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[weekly report of cathode materials] where is the future incremental market of lithium battery materials? Cobalt salt prices may fall in limited space


[performance] in 2019, the net profit of shengtun mining was 320 million, and the revenue of cobalt materials business was 2.467 billion

On the evening of April 24, shengtun mining (600711) released its 2019 annual report. Affected by the sharp fluctuations in the market prices of cobalt and other metals, the company's annual performance declined in 2019. During the reporting period, the company achieved an operating revenue of 37.314 billion yuan, up 9.99% year-on-year; The net profit attributable to shareholders of listed companies was 319.5 million yuan, a year-on-year decrease of 35.44%.

Battery network noted that since the strategic layout of cobalt material business in 2016, this business has developed rapidly.

Relying on Congo (DRC), the most important place of origin of cobalt raw materials, the company actively takes advantage of its channels, talents and international experience in overseas markets to carry out cobalt raw ore procurement, product trade, production and processing and other businesses.

Affected by the downturn in cobalt prices, the cobalt material business of shengtun mining achieved an operating income of 2.467 billion yuan in 2019, a decrease of 19.95% over the same period last year, and achieved a gross profit of 13 million yuan. (source: battery bairenhui battery network)

[performance]Rongda lithium produced 27300 tons of spodumene concentrate in 2019 and processed 157000 tons of raw ore in total

On the evening of April 20, Rongjie shares (002192) disclosed its 2019 annual report. During the reporting period, the company achieved an operating income of 270 million yuan, a year-on-year decrease of 29.53%; The net loss attributable to shareholders of listed companies was 326 million yuan, with a loss of 7.0363 million yuan in the same period last year; The net loss attributable to shareholders of listed companies after deducting non recurring profits and losses was 257million yuan, with a loss of 9.7185 million yuan in the same period of last year; The basic loss per share was 1.2560 yuan.

It is reported that in 2019, Rongjie's main business was related businesses in the field of new energy materials. The company's new energy materials business is dominated by the lithium battery materials industry chain, mainly including lithium mining, lithium salt and deep processing, nickel cobalt lithium hydrometallurgy and deep processing, lithium battery cathode materials, lithium battery equipment and other business segments.

Rongda lithium, as the company's lithium mining and processing business platform, owns No. 134 ore vein of methylka spodumene mine, which is a pegmatite spodumene deposit with large resource reserves and the best mining conditions in China. It is a rare high-quality lithium mineral resource in China. At present, Rongda lithium has formed a mining and processing production capacity with an annual output of 450000 tons / year of ore processing. Through various efforts, Rongda lithium mine was restored in June 2019, laying a solid foundation for the overall development of the company's lithium battery material industry. In 2019, the company handled 157000 tons of raw ore and produced 27300 tons of spodumene concentrate, basically achieving the business development and production goals set at the beginning of the year. During the reporting period, Rongda lithium sold its self-produced lithium concentrate to the company according to the adjusted sales model, and then the company uniformly coordinated the external sales; In 2019, the company confirmed the sales revenue of lithium concentrate of 23.261 million yuan from the lithium mining and beneficiation business. (source: battery bairenhui battery network)

[market]Leading enterprises plan to reduce production, and there may be limited room for cobalt salt prices to fall

In May, the decline in domestic power battery orders has become a set trend, and ternary material manufacturers have been passively "accumulating". In China, except for Tesla's Shanghai plant, which continues to liberalize its operating capacity, the operating rate of other automobile plants has not increased significantly, and the orders of battery manufacturers have also decreased. After a large domestic battery manufacturer reduced its production, the orders of ternary material manufacturers cooperating with it were affected to varying degrees. According to SMM customers' feedback, the inventory of ternary material manufacturers that had been successively released before the spring festival began to increase again, and the downstream orders will continue to decrease in May, so manufacturers also began to reduce their operating capacity. According to preliminary research, Sanyuan precursor plant also has plans to reduce construction in May.

Domestic consumer orders decreased in May. According to a large domestic 3C battery manufacturer, the company's production plan in April was relatively stable compared with that in March, but the market orders decreased in May, and the company's production scheduling plan is expected to follow suit. SMM predicts that the production plan of domestic lithium cobalt oxide manufacturers in May will decline by about 30% month on month. Major domestic large-scale Co3O4 have production reduction plans to varying degrees in May, and the scale of production reduction of various enterprises ranges from 20-50%.

To sum up, from the demand side, at present, the downstream demand continues to be depressed, and the power and consumption demand sides are expected to decline in May. The ternary precursor and cobalt trioxide have adopted production reduction plans to varying degrees, so the demand for cobalt sulfate and cobalt chloride is expected to weaken accordingly.

In May, the operation pressure of the cobalt salt plant was great. On the one hand, the price of cobalt raw materials purchased in the early stage was high, the New Cobalt raw materials were blocked, and the price of cobalt containing recycled materials purchased was also high; On the other hand, the basic cobalt salt shipments from March to April are small, the enterprise capital pressure continues to be under pressure, the profitability is seriously damaged, and the production power is insufficient. The leading cobalt salt plant plans to reduce production in May. According to the current research results, SMM expects the cobalt salt production to be reduced by about 20-40% in May. At the same time, the decline in downstream power and consumer demand is expected to be about 20-40%. SMM believes that in the short term, the bargaining power of cobalt salt is gradually transferred from the buyer to the seller. There are very few cobalt salts at low prices in the market, and they are basically priced and do not ship. In May, the supply side and demand side of cobalt salt basically decreased synchronously, and there was still some accumulated product inventory of cobalt salt in the early stage. Therefore, there was still room for cobalt salt price decline, but it was relatively limited. In the short term, there may be a range of 0.2-0.4 million yuan / ton, but cobalt sulfate falls below 40000 yuan / ton and cobalt chloride falls below 50000 yuan / ton, which is a small probability event for the time being. (source: Shanghai Nonferrous Metals network)

[performance]Last year, Tibet mining industry generated 117 million lithium products and 4160.38 tons of lithium concentrate

On the evening of April 21, Tibet Mining (000762) released its 2019 annual report. Last year, the company achieved a total operating income of 660 million yuan, an increase of 31.4% year-on-year; The net profit attributable to the parent company was 84.434 million yuan, up from -180 million yuan in the same period last year, turning losses into gains year-on-year; Earnings per share was 0.16 yuan.

The main products of Tibet mining industry are chromite ore and lithium salt products, which are mainly used in the processing of special steel and metal lithium. In 2019, the operating revenue of lithium products of the company was 117 million yuan (accounting for 17.85% of the company's operating revenue), a year-on-year decrease of 31.47%.

In 2019, Tibet mining industry produced 56775.13 tons of chromium ore, an increase of 34014.21 tons or 149.44% over the previous year; The production of lithium concentrate was 4160.38 tons, a decrease of 543.98 tons or 11.56% over the previous year; The production of industrial grade lithium carbonate was 1679.00 tons, an increase of 153.45 tons or 10.06% over the previous year; The production of lithium hydroxide was 1985.02 tons, an increase of 187.43 tons or 10.43% over the previous year; Commissioned to process 34770.30 tons of high carbon ferrochromium.

In 2019, Tibet Mining sold 25191.32 tons of chromium ore (self-produced), an increase of 15862.81 tons or 170.05% over the previous year; The sales of industrial grade lithium carbonate was 1120.98 tons, an increase of 202.12 tons or 22.00% over the previous year; Sales of lithium hydroxide were 654.40 tons, an increase of 472.35 tons or 259.46% over the previous year; Sales of battery grade lithium carbonate were 156.33 tons, an increase of 8.35 tons or 5.64% over the previous year; Sales of high carbon ferrochromium are 29646.74 tons. (source: battery bairenhui battery network)

德方纳米去年纳米磷酸铁锂收入10.02亿 拟募资12亿扩产

[performance]German nano nano lithium iron phosphate received 1.002 billion yuan last year and plans to raise 1.2 billion yuan to expand production

On the evening of April 22, German nano (300769) released the plan for non-public issuance of A-shares on the gem in 2020. The objects of this issuance are no more than 35 specific objects that meet the provisions of the CSRC, the number of shares issued is no more than 12.82 million, and the total amount of funds to be raised is no more than 120 million yuan. The net amount after deducting the issuance expenses will be used for the project with an annual output of 40000 tons of nano lithium iron phosphate and supplementary working capital, The two projects plan to use 850million yuan and 350million yuan of raised funds respectively.

German nano said that the company's funds raised in this issuance are centered on its main business. Among them, the "annual output of 40000 tons of nano lithium iron phosphate project" is a capacity expansion project of the company's core product nano lithium iron phosphate cathode material. It is an important layout made by the company to comply with the industrial development trend and respond to the expanding product demand of downstream customers, which is conducive to expanding the business scale and promoting the sustainable development of the company. At the same time, part of the raised funds used to supplement working capital will further enhance the company's financial strength, optimize the capital structure, and provide strong support for the efficient development of business activities.

On the same day, German nano also disclosed the 2019 annual report and the first quarter report of 2020. The company achieved an operating revenue of 1.054 billion yuan in 2019, an increase of 0.04% year-on-year; The net profit attributable to the shareholders of the listed company was 100million yuan, with a year-on-year increase of 2.07%; The basic earnings per share is 2.56 yuan / share.

German nano has production bases or is under construction in Foshan City, Guangdong Province, Pingshan District, Shenzhen City, Tai'an City, Shandong Province and Qujing City, Yunnan Province. Its production capacity continues to expand, and its production scale and supply capacity are at the forefront of the industry. In 2019, the company's nano lithium iron phosphate production capacity was about 25500 tons / year, and the capacity under construction was 25000 tons / year, of which Qujing German Party was the main body of the implementation of the fund-raising investment project, and the capacity under construction was 15000 tons / year; Qujinglin railway is under construction with a capacity of 10000 tons / year. During the reporting period, the company's revenue from nano lithium iron phosphate and carbon nanotube conductive liquid was 1.002 billion yuan and 48 million yuan respectively, accounting for 95.05% and 4.54% of the company's operating revenue respectively. Their gross profits were 21.37 million yuan and 12.14 million yuan respectively, accounting for 94.24% and 5.41% of the company's total gross profits respectively. (source: battery bairenhui battery network)

[performance]Galaxy resources produced 14000 tons of lithium concentrate in the first quarter, and the decline in production caused the rise in quarterly transportation costs

The recent situation shows that galaxy resources mining is adopting a more flexible strategy to deal with the lithium market in 2020. Due to the reduction of production in February, the unit transportation (FOB) cost of lithium concentrate in the quarter was $592 / dry ton, but the quarterly production showed an upward trend, and the unit transportation (FOB) cost in March was $399 / dry ton.

As new ore smelting equipment will be constructed at the end of February and put into production after summer maintenance, it is expected that the output will gradually increase in the second quarter to meet the annual expectation.

Galaxy resources produced 14306 dry tons of lithium concentrate in the first quarter. Achieve the target output of 14000-17000 dry tons in the previous production guidelines. On March 11, 32512 dry tons of lithium concentrate were loaded and sold in esperanceport. Previously, 15000 dry tons of lithium concentrate reached a sales agreement in the fourth quarter of 2019, but it was not loaded. It is expected to be loaded at the end of April.

Galaxy resources' lithium concentrate production in the second quarter is expected to be 25000-30000 dry tons. As of the end of March, there are 46000 dry tons in inventory, which can meet the amount required by the existing contract. If customers have additional needs, the company can also quickly increase production. (source: Shanghai Nonferrous Metals network)

锂盐价格走弱但战略地位稳固 中国五大锂资源上市公司盘点

[inventory]Lithium salt price is weak but its strategic position is stable. Inventory of China's five listed lithium resources companies

Despite the low price and overcapacity, lithium is still indispensable in the current and future battery material technology system, and the strategic investment of relevant enterprises in lithium resources is also continuing.

The sales volume of new energy vehicles in China has ranked first in the world for five consecutive years. It is a large country in the production and marketing of lithium batteries and also a large country in lithium consumption. At present, China has basically established a modern lithium industry based on the extraction of lithium from ore and brine, covering lithium carbonate, lithium chloride, lithium hydroxide, lithium metal and other products, and has initially formed a complete industrial chain of the lithium industry. At present, the listed companies of lithium resources in China mainly include: Tianqi lithium (002466), Ganfeng lithium (002460), Rongjie shares (002192), Tibet Mining (000762), jiangte electric (002176).

Lithium carbonate is the basic lithium salt of battery materials. The data shows that in terms of the raw material cost of lithium carbonate, lithium extraction from Salt Lake is 20000-40000 yuan / ton (tax included), lithium extraction from spodumene is 40000-60000 yuan / ton (tax included), and lithium extraction from lepidolite is 60000-80000 yuan / ton (tax included). At present, the mainstream quotation range of domestic battery grade lithium carbonate market is between 42000 yuan and 48000 yuan. Due to weak market demand, the actual transaction price is still falling. Some insiders pointed out that it is close to the profit and loss cost line of many manufacturers.

In addition, in recent years, the application of salt lake lithium extraction technology with low production cost has accelerated, and the salt lake lithium extraction enterprises are also increasing research and development efforts. In the long run, with the implementation of the new capacity of salt lake brine lithium extraction, the overall cost of power batteries may be effectively reduced. (source: battery bairenhui battery network)

杉杉股份2019年锂电材料营收67.91亿元 总销售量89986吨

[performance]The revenue of lithium battery materials of Shanshan Co., Ltd. in 2019 was 6.791 billion yuan, with a total sales volume of 89986 tons

On the evening of April 26, Shanshan shares (600884) released its 2019 annual report. Last year, the company achieved a revenue of 8.68 billion yuan, a year-on-year decrease of 1.96%, and a net profit attributable to the parent of 270 million yuan, a year-on-year decrease of 75.81% due to the adjustment of accounting policies; Operating cash flow was 886 million, an increase of 64.03% year-on-year. The company plans to transfer 10 to 4.5 and send 1.2 yuan.

In terms of specific performance, lithium ion battery materials business is the core business and main source of performance of Shanshan Co., Ltd., accounting for 79.9% of the total revenue. In 2019, China's new energy vehicle subsidies accelerated their decline, and the annual sales of new energy vehicles increased negatively year-on-year. The market competition was fierce, and the pressure of product price reduction increased. In this context, the company adjusted the customer structure. On the premise of ensuring that the risk is controllable, the total sales volume of lithium battery materials business of Shanshan Co., Ltd. in 2019 was 89986 tons, an increase of 34% year-on-year, mainly due to the year-on-year growth of sales volume of cathode business and electrolyte business; The main business income was 6.791 billion yuan, a year-on-year decrease of 3.05%, and the net profit attributable to the shareholders of the listed company was 264 million yuan, a year-on-year decrease of 40.26%, mainly due to the sharp decline in the prices of upstream raw materials such as lithium and cobalt, and the stricter cost control of terminal demand, which led to the downward pressure on the company's product prices and the reduction of profit space.

As of the disclosure date of the report, Shanshan has a capacity of 60000 tons of cathode materials, 120000 tons of cathode materials and 40000 tons of electrolyte. In terms of cathode materials, the company has four production bases, Lugu, Ningxiang, Shizuishan, Ningxia and Changsha, with an annual production capacity of 60000 tons. The company will further improve its profitability and the market position of cathode materials through the release of effective production capacity and the exertion of scale advantages. (source: battery bairenhui battery network)

[Focus]The selected floor of the new third board is opened for review today! Lithium battery material enterprise beiteri may become the first batch of Listed Enterprises

On April 27, the selection level opened for review, and the national stock transfer company officially launched the acceptance and review of the listing business of the selection level. The recommendation institution can submit the enterprise application documents through the business support platform of the national stock transfer system.

So far, 13 enterprises on the new third board have completed the guidance and acceptance of the selected layer, including Yingtai biology, minimally invasive optoelectronics, Guandian defense, Guoyuan technology, Lanshan technology, liujinnian, Qiuguan cable, Fangda shares, ireng software, beiteri, Longtai home, Chenyue construction management, runnong water saving. These 13 enterprises that have completed the guidance can apply for materials to the national stock transfer company. Among them, beiteri (835185) is a listed company of lithium battery materials.

It is reported that beiteri achieved an operating revenue of 4.39 billion yuan in 2019, with a year-on-year increase of 9.51%. Its total profit and net profit were 800 million yuan and 680 million yuan respectively, with a year-on-year increase of 28.1% and 26.86% respectively. Its net profit attributable to the parent company was 666 million yuan, with a year-on-year increase of 38.42%. Among them, in 2019, beiteri's positive material revenue was 806 million yuan, negative material revenue was 2.93 billion yuan, and natural graphite revenue was 186 million yuan.

In terms of business indicators, market capitalization and innovation ability, beiteri has obvious advantages, and may become the first batch of selected listed enterprises. (source: battery bairenhui battery network)

[battery think tank] where is the future incremental market of lithium battery materials?

Recently, due to the continuous reduction of domestic power battery market demand and export orders, the overall market of cathode materials such as lithium cobalt oxide, ternary materials, lithium iron phosphate, lithium manganate and so on has shown a downward trend.

In order to improve profitability, lithium battery material manufacturers such as cathode materials actively explore future incremental markets such as small power battery market.

Shanshan shares disclosed the main performance drivers in the Research Report on April 26: the development of global new energy vehicles has driven the continuous progress of the industry, and the market demand for small power batteries has begun to drive; Traditional consumer electronics demand is saturated as a whole, but emerging wearables and other markets also promote new demand; The energy storage market has great potential.

Article source:Battery net

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