相关报告： 供给端：正处于规模化量产的关键过渡期。预计全固态电池最快可于 2030 年实现规模化量产，硫化物电解质将成主流。综合来看，全球头部电池 厂与车企已形成统一时间规划——2027 年实现全固态电池小批量装车，2030 年进入规模化量产阶段。EVTank 预计到 2030 年全球固态电池出货量将达到 614.1GWh，固态电池在整体锂电池市场的渗透率预计约为 10%。 产业量产加速可期，关注设备端投资机会 2026 年 3 月 27 日 行业研究/行业专题报告 锂电设备板块近一年市场表现 投资要点： 固态电池技术路线逐步聚焦。固态电解质多路线并行，硫化物成主流选 择。全球固态电池研发厂商集中在中日韩及美国，硫化物技术路线占比最高。 负极材料方面，硅基负极和含锂金属负极是当前固态电池的主要材料，在更 高能量密度固态电池上主要选择锂金属负极。正极材料方面，目前以高镍三 元为主导，未来将逐步向更高比能富锂锰基发展。 资料来源：常闻 首选股票 评级 需求端：利好政策持续加码，新兴场景潜力广阔。我国围绕固态电池技 术已构建起"中央政策引领—地方产业配套落地—财政金融支持"的立体化 推进体系。《新型储能制造业高质量 ...

证券代码：688499 证券简称：利元亨 公告编号：2026-007 广东利元亨智能装备股份有限公司 本次变更后，公司向不特定对象发行可转换公司债券项目的持续督导保荐代 表人为郑晓明先生和张伟鹏先生，本次变更不影响中信证券对公司的持续督导工 作。 公司董事会对王荣鑫先生在担任公司保荐代表人期间所做的工作表示衷心 感谢！ 特此公告。 广东利元亨智能装备股份有限公司董事会 2026 年 3 月 27 日 1 附件： 关于变更持续督导保荐代表人的公告 本公司董事会及全体董事保证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。 中信证券股份有限公司（以下简称"中信证券"）为广东利元亨智能装备股 份有限公司（以下简称"公司"）向不特定对象发行可转换公司债券项目的保荐 人，委派持续督导的保荐代表人为王荣鑫先生和郑晓明先生，本项目法定持续督 导期间为 2023 年 6 月 9 日至 2024 年 12 月 31 日止。鉴于本项目募集资金尚未使 用完毕，中信证券将继续履行募集资金相关的持续督导职责。 公司于近日收到中信证券出具的《关于更换保荐代表人的函》，王荣鑫先生 ...

证券代码：688499 证券简称：利元亨 公告编号：2026-008 广东利元亨智能装备股份有限公司关于 终止对外投资及全资子公司退回土地使用权的公告 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、准确性和完整性承担法律责任。 一、对外投资基本情况 广东利元亨智能装备股份有限公司（以下简称"公司"）于 2022 年 10 月 27 日召开了第二届董事会第十七次会议，审议通过了《关于公司拟与南通高新 技术产业开发区管理委员会签订相关投资协议的议案》与《关于全资子公司拟与 南通高新技术产业开发区管理委员会签署投资发展监管协议的议案》，公司拟在 南通高新区投资建设利元亨华东总部基地项目（以下简称"本项目"），拟通过 招拍挂方式依法取得项目建设用地的土地使用权，主要从事新能源（光伏、锂电） 等行业智能装备软硬件的研发、生产和销售，全资子公司江苏利元亨智能装备有 限公司（以下简称"江苏利元亨"）为本项目的具体实施主体。具体内容详见公 司 2022 年 10 月 28 日披露于上海证券交易所官网（www.sse.com.cn）的《广东 利元亨智能装备股份有限公司关于 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [6]. Core Insights - In February 2026, the production and sales of new energy vehicles (NEVs) and batteries showed a decline year-on-year due to multiple factors including policy adjustments, demand front-loading, and insufficient consumer willingness [5]. - Despite the decline in NEV sales, the sales of power and energy storage batteries maintained growth, with a year-on-year increase of 41.3% in production and 25.7% in sales for February 2026 [5]. - The report anticipates a quick recovery in lithium battery market demand in March 2026, driven by various promotional activities and new product launches [5]. Summary by Sections New Energy Vehicle Market - In February 2026, NEV production and sales were 694,000 and 765,000 units respectively, showing year-on-year declines of 21.8% and 14.2% [5]. - The domestic sales of NEVs in February were 483,000 units, a year-on-year decrease of 36.4% [5]. - NEV export reached 282,000 units, marking a year-on-year increase of 110% [5]. Battery Production and Sales - In February 2026, the production of power and energy storage batteries was 141.6 GWh, with a year-on-year growth of 41.3% [5]. - Battery sales for February were 113.2 GWh, with a year-on-year increase of 25.7% [5]. - The export of batteries was 23.9 GWh, reflecting a year-on-year growth of 13.2% [5]. Market Outlook - The report suggests that the overall demand for lithium batteries is expected to maintain an optimistic growth rate throughout the year, with supply-demand dynamics improving [5]. - Solid-state battery development is progressing, which is anticipated to create incremental demand for materials and equipment in the industry [5]. - Key companies to watch include CATL, EVE Energy, and others involved in critical segments of the battery supply chain [5].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - CATL's capacity utilization rate has reached a historical high of 96.9% by the end of 2025, indicating a strong need for capacity expansion due to the inability to meet future order growth [6] - There is a strong and urgent demand for lithium battery equipment driven by the need for capacity expansion, with CATL's planned capacity under construction reaching 321 GWh by the end of 2025 [6] - The demand for lithium batteries is supported by dual drivers: the growth in power batteries and energy storage batteries, with sales growth of 41.85% and 29.13% respectively in 2025 [6] - New technologies such as solid-state batteries and dry electrode processes are expected to bring additional growth opportunities for equipment manufacturers [6] - Investment recommendations include focusing on equipment manufacturers with complete line delivery capabilities and those benefiting from new technologies [6] Summary by Sections Industry Overview - CATL's total battery capacity reached 772 GWh with a production of 748 GWh in 2025, marking a significant increase in capacity utilization compared to previous cycles [6] Demand Drivers - The urgent need for capacity expansion is highlighted by CATL's inability to fulfill all orders due to current production limits [6] - The strong market demand for electric vehicles and energy storage solutions is expected to continue driving lithium battery demand [6] Technological Advancements - Solid-state batteries are projected to enter mass production between 2027 and 2028, which will create new investment opportunities in equipment [6] - The dry electrode process is anticipated to reduce costs by over 50% and increase demand for related equipment [6] Investment Recommendations - Focus on leading manufacturers such as XianDao Intelligent, HaiMuXing, and LiYuanHeng for their strong ties with major clients [6] - Consider companies benefiting from advancements in solid-state and dry electrode technologies, such as HongGong Technology and Nacono [6]

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy sector [1]. Core Insights - Solid-state batteries are gaining policy attention and have broad prospects, with industrialization imminent. They are viewed as the next generation of lithium battery technology due to their high energy density and intrinsic safety. The Chinese government is accelerating the development and industrialization of solid-state battery technology through major projects and standardization efforts [2][9]. - The equipment sector is expected to benefit first from the technological iteration and capacity construction in solid-state batteries. Key equipment such as dry electrode and isostatic pressing machines are anticipated to be in demand as the production processes evolve [2][19]. - Leading companies like XianDao Intelligent, LiYuanHeng, and HaiMuXing are capable of providing integrated solutions for solid-state battery production lines, indicating a competitive landscape in the equipment supply sector [2][56]. Summary by Sections 1. Solid-State Batteries: Policy Emphasis and Broad Prospects - Solid-state batteries are recognized for their potential to overcome the performance limitations of traditional lithium batteries, with significant policy support from the Chinese government [9][19]. - Major automotive companies are planning to validate and mass-produce solid-state batteries between 2026 and 2030, indicating a robust growth trajectory for this technology [19][20]. 2. Equipment Sector: Key Equipment Expected to Thrive - The production process for solid-state batteries will differ significantly from traditional lithium batteries, necessitating new equipment investments. Approximately two-thirds of the equipment may need to be newly purchased if dry processing methods are adopted [2][35]. - The dry electrode process is highlighted as a critical technology for both solid-state battery mass production and cost reduction in liquid batteries, with high technical barriers [40][41]. 3. Solid-State Battery Equipment Participants - Key players in the solid-state battery equipment sector include companies like NaKonoer, HongGong Technology, and RongQi Technology, which are involved in various stages of production [57]. - The demand for laser equipment is expected to increase in solid-state battery production, with applications in insulation and cutting processes [46][49]. 4. Investment Recommendations - The report suggests focusing on leading companies with comprehensive solution capabilities in the solid-state battery equipment sector, as they are likely to benefit from the capacity expansion in solid-state batteries and traditional lithium battery production cycles [2][19].

报告期内，新能源行业景气度提升，公司积极把握市场机遇，依托供应链与交付体系的精细化协同，有 效提升项目执行与验收效率，促使公司项目验收周期缩短。公司持续推动技术降本与供应链资源优化， 有效提升主营业务毛利率，盈利空间得到夯实；公司严格执行预算管理，优化组织架构与资源配置，销 售费用、管理费用及研发费用投入的效率和针对性进一步增强，期间费用率实现有效降低；公司加大对 应收账款的催收管理力度，客户回款状况整体改善，经营活动现金流优化，前期计提的信用减值损失实 现了部分冲回，对业绩提升产生积极影响。 格隆汇2月27日丨利元亨(688499.SH)公布2025年度业绩快报，2025年公司实现营业总收入32.15亿元，同 比去年增长29.54%；实现营业利润9,974.84万元、实现利润总额10,396.04万元、实现归属于母公司所有 者的净利润5,096.68万元、实现归属于母公司所有者的扣除非经常性损益的净利润3,196.73万元，同比去 年均实现扭亏为盈。 ...

Group 1 - The core viewpoint of the article highlights that Liyuanheng (688499.SH) reported a significant increase in revenue and profitability for the fiscal year 2025, with total operating revenue reaching 3.215 billion yuan, a year-on-year growth of 29.54% [1] - The company achieved an operating profit of 99.7484 million yuan and a total profit of 103.9604 million yuan, marking a turnaround to profitability compared to the previous year [1] - The net profit attributable to shareholders of the parent company was 50.9668 million yuan, with a net profit of 31.9673 million yuan after deducting non-recurring gains and losses, also indicating a recovery from losses in the prior year [1] Group 2 - The improvement in the new energy industry has provided favorable market conditions, allowing the company to effectively enhance project execution and acceptance efficiency through refined collaboration in supply chain and delivery systems [1] - The company has focused on cost reduction in technology and optimization of supply chain resources, which has effectively increased the gross profit margin of its main business, solidifying its profit space [1] - Enhanced budget management and optimized organizational structure have led to improved efficiency and targeting of sales, management, and R&D expenses, resulting in a reduction in the period expense ratio [1] - The company has intensified the management of accounts receivable, leading to an overall improvement in customer payment conditions and optimized operating cash flow, positively impacting performance [1]

Group 1 - The company Liyuanheng reported its 2025 annual performance, with operating revenue of approximately 3.215 billion yuan, an increase of 29.54% year-on-year [1] - The net profit attributable to shareholders was 50.97 million yuan, compared to a net loss of approximately 1.044 billion yuan in the same period last year [1] - Basic earnings per share were 0.3 yuan, a significant improvement from a loss of 8.12 yuan per share in the previous year [1] Group 2 - A notable shift in AI usage has occurred, with China's AI call volume surpassing that of the United States for the first time, leading to a surge in various sectors in the A-share market [1] - A well-known Wall Street analyst commented that China's computing power path is overturning traditional perceptions [1]

Financial Performance - The company achieved total operating revenue of 321,546.15 million yuan, a year-on-year increase of 29.54%[4] - Operating profit reached 9,974.84 million yuan, with total profit at 10,396.04 million yuan, marking a turnaround from losses in the previous year[7] - Net profit attributable to shareholders of the parent company was 5,096.68 million yuan, also a recovery from a loss of 104,413.24 million yuan in the previous year[4] - Basic earnings per share improved to 0.30 yuan from a loss of 8.12 yuan per share in the previous year[4] - The weighted average return on net assets increased to 2.23%, up 54.12 percentage points from -51.89%[4] Assets and Equity - Total assets at the end of the reporting period were 851,635.72 million yuan, a decrease of 3.15% from the beginning of the period[7] - Shareholders' equity attributable to the parent company increased by 1.25% to 229,758.01 million yuan[7] Strategic Initiatives - The company implemented a stock incentive plan in 2025, with estimated share-based payment expenses of approximately 23 million yuan[8] - The improvement in financial performance was supported by cost optimization, enhanced operational efficiency, and better management of accounts receivable[10] - The company continues to strengthen its investment in solid-state batteries and intelligent robotic operations, contributing to its competitive edge[8]