Key points
New military materials: the price of electrolytic cobalt fell slightly. (1) The price of electrolytic cobalt this week was 537000 yuan / ton, a month on month increase of – 3.2%. The ratio of electrolytic cobalt to cobalt powder is 0.85, with a ring ratio of – 2.0%; The price ratio of electrolytic cobalt and cobalt sulfate was 4.95, with a month on month ratio of + 1.4%. These two ratios show that the military industry is weaker relative to the manufacturing industry and stronger relative to new energy vehicles this week. (2) The price of carbon fiber this week was 186.3 yuan / kg, a month on month increase of + 0%. The gross profit is 57.47 yuan / kg, a month on month increase of + 0%. Both the price and gross profit are at a high level in the past 20 years. (3) The prices of titanium, rhenium and beryllium were the same as last week.
New energy vehicles and new materials: praseodymium and neodymium oxide prices rose for two consecutive weeks, and lithium carbonate profits continued to be under pressure. (1) This week, the CIF price of li2o5% lithium concentrate in China has reached 3500 US dollars / ton, with a month on month increase of + 12.90%. Pilbara of aokuang held its first auction this year on April 27. The auction price was as high as US $5650 / ton, another record high. The corresponding smelting cost of lithium carbonate was nearly 400000 yuan / ton. The price is in line with previous expectations. In March this year, Pilbara said that the auction price could reach US $6000 / ton. In the case of high lithium price, part of the profits at the smelting end will be transferred to the upstream resource end. (2) This week, the prices of electric carbon, industrial carbon and battery grade lithium hydroxide were 464100 yuan / ton, 433300 yuan / ton and 469600 yuan / ton respectively, with a month on month ratio of – 3.6%, – 5.13% and – 2.6%. Wind shows that the contract price of electric carbon lc2207 is 439000 yuan / ton this week, with a month on month ratio of – 0.2%, and the discount has been nearly 25000 yuan / ton. This week, the gross profit margin of lithium carbonate smelting end decreased to 49.2%, with a month on month ratio of -6.4pct, which continues to be under pressure. (3) This week, the price of cobalt sulfate was 107000 yuan / ton, a month on month increase of – 3.60%. (4) This week, the prices of lithium iron phosphate, 523 and 811 cathode materials were 16.00, 35.25 and 354500 yuan / ton respectively, with a month on month ratio of – 1.23%, – 2.9% and + 0%. (5) This week, the price of praseodymium and neodymium oxide was 847500 yuan / ton, a month on month increase of + 1.5%, which has been rising for two consecutive weeks. Under the influence of the epidemic, supply and demand have decreased, the game is deadlocked, and the rare earth price may fluctuate.
New photovoltaic materials: polysilicon prices fell slightly. (1) This week, the price of photovoltaic grade polysilicon was $32.12/kg, with a month on month ratio of – 2.3%. The price is still at a high level in recent six years. (2) The price of EVA this week was 25000 yuan / ton, a month on month increase of + 2.0%, maintaining a high position since 2013. (3) This week, the coating price of 3.2mm photovoltaic glass was 26 yuan / m2, a month on month increase of + 0%.
New nuclear power materials: the prices of main varieties were flat month on month this week. (1) This week, the prices of zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate and zircon sand were 25000 yuan / ton, 235 yuan / kg, 4500 yuan / kg, 20875 yuan / ton and 200625 yuan / ton respectively, unchanged month on month.
New materials for consumer electronics: the prices of major varieties have fallen more or risen less. (1) On Thursday, the price of cobalt trioxide was 412500 yuan / ton, a month on month increase of – 1.20%. The price of lithium cobaltate this week was 560.0 yuan / kg, a month on month increase of – 1.6%. (2) The price of silicon carbide this week is 8800 yuan / ton, a month on month increase of + 0%; This week, the prices of high-purity gallium, crude indium and refined indium were 2925, 1430 and 1530 yuan / kg respectively, with a chain comparison of + 5.4%, – 3.1% and – 2.9% respectively; On Tuesday, the price of germanium oxide was 6550 yuan / kg, down – 1.5% month on month.
Other materials: the prices of platinum and rhodium decreased slightly. (1) This week, the prices of 99.95% platinum, rhodium and iridium were 208, 4302.5 and 1255 yuan / g respectively, with a month on month ratio of – 2.8%, – 2.0% and + 0%.
It is suggested to pay attention to the target: it is suggested to continue to pay attention to the investment opportunities of new metal materials. The high price of lithium concentrate is still good for enterprises with high self-sufficiency rate of lithium resources. It is suggested to pay attention to Tianqi Lithium Corporation(002466) , Youngy Co.Ltd(002192) , Ganfeng Lithium Co.Ltd(002460) ; The construction of a world-class Salt Lake industrial base in Qinghai has been mentioned again. China’s independent and controllable salt lake resources are of great strategic significance. It is suggested to pay attention to Qinghai Salt Lake Industry Co.Ltd(000792) , Keda Industrial Group Co.Ltd(600499) , Sunresin New Materials Co.Ltd Xi’An(300487) .
Risk warning: over valuation risk; Risk of technology path change; Risks such as radical enterprise operation, deviation of strategy, governance failure, macro policy and liquidity adjustment.
