[Research Report Summary]
Key investment points? According to the market reviewChina ChemicalWith the Physical Power Supply Industry Association, there was no change in downstream demand for power batteries this week, orders for lithium iron phosphate batteries were stable, and demand for ternary yuan remained stable. The current lithium iron power battery module is 0.5-0.55 yuan/Wh, the price is the same as last week; the three-yuan power battery module is 0.65-0.7 yuan/Wh, the price is unchanged from last week; 2500mAh ternary power 5.5-5.8 yuan/piece, the average price is the same as last week; and the 2500mAh ternary digital cylinder is 5.2-5.5 yuan/piece, the average price is the same as last week.
Price tracking 1) Cobalt: Cobalt prices have been stable this week. Currently, the average price of electrolytic cobalt is 237,500 yuan/ton; the average price of cobalt sulfate is 457,500 yuan/ton. 2) Lithium: Currently, the average price of battery-grade lithium carbonate is 40,000 yuan/ton, and the price has decreased; the average price of lithium hydroxide is 43,500 yuan/ton. 3) Cathode materials: The average price of 523 ternary materials this week was 113,300 yuan/ton, and the average price of 622 ternary materials was 133.75 million yuan/ton; the average price of 811 ternary materials was 169,500 yuan/ton; the average price of 523 power ternary precursors was 72,000 yuan/ton, and the price remained stable; the average price of power type lithium iron phosphate was 357,500 yuan/ton, and the price was stable. 4) Anode materials: Domestic mid-range natural graphite 40,000 yuan/ton, domestic mid-range artificial graphite 42,500 yuan/ton, the same as last week.
Important news: BMW buys cobalt in Morocco for 100 million euros. BMW has signed an agreement with Moroccan mining group Managem for this purchase”sustainableThe total amount of “cobalt” will reach 100 million euros over a period of five years. This agreement will speed up the electrification process, enough for 1/5 of the cobalt required for BMW's fifth-generation “electric drive system”, and the remaining 4/5 of the required amount of cobalt will be purchased from Australia.
HondaProposed subscriptionNingde eraEquity. On July 10, Ningde announced that the company signed a strategic cooperation agreement with Honda Motor, and the two sides plan to deepen cooperation in the fields of power battery development, supply, and recycling. One of the details is that Honda plans to subscribe for a 1% share of Ningde Times's current non-public offering.
TeslaDevelopment of anode-free lithium batteries. Tesla has patented a new electrolyte solution for a new lithium metal battery or anode-free lithium battery, and this technology may help replace solid-state batteries. An anodeless lithium metal battery has a clear advantage over traditional lithium-ion batteries because it has a greater energy intensity.
The pilot plans to raise capital to enable the entire line of intelligent manufacturing. July 10th,Pioneering intelligenceA prospectus for the non-public offering of A-shares was issued, and no more than 2.5 billion yuan was raised for the construction of four major projects and supplementary working capital. The announcement stated that the Zhuhai base will produce 50 post-processing systems for intelligent lithium battery production lines per year, greatly relieving the pressure on production capacity of the subsidiary Titan New Power.
Risk Warning: Policies affect industrial demand, risk of production and operation accidents