动力电池回收深度报告：动力电池退役潮临近，电池回收产业东风将至

Investment Rating - The report maintains an "Outperform" rating for the industry [3]. Core Viewpoints - The retirement wave of power batteries is approaching, and the battery recycling industry is expected to grow rapidly. Companies that prioritize battery recycling are likely to benefit [3]. - The white list is promoting the standardized development of the industry, and the industry structure is expected to be reshaped [3]. - The recycling technology routes are becoming clearer, and the industrialization of recycling is continuously developing [3]. - The pricing model for battery recycling is undergoing changes, which is expected to stabilize the profitability of recycling companies [3]. Summary by Relevant Sections Battery Retirement and Recycling Market Growth - The retirement of power batteries is anticipated to surge, with an expected retirement volume of 20.2 GWh in 2024, a year-on-year increase of 48.53%. The number of retired electric vehicles is projected to reach 402,900, up 46.56% year-on-year [3][23]. - By 2030, the retired batteries and new energy vehicles are expected to reach 148.7 GWh and 2.9891 million units, respectively, with annual compound growth rates of 37.64% and 38.11% from 2025 to 2030 [3][23]. Industry Standardization and White List Impact - The number of companies on the white list has increased from 5 in the first batch to 68 in the fifth batch, totaling 156 companies. These companies are expected to drive the standardized development of the industry [3][10]. - Collaboration among various stakeholders in battery recycling is likely to reduce communication costs and enrich recycling channels, leading to a reshaped industry structure [3][10]. Recycling Technology and Economic Viability - The main recycling methods for lithium batteries include cascade utilization and dismantling recycling. The focus is shifting towards dismantling recycling, which is becoming a significant development direction [3][10]. - The recycling process can be categorized into pyrometallurgical and hydrometallurgical methods, with hydrometallurgical methods currently being the primary technology route for domestic recycling companies [3][10]. - The recycling market is projected to exceed 10 billion yuan by 2029, with an annual compound growth rate of nearly 40% from 2023 to 2030 [3][25]. Investment Recommendations - Companies with first-mover advantages, such as CATL, Greeenme, and Huayou Cobalt, are recommended for investment. Attention is also suggested for Zhongwei Co. and Guanghua Technology [3].