Guotai Junan: cobalt price upside down raw material price lithium price is high and stable to maintain the overweight rating of lithium cobalt industry

Guotai Junan Securities released a research report that maintains the overweight rating of the lithium and cobalt industry. Lithium plate: fundamentals, short-term lithium supply and demand continue to be tight, lithium prices may remain strong, and the concentrate end is more certain. 1) Futures side: Wuxi Lithium Carbonate 2112 contract rose 0.92% to 220000 yuan / ton last week; 2) Lithium concentrate: the price of lithium concentrate last week was 1630 US dollars / ton, up 200 US dollars / ton from the previous week; 3) Industry profit: with the rise of concentrate prices in the early stage, the current gross margin per ton of lithium salt has decreased slightly: from 2.72.5 "2.440" 22000, the price of lithium products has risen sharply recently, and the gross margin per ton of smelter has been revised up to 73000 / ton. Lithium plate warmed up last week, accompanied by a good trading mood in the spot market. At present, the optimal target of configuration is the leading enterprise with resource guarantee and production certainty. Cobalt plate: domestic raw material prices are easy to rise and fall in the short term, and the price adjustment logic of cobalt salt smelting enterprises turns to demand-led. The cobalt company extends to the electric new downstream manufacturing industry, which forms the integrated cost advantage of cobalt-nickel-precursor-ternary and strengthens the competition barrier.