ENERGY TECHNOLOGY(SZ:002812) Zheng Quan Zhi Xing·2025-06-20 12:40Core Viewpoint - Yunnan Enjie New Materials Co., Ltd. is a leading enterprise in the lithium battery separator market, facing increasing competition and profitability pressures due to market dynamics and pricing strategies [3][10][13]. Company Overview - The company primarily engages in the production and sale of lithium battery separators, packaging printing products, special paper processing, and BOPP films, with lithium battery separators being the main source of revenue [13][15]. - As of the end of 2024, the company had a total lithium battery separator capacity of 11.7 billion square meters, with a capacity utilization rate of 92.6% [15]. Financial Performance - In 2024, the company achieved an operating income of 10.164 billion yuan, a year-on-year decrease of 15.6%, with a gross margin of 11.07%, down 26.36 percentage points from the previous year [13][14]. - The first quarter of 2025 saw an operating income of 2.729 billion yuan, a year-on-year increase of 17.23%, primarily due to increased sales of lithium battery separators and sterile packaging products [13]. Market Position - The company holds a significant market share in the lithium battery separator industry, with major clients including leading domestic and international battery manufacturers [15]. - The lithium battery separator market is characterized by high concentration, with the company and its main competitor accounting for a substantial portion of the total output [11]. Industry Dynamics - The lithium battery separator industry has experienced rapid capacity expansion, leading to oversupply and intensified price competition, which has negatively impacted profit margins [10][12]. - The demand for lithium battery separators is closely tied to the growth of the electric vehicle market, with global sales of new energy vehicles expected to reach 18.236 million units in 2024, a year-on-year increase of 24.4% [9]. Risks and Challenges - The company faces significant profitability pressures due to increased competition and declining prices for lithium battery separators, as well as high customer concentration risks [4][10]. - The emergence of new battery technologies, such as solid-state batteries, poses a potential long-term threat to the demand for traditional lithium battery separators [12].