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]

Core Viewpoint - Enjie Co., Ltd. has launched its 5μm ultra-thin lithium battery separator, which is currently the thinnest separator in mass production, aiming to enhance battery performance and meet industry demands for lighter and more efficient energy storage solutions [1][2][3]. Group 1: Product Development and Innovation - 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% under the same puncture strength conditions, and internal resistance is decreased by 20.9% [3]. - The production line for the 5μm product is designed according to "lighthouse factory" standards, featuring digitalization, automation, and modularity, with a current monthly production capacity of 19 million square meters [1][2]. 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 sectors, leading to significant technological advancements and capacity expansions [7]. - The industry is facing intense competition and price declines due to excess supply and cost control measures from downstream battery manufacturers [7]. Group 3: Strategic Positioning and Future Outlook - 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 [7][8]. - The company is actively researching solid-state battery materials and has established a strong product development pipeline, although it acknowledges that liquid batteries will continue to dominate the market until around 2030 [8][11].

Group 1 - The core viewpoint of the report is that Guojin Securities has given Enjie Co., Ltd. (002812.SZ) an "overweight" rating due to strong performance indicators and industry dynamics [2] - In the first half of the year, the company shipped between 4.5 to 5 billion square meters, with a quarter-on-quarter increase of over 20% in Q2, significantly exceeding industry growth rates [2] - A recent meeting among eight key production enterprises focused on price discipline, scientific capacity release, and halting expansion, which is expected to solidify the bottom and promote industry recovery [2]

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]

Core Insights - The company reported significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and market demand [1] Financial Performance - Revenue for the first half of 2025 reached 5 billion, representing a year-on-year increase of 25% [1] - Net profit for the same period was 1 billion, showing a remarkable growth of 30% compared to the previous year [1] - The gross margin improved to 35%, up from 32% in the previous year, reflecting better cost management and pricing strategies [1] Market Position - The company has strengthened its market position, capturing a larger share in the industry due to increased demand for its products [1] - The expansion into new markets has contributed to the overall growth, with international sales accounting for 40% of total revenue [1] Strategic Initiatives - The company has invested heavily in R&D, with expenditures increasing by 15% to enhance product innovation and competitiveness [1] - Strategic partnerships have been established to bolster supply chain efficiency and reduce operational costs [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has experienced significant growth in shipments, but profitability is under pressure due to industry downturns. Attention is drawn to potential breakthroughs in new technologies [1][3] - The company has positioned itself early in the lithium battery technology cycle, particularly in sulfide solid electrolyte materials, which may lead to large orders in the industry [3] Performance Summary - For the first half of 2025, the company achieved revenue of 5.8 billion RMB, a year-on-year increase of 20%. However, it reported a net loss of 100 million RMB, a decline of 132% year-on-year. The gross margin was 15.5% [1] - In Q2 2025, the company generated revenue of 3 billion RMB, with a year-on-year increase of 24% and a quarter-on-quarter increase of 11%. The net loss for this quarter was also 100 million RMB, reflecting a significant decline compared to the previous year [1][8] Future Earnings Forecast - The company is expected to achieve net profits of 200 million RMB, 500 million RMB, and 900 million RMB for the years 2025, 2026, and 2027, respectively [3] - The revenue projections for the company are 11.315 billion RMB in 2025, 13.407 billion RMB in 2026, and 16.139 billion RMB in 2027, with growth rates of 11.33%, 18.49%, and 20.38% respectively [7] Market Position and Strategy - The company is focusing on maintaining high production capacity and has significantly increased its shipment pace, which is expected to help solidify its market position during the industry's downturn [3][8] - Recent industry meetings have led to agreements among key manufacturers to implement price discipline and manage production capacity, which may help stabilize the market [8]