0YCXwPtOnOoPtNnOrMpQoPbRaO9PoMoOsQrNeRqQqMiNqRqQ6MqQxPwMnPvNxNoPvNEex/KZ1MmD3wfwfGADciYsiCYydMK33bsDsO0TSEcfbaYEUTdQiDgiYr9K5zSpKt 2019 2020 2021 2022 2023 20182022 CAGR 20182022 CAGR平均 2023平均-38.5%-36.7%169.5%290.5%-46.3%跌价周期氢氧化锂 85.8%-2.9%115.4%22.5%19.7%47.7%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%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%铁锂电池-1.2%24.7%262.9%165.1%30.1%85.6%储能电池 21.2%161.9%178.3%162.0%85.0%119.3%119.3%85.0%新能源车-2.2%10.0%159.5%99.1%35.8%53.5%53.5%35.8%储能-5.2%138.6%42.8%232.0%189.0%81.0%81.0%189.0%上游资源 33.6%28.8%中游材料 57.1%26.6%中游电池66.8%23.7%下游应用环节碳酸锂价格变动幅度-所属周期 跌价周期 涨价周期分析师承诺 免责声明 我 们设定的上市公司投资 评级如 下：买入 300 10%持有 300-10%-10%卖出 300 10%我们设定的行业投资评级 如下：增持 300 中性 300 减持 300 曾帅 2017 SAC S0640522050001王卓亚2023 S0640523110001