Dongguan Securities·2025-09-05 11:49Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by more than 10% in the next six months [50]. Core Insights - The lithium battery industry has achieved significant year-on-year and quarter-on-quarter net profit growth over the past two quarters, indicating a performance turning point. The upcoming traditional peak season for the downstream new energy vehicle market is expected to boost demand for power batteries. The overall demand for lithium batteries is anticipated to enter a peak season, with a month-on-month increase in September's lithium battery pre-production [3][45]. - The report highlights the continuous improvement in the fundamentals of leading companies across the industry chain, particularly those with technological and cost advantages. The ongoing industrialization of solid-state batteries is expected to bring incremental demand for materials and equipment in the industry chain [45]. - Key companies to watch include CATL (300750), EVE Energy (300014), Enjie (002812), Tianqi Technology (688116), and Xianlead Intelligent (300450) [45]. 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. The index has increased by 18.79% this month and 24.27% year-to-date, surpassing the CSI 300 index by 11.68 and 13.34 percentage points, respectively [4][13]. 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% [6][27]. - The price of lithium iron phosphate remains stable at 34,300 CNY/ton, while NCM523, NCM622, and NCM811 have seen price declines of 2.51%, 2.81%, and 2.02%, respectively [30]. - The price of electrolyte lithium hexafluorophosphate has increased by 1.25% to 56,500 CNY/ton, while the prices of phosphoric acid lithium electrolyte and ternary electrolyte have risen by 0.60% and 0.47%, respectively [33]. Industry News - Major global battery manufacturers are expected to produce a total of 153 GWh in September, representing a year-on-year increase of 39% and a month-on-month increase of 7%, with nearly 84% of this production coming from Chinese companies [44]. - EVE Energy's solid-state battery research institute in Chengdu has officially opened, with the "Longquan No. 2" solid-state battery successfully rolling off the production line. The facility is expected to have an annual production capacity of nearly 500,000 cells [44]. - Gotion High-Tech reported a 48% year-on-year increase in shipments in the first half of the year, with strong product demand and high capacity utilization [44].