锂电池产业链双周报（2025、03、28-2025、04、10）：3月新能源乘用车同环比快速增长-20250411

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by over 10% in the next six months [51]. Core Insights - The report highlights a rapid growth in new energy passenger vehicles, with March retail sales reaching 991,000 units, a year-on-year increase of 38% and a month-on-month increase of 45% [7][46]. - The demand for lithium batteries is expected to maintain a strong growth trajectory due to the dual drivers of dynamic storage and renewable energy development [7][46]. - The report suggests focusing on companies with strong performance support in the battery segment and leading material companies with improving marginal expectations [7][46]. Market Review - As of April 10, 2025, the lithium battery index has decreased by 17.80% over the past two weeks, underperforming the CSI 300 index by 12.78 percentage points [4][14]. - The lithium battery index has seen a year-to-date decline of 18.04%, also underperforming the CSI 300 index by 12.96 percentage points [4][14]. Price Changes in Lithium Battery Supply Chain - As of April 10, 2025, the average price of battery-grade lithium carbonate is 71,300 CNY/ton, down 4.55% over the past two weeks [6][27]. - The price of lithium hydroxide (LiOH 56.5%) is 74,900 CNY/ton, down 1.19% [6][27]. - The price of lithium iron phosphate is 33,300 CNY/ton, down 1.19% [29]. Industry News - The report notes that the production of new energy passenger vehicles reached 1.165 million units in March, a year-on-year increase of 43% [43]. - The report mentions that the global battery installation volume for the first two months of the year reached 129.9 GWh, a year-on-year increase of 40.3% [43]. - The report highlights a strategic partnership between China Petroleum and Ningde Times to build a nationwide battery swap network [43][44]. Company Announcements - The report indicates that companies like Ningde Times and Yiwei Lithium Energy are expected to see significant growth in their financial performance, with Ningde Times projected to achieve a net profit of 50.745 billion CNY in 2024, a year-on-year increase of 15.01% [47]. - Yiwei Lithium Energy is noted for its strong growth in energy storage battery shipments, with a year-on-year increase of 115.57% expected in 2024 [47].