China Battery Cathode_ LFP cyclical recovery in sight; initiate on Yuneng at Buy
2025-03-03 10:45
19 February 2025 | 9:27PM HKT China Battery Cathode LFP cyclical recovery in sight; initiate on Yuneng at Buy Following our China battery 2025 outlook, we continue to highlight cyclical recovery opportunities in China's LFP (Lithium ferrous phosphate) cathode sector by forecasting utilization to reach 72%/86% in 2025-2026E, from 71% in 2024E. On the demand side, we forecast a 2024-2026E LFP cathode demand CAGR of 34% driven by robust BESS demand and more constructive LFP penetration in the NEV battery marke ...