储能观察系列（9）：5月中国储能电芯价格处于底部区域

Investment Rating - The industry investment rating is "Increase" (maintained) [2][5] Core Viewpoints - As of May 31, 2023, the price of battery-grade lithium carbonate is at 106,000 yuan/ton, down 4.9% month-on-month, indicating a supply exceeding demand. Supply trends are easing due to increased production from domestic lithium mica in Jiangxi and seasonal increases from Qinghai salt lakes. Meanwhile, imports from Chile are supporting lithium carbonate supply [2] - The price of 280Ah lithium iron phosphate energy storage cells is 0.35 yuan/Wh, down 2.8% month-on-month, while the average price of 314Ah cells is higher at 0.37 yuan/Wh. The penetration rate of 280Ah cells continues to rise, exceeding 35% in some manufacturers [2] - The average bidding price for energy storage systems in May is 0.6516 yuan/Wh, up 4% month-on-month, indicating a recovery after declines in March and April. The EPC bidding price reached 1.4677 yuan/Wh, up 15% month-on-month [2] - For 2024, the price of lithium carbonate is expected to remain between 100,000 to 120,000 yuan/ton, with cell prices projected to stabilize at 0.35-0.40 yuan/Wh [2] Summary by Sections Industry Overview - The energy storage market is experiencing a shift with supply dynamics favoring lower prices for lithium carbonate, while demand remains stable. The market is entering a phase where inventory accumulation is tapering off [2] Investment Recommendations - The report suggests focusing on three main investment lines: 1. Chinese industrial and commercial sectors: Suwen Electric, Xinneng Technology, and Jinguan Co., Ltd. 2. U.S. export chains: CATL, Yiwei Lithium Energy, Sungrow Power, and Tongrun Equipment 3. European recovery: Pylon Technologies and Airo Energy [2]