制作：产品中心 《策略|"十五五"前瞻初探——"十五五"研究系列》 1、"十五五"规划展望。自 1953 年开始制定第一个"五年计划"以来， 我国已发布十四个"五年规划"。完善统一大市场：推进统一大市场建设 重点在于打破地方保护和市场分割，促进资源的高效配置流动，激发各类 市场主体活力与创造力。2、促进民生消费："十五五"规划可能在以下几 方面进一步对消费进行支持：1.财政支出从投资进一步转向民生；2.大力 支持消费结构升级。3、深化国有企业改革：整体来看，预计"十五五" 中，国有企业改革整体思路或依旧延续精细化区分、"一企一策"的思路， 同时要积极探索尝试有利于创新的国有企业经营机制和公司治理模式。4、 健全资本市场稳定机制："十五五"期间资本市场改革思路或转向"构建 内在稳定、韧性强的现代化资本市场生态系统"。整体来看，"十五五"期 间的资本市场稳定机制建设将是一个系统性的工程，完成从"政策驱动" 到"制度驱动"、从"单一维度"到"生态系统"的转型，推动资本市场 高质量发展,助力加快建设金融强国。 证券研究报告 | 2025 年 08 月 27 日 $$\overline{{{\prod_{\mathrm ...

科达利（002850.SZ） 证券研究报告/公司点评报告 2025 年 08 月 26 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | | 2026E | 2027E | | 分析师：曾彪 | | 营业收入（百万元） | 10,511 | 12,030 | | 15,399 | 18,739 | 22,695 | | | | 增长率 yoy% | 21% | 14% | | 28% | 22% | 21% | | 执业证书编号：S0740522020001 | | 归母净利润（百万元） | 1,201 | 1,472 | | 1,868 | 2,327 | 2,853 | | Email：zengbiao@zts.com.cn | | 增长率 yoy% | 33% | 23% | | 27% | 25% | 23% | | | | 每股收益（元） | 4.39 | 5.38 | | 6.83 ...

Investment Rating - The investment rating for the company is "Buy" with a target price maintained [7] Core Views - The company is experiencing accelerated overseas expansion in its structural components business and is developing a second growth driver in the robotics sector [2][3] - The company reported a slight decline in profit in Q2 2025 due to increased R&D expenses and significant credit impairment [1][4] - The forecast for the company's net profit for 2025 and 2026 has been adjusted downwards to 1.75 billion and 2.12 billion respectively, primarily due to underestimated R&D costs and impairment impacts [4] Financial Data and Valuation - Revenue projections for the company are as follows: - 2023: 10,511.36 million - 2024: 12,029.68 million - 2025E: 14,796.50 million - 2026E: 17,755.80 million - 2027E: 21,306.96 million - The expected growth rates are 21.47% for 2023, 14.44% for 2024, and 23.00% for 2025 [5][12] - The projected net profit for 2025 is 1,751.61 million, with a growth rate of 19.03% [5][12] - The company's earnings per share (EPS) is expected to be 6.40 yuan in 2025, with a price-to-earnings (P/E) ratio of 21.53 [5][12] Business Development - The company is investing up to 5 million euros in Hungary to enhance the production capacity of precision structural components for power batteries [2] - The development of humanoid robot products is progressing well, with positive trends in customer development [3][11]

金融界消息 截至2025年8月25日收盘，科达利（002850）报收于137.9元，上涨4.11%，换手率4.22%， 成交量8.31万手，成交金额11.63亿元。 资金流向方面，今日主力资金净流出4713.54万元，占比成交额4.05%。其中，超大单净流出4735.57万 元、占成交额4.07%，大单净流入22.03万元、占成交额0.02%，中单净流出流入1418.19万元、占成交额 1.22%，小单净流入3295.35万元、占成交额2.83%。 科达利最新一期业绩显示，截至2025中报，公司营业总收入66.45亿元、同比增长22.01%，归属净利润 7.69亿元，同比增长18.72%，扣非净利润7.20亿元，同比增长14.61%，流动比率1.976、速动比率 1.842、资产负债率40.00%。 天眼查商业履历信息显示，深圳市科达利实业股份有限公司，成立于1996年，位于深圳市，是一家以从 事计算机、通信和其他电子设备制造业为主的企业。企业注册资本27136.1808万人民币，实缴资本 27136.1808万人民币。公司法定代表人为励建立。 通过天眼查大数据分析，深圳市科达利实业股份有限公司共对外投资了2 ...

Investment Rating - The report maintains a "Recommended" investment rating for the renewable energy sector, indicating a positive outlook for the industry [7]. Core Insights - The report highlights significant improvements in the performance of the renewable energy sector, particularly in the photovoltaic (PV) and wind power segments, driven by national strategic initiatives aimed at reducing competition and enhancing industry stability [4][5]. - The photovoltaic industry is currently at the bottom of its cycle, with future policy measures expected to be critical in shaping the industry's trajectory towards high-quality development [4]. - The wind power sector is experiencing a favorable supply-demand structure, with increasing profitability among companies, particularly in offshore wind projects [4]. Weekly Market Review - From August 18 to August 22, 2025, the Shanghai Composite Index rose by 3.49%, while the Shenzhen Component Index and the ChiNext Index increased by 4.57% and 5.85%, respectively. The Shenwan Electric Power Equipment Index rose by 2.28%, underperforming the CSI 300 by 1.90 percentage points [2][13]. - Within sub-sectors, photovoltaic equipment saw a rise of 3.47%, while wind power equipment decreased by 0.90% [2][13]. Key Sector Tracking - Longi Green Energy reported a revenue of 32.8 billion yuan for the first half of 2025, a decline of 14.83% year-on-year, with a net loss of 2.569 billion yuan, significantly reduced from a loss of 5.23 billion yuan in the same period last year [3][34]. - The report emphasizes the importance of government subsidies and the impact of market pricing on operational losses within the photovoltaic sector [3][34]. Investment Recommendations - For the photovoltaic sector, the report suggests focusing on companies with clear alpha potential in the silicon material, glass, and battery segments, as well as new technologies and leading manufacturers [4]. - In the wind power sector, the report recommends attention to companies with strong performance in offshore wind projects and related supply chains, such as Goldwind Technology and Orient Cable [4]. Industry Performance Data - The report notes that the cumulative installed capacity of new energy storage in China reached 101.3 GW by mid-2025, marking a year-on-year growth of 110% [22]. - The average utilization hours of power generation equipment decreased by 188 hours compared to the previous year, indicating challenges in the overall energy market [26]. Company Announcements - EVE Energy reported a revenue increase of 30.06% year-on-year for the first half of 2025, driven by strong performance in both power and energy storage battery segments [24]. - JA Solar's net loss narrowed significantly, reflecting improved operational efficiency and market conditions [24]. Price Trends - The report provides insights into the price trends of key materials in the industry, including polysilicon and battery cells, indicating a general upward trend in prices due to supply constraints and increased demand [22][23].

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, indicating an expectation that the industry index will outperform the market index by more than 10% in the next six months [2][54]. Core Insights - The lithium battery index has shown strong performance, with a 5.91% increase over the past two weeks, outperforming the CSI 300 index by 1.66 percentage points. Year-to-date, the lithium battery index has risen by 11.38%, also surpassing the CSI 300 index by 2.41 percentage points [4][14]. - Recent price movements in the lithium battery supply chain indicate a significant increase in lithium carbonate prices, which rose by 17.08% to 83,300 CNY/ton, and lithium hydroxide prices increased by 4.33% to 72,300 CNY/ton [6][27]. - The demand for lithium batteries is expected to rise as the traditional peak season for new energy vehicles approaches, driven by the growth in renewable energy and new data center storage needs [7][48]. Summary by Sections Market Review - As of August 21, 2025, the lithium battery index has outperformed the CSI 300 index over various time frames, including a 6.46% increase this month and an 11.38% increase year-to-date [4][14]. Price Changes in the Lithium Battery Supply Chain - Key price changes include: - Lithium carbonate: 83,300 CNY/ton, up 17.08% in two weeks - Lithium hydroxide: 72,300 CNY/ton, up 4.33% - Phosphate lithium: 34,300 CNY/ton, up 5.05% - Electrolyte lithium hexafluorophosphate: 55,800 CNY/ton, up 10.93% [6][25][33]. Industry News - In July 2025, new energy vehicle production and sales reached 1.243 million and 1.262 million units, respectively, marking a year-on-year growth of 26.3% and 27.4% [7][44]. - The report highlights the ongoing industrialization of solid-state batteries, which is expected to create structural demand for materials and equipment in the supply chain [7][48]. Recommended Companies - Key companies to watch include: - CATL (300750): Achieved revenue of 178.886 billion CNY in H1 2025, a 7.27% increase year-on-year - Kodali (002850): Revenue of 6.645 billion CNY in H1 2025, up 22.01% - Enjie (002812): Focused on semi-solid battery separator production [49][50].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002850 证券简称：科达利 公告编号：2025-059 债券代码：127066 债券简称：科利转债 深圳市科达利实业股份有限公司关于股东减持计划实施完毕的公告 公司股东云南大业盛德企业管理有限公司保证向本公司提供的信息内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 根据《深圳证券交易所上市公司自律监管指引第18号一一股东及董事、高级管理人员减持股份》《深圳 证券交易所上市公司自律监管指引第10号一一股份变动管理》等有关规定，现将具体情况公告如下： 一、股东减持情况 （一）股东减持股份情况 ■ 备注：计划减持股份占总股本比例与实际减持股份占总股本比例存在差异，主要原因如下：在减持计划 实施期间，因公司实施2022年股票期权激励计划，激励对象自主行权，以及"科利转债"（债券代码： 127066）持有人转股，导致公司总股本增加，从而使得相同减持股数对应的持股比例相应降低，造成实 际减持比例低于原计划比例。 大业盛德的股份来源为公司首次公开发行前股份及公司实施2017年年度 ...

证券代码：002850 证券简称：科达利 公告编号：2025-057 债券代码：127066 债券简称：科利转债 深圳市科达利实业股份有限公司 关于控股股东及一致行动人被动稀释暨股东减持权益变动 触及 1%刻度的提示性公告 励建立先生、励建炬先生及其一致行动人云南大业盛德企业管理有限公司保 证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： （一）本次权益变动的原因： 制人励建立先生、励建炬先生及其一致行动人云南大业盛德企业管理有限公司 （以下简称"大业盛德"）在本次权益变动期间，因公司 2021 年及 2022 年股票 期权激励计划激励对象自主行权，以及公司可转换公司债券"科利转债"（债券 代码：127066）转股，导致公司总股本增加，从而导致励建立先生、励建炬先 生、大业盛德在持股数量不变的情况下，合计持股比例由 39.20%被动稀释至 其中，励建炬先生及大业盛德的权益变动时段为 2023 年 8 月 3 日至 2025 年 8 月 19 日；励建立先生的权益变动时段为 2024 年 9 月 2 ...

8月21日，21世纪经济报道刊发了记者林典驰、林绮蓓的文章《深圳锂电材料"四剑客"30年 从技术破壁到全球领跑》，文章聚焦深圳锂电材料 "四剑客"的 30 年发展历程，展现了中国锂电材料产业从技术空白到打破垄断、跻身全球领跑者行列，为中国"新三样"的发展增添新的注脚。以下是全文。 深圳今年上半年 续为全国"外贸第一城" 以新能源汽车、锂电池、光伏产品 为代表的"新三样" 持续引领深圳外贸增长 其中，深圳民营企业出口锂电池304.4亿元人民币，同比增长30.4%。锂电池出口的亮眼表现，离不开上游材料的强力支撑。 在全球锂电池产业竞争版图上，深圳悄然崛起了一个独特的"材料天团"。科达利（002850.SZ）、贝特瑞（835185.BJ）、新宙邦（300037.SZ）、星源材 质（300568.SZ）——这四家企业分别占据锂电池结构件、负极材料、电解液和隔膜四大关键材料领域的龙头位置。 广东粤港澳大湾区研究院认为，这四家企业可称之为深圳锂电材料"四剑客"。它们在21世纪初国内锂电池材料领域近乎空白之际，潜心钻研，成功打破日 韩企业的垄断壁垒，逐步登上全球产业顶端，被誉为深圳锂电材料"四剑客"。它们不仅是中国锂电材料 ...

证券代码：002850 证券简称：科达利 公告编号：2025-059 债券代码：127066 债券简称：科利转债 深圳市科达利实业股份有限公司 公司股东云南大业盛德企业管理有限公司保证向本公司提供的信息内容真实 、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 深圳市科达利实业股份有限公司（以下简称"公司"）于 2025 年 7 月 1 日在 （公告编号：2025-042）， 巨潮资讯网披露了《公司关于股东减持股份预披露公告》 原持公司股份 3,824,933 股（占公司当时总股本比例 1.3985%）的股东云南大业 盛德企业管理有限公司（以下简称"大业盛德"）计划自公告披露之日起 15 个交 易日后的 3 个月内（即从 2025 年 7 月 23 日起至 2025 年 10 月 22 日止，根据法 律法规禁止减持的期间除外）以大宗交易的方式减持公司股份不超过 3,824,933 股（占公司当时总股本比例 1.3985%）。 公司于 2025 年 8 月 21 日披露了《公司关于控股股东及一致行动人被动稀释 暨股东减持权益变动触及 1%刻度 ...