锂电池隔膜产品量价齐升 恩捷股份2025年净利预计扭亏为盈

Core Viewpoint - Yunnan Enjie New Materials (Group) Co., Ltd. is expected to turn a profit in 2025, with net profit projected between 109 million to 164 million yuan, driven by increased sales and stable prices of separator products, along with government subsidies [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 84.74 million to 127 million yuan after excluding non-recurring gains and losses, marking a significant improvement year-on-year [1] - The fourth quarter of 2025 saw a growth in separator product sales and an increase in gross margin, contributing to the overall profitability [1] Group 2: Industry Trends - The lithium battery separator industry is experiencing a recovery after three years of decline, with demand driven by the growing energy storage market and advancements in fast-charging technology for electric vehicles [2] - The supply-demand structure has shifted from oversupply to a state of shortage, leading to price increases for separator products [2] Group 3: Market Dynamics - The industry has reached a consensus against internal competition, which is enhancing market conditions [3] - Mergers and acquisitions, such as Enjie’s planned acquisition of Qingdao Zhongke Hualian New Materials Co., are expected to improve market competition [3] Group 4: Technological Advancements - Enjie is making strategic advancements in the semi-solid and solid-state battery materials sectors, with production capabilities for semi-solid battery separators already established [3] - The company has initiated production of solid electrolyte products and is planning to expand capacity based on market demand [3][4] Group 5: Future Outlook - The forward-looking layout in the solid-state battery sector is anticipated to inject new momentum into the company's long-term development and strengthen its competitive edge [4] - The company aims to continue investing in research and development while enhancing collaboration with customers to promote high-quality industry growth [4]