5]. - Major battery manufacturers like CATL and EVE Energy have orders filled through 2026, indicating a robust production and sales environment [5]. Group 4: Salt Lake Lithium Extraction Opportunities - The rebound in lithium carbonate prices and the tight supply-demand balance present opportunities for salt lake lithium extraction companies, which have a cost advantage with production costs between 30,000 to 40,000 yuan/ton [6]. - Salt lake lithium extraction companies are expected to benefit from high-margin products as lithium carbonate prices exceed 80,000 yuan/ton [6][7]. - Companies involved in high-value salt lake lithium extraction technology services are also likely to see positive developments, as evidenced by successful applications of their products in various projects [7].