东证润和服务海南新能源企业：累沽期权显“威力” 破解碳酸锂价格倒挂难题

Core Insights - A new energy company in Hainan has adopted a cumulative put option strategy for hedging the price of lithium carbonate extracted from retired batteries, addressing the risks of declining prices and cost inversion [1][3] - This project provides a new model for price risk management in the battery recycling industry, combining economic benefits with strategic significance [2] Project Background - The recycling of used power batteries has become a focus for manufacturers, automakers, and third-party recycling companies, with predictions indicating that the retired battery volume in China will exceed 580,000 tons in 2023 and reach 820,000 tons by 2025 [3] - The company recycles batteries to extract lithium carbonate, which accounts for over 60% of its sales revenue, and aims to hedge against price declines to improve profitability [3][4] Risk Management Needs - Starting in May 2024, lithium carbonate futures prices experienced significant declines, leading to a cost inversion situation that traditional futures hedging could not address [4] - The company and Dongzheng Runhe Capital Management identified that prices would likely remain low in the short term, prompting the need to lock in higher sales prices [4] Option Design Strategy - The company planned to produce 60 tons of lithium carbonate by the end of September 2024 and sought to sell it at prices above the spot market to stabilize cash flow [5] - Dongzheng Runhe designed a cumulative put option to help the company manage risks while optimizing inventory costs and achieving high-price pre-sales [5] Option Scheme Details - On September 26, 2024, the lithium carbonate market rebounded to 79,700 yuan/ton, and the company executed a transaction with an option period from September 26 to October 23, 2024 [6][9] - The option allowed the company to secure a selling price of 82,750 yuan/ton, which was 3,050 yuan/ton higher than the spot price [6][9] Project Outcome - During the holding period, the lithium carbonate market fluctuated downwards, leading the company to terminate the option early on October 18, 2024, realizing a profit of 35,805.43 yuan [11][13] - This initial attempt at a cumulative put option successfully achieved the goal of increasing revenue and reinforced the company's confidence in using structured derivatives for operational stability [11][13] Project Summary - The project provided the company with a selling price above market rates, addressing cost inversion issues and enhancing the resilience of the resource recycling industry [13] - It also strengthened the company's ability to withstand market cycles, providing financial support for technological research and capacity expansion [13] - The project serves as a replicable risk management template for the battery recycling industry, promoting a shift from "price competition" to "value management" [13]