星源材质(300568)：隔膜行业拐点渐进 盈利有望逐步修复

Core Viewpoint - The company reported a net profit of 114 million yuan for the first three quarters of 2025, indicating a significant decline in profitability, but anticipates recovery as the separator industry approaches a turning point, maintaining a buy rating [1] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.958 billion yuan, a year-on-year increase of 13.53% - The net profit attributable to shareholders was 114 million yuan, a year-on-year decrease of 67.25% - The non-recurring net profit was 16 million yuan, a year-on-year decrease of 94.06% - In the third quarter, revenue reached 1.060 billion yuan, a year-on-year increase of 11.36%, while net profit was 14 million yuan, a year-on-year decrease of 86.96% [2] Industry Outlook - The separator industry is nearing a turning point, with dry separators experiencing a price increase of nearly 30% by the first half of 2025 - The industry is currently benefiting from high capacity utilization due to strong demand, particularly in energy storage - The company plans to enhance profitability by increasing supply to high-value customers and raising prices for low-profit or loss-making customers [2] R&D and Product Development - The company is focusing on solid-state battery research and market development, with related products being sampled to leading battery manufacturers - The company’s affiliate has achieved a production capacity of hundreds of tons for oxide electrolytes and expects to have ton-level shipments of sulfide electrolytes by 2025 - Various types of rigid skeleton membranes have been developed for different solid-state battery applications, enhancing energy density and safety [3] Valuation - The company adjusted its earnings per share forecast for 2025-2027 to 0.11, 0.37, and 0.46 yuan respectively, reflecting a decrease in separator average prices - The corresponding price-to-earnings ratios are projected at 137.4, 40.9, and 33.0 times, while maintaining a buy rating [4]