Hubei Wanrun New Energy Technology (SH:688275) 鑫椤锂电·2025-09-29 08:56Core Viewpoint - The recent surge in stock prices of companies involved in lithium iron phosphate (LFP) is closely linked to the current supply-demand imbalance in the industry, particularly driven by increasing demand from the energy storage sector [1][3]. Industry Summary - On September 29, stocks of Hunan Youneng and Wanrun New Energy experienced significant increases, with Wanrun New Energy reaching a 20% limit-up and Hunan Youneng rising over 10% [1]. - Other companies specializing in LFP, such as Longpan Technology, Defang Nano, Fulian Precision, and Anda Technology, also saw considerable stock price increases [1]. - The monthly production of LFP is expected to show a consistent upward trend through 2025, benefiting from sustained demand, especially in the energy storage sector [3]. - A survey of 31 major LFP shipping companies revealed that 7 companies have a capacity utilization rate exceeding 100%, while 9 companies are operating at 80-95% capacity [4]. - The current market dynamics have shifted from a previous scenario of accepting all orders to a more selective approach by LFP suppliers, who are now choosing customers based on pricing and payment terms [6][8]. Pricing and Supply Dynamics - Suppliers are increasingly rejecting low-priced and long-term payment customers, opting instead for higher-paying clients [8][13]. - Some suppliers are fully booked and are exhibiting selective customer behavior, which has allowed weaker suppliers to secure more orders [9]. - Given the ongoing supply-demand imbalance, LFP material suppliers are initiating price increases, with one supplier raising processing fees by approximately 1,500 yuan per ton [10]. - Major suppliers are also notifying customers of price hikes due to a surge in new orders and limited production capacity [10].