万润新能：新增高压密产能抢占技术高地 进一步提升竞争力

Core Viewpoint - Wanrun New Energy (688275) announced a delay in the investment project funded by excess raised capital, focusing on upgrading the production line for high-density lithium iron phosphate products to enhance supply capacity and seize technological advantages in high-end products [2][3]. Company Summary - The company plans to upgrade the "120,000 tons/year lithium iron phosphate project" at the Shandong-based subsidiary, aiming to adjust the product structure to high-pressure density lithium iron phosphate [2]. - The delay in the investment project is attributed to the iteration of the company's product technology route, which is expected to strengthen its supply capability in high-density products [2]. - Wanrun New Energy reported continuous improvement in operational efficiency indicators for four consecutive quarters, with a gross margin of 4.02% in Q3, showing significant year-on-year and quarter-on-quarter increases [2]. - The company achieved a positive operating cash flow of 258 million yuan, reversing from negative [2]. Industry Summary - Since the second half of this year, the demand for energy storage has surged unexpectedly, with China's new energy storage installed capacity exceeding 100 million kilowatts by September 2025, a more than 30-fold increase compared to the end of the 13th Five-Year Plan [3]. - The domestic energy storage demand remains high, with orders extending into next year and some companies operating at full capacity [3]. - The price of lithium iron phosphate has begun to recover due to tight capacity among leading manufacturers, with the average price rising to approximately 36,900 yuan/ton for power-type and 36,600 yuan/ton for energy storage-type as of mid-November [3]. - Wanrun New Energy's delayed investment project is expected to release 120,000 tons of new high-pressure density product capacity by 2026, which will better meet the demands of the new energy industry for energy density, cycle performance, and safety [3].