分析师：牟国洪 登记编码：S0730513030002 mough@ccnew.com 021-50586980 业绩短期承压，积极布局固态电池电解质 ——星源材质(300568)中报点评 证券研究报告-中报点评 增持(首次) 市场数据(2025-08-20) | 收盘价(元) | 12.43 | | --- | --- | | 一年内最高/最低(元) | 13.03/6.83 | | 沪深 300 指数 | 4,271.40 | | 市净率(倍) | 1.70 | | 流通市值(亿元) | 150.88 | | 基础数据(2025-06-30) | | | 每股净资产(元) | 7.33 | | 每股经营现金流(元) | 0.40 | | 毛利率(%) | 25.09 | | 净资产收益率_摊薄(%) | 1.02 | | 资产负债率(%) | 59.54 | | 总股本/流通股(万股) | 134,290.2/121,387.2 | | B 股/H 股(万股) | 0.00/0.00 | 其他化学制品Ⅱ 个股相对沪深 300 指数表现 资料来源：中原证券 相关报告 -7% 5% 17% 29% 41% 5 ...

证券代码：300568 证券简称：星源材质 公告编号：2025-084 深圳市星源材质科技股份有限公司 关于 2022 年限制性股票激励计划部分已授予限制性股票 回购注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 的限制性股票涉及322人，回购注销的限制性股票数量为1,010,439股，占回购前 公司总股本1,342,902,078股的0.0752%，回购价格分别为11.826745元/股、11.41 元/股，回购资金总额为人民币12,580,148.87元。 办理完成上述部分限制性股票的回购注销手续。 一、2022年限制性股票激励计划概述 十六次会议，审议通过了《关于公司<2022 年限制性股票激励计划（草案）>及 其摘要的议案》、《关于公司<2022 年限制性股票激励计划实施考核管理办法> 的议案》、《关于提请股东大会授权董事会办理公司 2022 年限制性股票激励计 划有关事项的议案》，公司独立董事对此发表了同意的独立意见。 和职务在公司内部进行了公示。在公示期内，公司监事会未收到关于本次拟激励 对象的异议，并于 2022 年 ...

证券代码：300568 证券简称：星源材质 公告编号：2025-084 深圳市星源材质科技股份有限公司 关于 2022 年限制性股票激励计划部分已授予限制性股票 回购注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 一、2022年限制性股票激励计划概述 1、深圳市星源材质科技股份有限公司（以下简称"公司"）本次回购注销 的限制性股票涉及322人，回购注销的限制性股票数量为1,010,439股，占回购前 公司总股本1,342,902,078股的0.0752%，回购价格分别为11.826745元/股、11.41 元/股，回购资金总额为人民币12,580,148.87元。 2022 年 1 月 25 日，公司召开第五届董事会第十九次会议及第五届监事会第 十六次会议，审议通过了《关于公司<2022 年限制性股票激励计划（草案）>及 其摘要的议案》、《关于公司<2022 年限制性股票激励计划实施考核管理办法> 的议案》、《关于提请股东大会授权董事会办理公司 2022 年限制性股票激励计 划有关事项的议案》，公司独立董事对此发表了同意的独立意见。 ...

东莞证券8月20日发布研报称，给予星源材质（300568.SZ，最新价：12.14元）买入评级。评级理由主 要包括：1）公司2025年上半年业绩继续承压；2）2025年Q2营收和归母净利润均实现环比增长；3）前 瞻布局固态电池领域，产品适用于半固态电池和全固态电池；4）反内卷政策持续深化有助于公司逐步 恢复盈利能力。风险提示：下游需求不及预期风险；新产品新技术变革风险；市场竞争加剧风险；毛利 率下滑风险；汇率波动风险。表1： （文章来源：每日经济新闻） ...

Group 1 - The company's performance in the first half of 2025 continues to be under pressure, with revenue of 1.898 billion yuan, a year-on-year increase of 14.78%, and a net profit attributable to shareholders of 100 million yuan, a year-on-year decrease of 58.53% [1] - The gross margin is 25.09%, down 6.43 percentage points year-on-year, while the net margin is 6.40%, down 8.22 percentage points year-on-year [1] - The period expense ratio is 22.04%, up 3.66 percentage points year-on-year, mainly due to a 4.85 percentage point increase in financial expense ratio [1] Group 2 - In Q2 2025, the company achieved revenue of 1.009 billion yuan, a year-on-year increase of 7.43% and a quarter-on-quarter increase of 13.43%, while the net profit attributable to shareholders was 54 million yuan, a year-on-year decrease of 60.22% but a quarter-on-quarter increase of 15.03% [2] - The gross margin for Q2 is 24.71%, down 3.42 percentage points year-on-year and down 0.82 percentage points quarter-on-quarter [2] - The company is strategically positioning itself in the solid-state battery sector, having signed a strategic cooperation agreement with Ruigu New Materials to jointly develop high-performance solid-state electrolyte membranes and related products [2] Group 3 - Recent discussions among key dry-process diaphragm manufacturers, including the company, have led to five consensus points aimed at restoring profitability, including price discipline and capacity management [3] - The ongoing anti-involution policies are expected to help the industry return to rational competition, which will assist the company in gradually recovering its profitability [3] - The company is the second-largest lithium battery diaphragm manufacturer globally and is expected to benefit from the solid-state battery development opportunities as profitability improves [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [4][7]. Core Views - The company continues to face pressure on its performance, with a year-on-year revenue increase of 14.78% to 1.898 billion yuan in H1 2025, but a significant decline in net profit by 58.53% to 100 million yuan [4]. - The company has seen a 65.3% year-on-year increase in separator shipments, outperforming the industry average, despite ongoing price declines and rising costs [4]. - The company is strategically positioning itself in the solid-state battery sector, having signed a strategic cooperation agreement to develop high-performance solid-state electrolyte membranes [4]. - The report highlights a consensus among industry peers to implement price discipline and capacity management, which may help restore profitability [4]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 1.898 billion yuan, a 14.78% increase year-on-year, while net profit fell to 100 million yuan, down 58.53% [4]. - For Q2 2025, revenue was 1.009 billion yuan, a 7.43% increase year-on-year and a 13.43% increase quarter-on-quarter, with net profit at 54 million yuan, down 60.22% year-on-year but up 15.03% quarter-on-quarter [4]. Market Position and Strategy - The company is the second-largest lithium battery separator manufacturer globally and is expected to benefit from the solid-state battery market growth [4]. - The company has developed various types of solid-state electrolyte membranes to enhance safety and energy density in batteries [4]. Future Outlook - The report projects earnings per share (EPS) of 0.29 yuan and 0.38 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 44x and 33x [4][6].

Core Viewpoint - Shenzhen continues to lead as China's "foreign trade capital," with significant growth in exports of new energy vehicles, lithium batteries, and photovoltaic products, particularly driven by private enterprises in the lithium battery sector [2] Group 1: Industry Overview - The lithium battery industry is crucial for applications in consumer electronics, new energy vehicles, and energy storage, with four main materials: cathode, anode, electrolyte, and separator [3] - Historically, Japanese companies dominated the global lithium battery market, holding 93% market share in 2000, but Chinese companies have begun to break this monopoly [3][4] Group 2: Key Players in Shenzhen - Shenzhen has produced a group of leading companies in lithium battery materials, referred to as the "Four Swordsmen": Keda Li, Better Ray, New Zobon, and Xingyuan Material, each excelling in critical material sectors [2][6] - Keda Li has grown from a small startup to a leading manufacturer of battery precision structural components, achieving a market value exceeding 30 billion RMB, with a revenue of 6.645 billion RMB in the first half of 2023, up 22.01% year-on-year [7] - New Zobon, a top electrolyte supplier, reported a revenue of 2.002 billion RMB in Q1 2025, a 32.14% increase year-on-year, and holds over 10% market share in China [8][9] Group 3: Market Dynamics and Challenges - The "Four Swordsmen" have faced challenges from international competition and market fluctuations but have maintained strong positions in their respective fields [12] - Xingyuan Material and Better Ray experienced revenue fluctuations in Q1 2025, with Xingyuan's revenue at 0.889 billion RMB, a 24.44% increase, while Better Ray's revenue decreased by 3.88% to 3.392 billion RMB [9] Group 4: Strategic Expansion - The "Four Swordsmen" are actively expanding their global presence, with Keda Li investing in production bases in Europe and New Zobon establishing multiple international facilities [10][11] - Better Ray is also pursuing international projects in Indonesia and Morocco to enhance its global competitiveness in the lithium battery materials market [11]

据证券之星公开数据整理，近期星源材质（300568）发布2025年中报。截至本报告期末，公司营业总收 入18.98亿元，同比上升14.78%，归母净利润1.0亿元，同比下降58.53%。按单季度数据看，第二季度营 业总收入10.09亿元，同比上升7.43%，第二季度归母净利润5372.68万元，同比下降60.22%。本报告期 星源材质三费占比上升明显，财务费用、销售费用和管理费用总和占总营收同比增幅达34.62%。 本次财报公布的各项数据指标表现一般。其中，毛利率25.09%，同比减20.4%，净利率6.4%，同比减 56.25%，销售费用、管理费用、财务费用总计2.92亿元，三费占营收比15.37%，同比增34.62%，每股净 资产7.33元，同比增0.91%，每股经营性现金流0.4元，同比增132.79%，每股收益0.08元，同比减55.56% | l源材质 最新财务摘要 | | --- | | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 16.54亿 | 18.98 Z | 14.78% | | 归母净利润 ...

Q2 经营性净现金流7.5 亿元，环比增加11%；资本开支1.8 亿元，同环比-13%/-6%。Q2 末存货8.3 亿 元，较Q1 末微降，库存维持低位。 盈利预测与投资评级：我们维持25--27 年归母净利润4.0/5.1/6.9 亿的预期，同比+11%/25%/37%，对应 PE 为41x/33x/24x，维持"买入"评级。 风险提示：行业竞争加剧，下游需求不及预期，原材料价格波动。 业绩符合市场预期。公司25H1 收入19.0 亿元，同比+15%，归母净利润1.0 亿元，同比-59%，扣非净利 润0.4 亿元，同比-75%，毛利率25.1%，同比-6.4pct。其中25Q2 收入10.1 亿元，同环比+7%/+13%，归 母净利润0.5 亿元，同环比-60%/+15%，扣非净利润0.1 亿元，同环比-88%/-73%，毛利率24.7%，同环 比-3.4/-0.8pct 布局固态电池骨架膜，打造第二成长曲线。公司布局固态电池主流膜产品，分别开发了氧化物复合型和 聚合物复合型固态电解质膜，并布局刚性骨架膜，开发高强度耐热型复合骨架膜、高孔隙率型骨架膜和 高耐热型大孔骨架膜等，可保留高能量提升全固态电池的装配 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in the first half of 2025 shows signs of bottoming out in single-unit profitability, with a focus on solid-state electrolyte membranes to create a second growth curve [8] - The company is expected to maintain a 25% growth in shipments for 2025, with a projected total of 5 billion square meters [8] - The company has signed a strategic cooperation agreement with Ruigu New Materials to jointly develop high-performance solid electrolyte membranes [8] Financial Performance Summary - Total revenue for 2023 is projected at 3,013 million yuan, with a year-on-year growth of 4.62% [1] - The net profit attributable to shareholders for 2023 is expected to be 576.33 million yuan, reflecting a year-on-year decrease of 19.87% [1] - The earnings per share (EPS) for 2023 is estimated at 0.43 yuan, with a price-to-earnings (P/E) ratio of 28.78 [1] Future Projections - Revenue is expected to grow to 4,139 million yuan in 2025, representing a year-on-year increase of 16.90% [1] - The net profit attributable to shareholders is projected to reach 402.69 million yuan in 2025, with a year-on-year growth of 10.68% [1] - The EPS for 2025 is forecasted at 0.30 yuan, with a P/E ratio of 41.19 [1] Operational Insights - The company has improved its operating cash flow significantly, with a net cash flow from operating activities of 7.5 billion yuan in Q2 2025, an increase of 11% quarter-on-quarter [8] - The company is expected to release new production capacity in Q3 and Q4 2025, contributing to the anticipated growth in shipments [8] - The company has maintained a low inventory level, with inventory at 830 million yuan at the end of Q2 2025, slightly down from Q1 [8]