证券代码：002812 股票简称：恩捷股份 公告编号：2026-045 云南恩捷新材料（集团）股份有限公司 关于聘任高级管理人员和证券事务代表暨部分高管离任的公告 本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 云南恩捷新材料（集团）股份有限公司（以下简称"公司"）于 2026 年 3 月 23 日完成董事会换届选举，公司第六届董事会正式履职。2026 年 3 月 27 日，公 司召开第六届董事会第二次会议，审议通过了《关于聘任公司总经理及副总经理 的议案》《关于聘任公司董事会秘书及证券事务代表的议案》和《关于聘任公司 财务总监的议案》，具体情况如下： 一、聘任公司高级管理人员和证券事务代表的情况 总经理（又称总裁）：李晓华先生 副总经理（又称副总裁）：汪星光先生 财务总监：李湘林先生 董事会秘书：白云飞先生 证券事务代表：汤怡桐女士 上述高级管理人员和证券事务代表具备与其行使职权相适应的任职条件，任 职资格和聘任程序符合相关法律法规、规范性文件及《云南恩捷新材料（集团） 股份有限公司章程》的规定，任期自公司第六届董事会第二次会议审议通过之日 起至第六届董事会届满之日 ...

云南恩捷新材料（集团）股份有限公司 第六届董事会第二次会议决议公告 本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、董事会会议召开情况 云南恩捷新材料（集团）股份有限公司（以下简称"公司"）第六届董事会第 二次会议（以下简称"本次会议"）于 2026 年 3 月 27 日上午 10 时在公司控股子 公司上海恩捷新材料科技有限公司三楼会议室以现场及通讯方式召开。本次会议 由董事长 Paul Xiaoming Lee 先生主持，会议通知已于 2026 年 3 月 24 日以电话、 电子邮件、书面等方式通知全体董事及高级管理人员。本次会议应到董事九人， 实际出席会议的董事九人（其中董事翟俊、独立董事李哲、独立董事潘思明、独 立董事张菁以通讯方式出席并表决）。公司高级管理人员列席了本次会议。本次 会议的召集、召开符合《中华人民共和国公司法》（以下简称"《公司法》"）及 《云南恩捷新材料（集团）股份有限公司章程》（以下简称"《公司章程》"）的 有关规定。 证券代码：002812 股票简称：恩捷股份 公告编号：2026-044 二、董事会会议审议情况 经全体董事表决，形成决议 ...

Core Viewpoint - The lithium battery separator industry is experiencing a significant turnaround, with demand from the electric vehicle and energy storage markets driving growth, leading to a recovery in prices and profitability for leading companies like Enjie [4][5][9]. Industry Environment - The lithium battery separator industry faced a dramatic reversal in 2025, transitioning from a price war in the first half to a supply-demand tight balance in the second half, with a 44% year-on-year increase in China's separator shipments, reaching 32.9 billion square meters [5]. - The market share of wet-process separators increased from 78% in 2024 to nearly 83% in 2025 due to higher stability and consistency requirements from large battery cells [7]. - The price recovery began in August 2025, with the average price of 9μm wet-process separators increasing by 0.07 yuan per square meter [9]. Company Overview: Enjie - Enjie is the absolute leader in the wet-process separator market, with a global market share exceeding 30% in 2025 and around 45% in China [11]. - The company has established overseas bases in Hungary, the USA, and Malaysia to meet the localization needs of top global clients like CATL and LG Energy Solution [11]. - Enjie has developed a "four-in-one" competitive system focusing on equipment autonomy, high-end technology, deep customer binding, and global scale, making it difficult for competitors to replicate [11]. Financial Performance - 2024 was a challenging year for Enjie, with revenue of 10.16 billion yuan, a 15.6% decline, and a net loss of 600 million yuan [14]. - In Q1 2025, the situation began to improve, with revenue of 2.7 billion yuan and a net profit of 139 million yuan, indicating a recovery trend [17]. - The company's financial recovery will depend on maintaining a gross margin above 20% and managing its debt levels effectively [20]. Challenges and Risks - The industry faces potential risks, including the threat of solid-state batteries, which could disrupt traditional separator markets by 2027 [23]. - Competition remains intense among leading companies, with a need for Enjie to increase its high-end product offerings to maintain profitability [23]. - Governance and financial issues have arisen, including regulatory scrutiny over fundraising management and significant internal fund transfers, raising concerns about transparency [24].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the lithium battery materials sector and the electric vehicle (EV) industry, particularly in the context of rising oil prices and geopolitical tensions affecting energy supply chains [1][6][8]. Core Insights and Arguments Lithium Battery Materials - **Profit Recovery Cycle**: 2026 marks the beginning of a profit recovery cycle for lithium battery materials, with a shift from oversupply to a tight balance due to capacity clearance in 2025 [1][8]. - **High Oil Prices**: Expected oil prices between $80-100 per barrel are anticipated to strengthen the logic for electrification, driving global demand for power batteries significantly [1][6]. - **Supply and Demand Dynamics**: The effective capacity for lithium hexafluorophosphate (LiPF6) is projected to be around 290,000 tons in 2026, with a total demand of 240,000 tons, indicating a structural supply gap during peak seasons [1][9]. - **Price Recovery**: Prices for LiPF6 have rebounded by 70% from their lows, indicating a shift into a profit recovery phase [1][9]. Electric Vehicle Market - **Export Growth**: In the first two months of 2026, EV exports surged by 110%, with plug-in hybrid electric vehicles (PHEVs) becoming a new growth point, particularly led by Geely [1][4]. - **Heavy-Duty Electric Trucks**: The penetration rate of electric heavy-duty trucks reached 30%, supported by a government subsidy of 80,000 yuan per vehicle for trade-ins [1][5]. - **Market Trends**: The export of Chinese EVs is expected to perform strongly in regions like Central and South America, Europe, and Southeast Asia, with PHEVs replacing pure electric vehicles as a key growth driver [3][4]. Investment Opportunities - **Key Players**: Companies such as Tianqi Lithium, Molybdenum, and Enjie are highlighted as leaders in the lithium battery materials sector due to their integrated cost advantages [1][5][12]. - **Market Concentration**: The concentration ratio (CR5) for LiPF6 is expected to rise from 62% in 2024 to 81% in 2026, indicating a more consolidated market [9][12]. - **Core Competitors**: Notable companies include Tianqi Materials, which has a market share exceeding 35% in electrolytes, and Enjie, a leader in wet-process separators with over 50% domestic market share [12]. Additional Important Insights - **Cost Advantages**: The cost differential between fuel and electric vehicles is expected to drive demand for EVs, with significant savings in operational costs for electric vehicles compared to traditional fuel vehicles [8][9]. - **Supply Chain Resilience**: The geopolitical landscape and oil supply chain vulnerabilities are prompting a reevaluation of electrification as a viable alternative [6][8]. - **Future Outlook**: The overall market for lithium battery materials is expected to see a significant uptick in demand, with potential for several percentage points increase in growth forecasts due to high oil prices and robust domestic market performance [6][13][14]. This summary encapsulates the critical insights from the conference call, focusing on the lithium battery materials and electric vehicle sectors, highlighting market dynamics, investment opportunities, and future trends.

Summary of Key Points from Conference Call Records Industry Overview - **Battery Energy Storage System (BESS) Market**: The global BESS market is projected to grow significantly, with new installations expected to reach 425 GWh in 2026 and 533 GWh in 2027, representing a year-over-year growth of 39% and 25% respectively. This growth is driven by favorable policies, renewable energy curtailment pressures, and increased demand from artificial intelligence data centers (AIDC) [1][9] - **China's BESS Installation**: In 2025, China's BESS installations reached 183 GWh, an increase of 80% year-over-year. For 2026, new installations are forecasted at 264 GWh, a 44% increase, and 320 GWh in 2027, a 21% increase [1][8][10] Key Companies and Recommendations - **Sungrow**: Recommended as a top pick due to its leading global market share in ESS, strong brand image, and expected earnings growth of 41% and 17% in 2025 and 2026 respectively. The company is expected to benefit from the global ESS growth, with 54% of its gross profits coming from ESS by 2026 [1][10] - **CATL**: Projected to ship 850 GWh of ESS batteries in 2026, with a year-over-year growth of 55%. The company is recognized for its solid market position and stable margin outlook [2][11] - **CALB**: Expected to achieve over 180 GWh in battery shipments in 2026, with a robust demand outlook from ESS and expansion into new EV models [2][12] - **Ganfeng**: Identified as a leading integrated lithium player, with expected lithium sales volume growth of 30% year-over-year in 2026. The company is recommended for its self-sufficiency and growth potential [3][33] Market Dynamics - **Lithium Supply and Demand**: The lithium market is experiencing a supply deficit of approximately 3% in Q1 2026, with prices holding steady at RMB 140,000–150,000 per ton. Demand for lithium is strong, driven by battery production, with consumption expected to reach 431 kt, a 47% increase year-over-year [3][30] - **Geopolitical Factors**: The interruption of oil and gas supply chains due to tensions in the Middle East is expected to accelerate the global energy transition and increase demand for ESS [1][7] Pricing and Margins - **Battery Pricing**: The average selling price (ASP) for batteries is expected to rise as manufacturers pass on increased costs from rising lithium prices to consumers. The reduction of export tax rebates on battery products in China is also anticipated to impact pricing [2][8] - **Separator Market**: The separator market is showing signs of recovery after a period of oversupply, with expectations of price hikes in 2026 as battery production accelerates [40][41] Long-term Projections - **CAGR for BESS**: The global BESS market is projected to grow at a compound annual growth rate (CAGR) of 29% from 2024 to 2030, with significant growth expected in both China and Europe [1][14] - **European Market Dynamics**: The European BESS market is expected to see accelerated deployments, with increasing opportunities for power arbitrage and ancillary grid services [1][9][43] Conclusion The BESS and lithium markets are poised for significant growth driven by favorable policies, geopolitical factors, and strong demand from various sectors. Key players like Sungrow, CATL, and Ganfeng are well-positioned to capitalize on these trends, making them attractive investment opportunities.

Investment Rating - The report maintains an "Overweight" rating for the power equipment industry, indicating a positive outlook for investment opportunities [1]. Core Insights - High oil prices are benefiting the renewable energy sector, with expectations for increased demand and profitability in lithium batteries [1]. - The report highlights significant growth in energy storage and electric vehicle markets, driven by government policies and technological advancements [4][5]. Industry Trends - The energy storage sector is experiencing robust growth, with countries like Croatia and Spain investing heavily in solar and storage projects. The report anticipates a global energy storage installation growth of over 60% in 2026, with a compound annual growth rate of 30-50% from 2027 to 2029 [4][5]. - In the electric vehicle market, there was a notable decline in retail sales in early March, but expectations for recovery are set for April, with a projected annual growth of around 3% [4][5]. - The report also notes a significant increase in lithium prices, with battery-grade lithium carbonate reaching 158,000 CNY/ton, reflecting a 4.8% increase [4]. Company Performance - Notable company performances include: - Ningde Times: 2025 revenue of 804 billion CNY, a 4% year-on-year increase, with a net profit of 32.6 billion CNY, down 19% [4]. - BYD: 2025 revenue of 804 billion CNY, with a net profit of 32.6 billion CNY, reflecting a 19% decrease [4]. - Other companies like Ganfeng Lithium and CATL are also highlighted for their strong market positions and growth potential [4][5]. Investment Strategy - The report suggests a focus on companies leading in energy storage and lithium battery production, such as Ningde Times, Ganfeng Lithium, and others, due to their strong growth prospects and market leadership [4][5]. - It emphasizes the importance of technological advancements and government policies in driving the growth of the renewable energy sector, particularly in energy storage and electric vehicles [4][5].

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [1] Core Insights - The lithium battery industry is entering a peak season, with the overall supply chain in a phase of quantity leading and price following. Despite a short-term decline in domestic new energy vehicle sales, export data for new energy vehicles is strong, and the electrification rates of commercial vehicles and heavy trucks are continuously increasing, leading to good performance in battery sales [3][10] - In the natural gas sector, Sinopec's pricing scheme for 2026-2027 has been released, with a 2.9% year-on-year increase in natural gas production in January-February 2026, while imports decreased by 1.1%. The pricing scheme aims to enhance the stability of costs against international price fluctuations [5][18] Summary by Sections Lithium Batteries - The lithium battery industry is experiencing a recovery, with demand shifting from solely relying on power batteries to a dual drive of power and energy storage. In February 2026, global lithium battery production reached 202.6 GWh, a year-on-year increase of 42.2%, with energy storage battery production at 70 GWh, up 150% [10] - Domestic sales of new energy vehicles in January-February 2026 were 1.126 million units, a decrease of 27.5% year-on-year, while exports reached 583,000 units, an increase of 110% [10] - The demand for lithium batteries is driving production in the supply chain, with a month-on-month increase in production of materials. However, rising costs on the supply side are leading to price increases in the battery industry [12][14] Natural Gas - Sinopec's pricing scheme for 2026-2027 has increased the proportion of controllable resources, reducing the unpredictability of costs due to international gas price fluctuations. The basic volume proportion has increased from 35% to 50% [18][19] - In January-February 2026, China's natural gas production increased by 2.9% year-on-year, while imports decreased by 1.1%. The production growth rate has slowed, and the decline in imports may be influenced by weak downstream demand [5][24] - The report suggests focusing on natural gas upstream coalbed methane extraction companies, such as Xinnatural Gas and Shouhua Gas, as well as low-valuation high-dividend city gas companies with gas source advantages [6][24]

1. Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. 2. Core Viewpoints of the Report - The automotive market is showing a seasonal recovery. The recovery of the fuel - vehicle market is hindered by reduced terminal discounts and oil - price fluctuations, while the new - energy vehicle penetration rate has recovered to over 50%. The vehicle market may not recover growth until the second half of the year. Domestic sales will decline year - on - year, exports will increase year - on - year, and the annual wholesale sales of the vehicle market will remain flat year - on - year [1][114]. - High oil prices stimulate the demand for alternative energy, which is beneficial to the recovery of the domestic market and the increase in overseas exports of Chinese new - energy vehicles. Emerging fields such as low - altitude economy are brewing new opportunities, and the energy - using scenarios are undergoing a systematic reconstruction [1][114]. - The penetration rate of the Chinese new - energy vehicle market has rapidly increased in the past few years, reaching over 50% in 2025. Since the second half of 2025, exports have gradually become a new growth point. The trade environment in Europe and the United States is challenging, while countries along the Belt and Road and the Middle East have good development prospects. Non - American regions' new - energy vehicle markets have good development potential, and self - owned brands' market share continues to expand [2][115]. 3. Summaries According to Relevant Catalogs 3.1 Financial Market Tracking - The report presents the weekly price - change percentages of relevant sectors and listed companies. For example, BYD's weekly price - change percentage is 2.20%, and Seres' is - 4.35% [10][14]. 3.2产业链数据跟踪 3.2.1 China New - Energy Vehicle Market Tracking - **Sales**: In the first 22 days of March, the retail sales of new - energy passenger vehicles were 495,000, a year - on - year decrease of 17%. Since the beginning of the year, the cumulative retail sales of new - energy passenger vehicles were 1.556 million, a year - on - year decrease of 23%. The report also shows data on China's new - energy vehicle sales, including internal sales, exports, and sales of EVs and PHVs [109][15]. - **Inventory Changes**: The report provides data on the monthly new additions to the channel inventory and manufacturer inventory of new - energy passenger vehicles [25][26]. - **Delivery Volumes of Chinese New - Energy Vehicle Manufacturers**: It shows the monthly delivery volumes of manufacturers such as Leapmotor, Li Auto, XPeng, NIO, Zeekr, Aion, Voyah, and Deepal [28][29]. 3.2.2 Global and Overseas New - Energy Vehicle Market Tracking - **Global Market**: The report shows data on global new - energy vehicle sales, penetration rate, and sales of EVs and PHVs [37][38]. - **European Market**: It presents data on European new - energy vehicle sales, penetration rate, and sales of EVs and PHVs in countries like the UK, Germany, and France [44][45]. - **North American Market**: Data on North American new - energy vehicle sales, penetration rate, and sales of EVs and PHVs are provided [58][59]. - **Other Regions**: The report shows new - energy vehicle sales, penetration rate, and sales of EVs and PHVs in regions such as Japan, South Korea, and Thailand. In January, the new - energy vehicle sales in Europe, North America, and other regions were 290,000 (year - on - year + 20%), 85,000 (year - on - year - 32%), and 130,000 (year - on - year + 130%) respectively. The sales in the Thai market in January were 44,000, a year - on - year increase of 229% and a month - on - month increase of 187% [62][63]. 3.2.3 Power - Battery Industry Chain - The report provides data on power - battery loading volume (by material), export volume (by material), weekly average price of power - battery cells, cell material cost, and the operating rates and prices of various battery materials such as ternary materials, phosphoric acid iron lithium, and negative electrode materials [78][80]. 3.2.4 Other Upstream Raw Materials - It shows the daily prices of rubber, glass, steel, and aluminum [102][103]. 3.3 Hot News Summaries 3.3.1 Industry Dynamics: China - In the first 22 days of March, the retail sales of the national passenger - vehicle market were 920,000, a year - on - year decrease of 16% and a month - on - month increase of 19%. The wholesale sales of national passenger - vehicle manufacturers were 1.084 million, a year - on - year decrease of 14% and a month - on - month increase of 62%. The retail sales of the national new - energy passenger - vehicle market were 495,000, a year - on - year decrease of 17% and a month - on - month increase of 66%. The wholesale sales of national new - energy passenger - vehicle manufacturers were 543,000, a year - on - year decrease of 15% and a month - on - month increase of 71% [109]. 3.3.2 Enterprise Dynamics - On March 25, the core power system of XPeng HT Aero's X3 - F (Land Aircraft Carrier) flying car was officially mass - produced at the CALB Chengdu factory. - On March 26, Leapmotor launched its new global model A10, which will be sold in nearly 40 countries and regions. - On March 27, BYD released its 2025 annual report. Its revenue in 2025 was about 803.964 billion yuan, a year - on - year increase of 3.46%. The overseas turnover was 310.7 billion yuan, accounting for about 38.6% of the total revenue [111][112][113]. 3.4 Industry Views - As reported by the Passenger Car Association, from March 1 - 22, the national passenger - vehicle retail sales decreased by 16% year - on - year, and the national new - energy passenger - vehicle retail sales decreased by 17% year - on - year. Since the beginning of the year, they have decreased by 18% and 23% respectively. The structural growth factors include high oil prices stimulating the demand for alternative energy and emerging fields like low - altitude economy bringing new opportunities [114]. 3.5 Summary and Outlook - The penetration rate of the Chinese new - energy vehicle market has rapidly increased in the past few years, reaching over 50% in 2025. Since the second half of 2025, exports have become a new growth point. The trade environment in Europe and the United States is challenging, while countries along the Belt and Road and the Middle East have good development prospects. Self - owned brands' market share continues to expand, and companies with strong product strength, smooth overseas expansion, and high supply stability will be the core beneficiaries [2][115].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [6][7]. Core Insights - The electric equipment and new energy sector saw a slight increase of 0.05% in the past week, outperforming the Shanghai Composite Index. Wind power indices showed the highest growth at 4.33%, while solar energy indices experienced the largest decline at 3.79% [1]. - Xiaomi's new generation SU7 electric vehicle was launched with strong market demand, achieving over 30,000 pre-orders within 72 hours. The vehicle features significant technological upgrades and competitive pricing [2][14]. - SpaceX's launch of a mini AI satellite with a power output of 100kW is expected to create a surge in demand for high-power, lightweight photovoltaic components, particularly P-type HJT batteries [3][39]. - The State Grid's recent tender for transmission and transformation equipment totaled 9.834 billion yuan, with major contracts awarded to companies like China West Electric and Siyi Electric [4][55]. Summary by Sections New Energy Vehicles - Xiaomi's SU7 was launched on March 19, 2026, with three versions priced at 219,900 yuan, 249,900 yuan, and 303,900 yuan. The vehicle features over 100 technical upgrades and a minimal price increase of 4,000 yuan [2][14]. - The vehicle's intelligent features include full standard configurations such as laser radar and advanced computing capabilities, marking a shift to a cognitive-driven approach in smart driving [16][18]. New Energy Generation - SpaceX's AI satellite launch is projected to drive demand for lightweight and radiation-resistant photovoltaic components, with plans to deploy 1 million satellites in the future [3][39]. - The P-type HJT battery technology is highlighted as a key solution for the anticipated large-scale deployment of satellites, with significant cost advantages over traditional solar batteries [41][42]. Electric Equipment and Automation - The State Grid's tender for transmission and transformation equipment reached 9.834 billion yuan, with the top three categories being switchgear, transformers, and power cables [4][55]. - The report indicates a robust demand for electric equipment, with significant contracts awarded to leading companies in the sector [4][55]. Commercial Aerospace - SpaceX is preparing for an IPO with a target valuation of approximately 1.75 trillion USD, aiming to raise between 50 billion to 75 billion USD [5]. - The establishment of China's first commercial aerospace "star alliance" in Wuxi aims to enhance satellite network efficiency and support economic development [5]. Market Trends - The electric equipment and new energy sector's performance is closely tied to market demand and technological advancements, with a focus on sustainable growth and innovation [1][28].

盈利能力显著恢复，积极布局固态电池新技术 恩捷股份(002812) 本报告导读： 随着下游需求爆发及行业供需格局改善，公司 2025 年出货规模与盈利能力均实现快 速提升。我们认为，公司作为隔膜环节龙头，将充分受益于本轮锂电行业上行周期， 盈利能力有望实现持续修复。 投资要点： | and the time and come and a | | | | | --- | --- | --- | --- | | 1 | C | | 1 | [Table_Market] 交易数据 | 52 周内股价区间(元) | 26.07-72.99 | | --- | --- | | 总市值(百万元) | 70,880 | | 总股本/流通A股(百万股) | 982/823 | | 流通 B股/H 股(百万股) | 0/0 | [Table_Balance] 资产负债表摘要(LF) | 股东权益(百万元) | 24,778 | | --- | --- | | 每股净资产(元) | 25.23 | | 市净率(现价) | 2.9 | | 净负债率 | 49.61% | [Table_PicQuote] 52周股价走势图 -18% ...