恩捷股份（002812）：事件点评：根植云南的锂电隔膜龙头，发力固态电池材料

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company is a leading lithium battery separator manufacturer based in Yunnan, focusing on solid-state battery materials. It recently launched a series of new products, including ultra-pure lithium sulfide and high-conductivity solid-state electrolyte membranes, which are expected to play a crucial role in the future of solid-state battery technology [4][5] Financial Summary - The company is projected to achieve revenues of CNY 11.38 billion, CNY 13.84 billion, and CNY 17.71 billion for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 12.00%, 21.54%, and 28.02% [6] - The net profit attributable to shareholders is expected to be CNY 211 million, CNY 799 million, and CNY 1.73 billion for the same years, with growth rates of 137.95%, 278.49%, and 116.93% [6] - The earnings per share (EPS) are forecasted to be CNY 0.22, CNY 0.82, and CNY 1.79 for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 127.56, 33.70, and 15.54 [6][9] Product Development - The company has a leading position in the sulfide solid electrolyte layout, with products that include ultra-pure lithium sulfide, fine sulfide solid electrolytes, and high-conductivity solid-state electrolyte membranes. These products exhibit high ionic conductivity and are designed to enhance battery performance [5][6]