JIANGTE MOTOR(SZ:002176) Guo Mao Qi Huo·2025-07-24 04:13Report Industry Investment Rating - Not provided in the content Core View of the Report - The price increase is mainly due to supply - side disturbances, which boost market sentiment but have limited impact on the fundamentals. In the short term, strong market sentiment and frequent rumors support futures prices, but the pricing weight of the spot market may increase, and industry players can consider hedging at high prices. Also, the basis between the current spot and the 08 contract has been repaired, which will stimulate the production of warehouse receipts [3] Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 70,450 yuan with a daily increase of 1,350 yuan; SMM industrial - grade lithium carbonate has an average price of 68,800 yuan with a daily increase of 1,350 yuan [1] - Futures contracts: lithium carbonate 2508 has a closing price of 69,320 yuan with a decline of 3.59%; lithium carbonate 2509 has a closing price of 69,380 yuan with a decline of 4.07%; lithium carbonate 2510 has a closing price of 68,800 yuan with a decline of 3.91%; lithium carbonate 2511 has a closing price of 68,620 yuan with a decline of 3.7%; lithium carbonate 2512 has a closing price of 68,780 yuan with a decline of 3.48% [1] Lithium Ore - Lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) has an average price of 750 yuan with a daily increase of 8 yuan; lithium mica (Li20: 1.5% - 2.0%) has an average price of 1,040 yuan with a daily increase of 10 yuan; lithium mica (Li20: 2.0% - 2.5%) has an average price of 1,605 yuan with a daily increase of 15 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) has an average price of 5,400 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) has an average price of 6,325 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 32,665 yuan with a daily increase of 325 yuan; the average price of ternary material 811 (polycrystalline/power type) is 143,150 yuan with a daily increase of 300 yuan; the average price of ternary material 523 (single - crystal/power type) is 115,845 yuan with a daily increase of 350 yuan; the average price of ternary material 613 (single - crystal/power type) is 120,675 yuan with a daily increase of 300 yuan [2] Price Spreads - The difference between battery - grade and industrial - grade lithium carbonate is 1,650 yuan; the difference between battery - grade lithium carbonate and the main contract is 1,070 yuan with a change of 4,850 yuan; the difference between the near - month and the first - continuous contract is - 60 yuan with a change of 20 yuan; the difference between the near - month and the second - continuous contract is 520 yuan with a change of - 160 yuan [2] Inventory - The total inventory (weekly, tons) is 142,620 tons with a change of 1,827 tons; the inventory of smelters (weekly, tons) is 58,039 tons with a change of - 559 tons; the inventory of downstream (weekly, tons) is 41,271 tons with a change of 506 tons; the inventory of others (weekly, tons) is 43,310 tons with a change of 1,880 tons; the registered warehouse receipts (daily, tons) is 10,754 tons with a change of 665 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 67,813 yuan, and the profit is 1,688 yuan; the cash cost of purchasing lithium mica concentrate externally is 72,868 yuan, and the profit is - 4,992 yuan [3] Company News - Yichun Yinli, a subsidiary of Jiangte Motor, is expected to conduct equipment maintenance on its production line on July 25, 2025, with an estimated maintenance time of about 26 days [3]