复合集流体行业点评：产业化迈向新阶段，关注2025年终端应用市场

Investment Rating - The industry rating is "Positive" (maintained) [4] Core Viewpoints - The composite current collector industry is entering a new stage of industrialization, with a low overall penetration rate that is expected to benefit from rapid increases in penetration in the future [2][5] - The composite aluminum foil has been adopted by end vehicle manufacturers, and it is anticipated to see further growth in 2025 due to cost reduction and capacity expansion [5] - The composite copper foil is expected to reach a significant production milestone in 2025, driven by advancements in technology and increased production capacity [5] Summary by Sections Investment Suggestions - Focus on leading composite current collector material manufacturers such as Putailai (power equipment), Baoming Technology (electronics), and leading companies in water electroplating equipment like Dongwei Technology (machinery) and welding technology like Jiaocheng Ultrasonic (power equipment) [2] Industry Development - The composite current collector is a new type of lithium battery material designed to enhance battery safety and energy density, featuring a "metal conductive layer - PET/PP polymer support layer - metal conductive layer" sandwich structure [5] - Major players like CATL and Jinmei New Materials have been pioneers in this field, with significant patent developments and commercial applications since 2015 [5] Market Trends - The composite aluminum foil is primarily produced using vacuum deposition technology, with domestic manufacturers collaborating with international firms to enhance production capabilities [5] - The composite copper foil production involves a complex process, and several domestic equipment manufacturers have established significant production capacity [5] Financial Projections - Key companies in the composite current collector sector have varying profit forecasts and valuations, with Putailai projected to have a net profit of 22.5 billion in 2025 and a PE ratio decreasing from 23.4 in 2023 to 15.0 in 2025 [6]