民生证券：给予恩捷股份买入评级

Core Viewpoint - Enjie Co., Ltd. reported its 2025 interim results, showing revenue growth but a significant decline in net profit, with a buy rating maintained by Minsheng Securities due to its leading position in the separator industry and accelerated overseas expansion [1][2][4]. Financial Performance - For H1 2025, Enjie achieved revenue of 5.763 billion yuan, a year-on-year increase of 20.49%, while the net profit attributable to shareholders was -93 million yuan, a decline of 131.96% [2]. - In Q2 2025, revenue reached 3.034 billion yuan, up 23.53% year-on-year and 11.18% quarter-on-quarter, but net profit was -119 million yuan, down 189.47% year-on-year and 557.69% quarter-on-quarter [2]. - The gross margin for Q2 2025 was 14.09%, down 8.97 percentage points year-on-year and 3.05 percentage points quarter-on-quarter [2]. Market Position and Competitive Advantage - Enjie has made significant progress in its overseas expansion, with its Hungary project operational and the U.S. facility under equipment installation [3]. - The company has established deep partnerships with major battery manufacturers both domestically (e.g., CATL, BYD) and internationally (e.g., Panasonic, LGES) [3]. - Enjie is diversifying its product offerings in the solid-state battery sector, with ongoing developments in semi-solid and all-solid-state battery materials [3]. Investment Outlook - Revenue projections for 2025, 2026, and 2027 are 12.430 billion yuan, 15.553 billion yuan, and 18.573 billion yuan, respectively, with corresponding growth rates of 22.3%, 25.1%, and 19.4% [4]. - Expected net profits for the same years are 14 million yuan, 513 million yuan, and 1.081 billion yuan, with growth rates of 102.5%, 3651.8%, and 110.9% [4]. - The company maintains a strong market position and is expected to continue its growth trajectory, justifying a "recommended" rating [4].