有色金属行业动态点评：固态电池需要多少锂？

Investment Rating - The report maintains an "Outperform" rating for the industry [6]. Core Insights - The demand for lithium salts in sulfide solid-state batteries is expected to significantly increase, with a single GWh of such batteries consuming approximately 850 tons of lithium carbonate equivalent, which is a 23% increase compared to liquid ternary lithium batteries and a 50% increase compared to lithium iron phosphate batteries [2][16]. - The reliance on lithium salts in sulfide solid-state batteries will increase by an estimated 20-50%, primarily due to the higher consumption of lithium in sulfide electrolytes compared to liquid lithium-ion batteries [2][16]. - If lithium metal anodes are applied, the lithium salt consumption in solid-state batteries could exceed 2.8 times that of liquid batteries, with a potential increase in lithium metal usage to 1906 tons per GWh, which is 2.8 times the current consumption of liquid ternary batteries and 3.4 times that of lithium iron phosphate batteries [3][16]. Summary by Sections 1. Lithium Salt Consumption in Sulfide Solid-State Batteries - A single GWh of sulfide solid-state batteries requires about 850 tons of lithium carbonate equivalent, with contributions from various materials including 283 tons from the electrolyte [2][12]. - The consumption of lithium salts in solid-state batteries is significantly higher than in liquid batteries, with increases of 20% to 50% expected [2][16]. 2. Investment Recommendations - With lithium carbonate prices at relatively low levels, the anticipated increase in lithium consumption for solid-state batteries presents a growth opportunity. The report suggests focusing on lithium mining companies that have a strong presence in the solid-state battery sector, cost advantages, and significant expansion potential in their mining capacities [4][19].