[Sinolink Electric New Energy] Lithium Battery August Pre-Production Tracking: Demand +10% MoM Entering Peak Season, Material Growth Persistently Trails Batteries Reflecting Supply Shortage, Multi-Segment Price Hikes in Lithium Battery Underway, Seize Allocation Opportunity

English summary

According to the xl database, August production schedules are as follows: overall battery and materials MoM +1%-10%, YoY +47%-72%. August enters peak season with accelerating production ramp-up. Downstream energy storage demand remains robust, power battery exports and content per vehicle increase, and export tax rebates and consumption tax pre-installation provide strong support. In our mid-term strategy, we raised the 2026 demand forecast to +28%. With limited supply growth, utilization rates across segments remain high. We firmly remain bullish on the beta opportunity of price hikes in this lithium battery peak season. Battery: August MoM +10%, YoY +72%, cumulative YoY +52%. Among them, C/B/GX/FN/E/ZH production schedules are 110.5/37.6/14.5/1.3/18.1/18.1 GWh, MoM +9.3%/+11.9%/+4.3%/+1.5%/+6.2%/+15.7%. Cathode: August MoM +4%, YoY +61%, cumulative YoY +52%. ...