恩捷股份：近期公司下游客户需求和订单呈现稳定增长态势

Core Viewpoint - The company, Enjie Co., Ltd., is experiencing strong order volumes and high capacity utilization, with stable growth in downstream customer demand and orders, indicating potential for increased shipments by 2025 [2] Group 1: Company Performance - The company has abundant orders on hand and high capacity utilization, with downstream demand showing stable growth [2] - The second half of the year is typically a peak season for separator demand, and with the anticipated stable growth in downstream demand, the company's separator capacity may become slightly tight [2] - The separator industry has seen a significant slowdown in new capacity additions, leading to a convergence of the oversupply situation as demand continues to grow, potentially leading to a balanced supply state in the future [2] Group 2: Overseas Market Advantages - The company is one of the earliest players in the Chinese lithium battery supply chain to establish overseas production capacity, having started the construction of its Hungary Phase I project in 2020 with a capacity of 400 million square meters, and announced a U.S. factory project in January 2024 with a capacity of 700 million square meters [2] - The company has a well-established intellectual property (IP) system, holding multiple proprietary and Teijin-authorized patents, and has laid out patents in several countries including Japan, South Korea, the United States, and Europe, ensuring supply security and stability for customers [2] - The company maintains long-term deep cooperation with globally renowned battery manufacturers and has cultivated overseas sales channels for many years [2]