高盛：国电池正极材料_提高磷酸铁锂需求，重申周期性复苏观点
Goldman Sachs·2025-05-22 05:50
21 May 2025 | 7:59PM HKT China Battery Cathode Raising LFP demand and reiterate cyclical recovery view; Buy Yuneng Following our initiation report this Feb, we continue to highlight cyclical recovery opportunities in China's LFP (Lithium ferrous phosphate) cathode sector on the basis of: 1. Stronger demand outlook from both BESS and NEV based on compelling cost advantages. We raise LFP cathode demand by c.24% in 2025E-2026E to factor in the latest market momentum, implying 2024-2026E volume CAGR of 31%, on ...