Industry Investment Rating - The report maintains a "Positive" rating for the new energy vehicle (NEV) industry chain in China [4] Core Views - NEV sales in China from January to September 2024 reached 8.32 million units, a 33% YoY increase, with power battery installations at 346.6GWh, up 36% YoY [2] - The lithium battery industry has entered a recovery phase since Q1 2024, with upstream lithium resources and downstream battery sectors showing significant recovery [2] - The industry is expected to maintain strong growth momentum in 2025, driven by demand from power, energy storage, and export sectors [2] Key Industry Developments - Qingtao Energy launched the second phase of its semi-solid-state battery production line, with a planned total investment of RMB 10 billion and an annual capacity of 15GWh [21] - CATL, in a consortium, invested over RMB 7 billion to develop lithium resources in Bolivia, aiming to produce 35,000 tons of battery-grade lithium carbonate annually [22][23] - Shenzhen Capchem invested RMB 352 million in Jiangxi Shilei Fluorine Materials to secure a stable supply of key electrolyte raw materials [38][41] - Yinglian Co. received a mass production order for composite current collectors from a South Korean customer, with plans to supply 2 million square meters of composite aluminum foil and 1 million square meters of composite copper foil in 2025 [44][46] Lithium Battery Material Prices - Cobalt products: Electrolytic cobalt (RMB 178,000/ton, -0.28%), Cobalt tetroxide (RMB 116,000/ton, -0.22%), Cobalt sulfate (RMB 27,000/ton, -0.37%) [1] - Lithium products: Lithium carbonate (RMB 78,000/ton, -1.14%), Lithium hydroxide (RMB 68,000/ton, +0.48%) [1] - Nickel products: Electrolytic nickel (RMB 128,000/ton, +0.75%), Nickel sulfate (RMB 30,000/ton, -0.40%) [1] - Midstream materials: Ternary cathode (523 power type RMB 109,000/ton, 0.00%; 622 single crystal type RMB 122,000/ton, 0.00%; 811 single crystal type RMB 151,000/ton, 0.00%), Lithium iron phosphate (RMB 39,000/ton, 0.00%) [1] - Electrolyte: Lithium iron phosphate type (RMB 18,000/ton, +1.10%), Ternary type (RMB 18,000/ton, +1.13%), Lithium hexafluorophosphate (RMB 67,000/ton, 0.00%) [1] Investment Recommendations - Key companies to watch: CATL (300750, Buy), Shangtai Technology (001301, Not Rated), Kedali (002850, Not Rated), Eve Energy (300014, Not Rated), Shenzhen Capchem (300037, Not Rated) [18] - Charging infrastructure: Wanma (002276, Buy), Xinde New Materials (301349, Not Rated) [18] - Solid-state battery: Shanghai Xiba (603200, Not Rated), Fengyuan (002805, Not Rated), Youyan New Materials (600206, Not Rated) [18] - Hydrogen energy: Kewell (688551, Not Rated), Huaguang Energy (600475, Not Rated), Shihua Machinery (000852, Not Rated) [18]
新能源汽车产业链行业周报：新宙邦投资六氟企业，英联股份获复合集流体订单
Orient Securities·2024-12-03 08:06