DFD(SZ:002407) Zheng Quan Shi Bao Wang·2025-09-08 12:13Core Viewpoint - The company, Duofluoride (002407), has reported a significant surge in battery orders, particularly in the power battery sector, with production scheduled until December 2025, indicating strong growth momentum [1][3]. Battery Business Overview - The battery business encompasses power, portable energy storage, and two/three-wheeler batteries, with expectations for robust performance in 2025 and 2026 [1]. - The company aims to achieve over 20 GWh of battery production capacity by the end of 2025, with a potential increase to over 30 GWh by the end of 2026, driven by market demand [1][2]. Production and Sales Expectations - The company has reported full production and sales capacity, with an anticipated battery shipment volume of 30 GWh in 2026, aligning with production capacity goals [2]. - The current gross margin for the battery business exceeds 10%, with expectations for further improvement as production scales up and cost structures optimize [2]. Product Strategy - The company focuses on large cylindrical batteries, which are expected to account for over 80% of production capacity, while square batteries will represent less than 10% [2]. - The demand for cylindrical batteries in the home portable energy storage market is highlighted as a significant growth driver [2]. Growth Potential in Various Segments - The power battery sector is expected to maintain stable growth, while the energy storage and two/three-wheeler battery segments are projected to experience substantial growth, driving overall business expansion [3]. - The lithium hexafluorophosphate business is anticipated to have a higher profit elasticity compared to the battery business in 2026, but the battery segment is expected to become a more significant profit contributor in the long term [3]. Lithium Hexafluorophosphate Business - The company reports that overseas exports account for 15% to 20% of its lithium hexafluorophosphate business, with new contracts adopting a flexible pricing model based on market conditions [4]. - Despite delays in overseas project progress due to policy impacts, the company remains committed to expanding its overseas production capacity through a phased construction strategy [4].