证券研究报告·公司点评报告·电池 容百科技（688005） 2025 年业绩预告点评：Q4 单季扭亏，钠电 正极放量在即 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 22,657 | 15,088 | 11,961 | 19,934 | 25,192 | | 同比（%） | (24.78) | (33.41) | (20.72) | 66.66 | 26.37 | | 归母净利润（百万元） | 580.91 | 295.91 | (170.84) | 456.42 | 850.02 | | 同比（%） | (57.07) | (49.06) | (157.73) | 367.17 | 86.24 | | EPS-最新摊薄（元/股） | 0.81 | 0.41 | (0.24) | 0.64 | 1.19 | | P/E（现价&最新摊薄） | 45.20 | 88.74 | (153.71) | 57.53 | ...

Core Viewpoint - Company Rongbai Technology has signed a procurement cooperation agreement with CATL for lithium iron phosphate cathode materials, with a total expected supply of 3.05 million tons and a sales amount exceeding 120 billion yuan from Q1 2026 to 2031, prompting inquiries from the Shanghai Stock Exchange regarding the accuracy of information disclosure [1] Group 1: Information Disclosure - The Shanghai Stock Exchange has requested the company to verify and supplement disclosures regarding the accuracy of the sales amount, which was not specified in the agreement [1] - The company previously announced an acquisition of Guizhou Xinren New Energy Technology Co., which has an annual production capacity of 60,000 tons of lithium iron phosphate, raising questions about the discrepancy between its current capacity and the expected supply under the agreement [1] Group 2: Agreement Details - The agreement stipulates that the company will have priority in project development and supply of materials, contingent upon meeting the partner's technical, cost, quality, and delivery requirements [2] - The final procurement volume and demand assurance will be based on subsequent framework, annual, or individual purchase contracts, with no mandatory obligations imposed by the agreement [2] Group 3: Compliance and Internal Control - The company is required to disclose whether it has signed agreements regarding capacity construction, annual product delivery, and pricing adjustment mechanisms, and to assess the impact of these factors on its operational and financial status [3] - The company must also conduct a self-examination of its internal decision-making processes related to the agreement and verify the effectiveness of its internal controls, ensuring that disclosures are truthful, accurate, and complete [4]

Core Viewpoint - Company signed a procurement cooperation agreement with CATL for lithium iron phosphate cathode materials, with an estimated supply of 3.05 million tons and a total sales amount exceeding 120 billion yuan from Q1 2026 to 2031 [1] Group 1: Information Disclosure - The Shanghai Stock Exchange requested the company to verify and supplement the disclosure of relevant information regarding the accuracy of the sales amount, which was not specified in the agreement [1] - The company previously announced an acquisition of Guizhou Xinren New Energy Technology Co., which has an annual production capacity of 60,000 tons of lithium iron phosphate, indicating a significant discrepancy between its current capacity and the expected supply under the agreement [1] Group 2: Agreement Details - The agreement stipulates that the company will have priority in project development and supply of lithium iron phosphate materials, contingent on meeting the partner's technical, cost, quality, and delivery requirements [2] - The final procurement volume and demand assurance will be based on subsequent framework, annual, or individual purchase contracts, with no mandatory obligations imposed on either party [2] Group 3: Compliance and Internal Control - The company is required to disclose whether it has signed agreements regarding capacity construction, annual delivery quantities, and pricing adjustment mechanisms, and to assess the impact of these factors on its operational and financial status [3] - The company must also verify the existence of technical, standard, and quality prerequisites for product delivery, and the costs associated with meeting these requirements [3] - A self-examination of insider trading prevention measures related to the agreement is required, along with a disclosure of the results and a list of individuals with insider knowledge [3]

Group 1 - The Ministry of Industry and Information Technology (MIIT) has issued an action plan for the high-quality development of industrial internet platforms from 2026 to 2028, focusing on four key actions: platform cultivation, data intelligence enhancement, large-scale application, and ecosystem support [1][10][25] - By 2028, the plan aims to establish a multi-layered platform system with over 450 influential platforms, enhance resource connectivity, and achieve a platform penetration rate of over 55% [10][28] Group 2 - Eight departments, including the Ministry of Civil Affairs, have jointly released 14 measures to promote the development of the silver economy, emphasizing technology empowerment in elderly care services and encouraging the development of elderly care robotics [2][5][20] - The measures aim to support the establishment of operating entities in elderly care services and promote technological advancements to assist elderly individuals with declining physical functions [5][20] Group 3 - The National Development and Reform Commission (NDRC) is set to lead the formulation of the "14th Five-Year" plan for circular economy development, focusing on solid waste management and addressing long-standing industry challenges [3][21] - The action plan aims to fill institutional gaps and enhance the effectiveness and innovation of solid waste management strategies [3][21] Group 4 - Shanghai has introduced 28 policies to enhance the synergy between consumption and service industry development, targeting key sectors such as finance, information services, and transportation [4][22][23] - The measures are designed to optimize supply and expand consumption, promoting mutual growth between service quality improvement and consumption expansion [22][23] Group 5 - Contemporary Amperex Technology Co., Ltd. (CATL) has signed a significant procurement agreement with Rongbai Technology for lithium iron phosphate materials, with a total sales amount exceeding 120 billion yuan, expected to positively impact future business performance [9][12][31] - The partnership includes a strategic investment in Fulian Precision Engineering, which will utilize the funds to develop high-end energy storage lithium iron phosphate projects [9][27][31] Group 6 - The price of lithium carbonate futures has surged significantly at the beginning of 2026, with the main contract exceeding 170,000 yuan per ton, marking a 37.25% increase since the end of 2025 [14][33] - This price increase is attributed to the demand surge following the reduction of export tax rebates, indicating a strong market response [14][33]

Group 1 - Nvidia has received a regulatory easing from the US for exporting H200 chips to China, and the company clarified it will not require customers to pay for undelivered products despite previous rumors of strict payment terms [2] - Rongbai Technology signed a procurement agreement with CATL worth over 120 billion yuan for lithium iron phosphate cathode materials, expected to supply 3.05 million tons from Q1 2026 to 2031, positively impacting future performance [2] - Microsoft is integrating ChatGPT into Office 365 to enhance productivity and collaborating with Walmart to strengthen AI recommendation systems on its e-commerce platform, reinforcing its position in enterprise software and cloud computing [2] Group 2 - Debon Logistics plans to voluntarily delist, with a cash option registration date set for February 6, 2026, and the stock will resume trading on January 14, 2026, aiming to optimize its capital structure [5] - Fulin Precision plans to raise 3.175 billion yuan through a private placement to CATL at 13.62 yuan per share for a project to produce 500,000 tons of high-end energy storage lithium iron phosphate, deepening cooperation in the new energy sector [5] - Baiwei Storage expects a net profit of 850 million to 1 billion yuan in 2025, a year-on-year increase of 427.19% to 520.22%, driven by recovering demand in the storage chip market [5][6] Group 3 - TCL Technology anticipates a net profit growth of 169% to 191% in 2025, primarily due to improved profitability in its semiconductor display business and rapid development in the new energy photovoltaic sector [3] - TCL Zhonghuan expects a net loss of 8.2 billion to 9.6 billion yuan in 2025, a reduction from a loss of 9.818 billion yuan the previous year, with positive operating cash flow [6] - Pudong Development Bank projects a net profit of 50.017 billion yuan in 2025, a year-on-year increase of 10.52%, driven by improved asset quality and steady growth in intermediary business income [7]

1月13日晚，容百科技披露，公司与宁德时代签署了《磷酸铁锂正极材料采购合作协议》。协议约定， 自2026年第一季度开始至2031年，容百科技合计为宁德时代供应国内区域磷酸铁锂正极材料预计为305 万吨，协议总销售金额超1200亿元。 容百科技称，协议的履行预计将对公司未来经营业绩产生积极且重要影响，并进一步增强公司经营的稳 定性与抗周期能力。 容百科技获宁德时代超1200亿元订单 资料显示，容百科技2023年、2024年及2025年前三季度营收分别为226.57亿元、150.88亿元和89.86亿 元。 ◎记者 王玉晴 1月13日晚，容百科技、富临精工分别披露与宁德时代的重磅合作。容百科技与宁德时代签署《磷酸铁 锂正极材料采购合作协议》，协议总销售金额超1200亿元。富临精工则拟通过定增引入宁德时代作为战 略投资者，募资31.75亿元投向年产50万吨高端储能用磷酸铁锂项目，还将推进富临精工机器人相关产 品应用于宁德时代工厂生产制造流程。 富临精工本次向宁德时代定增预计募集资金总额（含发行费用）为31.75亿元。募集资金将用于年产50 万吨高端储能用磷酸铁锂项目、新能源汽车电驱动系统关键零部件项目、机器人集成电 ...

容百科技表示，公司磷酸铁锂产品在铁溶出率、首效及压实密度等关键性能指标上处于行业领先地位， 可广泛应用于储能与动力，尤其是高端储能及动力领域。目前，公司已完成三代品、四代品的关键开发 及应用开发，并在量产线上完成五代品开发，各项指标内部测试达标，开始进入应用开发阶段。 在产品工艺方面，容百科技生产流程由15道缩短至6道，投资成本降低约40%，能耗降低约30%；除此 之外，公司已在北美地区投资磷酸铁锂电池回收项目，即使在碳酸锂价格较低的情况下，也能实现盈 利。 面对宁德时代的巨额订单，容百科技在产能上是否已经做好准备？公司指出，接单的信心来自于自身技 术研发和对外并购整合。 1月13日晚间，容百科技发布公告，公司与宁德时代签署《磷酸铁锂正极材料采购合作协议》，自2026 年第一季度开始至2031年，预计将向宁德时代国内区域供应磷酸铁锂正极材料305万吨，总销售金额超 1200亿元，预计将对公司未来经营业绩产生积极且重要的影响。 2025年12月，容百科技宣布拟斥资3.42亿元收购贵州新仁新能源科技有限公司（下称"贵州新仁"）部分 股权，并以1.4亿元对后者增资，交易完成后将持有贵州新仁93.2%股份。资料显示， ...

容百科技(688005)与宁德时代（300750）签署305万吨磷酸铁锂大单，总销售金额超1200亿元。 在产品工艺方面，容百科技生产流程由15道缩短至6道，投资成本降低约40%，能耗降低约30%；除此 之外，公司已在北美地区投资磷酸铁锂电池回收项目，即使在碳酸锂价格较低的情况下，也能实现盈 利。 面对宁德时代的巨额订单，容百科技在产能上是否已经做好准备？公司指出，接单的信心来自于自身技 术研发和对外并购整合。 2025年12月，容百科技宣布拟斥资3.42亿元收购贵州新仁新能源科技有限公司(下称"贵州新仁")部分股 权，并以1.4亿元对后者增资，交易完成后将持有贵州新仁93.2%股份。资料显示，贵州新仁拥有年产6 万吨磷酸铁锂产线且具备快速扩产潜力，后续容百科技会将自身新型技术在贵州新仁的产线上快速放 大，实现磷酸铁锂的规模化生产。 1月13日晚间，容百科技发布公告，公司与宁德时代签署《磷酸铁锂正极材料采购合作协议》，自2026 年第一季度开始至2031年，预计将向宁德时代国内区域供应磷酸铁锂正极材料305万吨，总销售金额超 1200亿元，预计将对公司未来经营业绩产生积极且重要的影响。 作为三元材料头部企业， ...

证券代码：688005 证券简称：容百科技 公告编号：2026-003 宁波容百新能源科技股份有限公司 关于收到上海证券交易所问询函的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 宁波容百新能源科技股份有限公司（以下简称"容百科技"或"公司"）于 2026 年 1 月 13 日收到上海证券交易所科创板公司管理部下发的上证科创公函 【2026】0017 号《关于宁波容百新能源科技股份有限公司与宁德时代签署日常 经营合同事项的问询函》（以下简称"《问询函》"），《问询函》具体内容如 下： 四、其他。请公司全面自查并披露相关协议签署履行的内部决策程序，核实 公司内部控制规范性和执行的有效性，相关信息披露是否真实、准确、完整，是 否存在夸大表述和广告宣传用语，是否符合《上海证券交易所科创板股票上市规 则》的相关规定，明确说明是否存在借大额合同进行股价炒作的动机。 请你公司收到本问询函后立即披露，并在 1 个交易日内就上述问题以书面 形式回复我部，并按要求履行信息披露义务。后续本所将结合公司回复情况启动 纪律处分程序。" " ...

面对每天上千份上市公司公告该看哪些？重大事项公告动辄几十页几百页重点是啥？公告里一堆专业术语 不知道算利好还是利空？请看智通财经公司新闻部《速读公告》栏目，我们派驻全国的记者们将于公告当 晚为您带来准确、快速、专业的解读。 《科创板日报》1月13日讯（记者 王楚凡） 容百科技今日（1月13日）晚间发布公告，宣布公司与宁德时代正式签署 《磷酸铁锂正极材料采购合作协议》（下称："协议"）。 根据协议，自2026年第一季度至2031年，容百科技预计将合计向宁德时代供应约305万吨磷酸铁锂正极材料，协议总销 售金额预计将超过1200亿元。 根据协议主要条款，自2026年1月1日起至2030年12月31日止的合作期间内，容百科技作为宁德时代的重要供应商，将 为其提供磷酸铁锂正极材料。具体采购数量、价格及质量要求将以双方后续签订的框架性、年度性或单笔采购订单及 技术规格书为准。 协议约定了双方将每三个月同步需求及供应变化情况，容百科技将在全球范围内制定匹配性的产能、产品开发及生产 经营计划，以响应宁德时代的快速交付及质量改善等诉求。宁德时代则在同等商业条件下给予容百科技项目开发的优 先权及产品导入的优先支持。 容百科技表 ...