华鲁恒升(600426)：高压实磷酸铁锂有望拉动草酸量价齐升

Core Insights - The rapid growth of electric vehicle demand is driving the need for lithium-ion batteries, with lithium iron phosphate (LiFePO4) becoming a mainstream material due to its safety, cost-effectiveness, and longevity [1] - The energy density of LiFePO4 batteries is relatively low, which limits their application in the power battery sector as the market demands longer driving ranges [1] - High-density lithium iron phosphate (LiFePO4) is defined as having a packing density of over 2.6 g/cm³, significantly enhancing battery energy density and charging speed, making it highly sought after by downstream battery manufacturers [2] Industry Developments - Domestic manufacturers are investing in oxalic acid iron production capacity, with major players like Hualu Hengsheng holding over 58% of the market share [3] - The production of oxalic acid iron is expected to consume approximately 37.56 million tons of oxalic acid based on current capacity estimates [3] - The price of oxalic acid has shown a V-shaped trend since 2020, with a recent peak in December, indicating a potential for both volume and price increases in the future [3] Company Analysis - Hualu Hengsheng's projected net profit for 2025-2027 has been adjusted to 2.994 billion, 4.635 billion, and 4.827 billion yuan, respectively, with a target price set at 46.37 yuan per share [4] - The company is expected to benefit significantly from the rising demand for high-density lithium iron phosphate, leading to increased revenue and profitability [3][4]