证券研究报告 | 首次覆盖报告 gszqdatemark 2025 08 03 年 月 日 英联股份（002846.SZ） 专注国内易开盖市场，横向拓展锂电材料领域。公司是国内易开盖领域领跑 者，产品包括干粉易开盖/易撕盖、罐头易开盖、饮料易开盖。2023 年公司成 立江苏英联复合集流体子公司，2025 年公司开始研发锂金属/复合集流体负极 一体化材料，未来将持续推进多业务的协同发展。2025H1，公司预计实现营 业收入 10.7-11.3 亿元，同增 9.9%-16.0%；预计实现归母净利 2300-2800 万 元，同增 360.6%-460.7%。 易开盖：市场发展平稳，贡献稳定基本盘。公司易开盖客户包括王老吉、雀巢、 伊利、联合利华、青岛啤酒、可口可乐等知名企业。2018-2023 年，我国金属 包装容器及材料制造行业的营收 CAGR 为 6.23%。根据中研普华产业研究院 数据，预计 2023-2028 年全球包装市场 CAGR 为 3.9%。当前公司海外出口近 三十个国家和地区，包括东南亚、中东、欧洲等。近几年公司海外收入占比也 呈现逐步提升的趋势。后续，随着公司海外占比的提升，在一定程度上能拉动 ...

Investment Rating - Overweight (Maintain) on new lithium battery materials, with expectations for accelerated industrialization [1] Core Viewpoints - Composite current collectors are a new type of material for lithium batteries, offering advantages in cost and performance compared to traditional copper and aluminum foils [4][18] - The transition from traditional copper foils to composite copper foils is expected to be the largest cost reduction segment in battery materials over the next 2-3 years [28] - The industrialization of composite current collectors is anticipated to accelerate, benefiting leading companies in the sector [66] Summary by Sections 1. Introduction to Composite Current Collectors - Composite current collectors differ from traditional materials by using a "metal-polymer substrate-metal" sandwich structure [15] - They are designed to reduce costs and improve safety, with composite copper foils reducing raw material costs by over 50% compared to traditional copper foils [19][23] 2. Advantages of Composite Current Collectors - Composite current collectors provide lower manufacturing costs, enhanced safety, lightweight properties, improved energy density, and extended cycle life [18][29][33] - The material's structure helps mitigate risks of thermal runaway in batteries, thus enhancing safety [29] 3. Application in Solid-State Batteries - The industrialization of solid-state batteries is accelerating, with composite current collectors being increasingly integrated into their applications [36][37] - Solid-state batteries have stringent requirements for current collectors, which composite materials can meet effectively [37] 4. Market Growth Potential - The market for composite current collectors is projected to grow significantly, with estimates suggesting a market size of 140 billion yuan by 2025 and over 700 billion yuan by 2030 [38] - The penetration rate of PET composite copper foils is expected to reach 25% by 2030, indicating strong demand [38] 5. Industry Chain Analysis - The industry chain includes upstream materials like PET and PP, core equipment for manufacturing, and downstream applications in various battery types [41][43] - The main manufacturing process for composite copper foils is the two-step method, which is currently the most mature and cost-effective [49][66] 6. Industrialization Acceleration - The production cost of composite copper foils is approaching that of traditional copper foils, with significant improvements in yield rates expected [66] - New national standards for battery safety are likely to create further opportunities for the adoption of composite current collectors in the market [67]

Group 1 - As of July 29, the stock price of Yinglian Co., Ltd. closed at 16.28 yuan, down 4.24% from the previous trading day [1] - The trading volume on that day reached 450 million yuan, with a turnover rate of 10.60% [1] - Yinglian Co., Ltd. specializes in the research, production, and sales of metal packaging products, including food cans, beverage cans, and daily chemical cans [1] Group 2 - The company operates in the packaging materials industry and is also involved in composite electrolytes and solid-state battery concepts [1] - On July 29, the company announced on its investor interaction platform that its integrated materials for lithium metal/composite electrolyte anodes for solid-state batteries have been sent for samples to leading automotive and battery companies [1] - On the same day, the net outflow of main funds was 54.83 million yuan, accounting for 1.31% of the circulating market value [1]

英联股份（002846.SZ）7月29日在投资者互动平台表示，目前公司的固态电池用的锂金属/复合集流体 负极一体化材料与下游的头部汽车公司、头部电池公司进行对接送样。 （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：请问我们的固态锂金属产品与哪些客户进行对接和合 作？ ...

证券代码：002846 证券简称：英联股份 公告编号：2025-051 广东英联包装股份有限公司 关于公司股东部分股份解除质押的公告 本公司及全体董事会成员保证信息披露内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 广东英联包装股份有限公司（以下简称"公司"）于近日接到公司持股 5%以 上股东翁伟嘉先生的通知，获悉翁伟嘉先生的部分股份办理了解除质押手续，具 体情况如下： 一、 本次股份解除质押业务办理情况 | | 是否为控股股 | 本次解除 | 占其所 | 占公司 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 东或第一大股 | 质押股数 | 持股份 | 总股本 | 质押起始 | 质押解除 | 质权人 | | 名称 | 东及其一致行 | （股） | 比例 | 比例 注 1 | 日期 | 日期 | | | | 动人 | | | | | | | | 翁伟嘉 | 否 | 2,080,000 | 7.44% | 0.50% | 2022.7.28 | 2025.7.25 | 联储证券 股份有限 | | | | | | | ...

一、担保情况概述 广东英联包装股份有限公司（以下简称"公司"或"本公司"）于 2025 年 4 月 16 日召开第四届董事会第二十一次会议、第四届监事会第二十次会议和 2025 年 5 月 9 日召开 2024 年年度股东大会，审议通过了《关于 2025 年度担保及财务资助额 度预计的议案》。 证券代码：002846 证券简称：英联股份 公告编号：2025-050 广东英联包装股份有限公司 关于对全资子公司提供担保的进展公告 本公司及全体董事会成员保证信息披露内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 根据上述决议，公司及下属公司（含子、孙公司，下同）2025 年度提供对外 担保经审批额度如下： 1、公司及下属公司 2025 年度拟为下属公司向金融机构申请授信融资提供总 额不超过人民币 27 亿元（含本数）的担保，其中包括： （1）对资产负债率超过 70%的下属公司申请授信融资不超过 7 亿元的担保。 （2）对资产负债率不超过 70%的下属公司申请授信融资不超过 19 亿元的担 保。 （3）因第三方机构为下属公司申请授信融资提供担保，公司及下属公司为第 三方机构提供不超过 1 亿元的反担保。 ...

Market Overview - The Shanghai Composite Index rose by 0.50% on July 18, with 22 out of 28 sectors experiencing gains, led by the non-ferrous metals and basic chemicals sectors, which increased by 2.10% and 1.36% respectively [1] - The media and electronics sectors saw the largest declines, with drops of 0.98% and 0.49% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 22.99 billion yuan, with 10 sectors experiencing net inflows [1] - The non-ferrous metals sector led the net inflow with 3.79 billion yuan, followed by the non-bank financial sector, which saw a net inflow of 899 million yuan and a daily increase of 0.33% [1] - The electronics sector had the highest net outflow, totaling 8.34 billion yuan, followed by the computer sector with a net outflow of 4.38 billion yuan [1] Light Industry Manufacturing Sector - The light industry manufacturing sector declined by 0.41% with a net capital outflow of 850 million yuan [2] - Out of 156 stocks in this sector, 68 stocks rose while 74 stocks fell [2] - The top three stocks with the highest net inflow were Yinglian Co. (74.60 million yuan), Shunhao Co. (32.54 million yuan), and Hengxin Life (30.18 million yuan) [2] Light Industry Manufacturing Capital Inflow - The top stocks in terms of capital inflow included: - Yinglian Co. with a rise of 5.28% and a turnover rate of 19.19%, attracting 74.60 million yuan [3] - Hengxin Life with a rise of 5.38% and a turnover rate of 22.03%, attracting 30.18 million yuan [3] - Zhihong Home with a rise of 1.28% and a turnover rate of 2.87%, attracting 17.58 million yuan [3] Light Industry Manufacturing Capital Outflow - The stocks with the highest capital outflow included: - Hongbo Co. with a decline of 4.91% and a turnover rate of 39.59%, experiencing an outflow of 379 million yuan [3] - Wangzi New Material with a decline of 4.52% and a turnover rate of 19.20%, experiencing an outflow of 130 million yuan [3] - Annie Co. with a decline of 3.22% and a turnover rate of 19.32%, experiencing an outflow of 74.39 million yuan [3]

Group 1 - The report highlights a steady increase in domestic electrification rates and a strong recovery in European sales, with global sales expected to grow by 21% in 2025 and maintain over 15% growth in 2026 [2][3] - In 2025, domestic electric vehicle sales are projected to reach 5.61 million units, a year-on-year increase of 44%, with an annual growth forecast of 25% [2][5] - The report anticipates a robust demand for lithium batteries, with a revised growth estimate of over 30% in 2025 and nearly 20% in 2026, driven by strong energy storage policies and market dynamics [2][3] Group 2 - The report indicates that the profitability of the industry has begun to recover slightly, with leading companies starting to expand production in an orderly manner, while smaller firms continue to exit the market [2][3] - The report notes a significant disparity in profitability across different segments of the supply chain, with leading battery manufacturers maintaining high profit levels compared to second-tier manufacturers [2][3] - The solid-state battery technology is highlighted as a key area of focus, with advancements expected in sulfide-based materials and core equipment, indicating a rapid acceleration in industrialization [2][3] Group 3 - Investment recommendations emphasize focusing on leading lithium battery companies and those accelerating the industrialization of solid-state technologies, with specific companies identified for potential investment [2][3] - The report suggests that the lithium carbonate price has reached a bottom, making it favorable to invest in companies with quality resources [2][3] - The report identifies several companies in the solid-state battery sector that are expected to benefit from technological advancements and market demand [2][3]

Group 1 - A-share market is experiencing a wave of positive earnings forecasts, with 83 out of 107 companies predicting better-than-expected results, accounting for nearly 80% [1] - Among the companies, 61 are expected to report net profits exceeding 100 million yuan, representing nearly 60% of the total [1] - Notable performers include Industrial Fulian, Lixun Precision, Xinhecheng, and Yun Aluminum, all of which are expected to report net profits exceeding 1 billion yuan [1] Group 2 - Industrial Fulian anticipates a net profit of over 12 billion yuan for the first half of the year, a year-on-year increase of nearly 40%, driven by strong growth in cloud computing and AI server businesses [1] - Lixun Precision expects a profit range of 6.475 billion to 6.745 billion yuan, reflecting a year-on-year growth of 20% to 25% [1] - Xinhecheng forecasts a net profit between 3.3 billion and 3.75 billion yuan, with a year-on-year increase of 50% to 70%, mainly due to rising sales and prices of vitamins [1] Group 3 - 24 companies are predicting a year-on-year net profit increase of over 100%, with Huayin Power expecting a staggering increase of 3600% to 4.423 billion yuan [3] - Other companies like Shen Shen Fang A and Saint Farm are also projecting significant profit increases, with some exceeding 400% [3] - The average stock price of companies that have released earnings forecasts has risen by 27.03% this year, significantly outperforming the market [3] Group 4 - Financing activities have accelerated towards companies with positive earnings forecasts, with 49 companies experiencing net capital inflows [3] - Notably, Xiaoshangpin City has received a net capital inflow of 373 million yuan since July, with an expected net profit growth of over 12% [3] - Overall, despite macroeconomic challenges, leading companies are achieving stable growth due to their core competitiveness [3]

Core Insights - The solid-state battery index decreased by 0.8% from June 30 to July 4, with a cumulative increase of 18.2% expected by 2025, outperforming the CSI 300 index which is projected to increase by 17.0% [1][4] - Among the solid-state battery-related stocks, the average decline was 1.3%, with only the current collectors segment showing an increase of 7.0% [1][4] Stock Performance - Top five gainers: Zhongyi Technology (+21.1%), Defu Technology (+21.0%), Honggong Technology (+21.0%), Yuanhang Precision (+12.2%), and Jiayuan Technology (+6.7%) [1][4] - Top five losers: Yinglian Co. (-17.7%), Nuode Co. (-12.9%), Tianji Co. (-11.3%), Jinlongyu (-9.2%), and Zhonglun New Materials (-8.5%) [1][4] Industry Developments - Shanghai Xiba plans to participate in the auction for Yuyuan Rare Earth's lithium sulfide business assets [2] - Several companies have secured orders for solid-state battery copper foil products, including Defu Technology with a significant order from a leading power battery customer [2] - Anwa Technology has successfully launched the first GWh-level solid-state battery production line, marking a significant advancement in solid-state battery development [2] - The industry is transitioning from laboratory stages to mass production validation, with expectations for small batch vehicle testing by the end of 2025 and widespread testing in 2026-2027 [2]