格林大华期货研究院专题报告：格林大华期货碳酸锂调研纪要（一）

Report Summary 1. Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints - The lithium carbonate industry is driven by factors such as anti - involution, mining rights and environmental protection rectification, and unexpected storage demand, leading to large fluctuations in spot and futures prices [2]. - Most surveyed enterprises maintain a high operating rate, and those without raw material channel advantages may be restricted by raw material procurement. If the market remains optimistic, enterprises plan to continue production during the Spring Festival [2]. - The trade point - price sales model can relieve the enterprise's capital turnover pressure and avoid price fluctuation risks, allowing enterprises to sell products as they are produced with low - level inventory [2]. - Although the current lithium carbonate price can cover production costs, enterprises do not want prices to skyrocket as it will intensify procurement competition and bring cost pressures after price corrections [2]. 3. Company - Specific Summaries A. A Enterprise (Wet - recycling enterprise) - It focuses on recycling lithium from waste lithium - iron - phosphate batteries, with 100,000 tons of wet - recycling of waste lithium - iron - phosphate batteries and 10,000 tons of lithium carbonate processing production lines. It has stopped mica - based lithium extraction due to intense competition and raw material scarcity [3]. - The monthly production capacity is 600 - 700 tons, with an annual capacity of 6000 - 7000 tons and an 80% operating rate. Product inventory is about 200 - 300 tons [3]. - It recycles 2000 - 3000 tons of raw materials monthly, with a 6:4 ratio of factory waste to battery recycling. It does not purchase salt - lake crude carbon due to high freight and narrow profit margins [3]. - It sells products mainly through trade channels and post - point - price methods (about 60% of sales), and has hedged next month's production [3]. B. B Enterprise (Lithium carbonate production enterprise) - It uses low - grade lithium ore and tailings to produce lithium - containing brine and produces electric carbon through a subcontracting model. It plans to launch a potassium - salt separation process in the future [5]. - The operating rate reaches 80% of the designed capacity, producing 10 - 15 tons of brine per day. It has stocked raw materials for 2 months and plans to continue production during the Spring Festival if the market is good [5]. - It sells products using the point - price model, with electric carbon at a discount of 800 - 1500 yuan/ton to the 05 contract. It does not hedge on its own to quickly recover funds and has about 100 tons of inventory [5]. C. C Enterprise (Lithium carbonate production enterprise) - It has a planned total capacity of 30,000 tons/year, with a 15,000 - ton/year production line built and a monthly output of 700 - 800 tons [8]. - It can use a small amount of mica ore mixed with lithium - spodumene or brine for lithium extraction. The switch between mica and spodumene production lines takes about one quarter [8]. - It mainly engages in subcontracting, with low self - owned product proportion due to raw material procurement difficulties. It sells products mainly through cooperation with traders, with a 100 - 200 - ton inventory level [8].