CITIC Securities: it is expected that the lithium iron phosphate cathode material will have large demand space and fast growth in the future, and the industry is expected to open up long-term growth space

CITIC Securities research report pointed out that benefiting from the rapid growth of the energy storage industry and the improvement of the penetration rate of lithium iron battery in the overseas power field, it is expected that the lithium iron phosphate cathode material will have large demand space and fast growth in the future, and the industry is expected to open up long-term growth space. Lithium iron phosphate cathode materials have been widely used in 2019-2021 based on high cost performance. However, it can also be seen that with the entry of new players and the accelerated expansion of production capacity, the industry competition tends to be fierce. In the future, the industry is expected to realize industrial iteration in terms of cost and performance. The extension of industrial chain and the application of innovative lithium salt and lithium manganese iron phosphate are expected to be the most important development trend of the industry in the future. Recommend German nano and Longpan technology, and pay attention to Fulin Seiko and hezong technology.