惠譽:石墨化一體化有助提高中國負極材料供應商利潤率
惠譽評級表示,佔全球負極材料出貨量96%的中國負極材料供應商持續推進石墨化工藝一體化,這將有助其控制成本、穩定供應,進而提高利潤率。鋰離子電池充放電過程中,負極接收或釋放鋰離子。
由於原材料價格下降、產能擴大及下游需求受去庫存掣肘等因素帶動負極材料價格下行,負極材料龍頭供應商今年上半年的利潤率有所收窄。據鑫欏鋰電統計,中端人造石墨負極材料價格自2022年底的每噸4.8萬元人民幣(下同),降至每噸3.45萬元。不過,隨著供應鏈庫存水平趨於正常,惠譽預計負極材料價格將在下半年企穩。
為支持利潤率,中國負極材料龍頭供應商已在國內電力成本較低的省份擴大石墨化一體化產能。惠譽預計,到今年底龍頭企業的平均石墨化一體化水平將自2022年的46%升至70%,其中並不包括石家莊尚太科技股份,因該公司已基本實現完全的石墨化一體化。
由於生產過程高耗能且對環境有影響,負極材料業務的海外擴張速度不及其他鋰電池組件。不過,惠譽預計,更多的負極材料供應商將在東南亞和歐洲等資源豐富、政策利好的國家建廠,以擴大市場份額及滿足不斷向海外擴張的下游電池客戶的需求。例如,上海璞泰來新能源科技計劃在瑞典建設負極材料基地。
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