Core Viewpoint - The strategic cooperation agreement between Fulin Precision (富临精工) and CATL (宁德时代) aims to enhance collaboration in the lithium battery materials sector and expand into innovative fields such as automotive and robotics [1][2][4]. Group 1: Strategic Cooperation - Fulin Precision and its subsidiary Jiangxi Shenghua signed a strategic cooperation agreement with CATL, where CATL will invest RMB 400 million to acquire an 18.74% stake in Jiangxi Shenghua [1]. - The partnership builds on an existing long-term relationship in lithium battery materials, with Jiangxi Shenghua being a leader in the iron phosphate lithium battery sector [2]. - The agreement aims to leverage each party's expertise and resources to foster sustainable development and innovation within the new energy industry [4]. Group 2: Business Expansion - Fulin Precision's main business includes the research, production, and sales of automotive engine components, smart electric control for new energy vehicles, and lithium battery cathode materials [6]. - The company projects a net profit of RMB 370 million to RMB 450 million for 2024, a significant recovery from a loss of RMB 543 million in the previous year [6]. - Fulin Precision is actively expanding into the robotics sector, planning to establish a project company focused on robotic application systems and related services [6].

证券研究报告 2025 年 03 月 04 日 湘财证券研究所 行业研究 锂电材料行业周报 上周锂源价格下跌，淡季需求仍偏弱，锂电铜箔加工费有所下滑 相关研究： 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 14 -4 3 绝对收益 16 -4 16 -20% -5% 10% 25% 40% -30% -5% 20% 45% 70% 锂电材料行业涨跌幅 对比基准:沪深300累计涨跌幅-右 注：相对收益与沪深 300 相比 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼湘财证券研 究所 核心要点： ❑ 市场行情：上周锂电材料行业上涨 2.51%，跑赢基准 4.73pct | 《上周隔膜行业控库降低开工，负极利润受 | | | --- | --- | | 压下或推涨新单价格》 | 20250225 | | 《上周正极材料开工下降，负极材料成本上 | | | 行持续压缩利润》 | 20250218 | 行业评级：增持（维持） 上周锂电材料行业上涨 ...

3月3日，当升科技公告显示，其 与SK On于2月28日在江苏常州签订了相关协议，SK On预计 在2025年至2027年向当升科技采购1.7万吨高镍及中镍等多型号锂电正极材料， 具体订单情况 以后续实际执行情况为准。 SK On是全球动力电池头部企业，起点研究院（SPIR）数据显示，2024年其动力电池出货量排 名全球第五，目前主要配套现代、赛德斯-奔驰、福特和大众等车企。 市场分析，SK On本次签下三元材料供货协议，或暗示了终端市场需求回暖以及固态电池等新 技术产业化的提速。 01 长期订单总量或达13万吨 协议显示，当升科技本次与SK On的合作，涉及两个部分。 磷酸铁锂强攻之下，高镍三元正极材料有望率先"突围"。 近日，高镍材料代表企业当升科技（300073）宣布拿下全球电池巨头订单，双方已签订框架性 供货协议。 一是在2025年-2027年SK On向当升科技采购17000吨锂电正极材料，具 体数量以双方每月签订的采购订单为准。 二是，双方就2026年-2028年非约束性额外供销11万吨左右锂电正极材料产品合作事宜将进行 后续协商与确定。 合计来看， 2025-2028年，当升科技或将为SK On ...

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].

Core Viewpoint - The price of anode materials is expected to rebound further by 2025, driven by a recovery in processing fees for anode material companies, which will help restore their gross margins [1][5]. Price Trends - Recently, the prices of anode materials have been rising, with low-end and mid-range artificial graphite prices increasing by approximately 500 yuan per ton, while high-end artificial graphite has also seen a slight increase [2][3]. - Since Q4 2024, artificial graphite prices have maintained a continuous upward trend, with low-end prices rising over 5% and mid-range prices approaching a 10% increase [3]. - In contrast to other lithium battery materials like lithium carbonate and lithium iron phosphate, which have shown slight price declines since February, the price momentum for artificial graphite anodes is more pronounced [3]. Cost Structure - The significant price increases in raw materials such as petroleum coke and needle coke have contributed to the rising costs of artificial graphite anodes, with petroleum coke prices rising by 40% and needle coke by over 20% in February [3]. - These raw materials account for about 20% of the cost structure of artificial graphite anodes, indicating that to maintain profit levels, the selling price must increase by approximately 8% for a 40% rise in petroleum coke and at least 4% for a 20% rise in needle coke [3][4]. Market Dynamics - The sentiment among anode material companies to raise prices has been influenced by the need to recover profitability after significant price declines over the past two years [5]. - Despite some recovery in downstream demand, the impact of price-raising sentiment on artificial graphite anode prices is limited due to an oversupply in the graphite market and insufficient order increases compared to supply levels [6]. Future Outlook - Looking ahead, the potential for price increases in materials will be limited due to the industry's long-term demand for cost reduction and efficiency improvements [7]. - Companies will need to focus on technological advancements, transition to high-end products, and enhance supply chain collaboration to lower costs [7]. - There is also a need to explore emerging application fields and adapt products to seize new market opportunities [7].

倒计时19天 2025起点锂电圆柱电池技术论坛 暨圆柱电池20强排行榜发布会 活动主题： 聚集新技术 探索新工艺 主办单位： 起点锂电、起点研究院（SPIR） 活动时间： 2025年2月28日 活动地点： 深圳宝安登喜路国际酒店2楼国际厅 活动规模： 500+人 紧随"潮流"，天华新能拟投资开发非洲锂资源。 天华新能今日公告，公司与尼日利亚Kebbi州政府、三冠矿业有限公司(Three Crown Mines Limited，以下简称"三冠矿业")签署《Kebbi州锂资源开发投资协议》，拟共同对标的矿权进行 投资、开发和运营。公司将持有合资公司85%的股份，三冠矿业将持有合资公司15%的股份。 公司预计在Kebbi州总投资额超过2亿美元（折合人民币约14.57亿元）。 天华新能将通过合资公司建设一座尼日利亚的锂矿开采、选矿、尾矿处理现代化工厂，并负责 管理和运营。 公司在项目生命周期内，将承销合资公司的全部产品。 公告显示，三冠矿业是一家尼日利亚矿业公司，旗下锂矿勘探工作已基本结束，钻探显示有良 好的锂资源开发前景，需要引入战略投资者共同开发。 天华新能主营锂电材料业务，主要产品为电池级氢氧化锂与电池级碳酸锂 ...

随着二期9万吨产线项目的推进，将进一步深化锂源对当地资源的整合利用，优化公司全球产 能布局，提升其在国际市场上的产品供应效能与竞争力。 此前相关信息显示，二期9万吨项目将在2025年正式投产。在产品方面，印尼锂源工厂已具备 四代高压实产品生产能力，针对低温环境特别设计的低温球形T系列产品，也已进入生产规划 之中。 主办单位： 起点锂电、起点研究院（SPIR） 活动时间： 2025年2月28日 活动地点： 深圳宝安登喜路国际酒店2楼国际厅 活动规模： 500+人 实际上，针对正极材料的布局，龙蟠科技早有规划。据其透露，在锂电材料端，公司会通过海 外产能的释放，以及具有差异化的高端高压密产品实现利润新的增长曲线。 比如在产能方面，主要以印尼项目推进为主。目前，印尼产能已经有客户预定。去年12月，常 州锂源、三级控股子公司亚太锂源与LG新能源共同签署了《修订协议》，常州锂源以及锂源 （亚太）在2024-2028年，合计将向LG新能源销售26万吨磷酸铁锂正极材料产品。 倒计时21天 2025起点锂电圆柱电池技术论坛 暨圆柱电池20强排行榜发布会 活动主题： 聚集新材料 探索新工艺 2月2日，常州锂源再传喜讯， 旗下印 ...

联盟声称，2024年前9个月，中国输美活性阳极材料金额超2.6亿美元，占据美国进口市场份额 超60%，并认定中国进口产品存在828.14% - 920.95%的倾销幅度。 1月7日，应美国负极材料生产商联盟（AAAMP）于2024年12月18日提交的申请，美国商务部 对进口自中国的活性阳极材料(Active Anode Material)发起反倾销和反补贴调查。 本案主要涉及美国海关编码2504.10.5000和3801.10.5000项下产品。美国双反调查所涉及的"活 性负极材料"涵盖了天然石墨、人造石墨、任何含石墨的化合物或混合物。 美国国际贸易委员会(ITC)预计将最晚于2025年2月3日作出反倾销和反补贴产业损害初裁。若 美国国际贸易委员会裁定涉案产品的进口对美国国内产业构成了实质性损害或实质性损害威 胁，美国商务部将继续对本案进行调查并预计于2025年3月13日作出反补贴初裁，2025年5月27 日作出反倾销初裁。 该联盟要求对中国进口的锂离子电池负极石墨产品征收高达920%的关税。 理由是中国通过大 规模补贴进行低价倾销，导致石墨产能过剩，价格紊乱，并对美国本土生产商造成了冲击。尽 管当前已存在2 ...