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Citi stated that Zimbabwe's ban on lithium ore exports may drive up lithium prices and costs, negatively impacting battery profit margins. As a result, CATL's stock price has underperformed, but this provides a buying opportunity for long-term investors. Analysts pointed out that such concerns are not new, and despite rising costs, CATL's net profit per watt-hour for batteries is expected to remain stable at RMB 0.11, as most lithium costs can be passed downstream and the company has a comprehensive investment layout in the supply chain. Next catalysts include management guidance after the annual report on March 9 and the potential restart of lithium mines in Jiangxi. In the short term, lithium producers are expected to continue outperforming the market, with Ganfeng Lithium being favored.
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