新能源动力系统行业周报：6月国内电池产量同比+28.7%，环比+2.2%

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the new energy power system industry [1]. Core Insights - In June 2024, domestic battery production reached 84.5 GWh, marking a year-on-year increase of 28.7% and a month-on-month increase of 2.2%. This growth reflects the expanding market for new energy vehicles and the robust performance of the power battery industry [2]. - The production of ternary batteries was 32.7 GWh, accounting for 38.7% of total production, with a month-on-month increase of 1.3% and a year-on-year increase of 12.5%. Phosphate iron lithium battery production was 51.7 GWh, making up 61.2% of total production, with a month-on-month increase of 3.0% and a year-on-year increase of 41.4% [2]. - The report highlights significant investments in overseas projects, such as Zhuhai Guanyu's plan to invest 2 billion RMB in a battery project in Malaysia, which aims to enhance its global market share [2]. - The report also notes the commencement of a battery super factory by Envision in Spain, with a planned annual capacity of 30 GWh, which is expected to create numerous jobs and boost the local new energy industry [2]. Summary by Sections Market Performance - The domestic power battery production continues to grow, with June 2024 figures showing a total production of 84.5 GWh, reflecting strong growth in the new energy vehicle market [2]. Price Tracking - As of July 12, 2024, the average price of square power cells (ternary) is 0.46 RMB/Wh, and for phosphate iron lithium, it is 0.37 RMB/Wh, both remaining stable compared to the previous week. The market is experiencing intense competition, and prices are expected to continue to decline [3]. - Lithium carbonate prices averaged 89,000 RMB/ton, with a week-on-week decrease of 500 RMB/ton, indicating a supply surplus and weak demand in the downstream market [3]. - The average price of ternary materials is stable at 122,000 RMB/ton, while phosphate iron lithium prices have slightly decreased to 39,000 RMB/ton [3]. Investment Recommendations - The report recommends focusing on companies such as CATL, while also suggesting to pay attention to other firms like Enjie, Huayou Cobalt, and others in the new energy sector [4].