锂电材料行业周报：上周锂源价格继续走弱，磷酸铁锂需求放缓-20250519

Investment Rating - The industry investment rating is maintained at "Overweight" [3][58] Core Views - The lithium battery materials industry experienced a slight decline of 0.26% last week, underperforming the benchmark (CSI 300) by 1.37 percentage points [4][10] - The industry valuation (TTM P/E) decreased by 0.08x to 32.12x, currently at 21.9% of the long-term historical percentile [4][10] - The overall market dynamics indicate that while downstream demand remains high due to promotional policies, the growth rate of energy storage demand is slowing, leading to overcapacity and high inventory levels across most industry segments [7][58] Summary by Sections Market Performance - The lithium battery materials industry saw a relative return of -4% over the past three months and a 0% return over the past twelve months [4] - The industry valuation has returned to a lower historical level, indicating limited room for valuation recovery unless there is an improvement in marginal profitability [9][58] Raw Material Prices - Lithium source prices continued to decline, with carbonate lithium spot and futures prices dropping by 0.78% and 1.94% respectively [8][14] - The prices of ternary precursor materials remained stable, while the prices of phosphoric iron lithium continued to weaken, with a week-on-week drop of 0.6% [6][28] Supply and Demand Dynamics - The demand for phosphoric iron lithium is slowing, with production expected to decrease, although profits have slightly improved but remain negative [28] - The overall operating rate in the industry is high at 81.79%, but there is a continuous accumulation of inventory due to oversupply [7][53] Investment Recommendations - The report suggests that the current industry valuation is at a historical low, and the potential for valuation recovery depends on the improvement of industry profitability [9][58] - The recommendation to maintain an "Overweight" rating reflects the expectation of future demand recovery and potential profitability improvements [58]