动力电池行业周报：产业链价格持续磨底，国内锂电企业加速海外布局

Investment Rating - The report maintains a "Recommended" investment rating for the power battery industry [1]. Core Insights - The report highlights that the prices across the supply chain for lithium batteries continue to decline, with domestic lithium battery companies accelerating their overseas expansion [1][4]. - The overall industry outlook remains positive, driven by favorable policies in the automotive market supporting the rapid growth of new energy vehicles [4]. Industry Data Summary Upstream Materials - The average market price for industrial-grade lithium carbonate has dropped to 91,000 CNY/ton, a decrease of 300 CNY/ton or 3.19% from the previous week. Battery-grade lithium carbonate is now at 94,000 CNY/ton, down 350 CNY/ton or 3.59% [3][11]. - The price of ternary material 523 single crystal power has decreased to 127,000 CNY/ton, while 622 polycrystalline material is at 125,000 CNY/ton, both reflecting downward adjustments [3][24]. - The market for negative electrode materials remains stable with a reference price of 33,138 CNY/ton, and supply is sufficient [3][32]. Downstream Demand - From January to May 2024, the cumulative installed capacity of power batteries in China reached 160.5 GWh, a year-on-year increase of 34.6%. Among these, ternary batteries accounted for 51.1 GWh, representing 31.9% of the total [4][58]. - The report notes that the domestic market for new energy vehicles has seen significant growth, with production and sales reaching 3.926 million and 3.895 million units respectively, marking year-on-year increases of 30.7% and 32.5% [4][58]. Industry Dynamics - Enjie Co. is expanding its overseas production capacity with an investment of approximately 447 million euros in Hungary to establish a project for producing 800 million square meters of wet-process lithium battery separator [4][4]. - CATL has formed strategic partnerships with Rolls-Royce and BLEnergy in the energy storage sector, which is seen as a second growth curve for the company, achieving a global market share of 40% [4][4]. Price Trends - The report indicates that the prices of lithium hydroxide and other materials are also experiencing downward pressure, with the average price for battery-grade lithium hydroxide at 85,500 CNY/ton, reflecting a decrease [17][20]. - The average price for electrolyte solutions remains stable, with lithium iron phosphate electrolyte at 21,200 CNY/ton and ternary/conventional electrolyte at 27,500 CNY/ton [41][43]. Production and Inventory - The production of lithium carbonate for the week of June 15-21, 2024, was estimated at 15,820 tons, a decrease of 4.28% week-on-week but an increase of 68.66% year-on-year [14][14]. - The inventory of lithium carbonate has increased to 25,970 tons, up 9.95% from the previous week [16][16]. - The production of negative electrode materials was reported at 47,585 tons, a decrease of 2.83% week-on-week but an increase of 75.66% year-on-year [35][35]. Market Outlook - The report suggests that the overall industry sentiment is improving, with a focus on monitoring upstream raw material prices, monthly sales, and the implementation of industry regulations [4][4]. - Long-term prospects for the domestic and international new energy vehicle industry are deemed positive, with significant attention on leading companies in specific segments [4][4].