Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report highlights that the lithium industry is expected to see significant production increases from key players such as Ganfeng Lithium, Tianqi Lithium, and others from 2024 to 2026, driven by various projects coming online [3][4] - Ganfeng Lithium is projected to have the highest production capacity in 2025 and 2026, with major contributions from the Goulamina project and several salt lake projects [3] - The report emphasizes the rapid growth in production rates for companies like Yahua Group and Sichuan Energy Power, indicating a robust expansion in the lithium sector [3] Summary by Relevant Sections Production Forecast - Ganfeng Lithium: Expected production of 8.6 million tons LCE in 2025, growing to 11.4 million tons LCE by 2026, with a CAGR of 49% [4] - Tianqi Lithium: Projected to produce 9.3 million tons LCE in 2025, increasing to 10.4 million tons LCE by 2026, with a CAGR of 8% [4] - Yahua Group: Anticipated to ramp up production significantly from 0.5 million tons LCE in 2024 to 3.3 million tons LCE by 2026, reflecting a CAGR of 145% [4] - Other companies like Zhongjin Lingnan and Xizang Mining are also expected to see substantial increases in production, contributing to the overall growth of the industry [3][4]

锂业弹性表2025年5月 行业评级：看好 2025年5月21日 | 分析师 | 沈皓俊 | 分析师 | 王南清 | | --- | --- | --- | --- | | 邮箱 | shenhaojun@stocke.com.cn | 邮箱 | wangnanqing@stocke.com.cn | | 证书编号 | S1230523080011 | 证书编号 | S1230523100001 | 01 锂业弹性表 预计2025年自有矿权益产量最多的为：天齐锂业，赣锋锂业，中矿资源，华友钴业。 预计2026年自有矿权益产量最多的为：赣锋锂业，天齐锂业，中矿资源，华友钴业。 2024至2026年产量增速较快的为：雅化集团，川能动力，西藏矿业，赣锋锂业，紫金矿业。 增量分析： 2 证券研究报告 添加标题 1）赣锋锂业：未来几年主要增量为Goulamina项目、Cauchari-Olaroz 盐湖、Mariana盐湖项目放量。 2）天齐锂业：未来几年主要增量为格林布什矿山三期扩建，以及SQM产能的扩张。 3）中矿资源：未来几年主要增量为Bikita项目增产。 4）永兴材料：未来几年增量为化山瓷石矿项目扩产建成增产。 ...