锂电行业周报：航空电动化，推动锂电池技术升级

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment industry [1]. Core Viewpoints - The demand for electric aircraft is expected to grow due to cost reductions and technological advancements, with aviation batteries requiring a minimum energy density of 400Wh/kg compared to traditional batteries at around 200Wh/kg [5]. - CATL has successfully conducted test flights of a 4-ton electric aircraft and plans to release an 8-ton model by 2027-2028 [5]. - With the advancement of aviation electrification, lithium battery technology upgrades are anticipated to continue, providing sales channel expansion opportunities for companies like CATL and EVE Energy in the aviation sector [5]. Data Tracking Downstream - In June 2024, China's new energy vehicle sales reached 1.049 million units, a month-on-month increase of 10% and a year-on-year increase of 30%, with pure electric vehicle sales at 612,000 units and plug-in hybrid sales at 436,000 units [8]. Midstream - In June 2024, China's lithium battery production was 84.5 GWh, a year-on-year increase of 41% and a month-on-month increase of 2% [20]. Upstream - In June 2024, China's lithium carbonate imports were 19,600 tons, a year-on-year increase of 53% but a month-on-month decrease of 20% [24]. Industry Chain Prices - As of August 9, 2024, the prices in the lithium battery supply chain are as follows: - Battery-grade lithium carbonate: 80,000-82,000 CNY/ton - Square power cell (NCM): 0.41-0.49 CNY/Wh - Square power cell (LFP): 0.295-0.42 CNY/Wh [27]. Investment Suggestions - The report suggests focusing on three main lines for investment opportunities in the lithium battery sector: 1. Leading companies in various segments: CATL, EVE Energy, and others [1]. 2. New technologies and materials: Xinde New Materials, Tian Nai Technology, and others [1]. 3. Solid-state battery-related companies: Guansheng Co., Shanghai Xiba, and others [1].