Core Viewpoint - Enjie Co., Ltd. reported its 2025 interim results, showing revenue growth but a significant decline in net profit, with a buy rating maintained by Minsheng Securities due to its leading position in the separator industry and accelerated overseas expansion [1][2][4]. Financial Performance - For H1 2025, Enjie achieved revenue of 5.763 billion yuan, a year-on-year increase of 20.49%, while the net profit attributable to shareholders was -93 million yuan, a decline of 131.96% [2]. - In Q2 2025, revenue reached 3.034 billion yuan, up 23.53% year-on-year and 11.18% quarter-on-quarter, but net profit was -119 million yuan, down 189.47% year-on-year and 557.69% quarter-on-quarter [2]. - The gross margin for Q2 2025 was 14.09%, down 8.97 percentage points year-on-year and 3.05 percentage points quarter-on-quarter [2]. Market Position and Competitive Advantage - Enjie has made significant progress in its overseas expansion, with its Hungary project operational and the U.S. facility under equipment installation [3]. - The company has established deep partnerships with major battery manufacturers both domestically (e.g., CATL, BYD) and internationally (e.g., Panasonic, LGES) [3]. - Enjie is diversifying its product offerings in the solid-state battery sector, with ongoing developments in semi-solid and all-solid-state battery materials [3]. Investment Outlook - Revenue projections for 2025, 2026, and 2027 are 12.430 billion yuan, 15.553 billion yuan, and 18.573 billion yuan, respectively, with corresponding growth rates of 22.3%, 25.1%, and 19.4% [4]. - Expected net profits for the same years are 14 million yuan, 513 million yuan, and 1.081 billion yuan, with growth rates of 102.5%, 3651.8%, and 110.9% [4]. - The company maintains a strong market position and is expected to continue its growth trajectory, justifying a "recommended" rating [4].

Investment Rating - The report maintains a "Recommended" rating for the company [4][3]. Core Insights - The company reported a revenue of 5.763 billion yuan for H1 2025, a year-on-year increase of 20.49%, but a net profit attributable to shareholders of -0.093 billion yuan, a decline of 131.96% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 3.034 billion yuan, up 23.53% year-on-year and 11.18% quarter-on-quarter, while the net profit attributable to shareholders was -0.119 billion yuan, a decrease of 189.47% year-on-year [1]. - The company is accelerating its overseas expansion, with its Hungary project operational and the U.S. facility construction completed, enhancing its competitive advantage [2]. - The company has established deep partnerships with major battery manufacturers both domestically and internationally, solidifying its market position [2]. - The company is diversifying its product offerings in the solid-state battery sector, with ongoing developments in semi-solid and all-solid-state battery materials [2]. Financial Projections - Revenue projections for 2025-2027 are 12.430 billion, 15.553 billion, and 18.573 billion yuan, with corresponding growth rates of 22.3%, 25.1%, and 19.4% [3][6]. - Net profit projections for the same period are 0.14 billion, 5.13 billion, and 10.81 billion yuan, with growth rates of 102.5%, 3651.8%, and 110.9% respectively [3][6]. - The projected PE ratios for 2025-2027 are 2267X, 60X, and 29X, reflecting the company's strong market position and ongoing overseas expansion [3][6].

Core Viewpoint - Solid-state batteries are the trend due to high safety and high energy density, focusing on sulfide routes with performance targets of 400Wh/kg and over 1000 cycles, aiming for small-scale production in 2027 and mass production by 2030 [2][8]. Group 1: Solid-State Battery Development - The transition to solid-state batteries is driven by the need for improved safety and energy density, as traditional lithium-ion batteries pose safety risks due to flammable organic electrolytes [8]. - Solid-state batteries eliminate liquid electrolytes, enhancing safety and space utilization, with energy densities potentially reaching 500Wh/kg [9][10]. Group 2: Sulfide Electrolyte Characteristics - Sulfide electrolytes are favored for their high ionic conductivity at room temperature, making them ideal solid-state electrolyte materials despite challenges like air stability and electrochemical window limitations [3][10][22]. - The main types of sulfide electrolytes include lithium sulfide-silver-germanium structures, which offer low cost, high conductivity, and good electrochemical stability [3][24]. Group 3: Competitive Landscape - The competitive landscape for lithium sulfide and sulfide electrolytes is diverse, with major players like Ganfeng Lithium and Tianqi Lithium leading, alongside emerging startups and semiconductor companies expanding into the sulfide supply chain [4][14]. - The competition is expected to intensify as battery manufacturers actively develop their own sulfide electrolytes, with the barrier to entry for lithium sulfide being higher than for sulfide electrolytes [4][14]. Group 4: Investment Opportunities - Investment opportunities are identified in companies with unique processes and outstanding product performance in lithium sulfide production, with potential for large-scale applications in the medium term [5]. - Key companies include Xiamen New Energy, Shanghai Xiba, and Rongbai Technology, each with distinct advantages in solid-state battery technology and production capabilities [5][20]. Group 5: Future Projections - By 2030, the market for sulfide solid-state batteries is projected to reach 117GWh, with a corresponding market value estimated between 117 billion to 175.5 billion yuan [20][21]. - The demand for lithium sulfide is expected to exceed 20,000 tons by 2030, driven by the anticipated production scale of solid-state batteries [21].

Core Viewpoint - Enjie Co., Ltd. has launched its 5μm ultra-thin lithium battery separator, which is currently the thinnest product in mass production, showcasing advancements in separator technology and addressing industry trends for improved battery performance [1][2]. Group 1: Production and Technology - The Yuxi base of Enjie Co., Ltd. features a dedicated production line cluster for the 5μm product, designed to "Lighthouse Factory" standards, achieving digitalization, automation, and modularity [2]. - The base has a planned total of 16 production lines covering over 480 acres, with a current monthly production capacity of 19 million square meters [2]. - The 5μm separator has a puncture strength of 550gf, which is over 16% stronger than the 7μm separator, while its thickness is reduced by 28.5% and internal resistance decreased by 20.9% [3]. Group 2: Industry Trends and Demand - The lithium battery separator industry is experiencing rapid growth due to increased demand from electric vehicles and energy storage, leading to significant technological advancements and capacity expansions [3][4]. - The industry is currently facing intense competition and price declines due to concentrated supply releases and cost control efforts from downstream battery manufacturers [4]. Group 3: Strategic Positioning and Future Outlook - Enjie Co., Ltd. aims to maintain its leading position in the separator market by investing heavily in new products and focusing on technological breakthroughs [4]. - The company recognizes the potential impact of emerging battery technologies, such as all-solid-state batteries, on the lithium battery market, although these technologies are not yet commercially viable [4][5]. - Enjie Co., Ltd. is actively developing solid-state battery materials, with a focus on sulfide solid electrolytes, which constitute 36% of the total cost of solid-state batteries [6].

Core Viewpoint - Enjie Co., Ltd. has launched its 5μm ultra-thin lithium battery separator, which is currently the thinnest separator in mass production, showcasing advancements in technology and production capabilities [2][4]. Group 1: Product Development and Production - The 5μm product is produced in a dedicated facility designed to "lighthouse factory" standards, featuring digital, automated, and modular production lines with a total of 16 lines covering over 480 acres and a monthly capacity of 19 million square meters [2][3]. - The 5μm separator has a puncture strength of 550gf, which is over 16% stronger than the 7μm separator, with a thickness reduction of 28.5% and a decrease in internal resistance by 20.9% [4][6]. Group 2: Industry Trends and Challenges - The lithium battery separator industry is experiencing rapid growth due to increased demand from electric vehicles and energy storage, leading to significant technological advancements and capacity expansions [6]. - The industry is facing intense competition and price declines due to excess supply and cost control measures from downstream battery manufacturers [6][7]. Group 3: Future Outlook and Strategic Positioning - Enjie Co., Ltd. aims to maintain its leading position in the global separator market by investing heavily in new products and focusing on technological breakthroughs [6][7]. - The company is also exploring solid-state battery materials, with a focus on sulfide solid electrolytes, which represent a significant portion of solid-state battery costs [7][8]. - Despite advancements in solid-state technology, liquid batteries are expected to retain over 90% market share until around 2030, indicating a need for continued development in liquid battery technologies [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the industry is currently at a bottoming phase, awaiting a market clearing, while the company is strategically positioning itself in lithium sulfide to create a second growth curve [1] - The company is expected to see a recovery in its performance, with projected revenue growth in the coming years, particularly in 2025 and 2026 [9] - The report emphasizes the company's strong product performance in lithium sulfide and solid-state electrolyte products, which are leading in key industry metrics [9] Financial Projections - Total revenue is projected to be 12,042 million in 2023, decreasing to 10,164 million in 2024, and then increasing to 11,835 million in 2025, with a growth rate of 16.45% [1] - The net profit attributable to the parent company is expected to recover from a loss of 556.32 million in 2024 to a profit of 208.46 million in 2025, reflecting a year-on-year growth of 137.47% [1] - The earnings per share (EPS) is forecasted to be -0.57 in 2024, improving to 0.22 in 2025, and further increasing to 0.84 in 2026 [1] Market Data - The closing price of the company's stock is 32.07 yuan, with a market capitalization of 31,048.64 million [6] - The company has a price-to-earnings (P/E) ratio of 12.29 for 2023, which is expected to rise to 148.94 in 2025 before decreasing to 38.30 in 2026 [1][10] Operational Insights - The company has seen a significant increase in its membrane shipments, with a total of 46 billion square meters shipped in the first half of 2025, and an expectation to reach 100 billion square meters for the year [9] - The report notes that the company has reduced its capital expenditures significantly, indicating a strategic shift as overseas factories have begun operations [9]

前不久，在恩捷股份（002812）技术创新论坛上，公司正式发布了其5μm超薄锂电池隔膜产品。这是公司目前量产的"最薄"动力电池隔膜。 近日，证券时报.e公司记者探访恩捷股份玉溪基地，实地观摩了其5μm产品的生产流程，并就动力电池隔膜行业发展趋势，固态电池材料研发进程等，与公 司相关技术负责人进行了直接对话。 记者在现场看到，产线处于全封闭生产状态，仅有少量技术人员。 玉溪基地有关负责人表示，这个基地系恩捷股份5μm产品专属产线集群，按"灯塔工厂"标准设计施工，实现了产线的数字化、自动化和模块化，通过部署数 字化系统以及AI算法，实现数据实时监控与优化。基地合计规划16条产线，占地面积超过480亩，目前的月产能为1900万平方米。 锂电池隔膜是锂电池正负极之间的一层薄膜，其厚度仅为头发丝的十分之一。在锂电池进行电解反应时，隔膜能够分隔正负极，防止短路现象的发生，同时 允许电解质离子自由通过。作为锂电池四大材料之一，隔膜的成本约占锂电池成本的10%，是研发难度最大、技术含量最深、附加值最高、投资强度最大的 锂电池材料。 当前，干法单拉隔膜常用厚度12～25m；湿法隔膜(基膜)常用厚度7～9m。隔膜产品的厚度以及涂 ...

（文章来源：每日经济新闻） 国金证券8月19日发布研报称，给予恩捷股份（002812.SZ）增持评级。评级理由主要包括：1）量增超 预期：H1公司出货45～50亿平，Q2环增20%+，远超行业增速；2）近期干法召开反内卷会议，八家骨 干生产企业达成价格自律、科学释放产能、暂停扩产等，加速底部夯实同促行业反转。风险提示：全球 电动车销量不及预期，全球储能装机不及预期。 ...

Investment Rating - The report suggests a positive investment outlook for the solid-state battery industry, highlighting its advantages over traditional liquid batteries and the rapid development of related materials [3][11][20]. Core Insights - Solid-state batteries outperform liquid batteries in safety, energy density, and integration, with manufacturers and battery producers rapidly positioning themselves to support material demand [1][11]. - The core of solid-state lithium battery technology is the solid electrolyte, with sulfide and oxide being the mainstream technological routes [2][34]. - The report emphasizes the potential of sulfide electrolytes due to their superior ionic conductivity and mechanical properties, while also noting the stability and industrial progress of oxide electrolytes [3][27][36]. Summary by Sections 1. Solid-State Batteries: Performance Advantages and Accelerated Layout - Solid-state batteries are expected to emerge due to their high energy density and safety, effectively addressing issues like lithium dendrite growth [11][12]. - The transition from liquid to solid-state batteries simplifies construction by eliminating the need for separators, thus reducing costs [12][27]. 2. Solid Electrolytes: Core of Solid-State Lithium Battery Technology - Solid electrolytes are classified into sulfide, oxide, polymer, and halide types, with the choice of materials being crucial for large-scale production [27][34]. - Sulfide electrolytes exhibit high ionic conductivity and good mechanical properties, making them a promising candidate for commercialization despite challenges like air stability and high production costs [36][41]. 3. Investment Recommendations - As the solid-state battery industry matures, upstream core materials will benefit significantly. Companies that are early adopters of lithium sulfide and have technological advantages are recommended for investment [3][41]. - The report forecasts that by 2027, the shipment of solid-state batteries in China will reach approximately 18 GWh, with a compound annual growth rate of 44% from 2024 to 2028 [20][22].

Group 1 - The core consensus reached by eight major dry-process lithium battery separator companies includes price self-discipline, scientific capacity release, suspension of capacity expansion, strengthening industry chain cooperation, and the desire for social supervision [1][2] - The lithium battery separator is a critical component that prevents short circuits while allowing electrolyte ions to pass through, accounting for approximately 10% of the lithium battery's cost [1] - The dry-process separator industry is experiencing severe oversupply due to irrational capacity expansion, leading to widespread losses among companies and a significant decline in overall competitiveness [2] Group 2 - The China Plastics Processing Industry Association (CPPIA) has previously issued an initiative to promote high-quality development in the lithium battery separator industry, advocating for a collaborative development mechanism and avoiding excessive competition [3] - The recent meeting is a response to national policies aimed at curbing "involution" in the industry, marking a significant step towards collaborative innovation and high-quality development [3] - The CPPIA and the China Battery Industry Association have jointly called for a focus on quality improvement and a shift from price competition to competition based on quality and innovation [3]