ENERGY TECHNOLOGY(SZ:002812) Sou Hu Cai Jing·2025-07-22 08:40Core Viewpoint - Enjie Co., Ltd. (SZ:002812), a leading lithium battery separator manufacturer, is expected to report a net profit loss of between 82.65 million to 107 million yuan for the first half of 2025, marking a significant shift from profit to loss year-on-year [1][5]. Group 1: Financial Performance - Enjie Co. is projected to experience its first annual loss since its listing in 2024, with a revenue decline of 15.6% and a net profit drop of 122%, resulting in a loss of 556 million yuan [5]. - The company's mid-year forecast indicates a net profit loss of 82.65 million to 107 million yuan, contrasting with a profit of 259.8 million yuan in the first quarter and 291 million yuan in the same period last year [5][6]. - The gross margin for Enjie Co. fell to 11.07% in 2024, a significant decrease of 70.43% compared to the previous year, and down from 49.86% in 2021 [8]. Group 2: Market Dynamics - The rapid expansion of domestic separator production has led to oversupply and intense price competition in the separator industry, impacting Enjie Co.'s profitability despite its leading market position [4]. - Enjie Co. maintained the largest global market share for lithium battery separators for seven consecutive years, with production and sales expected to reach 9.28 billion square meters and 8.825 billion square meters in 2024, respectively [4]. Group 3: Operational Challenges - Enjie Co. faces operational pressures due to losses in certain business segments, including aluminum-plastic film and dry lithium battery separators [9]. - The company is also incurring short-term operational costs from the accelerated construction of overseas production bases in Hungary, the U.S., and Malaysia [10]. - Enjie Co. plans to recognize impairment losses on certain inventories, which will further reduce current profits [11]. Group 4: Debt and Expansion - Enjie Co. has accumulated significant debt, with short-term borrowings reaching 8.678 billion yuan and total current liabilities of 13.229 billion yuan, while cash reserves stand at only 2.844 billion yuan [13][14]. - Despite financial strain, Enjie Co. continues to invest in overseas projects, with total planned investments amounting to 7.7 billion yuan across various locations [16][17]. Group 5: Future Prospects - Enjie Co. is exploring opportunities in solid-state batteries as a potential turnaround strategy, with ongoing development in solid electrolyte materials and production lines [18]. - The company has signed agreements for the supply of solid-state battery materials, indicating a strategic pivot to adapt to market changes [18]. - However, the rapid technological advancements in solid-state batteries pose a risk, as the company must maintain high R&D investment amidst financial constraints [19].