Zhongyuan Securities·2025-04-14 06:23Investment Rating - The report maintains an investment rating of "Outperform the Market" for the lithium battery industry [5][6][9]. Core Viewpoints - The lithium battery sector has shown strong sales growth, with March 2025 sales of new energy vehicles reaching 1.237 million units, a year-on-year increase of 40.09% and a month-on-month increase of 36.86% [5][16]. - The report highlights the importance of monitoring upstream raw material price trends, monthly sales, and domestic and international trade policies as key factors influencing the industry's performance [5][9]. - Despite a decline in the lithium battery index by 9.76% in March 2025, the overall industry outlook remains positive, driven by strong demand and supportive policies [2][5]. Summary by Sections 1. Market Review - In March 2025, the lithium battery index underperformed the CSI 300 index, declining by 9.76% compared to a 0.03% drop in the CSI 300 [2][9]. - Among individual stocks, 23 stocks in the lithium battery sector rose, while 83 fell, indicating a challenging market environment [9][10]. 2. New Energy Vehicle Sales and Industry Prices - New energy vehicle sales in China reached 1.237 million units in March 2025, with a significant year-on-year growth of 40.09% [5][16]. - The report notes that the price of battery-grade lithium carbonate was 70,300 CNY/ton, down 6.08% from early March 2025, while lithium hydroxide was priced at 71,800 CNY/ton, a decrease of 2.21% [5][40]. - The report emphasizes the need to focus on the price trends of upstream raw materials and the overall market dynamics [5][9]. 3. Industry and Company News - The report outlines various industry developments, including government policies aimed at promoting electric vehicle infrastructure and the establishment of competitive battery supply chains in Europe [58][59]. - It highlights the strategic partnerships and technological advancements being made by key players in the lithium battery sector, such as BYD and CATL [58][59].