2025年天赐材料公司研究报告：六氟磷酸锂周期反转，卡位固态电池核心材料（附下载）

Group 1 - The company is a global leader in lithium hexafluorophosphate and electrolyte production, established in 2000 and listed on the Shenzhen Stock Exchange in 2014, with plans to apply for a Hong Kong listing in September 2025 [1][17] - The company has focused on lithium-ion battery materials for over a decade, achieving the highest global shipment volume of electrolytes in 2016 [1][19] - The company has a simple shareholding structure, with the actual controller holding 36.5% of the shares as of Q3 2025, and operates 41 wholly-owned subsidiaries [6][21] Group 2 - In 2024, the company is expected to ship 503,000 tons of electrolytes globally, capturing a market share of 35.7%, maintaining its position as the global leader for nine consecutive years [4][19] - The revenue from lithium battery materials accounts for approximately 90% of the company's total revenue, with a stable growth in daily chemical materials [5][20] - The company has established 16 production bases domestically and is expanding globally, with plans for new production bases in Morocco and the United States [7][22] Group 3 - The price of lithium hexafluorophosphate has surged by approximately 248% since mid-July, driven by supply and demand dynamics [10][25] - The supply of lithium hexafluorophosphate is concentrated, with the top three companies holding 76.9% of the market share, and the industry is experiencing a tight balance in supply [11][26] - Demand for energy storage batteries is rapidly increasing, with a projected shipment of 580 GWh in 2025, reflecting a growth rate exceeding 75% [14][28] Group 4 - The company has seen a significant increase in lithium battery electrolyte sales, with volumes expected to exceed 500,000 tons in 2024, despite a decline in prices [16][30] - The company is positioned to benefit from the reversal of the lithium hexafluorophosphate cycle, which is anticipated to improve profitability as prices stabilize [16][30] - The company is also focusing on solid-state battery materials, with sulfide electrolytes currently in the pilot testing phase, indicating a move towards commercialization [17][30]