电力设备新能源行业点评：干法隔膜企业会议达成“反内卷”共识，关注锂电材料盈利回升机遇

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][10] Core Insights - On August 8, a closed-door meeting of key dry-process lithium battery separator manufacturers was successfully held in Shenzhen, aiming to respond to and implement national policies to address "involution" competition, promoting healthy and orderly industry development. Eight companies, including Xingyuan Material, Enjie Co., and Zhongxing New Material, reached a consensus on price discipline, scientific capacity release, and pausing capacity expansion [2][4] - The report suggests focusing on the recovery of profitability in lithium battery and core materials under the influence of the "anti-involution" policy. The rapid capacity expansion and increased competition in the lithium battery and material sectors have led to significant losses for many companies. However, with the ongoing implementation of anti-involution measures and price corrections, market concentration is expected to increase, and leading companies with cost and technological advantages are anticipated to have promising profitability [3][5] Summary by Sections Meeting Outcomes - The meeting resulted in five key agreements: 1. Price discipline to stabilize prices above cost for survival 2. Scientific capacity release based on market supply and demand dynamics, targeting a reasonable supply-demand ratio of 60% 3. Pausing capacity expansion to focus on digesting existing capacity over the next two years 4. Strengthening industry chain cooperation for cost information sharing and maintaining a healthy ecosystem 5. Encouraging social supervision to ensure compliance with reasonable pricing and quality standards [4] Investment Recommendations - The report recommends focusing on companies such as Wanrun New Energy, Hunan Youneng, CATL, Yiwei Lithium Energy, Zhongxin Innovation, Tianci Materials, New Zobon, Putailai, Keda Li, Enjie Co., and Xingyuan Material, as they are expected to benefit from the recovery in profitability driven by the anti-involution policy [3][5] Profit Forecasts - The report includes profit forecasts for several companies, indicating varying expected net profits for 2024A to 2026E, with notable figures such as CATL projected to achieve a net profit of 507.4 billion RMB in 2024A [7]