CITIC Securities: Maintain the lithium industry “outperform” rating

According to the Securities Times e company news, CITIC Securities Research pointed out that the market’s concerns about the excessively rapid rise in lithium prices and the “insufficient supply of lithium” have led to significant adjustments in the lithium sector. We judge that the new global lithium supply in 2022 can meet the growth of downstream demand. It will become a rigid restriction on the development of the electric vehicle industry. Subject to the development cycle of mineral resources, we expect that lithium will become one of the most sustainable links in the power battery industry chain. At the same time, it is expected that the catalyst and upward momentum of the sector will shift from “price increase” to “performance”, and the lithium sector will have a strong valuation advantage and configuration value in 2022. We maintain the rating of “outperform” for the lithium industry, and focus on recommending companies with a high self-sufficiency rate of lithium mines and a high degree of performance. We recommend Ganfeng Lithium, Shengxin Lithium Energy and Salt Lake Co., Ltd., and we recommend paying attention to Yongxing Materials and Kodak Manufacturing. .