Di Yi Cai Jing·2026-01-28 10:55Core Viewpoint - The lithium battery industry is expected to reach a performance turning point in 2025, with many companies reporting improved earnings due to rising prices of key lithium materials and sustained demand from the electric vehicle and energy storage sectors [1][5]. Group 1: Industry Performance - Among 28 lithium battery companies that disclosed earnings forecasts, 11 are expected to see profit increases, and 6 are projected to turn losses into profits, indicating a recovery in the lithium battery supply chain [1]. - Key lithium materials such as lithium carbonate and hexafluorophosphate have seen significant price increases, contributing to the improved profitability of leading companies in the sector [2][4]. - The price of battery-grade lithium carbonate rose from 73,000 yuan/ton to approximately 120,000 yuan/ton, with peaks reaching around 134,000 yuan/ton by the end of 2025 [3]. Group 2: Company-Specific Insights - Salt Lake Co. (000792.SZ) is expected to report a net profit of 8.29 billion to 8.89 billion yuan, a year-on-year increase of 77.78% to 90.65%, driven by rising prices of potassium chloride and lithium carbonate [2]. - Ganfeng Lithium (002460.SZ) anticipates turning a profit with a projected net profit of 1.1 billion to 1.65 billion yuan, recovering from a loss of 2.074 billion yuan in the previous year [3]. - Yahua Group (002497.SZ) expects a net profit of 600 million to 680 million yuan, representing a year-on-year growth of 133.36% to 164.47% [3]. Group 3: Market Dynamics - The lithium battery materials sector is entering a state of supply-demand balance, with prices rebounding after a period of decline and capacity reduction [2][5]. - The global demand for energy storage and electric vehicles continues to grow, with projections indicating that global energy storage battery shipments will reach 640 GWh in 2025, a year-on-year increase of 82.9% [6]. - The recovery of the lithium battery industry is linked to the stabilization and increase of lithium carbonate prices, which are expected to drive a new round of profitability recovery across the supply chain [6][7].