证券研究报告 | 2025年6月28日 锂电产业链双周评（6月第2期） 固态电池产业化持续加速，消费电池掺硅比例稳步提升 行业研究 · 行业周报 电力设备新能源 · 锂电池 投资评级：优于大市（维持） 证券分析师：王蔚祺 010-88005313 wangweiqi2@guosen.com.cn S0980520080003 证券分析师：徐文辉 021-60375426 xuwenhui@guosen.com.cn S0980524030001 证券分析师：李全 021-60375434 liquan2@guosen.com.cn S0980524070002 请务必阅读正文之后的免责声明及其项下所有内容 投资建议 【行业动态】 【新能源车产业链数据】 【锂电材料及锂电池价格】 【风险提示】电动车销量不及预期，行业竞争加剧，原材料价格大幅波动，政策变动风险。 请务必阅读正文之后的免责声明及其项下所有内容 • 固态电池产业化加速推进：设备端，赢合科技固态电池湿法涂布、辊压以及电解质转印设备顺利出货至国内头部客户，先导智能向客户成功交付固态电池用复合转印设备与高速叠片 设备，科恒股份与北京纯锂新能源签署战略合作协 ...

Company Overview - Guangdong Jiayuan Technology Co., Ltd. is a leading enterprise in the electrolytic copper foil industry, with a production capacity exceeding 110,000 tons per year by the end of 2024 [1] - The company has maintained stable long-term relationships with core customers, with sales to these customers accounting for 67.46%, 69.37%, and 65.81% of total sales from 2022 to 2024 [1][2] - Jiayuan Technology's main products include lithium battery copper foil and standard copper foil, with lithium battery copper foil accounting for over 90% of the revenue from copper foil business [1][13] Financial Performance - In 2024, Jiayuan Technology reported a copper foil production of 67,000 tons and sales of 67,700 tons, with total revenue of 6.522 billion yuan and a net loss of 246 million yuan [1][5] - The company's asset scale reached 13.045 billion yuan, with total debt of 4.786 billion yuan, resulting in an asset-liability ratio of 45.98% [5] - The company has experienced unstable profitability, with significant losses in 2024, although it turned a profit in the first quarter of 2025 [2][5] Industry Context - The electrolytic copper foil industry in China is experiencing overcapacity, leading to fierce competition and declining processing fees, which have resulted in widespread losses among listed companies in 2024 [2][13] - Despite the overcapacity, the demand for lithium battery copper foil is expected to grow due to the rapid development of the downstream market, particularly in the electric vehicle and energy storage sectors [13][14] - The industry is characterized by a high concentration of production capacity, with Jiayuan Technology being one of the top players alongside companies like Defu Technology and Nord New Materials [4][13] Research and Development - Jiayuan Technology has maintained a high level of R&D investment, with R&D expenses accounting for over 4% of revenue from 2022 to 2024 [1] - The company has achieved mass production of ultra-thin electrolytic copper foil products, including 5μm and 4.5μm thicknesses, and has developed the core technology for producing 3.5μm ultra-thin copper foil [1][2] Capital Structure - The company has a robust capital structure with accessible financing channels, having raised funds through convertible bonds and private placements in 2021 and 2022 [2] - By the end of 2024, Jiayuan Technology's debt capitalization ratio was 40.45%, indicating a relatively low level of debt compared to its total capital [2][5] Market Trends - The demand for lithium battery copper foil is expected to continue growing, driven by the expansion of the electric vehicle market and energy storage applications [13][14] - The overall market for electrolytic copper foil is anticipated to gradually stabilize as the supply-demand imbalance is addressed in the coming years [13]

2025 年 06 月 27 日 业绩短期承压，多轮驱动中长期成长 —美利信（301307.SZ）公司动态研究报告 买入(首次) 投资要点 ▌下游多点开花，铝合金精密压铸件需求不减 铝合金精密压铸件制造行业产业链跨度长、覆盖面广，下游 行业包括通信、储能、汽车、散热等众多应用领域。其中随 着 5G 网络覆盖扩大，预计到 2030 年 5G 签约用户数量将达到 63 亿，移动通信行业市场广阔；汽车轻量化已成趋势，铝合 金成为油车、新能源车的首选材料，相关轻量铸件的需求有 望迎来增长。综合来看各行业景气度不减，将持续释放对铝 合金精密压铸件需求。 ▌汽车+通信双向发力，多轮驱动中长期成长 公司深耕精密压铸领域多年，新能源汽车领域能够为客户提 供电驱动系统、电控系统、动力电池系统和车身结构件铝合 金精密压铸件，业务深度合作新势力车企如蔚来、小鹏、赛 力斯等；通信领域，除了 5G 基站大型结构件设计制造，不断 研发新一代散热材料，绑定爱立信等头部客户。公司持续深 耕新能源汽车和通信两大主业，并拓展半导体、储能等新行 业，未来有望带来新增长。 ▌业绩短期承压，静待全球化提速 2024 年公司实现收入 36.59 亿元（ ...

锂行业更新会议：底部已现，反弹逻辑和空间解读 20250625 摘要 Q&A 碳酸锂行业目前的市场情况如何？ 碳酸锂行业目前已经显现出明确的底部信号。商品价格从 8 万元回落到 6 万元， 股票价格表现抗跌，且对商品价格变化不敏感。这种情况类似于 2019 年，当 时碳酸锂价格下跌，但赣锋和天齐的股票率先反弹。当前市场中的小波动或消 息都能引发锂材料板块股票的反弹，这些都是典型的底部信号。此外，观察到 一些企业生产经营状况较差，部分企业可能进入现金流断裂阶段。因此，从 6 个月维度来看，行业出清信号将更加明显，有些企业可能会减产、停产甚至退 出市场。 6 月和 7 月碳酸锂平衡偏紧，进口扰动和矿石锂价同步下跌导致企业无 法套保，供应缩减。7 至 8 月份可能有超预期增量因素，6 至 8 月份来 看平衡偏紧。 盘面存在挤仓风险，接仓单现象和合约持仓手数明确。接货明确且虚实 比情况下，挤仓风险非常大，并可能延续到八九月份，加剧价格上涨弹 性。 锂价下跌时股票价格已不太跟跌，商品价格反弹或反转时，布局锂矿股 仍有收益。推荐中矿、藏格、雅化、永兴等，这些公司有其他业务支撑， 锂业务带来弹性。 对未来碳酸锂商品和股票价 ...

Core Viewpoint - The article discusses the upcoming 2025 Fifth Start Point Two-Wheeled Vehicle Battery Swap Conference and Lightweight Power Battery Technology Summit, emphasizing the importance of collaboration and innovation in the battery supply chain [2][3]. Group 1: Event Details - The event will take place on July 10-11, 2025, at the Shenzhen Baoan DENGXILU International Hotel [2]. - The theme of the event is "Battery Swap City, Smart Two-Wheelers" [2]. - Various sponsors and partners include leading companies in the battery and electric vehicle sectors, such as Yadi Technology Group, Tailling Group, and others [2]. Group 2: Anker Innovations - Anker Innovations has significantly expanded its business from power banks to energy storage, with its Anker SOLIX brand achieving a revenue increase of six times in two years, projected to exceed 3 billion yuan in 2024 [5]. - The Anker SOLIX X1 home energy storage device, with a capacity of 30kWh, is designed for outdoor use and supports solar direct charging and uninterrupted power supply [5]. - Anker's entry into the home energy storage market has been successful, but it still ranks in the second tier compared to top competitors like Huawei and BYD [8]. Group 3: Partnership with ATL - Anker has signed a partnership agreement with ATL, a leading consumer battery company, to enhance its battery supply chain [3][10]. - ATL has a strong reputation in the industry, having previously collaborated with major brands like Samsung and played a crucial role in the development of battery technology [10][12]. - The partnership is expected to improve the quality of Anker's products, leveraging ATL's extensive experience in battery technology [16].

博力威688345 时间: 2025年6月26日星期四 70.39分综合得分 较强 趋势方向 主力成本分析 当日主力成本 25.62 元 5日主力成本 24.01 元 20日主力成本 21.64 26.93 元 元 60日主力成本 周期内涨跌停 过去一年内该股 涨停 0次 跌停 0 次 短期压力位 23.33 短期支撑位 27.25 中期压力位 22.19 中期支撑位 目前短线趋势不慎明朗，静待主力资金选择方向； 目前中期趋势不慎明朗，静待主力资金选择方向 K线形态 技术面分析 27.25 ★长上影★ 表明行情上档压力沉重,升势受阻 资金流数据 2025年06月26日的资金流向数据方面 | 主力资金净流入211.28万元 | | --- | | 占总成交额3% | | 超大单净流入135.74万元 | | 大单净流入75.54万元 | | 散户资金净流出42.68万 | 关联行业/概念板块 电池 -0.37%、固态电池 -0.27%、锂电池 -0.41%、储能 -0.47%等 （以上内容为自选股写手差分机完成，仅作为用户看盘参考，不能作为操作依据。） 风险提示：以上内容仅作为作者或者嘉宾的观点，不代表和讯的任 ...

Group 1: Company Operations and Technology - The company currently has a total energy storage capacity of approximately 1500 MWh, primarily supporting photovoltaic power stations, including lithium iron phosphate, all-vanadium flow, and supercapacitor storage types [2] - The main technology for the company's operational power stations is TOPCon, with pilot projects using HJT technology and plans to trial BC and perovskite components as needed [3] Group 2: Financial Performance and Dividends - In 2024, the company received a total of 1.366 billion CNY in electricity subsidies, with 1.233 billion CNY from national subsidies [3] - The company has distributed approximately 1.512 billion CNY in cash dividends over the past three years, with a dividend payout ratio averaging 36% of annual net profit attributable to shareholders [3] Group 3: International Expansion - The company is in discussions with relevant departments in Sri Lanka, Indonesia, and Uzbekistan, with some projects having signed MOUs [3] - Future plans include accelerating investment in overseas photovoltaic projects, focusing on development and acquisition in countries along the "Belt and Road" initiative [3] Group 4: Information Disclosure Compliance - The company adhered to information disclosure management regulations during the investor meeting, ensuring no significant undisclosed information was leaked [3]

Core Viewpoint - The company plans to terminate certain sub-projects of its fundraising investment projects, delay the timeline for other projects, and add new implementation entities and locations, aiming to optimize the use of raised funds and ensure the efficient execution of investment projects [7][24]. Fundraising Project Overview - The company issued 4,108,060 convertible bonds with a face value of 100 RMB each, raising a total of 410.806 million RMB, with a net amount of 403.846 million RMB after deducting issuance costs [8][9]. - As of May 31, 2025, the total planned investment for the fundraising projects was 403.645 million RMB, with 103.992 million RMB actually invested, indicating a significant difference in progress [10]. Termination of Sub-Projects - The decision to terminate certain sub-projects is due to intensified competition in the smart inspection and energy sectors, leading to increased price sensitivity among customers and a decline in industry profit margins [12][13]. - The terminated sub-projects include the development of inspection robots and systems for land-based photovoltaic and offshore wind inspections, among others [13][14]. Delay of Remaining Projects - The company plans to extend the timeline for other fundraising projects to December 2026, including the construction of a new headquarters and various R&D projects [16][17]. - The delay is attributed to the need for compliance with updated industry standards and the enhancement of product reliability through additional testing and data collection [16][18]. Justification for Continuing Projects - Continuing the fundraising projects aligns with the company's strategic focus on smart power products and digital transformation in the energy sector, which is supported by national policies promoting digitalization [19][22]. - The company has received multiple awards for its technological advancements, indicating strong recognition and support from key industry players [19][22]. Changes in Implementation Entities - The implementation entity for the testing center project has been updated to include a subsidiary in Jiaxing, Zhejiang, to facilitate project execution [23]. Measures for Project Completion - The company will enhance supervision and management of fundraising projects to ensure timely completion and effective use of funds, including regular evaluations and adjustments to project strategies [24].

欢迎加入交易理想国知识星球 调研地点 文 | 陈婧 来源 | 银河投研黑色与有色 编辑 | 杨兰 审核 | 浦电路交易员 第一部分 调研背景 一、调研目的 碳酸锂价格持续下行，目前在6万附近震荡整理。碳酸锂年内供需过剩预期仍然较强，但产 能出清速度较慢。市场关注下游需求情况、中美关税进展、上游生产成本、锂矿价格走势以 及矿山何时减产。 湖南省不仅拥有国内最大的正极材料厂，也是锂电回收大省，更拥有一流的科研院校支持， 近年来接连开发新的锂矿山项目，并成立了锂产业园等。本次调研由北京期货商会组织，覆 盖湖南碳酸锂生产、消费、贸易、回收等企业及科研院校，从产业角度解读当前市场行情。 二、调研时间 2025年6月16日-6月20日 湖南省 调研对象 碳酸锂生产、消费、贸易、回收等企业 三、调研总结 在当前的市场环境下，企业对锂电行业未来仍然充满信心，通过技术改造、精细化管理、多 方协作联合等方式降本增效，继续坚持生产经营。从企业了解到政策对需求的负面影响弱于 预期，高端产品供不应求，只是过剩产能在企业努力生存之下始终难以出清。 与成熟品种对比，锂的成本曲线并不固定，成本支撑不断下移，底部难以明确，需要关注矿 山何时减 ...

Core Insights - New energy storage is a crucial area for developing domestic energy new formats and seizing international strategic heights, with Shenzhen Longgang's storage companies leading the charge through technological innovation and business model adaptation [1] Group 1: Technological Innovations - Shanhe Power is conducting extreme cold tests on lithium battery systems, achieving energy densities comparable to "solid-state battery prototypes" [1] - Wenshu Innovation's EP Cube system integrates smart monitoring via a mobile app, allowing users to manage energy generation, storage, and consumption in real-time [4][6] - Flying Saucer Power's storage systems are designed to withstand extreme weather conditions, featuring IP65 waterproof standards, ensuring operational integrity in harsh environments [8] Group 2: Cost and Efficiency - Wenshu Innovation's EP Cube weighs only 38 kg, addressing installation cost issues and allowing for flexible capacity expansion from 5 kWh to 20 kWh [6] - Shanhe Power's AGV battery pack operates at 2400W, maintaining over 85% efficiency in extreme cold conditions, showcasing the company's focus on performance under challenging environments [10] - The energy storage systems from Flying Saucer Power can replace significant amounts of fossil fuels, with a 100 MW system generating 120 million kWh annually, equivalent to replacing 36,000 tons of coal [11] Group 3: Business Models and Market Expansion - Wenshu Innovation's success in high-end markets is attributed to its comprehensive energy management solutions, leading to a significant increase in overseas orders [16] - Flying Saucer Power emphasizes a "full lifecycle service" model, ensuring stable and efficient operation for international clients, enhancing its reputation in competitive markets [18] - Shanhe Power collaborates with Intel to develop AI chips for battery management systems, aiming for over 99% predictive accuracy, which enhances product performance and competitiveness [20] Group 4: Policy Support and Industry Growth - The Longgang District government has introduced supportive policies for the new energy storage industry, including funding for key technology breakthroughs and international market expansion [20]