20240407-中航证券-锂电行业深度报告（2）：当前节点下的锂电行业核心疑问，行业产能过剩现状如何？.pdfVIP

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环节201920202021202220232018~2022CAGR2018~2022CAGR平均2023平均

碳酸锂价格变动幅度-38.5%-36.7%169.5%290.5%-46.3%

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所属周期跌价周期涨价周期跌价周期

氢氧化锂85.8%-2.9%115.4%22.5%19.7%47.7%

上游资源33.6%28.8%

碳酸锂2.1%28.7%46.9%36.3%34.6%27.4%

三元正极15.8%14.0%94.7%55.9%-4.2%41.5%

三元前驱体24.0%14.6%100.5%29.6%-2.1%38.6%

铁锂正极24.6%59.4%218.8%130.7%50.8%95.5%

正磷酸铁30.3%61.3%164.6%129.4%75.9%89.0%

中游材料57.1%26.6%

负极16.2%43.6%107.1%65.7%5.1%54.7%

隔膜36.2%35.8%109.7%55.8%31.5%56.8%

电解液28.6%45.8%63.8%90.3%28.5%55.5%

六氟磷酸锂40.1%15.8%94.5%111.2%20.1%60.7%

动力电池20.9%-2.3%163.4%148.5%23.7%66.8%

三元电池40.8%-12.0%93.6%126.4%13.8%52.6%66.8%23.7%

中游电池