恩捷股份（002812）：出货高增盈利承压，关注新技术突破

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has experienced significant growth in shipments, but profitability is under pressure due to industry downturns. Attention is drawn to potential breakthroughs in new technologies [1][3] - The company has positioned itself early in the lithium battery technology cycle, particularly in sulfide solid electrolyte materials, which may lead to large orders in the industry [3] Performance Summary - For the first half of 2025, the company achieved revenue of 5.8 billion RMB, a year-on-year increase of 20%. However, it reported a net loss of 100 million RMB, a decline of 132% year-on-year. The gross margin was 15.5% [1] - In Q2 2025, the company generated revenue of 3 billion RMB, with a year-on-year increase of 24% and a quarter-on-quarter increase of 11%. The net loss for this quarter was also 100 million RMB, reflecting a significant decline compared to the previous year [1][8] Future Earnings Forecast - The company is expected to achieve net profits of 200 million RMB, 500 million RMB, and 900 million RMB for the years 2025, 2026, and 2027, respectively [3] - The revenue projections for the company are 11.315 billion RMB in 2025, 13.407 billion RMB in 2026, and 16.139 billion RMB in 2027, with growth rates of 11.33%, 18.49%, and 20.38% respectively [7] Market Position and Strategy - The company is focusing on maintaining high production capacity and has significantly increased its shipment pace, which is expected to help solidify its market position during the industry's downturn [3][8] - Recent industry meetings have led to agreements among key manufacturers to implement price discipline and manage production capacity, which may help stabilize the market [8]