锂电行业周报：9月锂电排产向好，继续看好锂电板块

Investment Rating - The report maintains an "Overweight" rating for the lithium battery sector [2]. Core Insights - In September, leading lithium battery manufacturers are expected to see a month-on-month production increase of approximately 10%, potentially reaching a production scale of 50 GWh. While lithium iron phosphate (LFP) manufacturers show year-on-year growth, ternary manufacturers are experiencing a decline in production compared to the previous month. Key components such as anodes and separators are also showing month-on-month growth. The primary driver for this growth is downstream demand, particularly in the energy storage sector, which is showing positive trends [2][6][9]. - The report expresses optimism regarding investment opportunities in the lithium battery sector, anticipating an upward trend in both volume and price as demand improves [2][6]. Summary by Sections 1. Core Insights - The report highlights a 10% month-on-month increase in production for leading lithium battery companies in September, with a potential production scale of 50 GWh. The growth is attributed to strong downstream demand, particularly in energy storage, despite structural bottlenecks in the power sector [2][6]. 2. Market Review - The report notes a slight decline of 0.37% in the Shenwan Electric Equipment index and a modest increase of 0.31% in the Shenwan Lithium Battery index during the week of September 18-20, 2024. The top-performing companies include CATL and others, while companies like Dofang Nano and Tianqi Lithium experienced declines [7]. 3. Lithium Battery Industry Data Tracking - Downstream: In July 2024, China's new energy vehicle sales reached 991,000 units, reflecting a month-on-month decrease of 6% but a year-on-year increase of 27% [9]. - Midstream: In August 2024, China's lithium battery production was 117.6 GWh, showing a year-on-year increase of 29% and a month-on-month increase of 10% [17]. - Upstream: In July 2024, China's lithium carbonate imports increased by 23% month-on-month, totaling 24,200 tons, with a year-on-year increase of 87% [24]. - Price Trends: As of September 20, 2024, the price of battery-grade lithium carbonate ranged from 75,500 to 78,000 CNY per ton, with various prices for other materials such as ternary materials and LFP [26][30]. 4. Industry and Company Dynamics - The report discusses various industry news, including the production of blade batteries and investments in new materials by companies like Bonded Rui and Zhonglun New Materials, indicating ongoing innovation and expansion in the sector [33][34].