百川股份：石墨负极材料产能井喷，2026年迎行业红利

Core Viewpoint - The negative electrode materials industry is expected to see an upward shift in profitability by 2026 due to the gradual release of overseas capacity and continuous cost reduction capabilities, benefiting leading manufacturers with strong customer structures and significant cost advantages from new production lines [1] Group 1: Industry Outlook - The negative electrode materials industry is entering a new phase characterized by stable volume, reduced costs, and price recovery, driven by stable industry structure, product upgrades, and positive export demand [1] - By 2026, China's demand for negative electrode materials is projected to exceed 370 million tons, with a growth rate of over 30% [2] - The market for negative electrode materials is expected to see price stability and gradual increases in 2025, providing a favorable environment for companies like Baichuan Co [2] Group 2: Company Developments - Baichuan Co has fully launched its integrated project for 100,000 tons of negative electrode materials, with production capacity expected to surge by 2026 [1] - The company is leveraging its energy cost advantages at the Ningdong base to stabilize raw material prices and reduce logistics and processing costs, thereby alleviating cost pressures for downstream customers [2] - Baichuan Co aims to deepen strategic cooperation with downstream power battery and energy storage companies in 2026, focusing on technological iteration and maintaining supply chain stability [2] Group 3: Strategic Positioning - Baichuan Co has established a long-term strategic layout in diversified development across chemicals, new materials, and renewable energy [3] - The company is expected to benefit from improved cash flow from its chemical main business and performance realization in the new materials chain by 2026 [3]