锂电行业周报：固态电池投资高企，材料升级步伐加快

Industry Investment Rating - The report maintains an Overweight rating for the power equipment industry [5] Core Views - From January to July 2024 (up to July 22), China's new solid-state battery production capacity exceeded 142GWh, involving an investment of 644 billion yuan [2] - Two new production lines have been launched: 0.5GWh/year oxide semi-solid-state battery line by Taiwan's ProLogium and 0.5GWh/year polymer semi-solid-state battery line by Leading New Energy [2] - A total of 30 investment projects have been initiated, including one project with a scale of 100 billion yuan [2] - Solid-state batteries are finding applications beyond new energy vehicles, including energy storage, electric ships, and eVTOL (electric vertical take-off and landing aircraft) [2] - The rapid growth in solid-state battery investments and projects indicates an accelerated pace of material system upgrades in the lithium battery industry, promoting higher-quality development [2] Data Tracking Downstream Demand - In June 2024, China's new energy vehicle sales reached 1.049 million units, up 10% month-on-month and 30% year-on-year [3] - Pure electric vehicle sales were 612,000 units, while plug-in hybrid sales were 436,000 units [13] Energy Storage Demand - In June 2024, China's new energy storage added 5.4GW of power capacity, up 21% year-on-year, and 11.8GWh of energy capacity, up 25% year-on-year [3] - In Q4 2023, the US energy storage market installed 12.4GWh, a 69% increase from Q3 2023 [16] - In June 2024, Germany's new energy storage installations reached 375MWh, with residential storage accounting for 330MWh [17] Consumer Demand - In June 2024, China's mobile phone sales were 9.369 million units, down 8% year-on-year, while laptop sales were 1.375 million units, up 1% year-on-year [3][18] Production and Installation - In June 2024, China's lithium battery production reached 84.5GWh, up 41% year-on-year and 2% month-on-month [3][19] - Power battery installations in June 2024 were 42.8GWh, up 30% year-on-year and 7% month-on-month [20] Export and Prices - In June 2024, China's lithium battery export value was 36.31 billion yuan, down 1% year-on-year but up 10% month-on-month [21] - As of July 26, 2024, battery-grade lithium carbonate prices ranged from 86,000-88,000 yuan/ton, ternary square power cell prices were 0.41-0.49 yuan/Wh, and LFP square power cell prices were 0.295-0.42 yuan/Wh [3][24] Investment Recommendations - The report recommends focusing on three main investment themes in the lithium battery sector for 2024 [4]: 1. Leading companies across the supply chain: CATL, EVE Energy, DFD Nano, Hunan Yuneng, Ronbay Technology, etc [4] 2. New technologies and materials: Xindaxin Materials, Tiannai Technology, Black Cat Carbon Black, Yishi Technology [4] 3. Solid-state battery-related companies: Guansheng, Shanghai Xiba, Jinlongyu [4] Industry and Company News - In H1 2024, China's lithium battery shipments reached 459GWh, up 21% year-on-year, with power, energy storage, and consumer batteries accounting for 320GWh, 116GWh, and 23GWh respectively [30] - BYD secured an order for 120 electric buses in South Africa, marking the country's first electric bus fleet [30] - Peng Hui Energy announced plans to invest 1.8 billion yuan in a 10GWh energy storage project and 500 million yuan in a 1GWh semi-solid-state battery project [32]