Senior(SZ:300568) Xin Lang Cai Jing·2025-07-21 08:39Group 1: Company Overview - The company is a leading domestic manufacturer of battery separators, with over 20 years of experience in the industry and the first in China to export both dry and wet process technologies [1] - In 2024, the company's market share for separator shipments is projected to be 17.6%, maintaining the second position in the domestic market for five consecutive years [1] - The management team possesses extensive industry experience and strategic capabilities, actively pursuing a global expansion strategy with production facilities in Sweden and a planned 20 billion square meters capacity in Malaysia by mid-2025, reaching a total capacity of 160 billion square meters by 2027 [1] Group 2: Product Development and Innovation - The company is embracing the trend of solid-state batteries, having signed a strategic cooperation agreement with Zhongke Shenlan Huize to launch a GWh solid-state battery production line by Q3 2025 [1] - It has introduced innovative rigid skeleton separators and various polymer electrolyte separators, which help reduce costs and enhance product value [1] - The company has also established production capabilities for oxide/polymer solid-state electrolyte powders and signed a strategic cooperation agreement with Ruigu New Materials, which is advancing the production of sulfide solid-state electrolytes [1] Group 3: Market Position and Future Prospects - The company is positioned as a global leader in lithium battery separator supply, having established a full-process production capability that includes dry, wet, and coating processes [2] - It is expanding its production capacity in Southeast Asia, Europe, and North America, while also actively developing solid-state electrolyte membranes and exploring new growth opportunities in the semiconductor and electronic skin industries [2] - Revenue projections for 2025, 2026, and 2027 are estimated at 4.5 billion, 5.4 billion, and 6.8 billion yuan respectively, with net profits of 430 million, 540 million, and 650 million yuan, and corresponding EPS of 0.3, 0.4, and 0.5 yuan per share [2]