德赛电池（000049.SZ）9月10日在投资者互动平台表示，湖南电池目前尚处于亏损状态，2025年上半年 净亏损1.77亿元。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：首先祝贺湖南德赛储能已满产！请问今年能实现扭亏 为盈吗？ ...

（原标题：德赛电池(000049.SZ)目前没有开展消费电芯业务） 格隆汇9月10日丨德赛电池(000049.SZ)在互动平台表示，在消费电池领域，公司主要从事消费锂电池电 源管理系统及封装集成业务，目前没有开展消费电芯业务。 ...

9月8日，德赛电池盘中下跌2.02%，截至09:49，报25.74元/股，成交3.33亿元，换手率3.34%，总市值 99.01亿元。 截至8月29日，德赛电池股东户数6.15万，较上期增加3.29%；人均流通股6252股，较上期减少3.19%。 2025年1月-6月，德赛电池实现营业收入97.62亿元，同比增长9.32%；归母净利润9754.53万元，同比减 少9.36%。 分红方面，德赛电池A股上市后累计派现14.84亿元。近三年，累计派现4.95亿元。 机构持仓方面，截止2025年6月30日，德赛电池十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股576.44万股，相比上期增加206.81万股。南方中证1000ETF（512100）位居第四大流通股 东，持股212.26万股，相比上期增加40.10万股。华夏中证1000ETF（159845）位居第五大流通股东，持 股125.53万股，相比上期增加29.72万股。广发中证1000ETF（560010）位居第七大流通股东，持股 101.13万股，为新进股东。信澳新能源产业股票A（001410）退出十大流通股东之列。 责任编辑：小浪快报 资金流向 ...

证券日报网讯德赛电池（000049）9月4日在互动平台回答投资者提问时表示，公司目前没有开展消费电 芯业务。 ...

证券日报网讯德赛电池（000049）9月4日在互动平台回答投资者提问时表示，截至8月29日，公司未合 并融资融券信用账户的股东总户数是61503户。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights that the upcoming release of flagship smartphones in Q4 2024 is expected to stimulate growth in the consumer electronics market [3] - The demand for high energy density batteries is driven by the increasing integration of AI applications in smartphones and PCs, with a projected global smartphone shipment of 122 million units in 2025, where AI model phones will account for 34% [4][6] - The report identifies three major trends in battery technology: steel shell batteries, silicon-doped anodes, and the shift from winding to stacking processes [5][6] Summary by Sections Battery Technology Trends - Steel shell batteries are anticipated to become mainstream due to their safety, heat dissipation, and design flexibility, with iPhone 16 Pro already utilizing this technology [5] - Silicon-doped anodes are seen as a key technology for increasing battery capacity, with a projected increase in silicon content to over 10% by 2025, supporting capacities of 7000-8000mAh [6] - The stacking process is expected to gain traction in the industry, offering lower internal resistance and higher charging efficiency compared to traditional winding methods [6] Market Dynamics - The market share of smartphones with batteries over 6000mAh is rapidly increasing, from 8% in 2024 to 58% by mid-2025 [4][11] - The report recommends specific companies such as Lingyi Zhi Zao and identifies beneficiaries like Zhuhai Guanyu and Desay Battery, indicating potential investment opportunities [6]

Group 1 - The company is actively expanding its battery business related to drones and has provided battery products for clients such as DJI [2] - Currently, the revenue contribution from the drone battery business is very low [2]

Group 1 - The company, Desay Battery, reported that as of August 20, the total number of shareholders in its non-consolidated margin trading accounts is 59,544 [2]

Core Viewpoint - Desay Battery (000049) reported mixed financial results for the first half of 2025, with revenue growth but a decline in net profit, indicating potential challenges in profitability despite increased sales [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 9.762 billion yuan, a year-on-year increase of 9.32% compared to 8.93 billion yuan in 2024 [1] - Net profit attributable to shareholders was 97.545 million yuan, down 9.36% from 108 million yuan in the previous year [1] - The gross margin decreased to 9.21%, down 2.94% year-on-year, while the net margin fell to 0.36%, a decline of 40.53% [1] - The company reported a significant increase in accounts receivable, which accounted for 1223.75% of the latest annual net profit [1] Cash Flow and Debt Analysis - Cash and cash equivalents increased by 65.82% to 1.991 billion yuan, attributed to the collection of accounts receivable and redemption of financial products [1] - Short-term borrowings rose by 48.72% due to rapid sales growth in subsidiaries and increased foreign exchange risk exposure [2] - The company’s debt situation is concerning, with interest-bearing debt reaching 4.346 billion yuan, a 17.68% increase [1][2] Operational Insights - The company’s return on invested capital (ROIC) was only 3.63%, indicating weak capital returns, with a historical median ROIC of 14.97% over the past decade [5] - The business model relies heavily on R&D and capital expenditures, necessitating careful evaluation of the effectiveness of these investments [5] Market Position and Future Outlook - Analysts project a net profit of 485 million yuan for 2025, with an average earnings per share of 1.26 yuan [5] - The largest fund holding Desay Battery shares is the CITIC Securities CSI 1000 Index Enhanced A Fund, which has shown significant growth over the past year [6]

6 证券研究报告 点评报告 2025 年 8 月 26 日 晨会纪要 核[心Ta观bl点e_：Summary] 一、产业综合组： 8 月 25 日有媒体报道，工信部近期将向三家基础电信运营商正式颁发卫星互联网 牌照，进一步推动电信运营商扩大新兴业务范畴。截止目前，中国星网共完成 9 组共 72 颗组网星发射，其中 7 月 27 至今共发射 5 组 38 颗组网星，组网进程明 显加速。我们认为如果真的发放卫星互联网运营牌照，后续互联卫星的发射和地 面配套设施建设将会较快，在当前 A 股日成交量已经超过 3 万亿的市场热度下， 大概率会带来卫星制造、地面设备和运营方面相关上市公司的投资机会。 8 月 25 日上海正式发文调整楼市限购政策，一是解除外环的购房限制，提升单身 个人的购房套数至与家庭一致，二是将首套和二套房的贷款利率拉平，三是免征 首套和符合条件房产的房产税，四是公积金贷款提取的进一步放松和提高额度。 我们认为一二套房贷款利率的拉平若能在主要限购城市放开，将有助于进一步降 低改善住房的成本。同时在地产仍未明确止住下行趋势的情况下，上海放松限购 也有利于全国地产信心的回升。同时在当前 A 股市场可能高低估 ...