Dongguan Securities·2025-09-05 08:47Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by over 10% in the next six months [2][52]. Core Insights - The lithium battery industry has seen significant growth in net profits over the past two quarters, establishing a performance turning point. The upcoming traditional peak season for the new energy vehicle market is expected to boost demand for power batteries. The overall demand for lithium batteries is anticipated to increase, with a year-on-year growth in September's pre-production of lithium batteries [8][47]. - The report highlights the importance of companies with technological and cost advantages, suggesting that these companies will benefit from improved capacity utilization and performance recovery. Recent advancements in solid-state batteries are expected to drive demand for materials and equipment in the industry [8][47]. Summary by Sections Market Review - As of September 4, 2025, the lithium battery index has risen by 11.57% over the past two weeks, outperforming the CSI 300 index by 9.78 percentage points. Year-to-date, the lithium battery index has increased by 24.27%, surpassing the CSI 300 index by 13.34 percentage points [15][4]. Price Changes in the Lithium Battery Supply Chain - As of September 4, 2025, the average price of battery-grade lithium carbonate is 74,700 CNY/ton, down 10.32% over the past two weeks. The price of lithium hydroxide (LiOH 56.5%) is 71,900 CNY/ton, down 0.55% [29][6]. - The price of lithium iron phosphate remains stable at 34,300 CNY/ton, while NCM523, NCM622, and NCM811 have seen decreases of 2.51%, 2.81%, and 2.02%, respectively [32][6]. Industry News - Major battery companies globally have a combined production capacity of 153 GWh in September, representing a year-on-year increase of 39% and a month-on-month increase of 7%. Approximately 84% of this capacity comes from Chinese companies [46]. - The report emphasizes the ongoing development of solid-state batteries, with companies like EVE Energy and Guoxuan High-Tech making significant advancements in production capabilities and technology [46][48]. Recommended Stocks - Key stocks to watch include CATL (300750), EVE Energy (300014), Enjie (002812), Tiannai Technology (688116), and Xian Dao Intelligent (300450), which are positioned well in the evolving lithium battery landscape [8][49].