Zhi Tong Cai Jing·2025-11-11 09:00Core Viewpoint - The lithium battery sector is experiencing growth in revenue and net profit, with significant demand in the energy storage market, despite some companies facing challenges in profitability [1][2][3]. Group 1: Revenue and Profitability - In the first three quarters of 2025, the lithium battery sector generated revenue of 1.78 trillion yuan, a year-on-year increase of 12.81%, with 78.85% of companies reporting positive growth [1]. - Net profit for the same period reached 67.95 billion yuan, up 28.07% year-on-year, with 59.43% of companies showing positive growth [1]. - For 2024, the sector's revenue is projected at 2.25 trillion yuan, a slight increase of 0.14%, while net profit is expected to decline by 21.68% [1]. Group 2: Demand and Sales - In the first nine months of 2025, sales of new energy vehicles in China reached 11.196 million units, a year-on-year increase of 34.55%, with exports accounting for 1.758 million units, up 89.4% [2]. - The total output of power and other batteries in 2025 was 1,121.90 GWh, reflecting a staggering year-on-year growth of 5140% [2]. - The shipment of energy storage lithium batteries reached 430 GWh, marking a 99.07% increase year-on-year [2]. Group 3: Price Trends in the Industry Chain - Since the beginning of 2025, prices of key materials in the lithium battery supply chain have generally risen, with lithium carbonate prices remaining under pressure [3]. - As of November 7, 2025, the price of lithium hexafluorophosphate was 119,000 yuan per ton, up 90.40% since the start of the year, while electrolyte prices increased by 44.33% [3]. Group 4: Investment Recommendations - The industry maintains a "stronger than the market" investment rating, with lithium battery and ChiNext valuations at 29.39 times and 43.55 times, respectively [4]. - The recommendation is to continue focusing on four main investment lines based on the development trends of the lithium battery industry and the characteristics of the domestic and international new energy vehicle markets [4].