Guoxin Securities·2025-06-01 00:20Investment Rating - The investment rating for the lithium battery industry is "Outperform the Market" (maintained) [1] Core Insights - The solid-state battery industrialization is accelerating, with major automotive companies like BMW and Mercedes conducting road tests of solid-state battery prototypes [5] - The construction of charging stations is progressing steadily, with a significant increase in the number of public charging stations in China [5] - The sales of new energy vehicles in China showed a year-on-year increase of 44% in April, indicating a strong market demand [5] Industry Dynamics - The price of lithium salts has slightly decreased, with the current price of lithium carbonate at 60,700 CNY/ton, down by 3,800 CNY/ton from two weeks ago [3] - The prices of various battery materials, including lithium iron phosphate and electrolytes, have also seen declines [3] - The report suggests focusing on leading companies in low-altitude economy and robotics, solid-state battery materials, consumer battery enterprises, and charging station industry leaders [4] Charging Station Development - As of April 2025, there were 92,000 new public charging stations added in China, a year-on-year increase of 35% [5][22] - The total number of public charging stations reached 4.0126 million, with a significant increase in the number of direct current charging stations [22][24] New Energy Vehicle Sales - In April 2025, the sales of new energy vehicles in China reached 122,600 units, with a cumulative sales of 4.299 million units from January to April, reflecting a 46% year-on-year increase [5][32] - The penetration rate of new energy vehicles in China reached 47.3%, up by 11.3 percentage points year-on-year [5][35] Material Prices - The report provides a detailed overview of the price changes for key lithium battery materials, indicating a general downward trend in prices compared to earlier in the year [18] - For instance, the price of lithium carbonate has decreased by 19.17% since the beginning of 2025 [18] Company Developments - Jinlongyu signed a procurement order for solid-state battery cells for drones, indicating a growing application of solid-state technology [15] - Volkswagen plans to transition all its electric vehicle models to LFP batteries by 2026, highlighting a shift towards cost-effective battery solutions [15]