贸易壁垒难阻中国锂电企业发展 美国国会众议院日前通过编号H.R.1166的《与依赖外国对手电池脱钩法》，禁止国土安 全部从六家中国公司购买电池，包括宁德时代、比亚迪、远景能源、亿纬锂能、海辰储能以 及国轩高科。这是继2024年初被纳入美国国防部采购限制名单后，上述企业再度遭遇美国政 府部门采购禁令。 中国锂电产品实力加重美焦虑 中国外交部发言人曾多次表示，中方一贯反对泛化"国家安全"概念，将经贸和科技问题 政治化，中方也将坚定维护中国企业的合法权益。 美本土产业链根基薄弱 "此类针对性政策试图打击中国优势新能源产业，违背国际自由贸易原则，让美国也会 承受相应损失。"张翔认为。 实际上，美国的电池产业链根基薄弱。从原材料层面来看，美国在锂、镍、钴等关键矿 物的开采及加工能力上存在明显不足，难以保障原材料的稳定且充足供应。在生产制造环 节，美国面临着技术依赖、成本居高不下等诸多难题。美国锂电池产业链整体成本偏高，而 其试图摆脱成熟供应链的举措，只会进一步抬高自身储能以及新能源汽车产品的成本。 近日福特首席执行官吉姆·法利在接受媒体采访时表示，中国在电动汽车电池技术方面 领先美国约10年。分析人士指出，当下，美国的 ...

证券代码：002074 证券简称：国轩高科 公告编号：2025-005 国轩高科股份有限公司 一、担保情况概述 （一）本次对外担保进展情况介绍 关于公司对外担保进展的公告 根据经营发展需要，国轩高科股份有限公司（以下简称"公司"）与银行、信 托公司等金融机构于近日签署相关对外担保合同，为公司全资或控股子公司融资 授信等提供对外担保。具体情况如下： | 序 | 被担保方 | 担保额度 | 授信单位 | 担保 | 担保期间 | 合同签订 | | --- | --- | --- | --- | --- | --- | --- | | 号 | | （万元） | | 方式 | | | | 1 | | 50,000.00 | 中 国 光 大 银 行 股 份 有 限 公 司 | 连带 责任 | 自每笔具体授信业 务合同或协议约定 的受信人履行债务 | 《最高额保证合同》 （合同编号： | | | | | | | | HFSLHZZGBT20240010） | | | | | 合肥分行 | 保证 | 期限届满之日起三 | | | | | | | | 年 | | | 2 | 合肥国轩 高科动力 | | 中 国 进 出 口 银 ...

Core Viewpoint - In 2024, global shipments of energy storage lithium batteries are expected to increase by over 55% year-on-year, with Chinese companies contributing more than 90% of global production capacity and dominating the top 10 rankings for the first time [1][2]. Group 1: Market Overview - The top five companies in global energy storage lithium battery shipments for 2024 are CATL, EVE Energy, Hicharge Energy, BYD, and Zhongxin Innovation, while the bottom five include Ruipu Lanjun, Guoxuan High-Tech, Envision Power, Penghui Energy, and Chuangneng New Energy [2]. - The significant change from 2023 is that Chinese companies now account for over 90% of global energy storage battery shipments, with all top ten companies being Chinese [2][4]. Group 2: Growth and Demand - The global energy storage lithium battery shipment volume is projected to grow by over 55% in 2024, with Chinese shipments increasing by over 60%. Specifically, shipments for power, household, and commercial energy storage batteries are expected to grow by over 70%, 25%, and 40%, respectively [5]. - In 2024, overseas demand remains a hot market for energy storage lithium batteries, with Chinese companies expected to export over 120 GWh of energy storage batteries, primarily to the US, Europe, Southeast Asia, and the Middle East, with North America and Europe accounting for 73% of the demand [7]. Group 3: Competitive Landscape - Despite strong demand, the energy storage lithium battery market is facing intense competition, leading companies to enhance their integrated research and development capabilities [8]. - The market concentration for energy storage lithium batteries has increased, with the CR10 rising from 88% in 2023 to 93% in 2024, indicating a stronger dominance of leading companies like CATL, EVE Energy, and Hicharge Energy [12]. Group 4: Company Highlights - CATL's energy storage system revenue reached 28.825 billion yuan in 2024, with a gross margin of 28.87%, making it a core profit growth point for the company [16]. - EVE Energy's energy storage battery shipments reached 35.73 GWh in 2024, a year-on-year increase of 115.57%, positioning it as the second-largest globally [17]. - Hicharge Energy has rapidly risen to become the third-largest global player in energy storage battery shipments, focusing on large-capacity battery solutions [19]. - BYD has provided energy storage system solutions for over 360 projects globally, with its new MC Cube-T system achieving significant efficiency improvements [20]. - Zhongxin Innovation has become a Tier 1 energy storage manufacturer, with its 314Ah energy storage cell gaining widespread market acceptance [22]. - Ruipu Lanjun has introduced a series of innovative products and solutions, enhancing system efficiency and reducing costs [23]. - Guoxuan High-Tech's energy storage business revenue reached 4.339 billion yuan in the first half of 2024, with a gross margin of 23.87% [24]. - Envision Power has delivered over 30 GWh of 300+Ah energy storage cells, leading the industry in safety performance [26]. - Penghui Energy has developed advanced technologies and achieved significant breakthroughs in battery performance [27]. - Chuangneng New Energy has rapidly expanded its production capacity and secured multiple large-scale contracts [28].

宁德时代再获超级储能大单 3月6日，专注能源转型基础设施投资的Quinbrook Infrastructure Partners宣布：与全球电池储能系统(BESS)领军企业宁德时代达成技术合作， 将在澳大利亚率先部署规模为3GW/24GWh的全球首个商业化8小时长时储能系统EnerQB。 新能安签订2GWh储能大单 近日，新能安与深圳市海梁科技有限公司正式签署战略合作协议，双方将围绕工商业储能安全技术、交通能源基础设施等领域展开深度协同。 规划目标3年交付2GWh储能系统，可满足超10万辆电动车的充能需求，计划首批试点将在海梁科技的VERTI-X项目中落地。 宁德时代锂钠混合电池上"新车" 近日，领克汽车官方宣布，领克900同级首搭宁德时代骁遥超级增混电池，实现三个第一，即电池能量第一（52.38kWh），同级性能第一（百 公里加速4秒级），同级充电第一（20~80% 快充 17min）。 目前官方还未透露新车的正式上市时间和价格，业内推测新车将会对标理想L8、腾势N9，价格区间或许会在30-40万元间。新车预计将在2025 年第二季度正式上市，首批展车已在全国35个城市116家门店到店。 国轩高科装机星纪元 ...

天眼查App显示，近日， 亳州国轩新能源有限公司成立 ，法定代表人为孙爱明，注册资本3亿元人民币，经营范围含电池制造、电池销售、新 能源原动设备制造、新能源原动设备销售、新能源汽车生产测试设备销售、太阳能发电技术服务、太阳能热利用装备销售、新兴能源技术研发 等。 股权全景穿透图显示，该公司由合肥国轩高科动力能源有限公司全资持股，后者为国轩高科（002074）全资子公司。 起点锂电注意到，除了成立新公司扩大业务布局外，国轩高科动力领域也迎来新进展。 3月10日，奇瑞旗下高端品牌星途汽车宣布，全新增程式混动车型星纪元ES增程版正式上市。 据悉，国轩高科是该车型的核心动力电池供应商，与星途深度合作打造的"鲲鹏电池"，实现了卓越性能与超高性价比等七大核心优势。 具体来看， 充得快 ，支持快速补能，17.5分钟从20%补电达80%，实现同级最快补能效率； 跑得远 ，1645km超长续航，同级混动续航第 一； 宽温域， 支持-35℃极寒环境下正常工作； 不怕水 ，电池包防水为国标96倍； 不怕热 ，电池包无热扩散； 不怕撞 ，电池包底部由 1300MPa超高强度热成型钢保护，通过31项远超行业标准的安全测试，整包防撞水平 ...

Investment Rating - The report assigns a "Buy" rating to several companies in the battery industry, including Ningde Times, Yiwei Lithium Energy, Guoxuan High-Tech, and Zhongxin Innovation, with target prices indicating potential upside [2][19]. Core Insights - In February 2025, China's power battery installation volume reached 34.9 GWh, showing a year-on-year increase of 94.1% [5][10]. - The export of batteries from China in February 2025 was 21.1 GWh, a year-on-year increase of 144.7%, with energy storage batteries accounting for 39.4% of total exports [5][13]. - The report highlights the acceleration of overseas expansion by Chinese cylindrical battery manufacturers and the entry of South Korean companies into the cylindrical battery market [5][10]. - The U.S. has raised the comprehensive tariff rate on Chinese batteries to 48.4%, which is expected to accelerate the overseas production layout of Chinese battery companies [5][10]. - The report anticipates a significant rebound in the Chinese passenger car and power battery market in March 2025, driven by increased promotions and new model releases [5][10]. Summary by Sections Company Valuation Overview - Ningde Times (300750 CH) has a target price of 314.11 with a current price of 254.50, indicating a potential upside of 23.4% [2][19]. - Yiwei Lithium Energy (300014 CH) has a target price of 56.51 with a current price of 50.49, indicating a potential upside of 11.9% [2][19]. - Guoxuan High-Tech (002074 CH) has a target price of 29.07 with a current price of 23.13, indicating a potential upside of 25.7% [2][19]. - Zhongxin Innovation (3931 HK) has a target price of 15.59 with a current price of 19.38, indicating a potential downside of 19.6% [2][19]. - Ruipu Lanjun (666 HK) is rated as "Neutral" with a target price of 14.25 and a current price of 10.86, indicating a potential upside of 31.3% [2][19]. Market Trends - The report notes a slight decrease in the concentration of power battery installation volume, with CR3 and CR5 market shares at 73.0% and 82.7%, respectively [5][19]. - The report emphasizes the urgent need for advancements in battery energy density and safety due to the rapid industrialization of humanoid robots and eVTOLs, which may accelerate the commercialization of solid-state batteries and large cylindrical batteries [5][10].

全球知名汽车制造大国——泰国，不完全统计已吸引六大锂电池企业入境布局，具体包括宁德 时代、比亚迪、亿纬锂能、国轩高科、蜂巢能源以及欣旺达。 宁德时代方面 ，2023年6月，与泰国国家石油PTT集团子公司Arun Plus达成CTP合作协议，提 供CTP电池包生产线和技术支持。同时，双方将致力于满足当地电动车生产需求，助力泰国成 为东南亚地区的电池生产中心。 比亚迪方面 ，在泰国投资建设了首个海外乘用车工厂，生产的车型主要包括比亚迪海豚/海豹/ 元PLUS（ATTO 3）等，同时该厂实现了整车四大工艺和零部件的生产。其中，配套搭载的电 芯也是在泰国工厂进行生产。 亿纬锂能方面 ，2023年7月，与泰国Energy Absolute签订谅解备忘录，双方拟在泰国共同组建 合资公司，建设至少6GWh年产能的电池生产基地，同时积极合作开拓泰国及东南亚市场的电 动汽车和储能业务。 国轩高科方面 ，2022年与PTT集团旗下Nuovo Plus达成合作，2023年12月，国轩高科泰国工 厂首款电池产品正式下线，成为了首家在泰国实现电池包本土生产的企业。工厂一期电池包规 划产能为每年2GWh，未来根据市场需求计划扩大到每年8 ...

Core Viewpoint - The collaboration between Guoxuan High-Tech and Chery Automobile has significantly deepened, with Guoxuan's battery installation ratio for Chery vehicles reaching 60% in the hybrid sector for 2024, indicating a strong market presence and growth potential in the new energy vehicle sector [1][2]. Summary by Sections Partnership Development - Guoxuan High-Tech and Chery have a long-standing partnership that began in 2012, focusing on the application of new energy products. The collaboration has evolved through various milestones, including the signing of a strategic cooperation agreement in 2019 and significant battery supply for popular models like the Chery QQ Ice Cream [2][3]. - In 2022, the annual installation volume exceeded 130,000 units, representing a growth of over 220% compared to the previous year [2]. Product Launch and Features - The newly launched Star Era ES range-extended version is a key product resulting from the strategic partnership, aimed at the C-class high-end range-extended sedan market. It features the "Kunpeng Battery," developed through deep collaboration between Guoxuan and Chery [2][3]. - The battery pack boasts seven core advantages achieved through innovative structural design, big data technology application, and optimization of raw materials [2]. Future Plans - The companies have planned more high-end model collaborations, with ongoing projects set to be launched in the market soon. In addition to Chery, Guoxuan is also collaborating with several top 10 OEMs, including Changan, Leap Motor, and Geely, to expand their range-extended product offerings [3]. Technical Specifications - The battery pack supports rapid charging, achieving 80% charge in just 17.5 minutes from 20% [4]. - It offers an impressive range of 1,645 km, the highest in its class for hybrid vehicles [4]. - The battery pack is designed to operate in extreme conditions, withstanding temperatures as low as -35°C, and features enhanced safety measures, including high-strength protection and advanced collision safety standards [4].

Core Insights - Chery's high-end brand, Exeed, has officially launched the new range-extended hybrid model, Star Era ES Range Extender [1] - Guoxuan High-Tech is the core battery supplier for this model, providing a battery pack that supports fast charging [1] - The battery can charge from 20% to 80% in just 17.5 minutes and offers an impressive range of 1645 km, functioning normally in extreme cold conditions down to -35°C [1]

3月10日，美国国会众议院一致通过编号H.R.1166的《与依赖外国对手电池脱钩法》，禁止国土安全部从六家中国公司购买电池，包括 宁德时 代、比亚迪、远景能源、亿纬锂能、海辰储能以及国轩高科 。 美媒称，中国在电动汽车发展方面的主导地位已经成为与美国地缘政治紧张的最新来源，这个亚洲最大经济体生产了全球约80%的电池和约 75%的锂离子电池，使得全球汽车制造商在不同程度上都必须依赖其中国的合作伙伴。尽管耗资和代价高昂，美国国会仍努力提出政策希望追 赶实力，解决长期在电动车电池方面对中国的高度依赖。 对此，中国外交部发言人多次表示，中方一贯反对泛化"国家安全"概念，将经贸和科技问题政治化，中方也将坚定维护中国企业的合法权益。 中美锂电产业链话语权争夺 上述议案早在2023年12月就被提出，禁止美国国防部采购上述六家中国电池公司生产的电池。 亿纬锂能和国轩高科曾就此回应称，该禁令主要针对美国国防部的核心电池供应，对国防部军事方面电池采购进行了限制，对民间的商业合作 没有影响，两家公司未向美国国防部军方供货且无相关合作计划，因此对公司没有任何影响。 01 有分析认为，短期内储能电池受关税政策影响有限，或促进2025年 ...