Leading Players’ Acceleration To Continue In 2H21 And Beyond

Riding on strong downstream demand, EV battery material prices and shipments continue to be boosted in 2H21. For electrolytes: Aggressive capacity expansion from 2023 onward and long-term contracts will offset cyclicality. For cathodes: An accelerating nickel-rich trend and the metal price stabilising. For separators: Possible price hikes to serve as a catalyst in the future. Raise target prices for Enjie, Tinci and Easpring on higher earnings forecasts.