The demand slows down and the price of lithium carbonate is under pressure. During the week, the price of lithium carbonate decreased by 1.50% compared with last week, and the price of lithium hydroxide decreased by 0.10% compared with last week. Demand: affected by the shutdown of new energy vehicles caused by the epidemic in Shanghai and the high price of raw materials in the early stage, battery cathode enterprises began to reduce production, and the actual transaction in the week was relatively flat. Supply: according to the statistics of Baichuan, the output of lithium carbonate in China this week was 4280 tons, an increase of 44 tons compared with last week, and the output increase was not obvious. At present, shipments in the market are mainly small factories and traders, while large factories are mainly executive long orders. Cost: during the week, the price of lithium concentrate increased by $150, or 4.8%. It is expected that the price of Q2 lithium concentrate will continue to rise.
The uncertainty of the industrial chain of epidemic factors has increased, and the state is determined to refine and promote the resumption of production and work. At present, the epidemic situation in many places has led to the risk of interruption of enterprise production and logistics. (1) the Ministry of industry and information technology recently began to arrange the enterprises that are greatly affected, promote the resumption of production and work of key enterprises, and solve the problems such as shortage of raw material inventory. (2) The Shanghai Economic and Information Technology Commission issued the guidelines for the prevention and control of the epidemic situation of industrial enterprises returning to work and production, and proposed to implement closed-loop management under the premise of compacting the main responsibility of enterprises and ensuring controllable risks, effectively and orderly promote the resumption of work and production of enterprises, and ensure the safety and stability of the supply chain of the industrial chain. (3) Ningde industry and Information Technology Bureau also guarantees the normal and orderly production of Contemporary Amperex Technology Co.Limited(300750) and the transportation of accessories and materials by issuing passes. With the continuous promotion of the state for the resumption of production and work of industrial chains such as new energy, the plight of the industry is expected to be solved.
Q1 performance is gradually released, and lithium salt enterprises have made brilliant achievements. During the week, several lithium salt enterprises announced Q1 results, Sinomine Resource Group Co.Ltd(002738) net profit attributable to the parent company was 760800 million, with a year-on-year increase of 830% – 879% Qinghai Salt Lake Industry Co.Ltd(000792) the net profit attributable to the parent company was 3.45-3.55 billion, with a year-on-year increase of 335% – 348%; The net profit attributable to the parent company of zangge mining was 780830 million, with a year-on-year increase of 208% – 228% Jiangxi Special Electric Motor Co.Ltd(002176) net profit attributable to the parent company was 630680 million, with a year-on-year increase of 761% – 829%. Although the price of lithium salt is under pressure in the short term, the penetration rate of new energy vehicles is accelerated, the integration of industrial chain promotes the benign development of the industry, the cycle attribute of lithium enterprises is expected to be weakened, the growth logic is strengthened, and the lithium industry is still optimistic in the medium and long term.
Focus on: Sinomine Resource Group Co.Ltd(002738) , Chifeng Jilong Gold Mining Co.Ltd(600988) , Lizhong Sitong Light Alloys Group Co.Ltd(300428) , Tianqi Lithium Corporation(002466) .
Risk tip: the macro environment changes, the demand is lower than expected, and the policy uncertainty increases.
