引领高压实磷酸铁锂，富临升华出货量排名第三

Core Viewpoint - The lithium iron phosphate (LFP) material industry is undergoing a reshuffle, with high-pressure compact LFP leading the sector [1] Price Changes and Demand Forecast - A major manufacturer has implemented price increases for three types of LFP materials, with overall price hikes expected to be between 500 to 1500 yuan per ton by 2025, with the highest increase for the high-pressure compact 265 product [2] - According to Dongwu Securities, CATL's "Shenxing" battery's share in the company's LFP installations is expected to rise from approximately 15% in 2023 to over 70% by 2025, translating to a demand for high-end LFP of about 380,000 tons, with total demand for high-end LFP cathodes projected at 400,000 to 500,000 tons by 2025 [2] Company Performance and Profitability - Fulin Shenghua is one of the only two companies expected to be profitable in 2024, recovering from a significant loss of 1.05 billion yuan in 2023. The company reported a profit of over 1,000 yuan per ton for its LFP products in Q3 2024, marking a turnaround [4] - The company's ability to turn a profit is attributed to its pricing strategy, which has been the highest in the market since mid-2023, significantly ahead of competitors [4] Market Position and Production Capacity - Fulin Shenghua's shipment volume has rapidly increased, moving from barely making the top ten in 2023 to seventh place in 2024, with expectations to rise to second place by March 2024 [7] - Despite production cuts in the industry due to the Spring Festival, Fulin Shenghua has managed to increase production and is seeking outsourcing partners to fulfill customer orders due to high demand [7] Strategic Partnerships - Fulin Precision, a subsidiary of Fulin Shenghua, signed a long-term supply agreement with CATL in August 2024, committing to supply at least 140,000 tons of LFP annually from 2025 to 2027 [9] Cost Reduction and Production Efficiency - The company has adopted an oxalic acid process for LFP production, which provides a competitive edge in high-pressure compact performance. The cost is expected to improve significantly as the supply chain for lithium dihydrogen phosphate and other raw materials is established [11] - Longjiang Securities predicts that by 2025, the self-supply rate of lithium dihydrogen phosphate could reach 30-40%, potentially reducing the cost of LFP by 600-700 yuan per ton, with a long-term goal of 100% self-supply contributing to a reduction of 2,000 yuan per ton [11]