上 市 公 司 有色金属 2025 年 03 月 17 日 中国宏桥 (01378) ——全球一体化布局完备，业绩稳健的高股息标的 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 03 月 14 日 | | --- | --- | | 收盘价（港币） | 15.06 | | 恒生中国企业指数 | 8877.99 | | 52 周最高/最低（港币） | 15.38/6.91 | | H 股市值（亿港币） | 1,425.26 | | 流通 H 股（百万股） | 9,463.89 | | 汇率（人民币/港币） | 1.0834 | 郭中耀 A0230124070003 guozy@swsresearch.com 联系人 郭中耀 (8621)23297818× guozy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 一年内股价与基准指数对比走势： -3% 47% 97% 147% HSCEI 中国宏桥 资料来源：Bloomberg 证券分析师 郭中伟 A0230524120004 guozw@swsresearch.com 马焰明 A02305230 ...

Core Viewpoint - The lithium battery industry is experiencing a surge in demand for lithium iron phosphate (LFP), leading to significant price increases and a competitive landscape reshaping the market dynamics [1][4]. Group 1: Market Demand and Price Trends - The current price increase of LFP is driven by sustained market demand and product iteration, particularly for high-density LFP products [1][4]. - Major LFP manufacturers are seeing improved capacity utilization, especially for high-end products, indicating strong market demand [2]. - Recent large orders in the LFP sector include significant contracts from companies like Longpan Technology with Blue Oval and CATL, with total market value approaching 10 billion yuan [3][4]. Group 2: Product Differentiation and High-Density LFP - The price increase is more pronounced for high-density LFP products, which are in high demand due to their superior energy density [7][8]. - High-density LFP products are defined by their packing density, with higher density correlating to better battery performance [7]. - The introduction of advanced products like CATL's Shenxing battery and BYD's upcoming second-generation blade battery is expected to further boost demand for high-density LFP [8][9]. Group 3: Cost Pressures and Industry Strategies - Despite price increases, production costs are also rising, limiting the overall profit impact for manufacturers [10][11]. - The cost of producing high-density LFP is expected to increase significantly due to the need for advanced manufacturing processes [12]. - Companies are adopting integrated strategies to reduce costs and enhance profitability, with a focus on self-sufficiency in raw materials [13][14].