[Table_Page] 跟踪分析|专用设备 证券研究报告 [Table_Title] 锂电设备跟踪 宁德产能利用率历史高位，锂电设备需求迫切 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-10 | [Table_PicQuote] 相对市场表现 -20% -6% 8% 22% 36% 50% 03/25 05/25 08/25 10/25 12/25 03/26 专用设备 沪深300 | [分析师： Table_Author]代川 | | | --- | --- | | | SAC 执证号：S0260517080007 | | | SFC CE No. BOS186 | | 021-38003678 | | | | daichuan@gf.com.cn | | 分析师： | 孙柏阳 | | | SAC 执证号：S0260520080002 | | 021-38003680 | | | | sunboyang@gf.com.cn | | 分析师： | 范方舟 | | ...

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].

Summary of BYD's Second-Generation Battery Fast Charging Technology Conference Call Industry and Company Involved - **Company**: BYD (Build Your Dreams) - **Industry**: Electric Vehicle (EV) Battery Supply Chain Key Points and Arguments 1. Battery Core Components - **Cathode Materials**: - **Fengyuan Co., Ltd. (002805)**: Exclusive supplier of high-pressure lithium iron phosphate for BYD's fast-charging battery, involved in joint R&D and exclusive adaptation [1] - **Defang Nano (300769)**: Core supplier of lithium manganese iron phosphate, supporting the second-generation blade battery's high rate and energy density improvements [1] - **Hunan YN Energy (301358)**: Leading supplier of lithium iron phosphate cathodes, deeply integrated with BYD, benefiting from the ramp-up of fast-charging batteries [1] 2. Electrolytes and Separators - **Tinci Materials (002709)**: Leading supplier of high-rate electrolytes, utilizing LiFSI technology to reduce internal resistance, suitable for fast-charging needs [1] - **Enjie Co., Ltd. (002812)**: Supplier of ultra-thin wet separators (4μm), enhancing ionic conductivity and ensuring fast charging stability [1] 3. Structural Components and Equipment - **Kodali (002850)**: Core supplier of blade battery casings, meeting the structural requirements of the second-generation short blade and high-rate designs [1] - **Haimeixing (688559)**: Provides laser equipment for the second-generation blade, covering the entire process from electrode processing to welding, with BYD as its second-largest customer (approximately 15% of revenue) [1] - **Lianying Laser (688518)**: Main supplier for cell/PACK laser welding, utilizing blue laser technology for copper-aluminum welding, with a high market share [1] 4. Onboard High Voltage and Control - **Silicon Carbide Chips**: - **San'an Optoelectronics (600703)**: The only domestic company with a full silicon carbide supply chain, providing automotive-grade SiC chips for high-voltage fast charging and efficient energy conversion [1] - **Tianyue Advanced (688234)**: Holds a 25% global market share in silicon carbide substrates, entering BYD's supply chain to support SiC chip production [1] 5. High Voltage Connectors and Charging Guns - **Yonggui Electric (300351)**: Validated 1000V liquid-cooled high-voltage connectors and charging guns by BYD, with a single vehicle supply value of approximately 1200 yuan [1] 6. Onboard Power Modules - **Xinrui Technology (300745)**: Supplier of high-power charging SCM super-fast charging modules, suitable for megawatt fast-charging high-voltage platforms [1] 7. Charging Infrastructure - **Ultra Charging Piles and Power Modules**: - **XJ Electric (000400)**: Awarded the first batch of megawatt fast charging station equipment by BYD, providing 600kW liquid-cooled ultra charging piles [1] - **Shenghong Co., Ltd. (300693)**: Signed a strategic agreement with BYD for core power modules of megawatt charging stacks [1] 8. Charging Modules and Power Supplies - **Yingkerui (300713)**: Supplier of 1000V efficient power modules, achieving a conversion efficiency of 98.5%, supporting peak power output [1] Core Conclusions - **Key Certainties**: Exclusive long-term agreements for cathode materials, exclusive adaptation of laser equipment, and full-chain support for SiC chips [1] - **Leading Suppliers for Fast Charging Components**: Tinci Materials (electrolytes), Enjie Co., Ltd. (separators), Yonggui Electric (high-voltage connectors), and XJ Electric (ultra charging piles) [1]

Core Viewpoint - The company, Lianying Laser, announced its financial results for the fiscal year 2025, showing a modest growth in both revenue and net profit [2] Financial Performance - The total operating revenue for 2025 is reported at 3,260.52 million yuan, reflecting a year-on-year increase of 3.52% [2] - The net profit attributable to the shareholders of the parent company is 172.23 million yuan, which represents a year-on-year growth of 4.05% [2]

格隆汇2月27日丨联赢激光(688518.SH)公布2025年度业绩快报，报告期内，公司实现营业收入32.61亿 元，较上年同期增长3.52%；归属于母公司所有者的净利润为1.72亿元，较上年同期增长4.05%；归属于 母公司所有者的扣除非经常性损益的净利润为1.47亿元，较上年同期增长12.46%。 ...

Group 1 - The company, Lianying Laser, announced the receipt of a letter from Tianjian Accounting Firm regarding the change of the project quality review person [2] - Tianjian Accounting Firm, as the auditing institution for the company's 2025 annual audit, originally appointed Lv Anji as the project quality control review person [2] - Due to work changes, Mao Shuo has been appointed to replace Lv Anji as the project quality control review person [2]

每经AI快讯，联赢激光2月27日晚间发布2025年度业绩快报，营业收入约32.61亿元，同比增加3.52%； 归属于上市公司股东的净利润约1.72亿元，同比增加4.05%；基本每股收益0.5元，同比增加2.04%。 每经头条（nbdtoutiao）——2月井喷！中国AI调用量首超美国，四款大模型霸榜全球前五，国产算力需 求正经历指数级增长 （记者 王晓波） ...

证券代码：688518 证券简称：联赢激光 公告编号:2026-005 一、本次项目质量控制复核人变更情况 天健会计师事务所（特殊普通合伙）作为公司 2025 年度审计机构，原委派 吕安吉作为公司 2025 年度审计报告的项目质量控制复核人。由于工作变动，现 委派毛硕接替吕安吉作为项目质量控制复核人。 二、本次变更后项目质量控制复核人的基本信息 1、基本情况 深圳市联赢激光股份有限公司 关于2025年度审计机构变更项目质量控制复核人的公告 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。 深圳市联赢激光股份有限公司（以下简称"公司"）于 2025 年 4 月 14 日召 开的第五届董事会第七次会议，于 2025 年 5 月 7 日召开的 2024 年年度股东会， 审议通过了《关于续聘 2025 年度审计机构的议案》，同意公司续聘天健会计师 事务所（特殊普通合伙）为公司 2025 年度审计机构，具体内容详见公司于 2025 年 4 月 15 日在上海证券交易所网站（http://www.sse.com）披露的《关于续聘 202 ...

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。 本公告所载深圳市联赢激光股份有限公司（以下简称"公司"）2025年度主 要财务数据为初步核算数据，未经会计师事务所审计，具体数据以公司2025年 年度报告中披露的数据为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 证券代码：688518 证券简称：联赢激光 公告编号：2026-004 深圳市联赢激光股份有限公司 2025年度业绩快报公告 单位：万元 | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | --- | --- | --- | --- | | | | | （％） | | 营业总收入 | 326,051.75 | 314,955.43 | 3.52 | | 营业利润 | 16,502.71 | 17,667.18 | -6.59 | | 利润总额 | 16,303.58 | 17,801.89 | -8.42 | | 归属于母公司所有者的净 | 17,223.38 | 16,553.25 | 4.05 | | 利润 | | | | | 归 ...

证券日报网讯 2月25日，联赢激光在互动平台回答投资者提问时表示，目前全固态电池设备方面，公司 已为两家行业头部客户提供中试线设备并进入试产阶段，尚未进入量产阶段。在极片清洗设备领域，公 司将积极加强产品研发和市场开拓。 （文章来源：证券日报） ...