资源描述
Table_Industry/2023 11 12 有色金属 智利10 月锂 盐 出口 环 增 74%，锂 价 弱势 运行 Table_Main Table_Title S0740517080003 Email S0740522090002 Email Email Table_Profit 131()25593.25()23745.78-Table_Report Table_Summary 1.10 98.9 95.6 12.5%5.7%33.5%10 77.3GWh 0.1%23.2%10 2.40+74%数据来源：SMM、中 泰证券 研究所 2.1 2 3+3.LC2401 1.65%6.71%4.53%1.52%LME 1.17%SHFE 1.77%4.1 2023 9 15.78GW 94.10%1-9 128.94GW 145.13%-10%0%10%20%30%40%50%2 3 4 5 6 7 8 9 10 11 E -2-2 10 95.6 5.7%33.5%33.5%3 10 77.3GWh 23.2%0.1%10 39.2GWh 28.3%7.6%4 10 23.28-10.40%5.54-1.90%+0.69%17.74-12.76%+34.30%5.LC2401 1.65%14.89/6.71%15.30/0.41/SMM 11+2%-10%+9%+2%10 1.68+84%6.51.15/7.6.85/8.14/8.SHFE 20.99/1.77%SHFE+LME 331 12980 9.XVAZuNsPpMnMsMmPmRtMqR9P9R9PoMoOsQmPfQqRpOjMnMsR9PqQuMxNnOmNNZnNzQ-3-1.-4-1.1.-4-1.2.-4-2.-5-2.1 9.-5-2.2.-6-2.3.-7-2.4.-9-3.-10-4.-15-5.-16-6.-17-7.-18-8.-19-9.-21-4-1.1.1 0.79%300 0.86%0.15%2.32%2.17%2.48%2.16%1.2 6.71%15.30/4.53%14.74/MB 0.93%16.33/MB 17.75/2.22%26.40/51.15/1 Wind 2 Wind-3.00%-2.00%-1.00%0.00%1.00%2.00%3.00%300 0%1%2%3%4%5%6%-5-1.52%260.00/2.49%782.50/2.2.1 9 9 2023 9 15.78GW 94.10%1-9 128.94GW 145.13%3 Wind 16.3 0.9%12.8%6.0%-58.1%17.8 0.0%9.2%-1.1%-54.7%7.1 0.0%7.6%-2.7%-76.8%26.4-2.2%1.7%-11.0%-45.8%24.0 0.0%4.1%-7.0%-58.9%3.7-3.9%-1.3%-11.4%-59.6%16.1-1.2%9.6%-5.3%-56.4%10.3 0.0%7.3%-9.7%-59.8%4.8-3.0%6.7%-2.5%-56.6%15.9-0.6%8.9%-3.0%-55.7%115.0-4.2%-20.7%-37.8%-61.8%14.6-5.2%-7.0%-49.8%-67.9%15.3-6.7%-9.7%-49.5%-67.9%13.5-4.9%-6.3%-49.6%-71.6%14.7-4.5%-10.3%-50.9%-70.0%7.6-1.4%-2.6%-9.2%-43.7%8.9-1.1%-2.1%-10.4%-39.9%21.7 0.5%0.9%-22.5%-57.9%15.1-2.6%-5.2%-34.5%-56.4%17.1-1.7%-4.1%-31.3%-53.4%6.9 0.0%0.0%1.5%7.9%8.1 0.0%0.0%3.9%3.6%7.1 0.0%0.0%2.9%3.6%2.1-1.0%-14.6%3.0%-30.2%3205.0 3.9%-21.2%-16.6%23.3%21.0 2.4%-21.5%-16.7%23.2%1.5-0.8%-3.8%11.1%-14.7%0.7-2.0%-1.9%1.9%-19.7%5.5 0.0%0.0%-12.7%-36.0%APT 17.8-0.3%-1.4%-0.8%4.7%12.0 0.0%-0.4%0.4%8.1%17.1 0.0%4.9%15.6%-15.6%31.8 0.0%2.6%12.8%6.0%8.0-8.1%-14.5%-27.1%-31.8%9.3-5.1%-9.7%-21.2%-25.9%20.5 0.0%0.0%-2.4%-18.0%1.7 0.0%0.0%-3.7%-29.5%51.2 0.0%-1.6%13.5%-46.2%260.0-1.5%-3.3%22.4%0.4%2.4 4.3%4.3%4.3%-11.1%3.3 0.0%-5.7%17.9%-53.8%-6-4 GW 5 GW 2.2 10 10 98.9 95.6 29.2%33.5%33.5%6 7 10 10 7 14.57+3.95%-0.77%9 8 9%05101520251-2 3 4 5 6 7 8 9 10 11 12 2020 2021 2022 20230204060801001201401-2 3 4 5 6 7 8 9 10 11 12 2020 2021 2022 20230204060801001201 2 3 4 5 6 7 8 9 10 11 12 2017 2018 2019 2020 2021 2022 2023 0204060801001201 2 3 4 5 6 7 8 9 10 11 12 2017 2018 2019 2020 2021 2022 2023-7-10 11.26-14.84%9.4%10 11%autosinnovate autosinnovate 2.3 2023 10 77.3GWh 23.2%0.1%23.6GWh 30.5%0.3%-6.7%53.6GWh 69.3%37.0%3.3%2023 10 39.2GWh 28.3%7.6%12.3GWh 31.4%14.0%0.8%26.8GWh 68.5%36.4%10.9%12 Gwh 13 GWh 0500001000001500002000002500003000003500001 2 3 4 5 6 7 8 9 10 11 12 2023 2022 2021 2020 2019 2018 0.00%20.00%40.00%60.00%80.00%100.00%6 7 8 9 10 0200004000060000800001000001200001400002019-04-012019-08-012019-12-012020-04-012020-08-012020-12-012021-04-012021-08-012021-12-012022-04-012022-08-012022-12-012023-04-012023-08-01BEV+PHEV0.00%2.00%4.00%6.00%8.00%10.00%12.00%2019-04-012019-07-012019-10-012020-01-012020-04-012020-07-012020-10-012021-01-012021-04-012021-07-012021-10-012022-01-012022-04-012022-07-012022-10-012023-01-012023-04-012023-07-012023-10-01-8-10 2023 10 23.28-10.40%5.54-1.90%+0.69%17.74-12.76%+34.30%14 15 16 Wind 01020304050607080902019-062019-102020-022020-062020-102021-022021-062021-102022-022022-062022-102023-022023-062023-10-10010203040502019-072019-102020-012020-042020-072020-102021-012021-042021-072021-102022-012022-042022-072022-102023-012023-042023-072023-10LFP 0100002000030000400005000060000700001 2 3 4 5 6 7 8 9 10 11 12 2019 2020 2021 2022 20230500001000001500002000002500001 2 3 4 5 6 7 8 9 10 11 12 2019 2020 2021 2022 20230.000.501.001.502.002.50-9-17/Wind 2.4 Canalys 23 Q3 1%2.93 PC 2023 Q3 7%6560 10 2023 10 7095 13%52%18 19 Wind 20 21 PC 0.000.501.001.502.002.503.00/0100020003000400050001 2 3 4 5 6 7 8 9 10 11 12 2019 2020 2021 2022 202302000400060008000100001 2 3 4 5 6 7 8 9 10 11 12 2019 2020 2021 2022 2023-10-3.LC2401 1.65%14.89/6.71%15.30/0.41/4.53%14.74/1 9320 1.45%2 3 27780 28350 2.05%19663+0.27%4-0.92/5 10 2.40+74%1.68+84%22/23/-20.00%-10.00%0.00%10.00%20.00%30.00%0.000.501.001.502.002.503.003.504.004.50%-40%-20%0%20%40%60%0.000.200.400.600.801.00 PC%0102030405060702018/3/1 2019/3/1 2020/3/1 2021/3/1 2022/3/1 2023/3/1/0102030405060702018/3/1 2019/3/1 2020/3/1 2021/3/1 2022/3/1 2023/3/1/-11-24/25-/26 27 28 29 30 31-0100020003000400050006000-20020406080/-20020406080-/0200040006000800010000120001 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 522019 2020 2021 2022 2023010002000300040005000600070001 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 522019 2020 2021 2022 202301000020000300004000050000600001 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 522019 2020 2021 2022 2023050001000015000200002500030000350001 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 522020 2021 2022 2023-12-Wind Mysteel 32 33 Greenbushes 23Q3 41.40+4.81%39.2-9%FOB 3740/Q4 2984/FY24H2 24 140-150 Mt Cattlin 23 Q3 72549+24.96%76631 24 21-23 2625/SC6 3000/FOB 636/Marion 23Q3 12.8+6.67%12.8+5%1870/3.7%28%23 6 Pilbara 23Q3 14.71-11%14.64-17%SC6.0 2553/-33%P680 23 Wodgina 23Q3 11.25+9.76%6.25 32%2401000020000300004000050000600007000080000900000500010000150002000025000300002018 1 2018 5 2018 9 2019 1 2019 5 2019 9 2020 1 2020 5 2020 9 2021 1 2021 5 2021 9 2022 1 2022 5 2022 9 2023 1 2023 5 2023 9/0510152025303540452020 1 2020 4 2020 7 2020 10 2021 1 2021 4 2021 7 2021 10 2022 1 2022 4 2022 7 2022 10 2023 1 2023 4 2023 7-0500010000150002000025000300001 2 3 4 5 6 7 8 9 10 11 12 2021 2022 202305000100001500020000250001 2 3 4 5 6 7 8 9 10 11 12 2021 2022 2023-13-1 Core 23Q3 20692+40.91%23424 SC5.2%1.31 1 24 23H2-24H1 8-9 34 产量（t）2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 Greenbushes 361000 379000 356000 395000 414000 4.81%14.68%Marion 108000 121000 120000 120000 128000 6.67%18.52%Cattlin 17606 16404 38915 58059 72549 24.96%312.07%Pilbara 147105 162151 148100 162800 147100-9.64%0.00%Wodgina 64000 92000 110000 102500 112500 9.76%75.78%Finniss 3589 14685 20692 40.91%-697711 770555 776604 853044 894841 4.90%28.3%资料来 源：公司 公告、中 泰证 券研 究 所 Olaroz 2023Q3 Olaroz 4453+35%-12%4554+22%+33%25981/-36%Olaroz 2023 7 15 35 Olaroz 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 同比 环比 2,972 3,445 3289 4253 4102 5059 4453 35%-12%3,157 3,440 3721 3131 2904 3430 4554 22%33%/27,236 41,033 40317 46706 52738 38062 25981-36%-32%/3,811 4,301 4563 4682 4924 5882 6008 32%2%/23,425 36,732 35754 42024 47814 32180 19973 86%90%89%90%91%85%77%Livent 2023 20%2021 Livent LCE 2.3 2022 LCE 2021 23 20%2023 4 2025 7 36 Livent -14-资料来 源：公司 公告、中 泰证 券研 究 所 SQM 2023Q2 4.3 34%26%3.4/33%18-19 10.5-11.5 37 SQM -15-资料来 源：公司 公告、中 泰证 券研 究 所 Alb 2023 30%-35%30-40%22-25CAGR 20-30%38 资料来 源：公司 公告、中 泰证 券研 究 所 4.51.15/1.52%260.00/2.49%782.50/11 49.34/1 9 3579 REO 1.22%2 9 4953 60%REO 2971.8-23%-39.7%1 Lynas 23Q3 REO 3609-19%+3%1526-18%+46%2 Mt Pass 23 10766-0.89%+1.10%10 6322+0.09%39/40：N35/-16-5.MB 16.33/MB 17.75/1.31%26.40/2.63%3.70/1 2023 9 0.83+24%-12%2 43 MB 44 45 46 05101520253035404550-1001020304050607080-/MB/0.002.004.006.008.0010.0012.0014.0016.00-20-1001020304050607080-/资料来 源：百川 资讯、中 泰证 券研 究 所 资料来 源：百川 资讯、中 泰证 券研 究 所 41：42：资料来 源：海关 总署、中 泰证 券研 究 所 资料来 源：海关 总署、中 泰证 券研 究 所 0204060801001202020/12/9 2021/12/9 2022/12/9(/)/05101520253035 N35 01000200030004000500060002020/2/12020/5/12020/8/12020/11/12021/2/12021/5/12021/8/12021/11/12022/2/12022/5/12022/8/12022/11/12023/2/12023/5/12023/8/1-020004000600080001000012000140001 2 3 4 5 6 7 8 9 10 11 12 2020 2021 2022 2023-17-Wind 6.SHFE 14.15/-0.42%LME 0.55%17925/SHFE+LME 2115 51025 1 2023 10&16.01+7.1%18.4%12.83+9.2%2 10 2.34 49.48%0.82%2023 10 43 310.0 2.7%1.1%200 99.4 1.5%6.4%300 153.4 9.3%7.1%400 57.3 10.8%19.3%-20020406080-/0200040006000800010000120002018-012018-052018-092019-012019-052019-092020-012020-052020-092021-012021-052021-092022-012022-052022-092023-012023-052023-09 47：SHFE/48：LME/资料来 源：Wind、中 泰证 券研 究所 资料来 源：Wind、中 泰证 券研 究所 49：50：SHFE&LME 800001000001200001400001600001800002000002200002400002600002800002018-06-302018-10-312019-02-282019-06-302019-10-312020-02-292020-06-302020-10-312021-02-282021-06-302021-10-312022-02-282022-06-302022-10-312023-02-282023-06-30SHFE 800018000280003800048000580002018-04-262018-08-262018-12-262019-04-262019-08-262019-12-262020-04-262020-08-262020-12-262021-04-262021-08-262021-12-262022-04-262022-08-262022-12-262023-04-262023-08-26:LME3/-18-7.6.85/8.14/1800-0.55%4690+0.64%8110+0.87%资料来 源：Wind、中 泰证 券研 究所 资料来 源：Wind、中 泰证 券研 究所 51：52：资料来 源：Wind、中 泰证 券研 究所 资料来 源：Wind、中 泰证 券研 究所 53：/54：/05001000150020002018-07-062018-11-062019-03-062019-07-062019-11-062020-03-062020-07-062020-11-062021-03-062021-07-062021-11-062022-03-062022-07-062022-11-062023-03-062023-07-062023-11-06:0500001000001500002000002500003000003500004000004500002017-08-142017-12-142018-04-142018-08-142018-12-142019-04-142019-08-142019-12-142020-04-142020-08-142020-12-142021-04-142021-08-142021-12-142022-04-142022-08-142022-12-142023-04-142023-08-14:LME:1502002503003501 2 3 4 5 6 7 8 9 10 11 12 2019 2020 2021 2022 20230.801.301.802.302.801 2 3 4 5 6 7 8 9 10 11 12 2019 2020 2021 2022 2023-19-8.SHFE 20.99/1.77%LME 24625/1.17%SHFE+LME 331 12980 9 5300-10.17%10 15320+1.59%9 7262.51-54.79%-73.18%资料来 源：Wind、中 泰证 券研 究所 资料来 源：Wind、中 泰证 券研 究所 55：56：资料来 源：百川 资讯、中 泰证 券研 究 所 资料来 源：百川 资讯、中 泰证 券研 究 所 57：SHFE/58：LME/0.001.002.003.004.005.006.007.008.002016-05-092016-10-092017-03-092017-08-092018-01-092018-06-092018-11-092019-04-092019-09-092020-02-092020-07-092020-12-092021-05-092021-10-092022-03-092022-08-092023-01-092023-06-09/0.001.002.003.004.005.006.007.008.009.0010.002016-05-162016-10-162017-03-162017-08-162018-01-162018-06-162018-11-162019-04-162019-09-162020-02-162020-07-162020-12-162021-05-162021-10-162022-03-162022-08-162023-01-162023-06-16/01000200030004000500060007000800090002020-02-212020-05-212020-08-212020-11-212021-02-212021-05-212021-08-212021-11-212022-02-212022-05-212022-08-212022-11-212023-02-212023-05-212023-08-21 0200040006000800010000120002020-02-212020-05-212020-08-212020-11-212021-02-212021-05-212021-08-212021-11-212022-02-212022-05-212022-08-212022-11-212023-02-212023-05-212023-08-21-20-资料来 源：Wind、中 泰证 券研 究所 资料来 源：Wind、中 泰证 券研 究所 59：Mysteel 60：SHFE&LME 资料来 源：Mysteel、中 泰证 券研 究 所 资料来 源：Wind、中 泰证 券研 究所 61：62：资料来 源：Wind、中 泰证 券研 究所 资料来 源：Wind、中 泰证 券研 究所 63：锡锭进口量（吨）64：0500001000001500002000002500003000003500004000002018-11-052019-03-052019-07-052019-11-052020-03-052020-07-052020-11-052021-03-052021-07-052021-11-052022-03-052022-07-052022-11-052023-03-052023-07-052023-11-05SHFE 01000020000300004000050000600002008-01-022009-01-022010-01-022011-01-022012-01-022013-01-022014-01-022015-01-022016-01-022017-01-022018-01-022019-01-022020-01-022021-01-022022-01-022023-01-02LME 020004000600080001000012000140002021-12-102022-01-102022-02-102022-03-102022-04-102022-05-102022-06-102022-07-102022-08-102022-09-102022-10-102022-11-102022-12-102023-01-102023-02-102023-03-102023-04-102023-05-102023-06-102023-07-102023-08-102023-09-102023-10-102023-11-10 02000400060008000100001200014000160002018-11-052019-03-052019-07-052019-11-052020-03-052020-07-052020-11-052021-03-052021-07-052021-11-052022-03-052022-07-052022-11-052023-03-052023-07-052023-11-05LME SHFE 02000400060008000100001200012 11 10 9 8 7 6 5 4 3 2 1 2023 2022 2021 2020 201902000400060008000100001200014000160001800012 11 10 9 8 7 6 5 4 3 2 1 2023 2022 2021 2020 2019-21-65 Wind 9.-60%-40%-20%0%20%40%60%80%01020304050602001-08-012002-03-012002-10-012003-05-012003-12-012004-07-012005-02-012005-09-012006-04-012006-11-012007-06-012008-01-012008-08-012009-03-012009-10-012010-05-012010-12-012011-07-012012-02-012012-09-012013-04-012013-11-012014-06-012015-01-012015-08-012016-03-012016-10-012017-05-012017-12-012018-07-012019-02-012019-09-012020-04-012020-11-012021-06-012022-01-012022-08-012023-03-01:资料来 源：Wind、中 泰证 券研 究所 资料来 源：Wind、中 泰证 券研 究所 050001000015000200002500030000350004000045000500002018-012018-052018-092019-012019-052019-092020-012020-052020-092021-012021-052021-092022-012022-052022-092023-012023-052023-09 01000200030004000500060002018-012018-052018-092019-012019-052019-092020-012020-052020-092021-012021-052021-092022-012022-052022-092023-012023-052023-09-22-612 15%612 5%15%612-10%+5%612 10%612 10%612-10%+10%612 10%612 A 300 500
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