HUAYOU COBALT(SH:603799) Guo Mao Qi Huo·2025-04-28 08:48Report Summary 1. Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core View - Downstream demand is mainly driven by rigid purchases, and the willingness to stock up has not increased. Social inventories continue to accumulate, raw material inventories in downstream sectors are at a high level, and warehouse receipt inventories are sufficient. In the short term, the futures price is expected to [3]. 3. Key Points by Category Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 69,800, down 100; the average price of SMM industrial - grade lithium carbonate is 68,050, down 100 [1]. - Futures contracts: The closing price of lithium carbonate 2505 is 68,380, down 0.29%; lithium carbonate 2506 is 68,180, down 0.38%; lithium carbonate 2507 is 68,180, down 0.32%; lithium carbonate 2508 is 69,240, down 0.32%; lithium carbonate 2509 is 69,400, down 0.34% [1]. Lithium Ore - The average price of lithium spodumene concentrate (CIF China) is 793, down 2; the average price of lithium mica (Li20:1.5% - 2.0%) is 940, down 10; the average price of lithium mica (Li20:2.0% - 2.5%) is 1590, down 20; the average price of phospho - lithium - aluminum stone (Li20:6% - 7%) is 6675; the average price of phospho - lithium - aluminum stone (Li20:7% - 8%) is 7800, down 75 [1][2]. Cathode Materials - The average price of lithium iron phosphate (power type) is 32,620, down 15; the average price of ternary material 811 (polycrystalline/power type) is 146,670; the average price of ternary material 523 (single - crystal/power type) is 117,675, down 20; the average price of ternary material 613 (single - crystal/power type) is 123,955 [2]. Price Spreads - The value of electric carbon - industrial carbon is 1750, with no change; the value of electric carbon - main contract is 1620, up 20; the value of near - month - continuous one is 200, up 160; the value of near - month - continuous two is 200, up 120 [2]. Inventory - The total inventory (weekly, tons) is 131,864, up 259; the inventory of smelters (weekly, tons) is 52,400, up 270; the inventory of downstream (weekly, tons) is 42,823, up 1089; the inventory of others (weekly, tons) is 36,641, down 1100; the registered warehouse receipts (daily, tons) is 31,555 [2]. Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 73,494, and the profit is - 4652; the cash cost of purchasing lithium mica concentrate externally is 74,747, and the profit is - 7577 [3]. Industry News - Huayou Cobalt will take over a $60 billion battery project in Indonesia, replacing LG Energy Solution as the strategic investor of a major electric vehicle battery project in Indonesia [3]. - Galan Lithium rejected a $150 million acquisition offer from Huayou Cobalt and Renault Group, considering the offer "opportunistic and undervalued" [3].