万联证券：下游需求驱动 锂电板块25Q3业绩持续回升

Core Viewpoint - The lithium battery industry is experiencing significant growth in revenue and profit due to the steady increase in demand for electric vehicles, with notable improvements in various segments of the supply chain [2][8]. Group 1: Overall Industry Performance - In the first three quarters of 2025, the overall revenue of the lithium battery industry chain reached 636.19 billion, a year-on-year increase of 16.12%, while net profit attributable to shareholders was 626.19 billion, up 40.37% year-on-year [2]. - In Q3 2025, the lithium battery industry chain's revenue was 2354.28 billion, representing a year-on-year growth of 20.42% and a quarter-on-quarter increase of 10.19% [2]. Group 2: Battery Segment Performance - The battery segment achieved a revenue of 4172.73 billion in Q1-Q3 2025, marking an 11.92% year-on-year increase, with net profit attributable to shareholders at 555.65 billion, up 36.83% year-on-year [3]. - In Q3 2025, the battery segment's revenue was 1540.35 billion, reflecting a year-on-year growth of 16.63% and a quarter-on-quarter increase of 10.04% [3]. Group 3: Positive Electrode Materials - The positive electrode segment generated revenue of 908.81 billion in Q1-Q3 2025, a year-on-year increase of 24.09%, with net profit turning positive at 1.29 billion [4]. - In Q3 2025, the positive electrode segment's revenue was 344.37 billion, up 31.62% year-on-year and 13.01% quarter-on-quarter [4]. Group 4: Negative Electrode Materials - The negative electrode segment reported revenue of 494.33 billion in Q1-Q3 2025, a year-on-year increase of 20.87%, with net profit at 38.64 billion, up 43.41% year-on-year [5]. - In Q3 2025, the negative electrode segment's revenue was 176.49 billion, reflecting a year-on-year growth of 22.99% and a quarter-on-quarter increase of 2.92% [5]. Group 5: Other Segments - The electrolyte segment saw stable growth in revenue and net profit, with Q3 2025 revenue at 66.89 billion, a year-on-year increase of 10.54% [6]. - The separator segment experienced high revenue growth but faced pressure on profitability, with Q3 2025 revenue at 48.40 billion, up 33.22% year-on-year, while net profit dropped significantly [6]. - The auxiliary materials segment maintained steady growth, with structural components achieving revenue of 69.63 billion, a year-on-year increase of 29.33% [6].