202408锂电产业链月报：2024年8月我国新能源汽车销量109.2万辆，同比+29.6%

Investment Rating - The report maintains an "A" rating for the stock of Contemporary Amperex Technology Co., Limited (宁德时代) [2][39] Core Insights - In August 2024, China's new energy vehicle sales reached 1.092 million units, a year-on-year increase of 29.6% [3][7] - The total battery production in August was 101.3 GWh, up 36.8% year-on-year, with a total installation volume of 47.2 GWh, also reflecting a 35.3% year-on-year increase [11][39] - The lithium carbonate price is expected to fluctuate between 65,000 and 78,000 yuan per ton in September, with a current oversupply situation easing slightly [25][39] Summary by Sections New Energy Vehicles - In August, the production and sales of new energy vehicles in China were 1.092 million and 1.1 million units respectively, with market share reaching 44.8% [3][7] - For the first eight months of 2024, cumulative production and sales were 7.008 million and 7.037 million units, with year-on-year increases of 29% and 30.9% respectively [7][10] - The production of pure electric vehicles in August was 646,000 units, up 9.7% year-on-year, while plug-in hybrid vehicles saw a significant increase in production by 75.6% [8][9] Battery Production - The total battery production in August was 101.3 GWh, with a cumulative production of 623.1 GWh for the first eight months, reflecting a year-on-year increase of 36.3% [11][39] - The top five battery manufacturers by installation volume in August were 宁德时代 (21.0 GWh, 44.5%), 比亚迪 (11.8 GWh, 25.0%), 中创新航 (3.5 GWh, 7.3%), 国轩高科 (2.2 GWh, 4.6%), and 欣旺达 (1.6 GWh, 3.4%) [18][19] Raw Materials - The price of lithium carbonate decreased in August, with expectations for September to range between 65,000 and 78,000 yuan per ton [25][39] - The price of phosphoric iron lithium raw materials weakened, and the market for negative electrode materials remained stable with slight price declines expected [26][32] - The price of hexafluorophosphate lithium saw a significant drop, with manufacturers facing increased shipping pressures [38][39] Investment Recommendations - The report recommends focusing on 宁德时代 and suggests attention to companies such as 恩捷股份, 华友钴业, and 当升科技 among others [39]