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电力设备行业跟踪报告:锂电板块Q2业绩整体回升,正负极材料环节盈利修复明显
Wanlian Securities·2025-09-26 12:39

Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% compared to the broader market in the next six months [4]. Core Insights - In H1 2025, the lithium battery supply chain showed resilience with significant growth in demand for electric vehicles, leading to a notable increase in revenue and profit. The total revenue for the lithium battery supply chain reached 400.76 billion yuan, a year-on-year increase of 13.74%, while net profit attributable to shareholders was 37.278 billion yuan, up 30.38% year-on-year [1][14]. - In Q2 2025, the overall performance of the lithium battery supply chain continued to improve, with revenue of 213.65 billion yuan, a year-on-year increase of 12.81% and a quarter-on-quarter increase of 14.19%. The gross profit margin was 19.46%, showing a slight year-on-year decline but a quarter-on-quarter increase [1][14]. Summary by Sections Battery Segment - In H1 2025, the battery segment achieved a revenue of 263.24 billion yuan, a year-on-year increase of 9.34%, with a net profit of 33.077 billion yuan, up 27.37% year-on-year. In Q2 2025, revenue was 139.99 billion yuan, a year-on-year increase of 9.14% and a quarter-on-quarter increase of 13.58% [2][22]. Positive Electrode Materials - In H1 2025, the positive electrode segment saw revenue of 56.445 billion yuan, a year-on-year increase of 19.91%, with a net loss of 186 million yuan, narrowing by 76.50% compared to the previous year. In Q2 2025, revenue was 30.473 billion yuan, a year-on-year increase of 18.82%, achieving breakeven in net profit [2][28]. Negative Electrode Materials - The negative electrode segment reported revenue of 31.785 billion yuan in H1 2025, a year-on-year increase of 19.73%, with a net profit of 2.493 billion yuan, up 38.94%. In Q2 2025, revenue was 17.148 billion yuan, a year-on-year increase of 19.88% and a quarter-on-quarter increase of 17.16% [3][34]. Other Segments - The electrolyte segment had a revenue of 12.252 billion yuan in H1 2025, a year-on-year increase of 21.49%, with a net profit of 834 million yuan, up 9.49%. In Q2 2025, revenue was 6.295 billion yuan, a year-on-year increase of 13.43%, but net profit decreased by 2.58% [10][39]. - The separator segment faced pressure with a revenue of 7.661 billion yuan in H1 2025, a year-on-year increase of 19.02%, but a significant drop in net profit by 98.63%. In Q2 2025, revenue was 4.043 billion yuan, with a net loss of 650 million yuan [10][43]. - The auxiliary materials segment showed improvement, with structural components achieving revenue of 6.290 billion yuan in Q2 2025, a year-on-year increase of 25.92%, and net profit of 530 million yuan, up 22.05% [10][46]. Investment Recommendations - The report suggests actively monitoring midstream material companies for investment opportunities as their performance is expected to continue improving. Additionally, emerging technologies such as solid-state batteries and high-voltage lithium iron phosphate are rapidly developing, presenting further investment opportunities [9].