万润新能：前三季度出货量全球第二，新增高压密产能抢占技术高地

Core Viewpoint - Wanrun New Energy (688275) announced a delay in the investment project funded by oversubscription, focusing on upgrading the production line for high-density lithium iron phosphate to enhance supply capacity for high-end products [1] Group 1: Company Performance - In Q3 2025, the company's lithium iron phosphate shipment reached 98,400 tons, a significant year-on-year increase of 65.53% [2] - From January to September 2025, the cumulative shipment was 246,700 tons, with a year-on-year growth of 79.54%, outperforming the industry average [2] - The company achieved a revenue of 2.9 billion yuan in Q3, a year-on-year increase of 52.26%, and a total revenue of 7.336 billion yuan for the first three quarters, up 51.18% year-on-year [2] - The gross margin in Q3 was 4.02%, showing significant improvement both quarter-on-quarter and year-on-year [2] - The company signed a major supply contract with CATL, committing to supply approximately 1.3231 million tons of materials from May 2025 to 2030, expected to contribute over 200,000 tons in annual sales [2] Group 2: Industry Trends - The demand for energy storage has surged, with China's new energy storage capacity exceeding 100 million kilowatts, a more than 30-fold increase compared to the end of the 13th Five-Year Plan, accounting for over 40% of global capacity [3] - The price of lithium iron phosphate has started to rise, with an average price of approximately 36,900 yuan per ton as of November 13, reflecting a 10% increase since early October [3] - The supply-demand imbalance for high-density lithium iron phosphate products is expected to become more pronounced next year due to increasing demand from power batteries and energy storage manufacturers [3][4]