证券研究报告·北交所公司点评报告·汽车零部件 开特股份（920978） 2025 业绩快报点评：全年扣非业绩同比 +32%，看好储能/机器人/液冷新业务增量 买入（维持） 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 653.27 | 826.36 | 1,096.34 | 1,392.61 | 1,780.34 | | 同比（%） | 26.93 | 26.50 | 32.67 | 27.02 | 27.84 | | 归母净利润（百万元） | 113.70 | 137.85 | 171.67 | 239.16 | 309.34 | | 同比（%） | 46.92 | 21.24 | 24.54 | 39.32 | 29.34 | | EPS-最新摊薄（元/股） | 0.63 | 0.77 | 0.95 | 1.33 | 1.72 | ...

Core Viewpoint - Tianhong Lithium Battery reported a modest revenue growth of 1.22% year-on-year for 2025, driven by strong performance in energy storage and overseas electric motorcycle battery businesses [2][3] Financial Performance - The company achieved a total revenue of 399,075,932.64 yuan for 2025, with a net profit attributable to shareholders of 9,658,391.88 yuan, reflecting a significant increase of 37.93% compared to the previous year [2] - The net profit excluding non-recurring items was 5,498,295.21 yuan, up 20.75% year-on-year, and the basic earnings per share rose to 0.09 yuan, marking a 28.57% increase [2] - The weighted average return on equity (before non-recurring items) was 3.68%, compared to 2.68% in the previous year, while the return on equity (after non-recurring items) improved to 2.09% from 1.74% [2] Asset and Equity Growth - As of the end of 2025, the company's total assets reached 530,656,430.94 yuan, representing a growth of 15.07% from the beginning of the year [2] - The equity attributable to shareholders increased by 1.34% to 264,051,378.76 yuan, with the net asset value per share rising to 2.57 yuan, a growth of 1.18% [2] - The number of shares remained unchanged at 102,650,665.00 shares [2] Business Drivers - The growth in performance during the reporting period was primarily attributed to the strong growth in energy storage battery and overseas electric motorcycle battery businesses, along with effective implementation of technological innovation, cost control, and sales collection [3]

Investment Rating - The industry investment rating is "Overweight" (maintained), indicating an expectation that the industry index will outperform the market index by more than 10% in the next six months [1][81]. Core Insights - The report highlights a confirmed cyclical turning point in the lithium battery industry, with expectations for demand recovery after the holiday season. The lithium battery index has shown signs of recovery since February 2026, with a month-to-date increase of 3.86%, outperforming the CSI 300 index by 3.23 percentage points [5][13][18]. - Global demand for lithium batteries is projected to grow significantly, with a forecasted shipment volume of 2,280.5 GWh in 2025, representing a year-on-year increase of 47.6%. The growth is driven by both energy storage and power battery sectors, with energy storage batteries expected to account for 29% of total shipments [5][20][22]. - The report indicates that the lithium battery industry is experiencing a recovery in profitability, with over 70% of companies in the supply chain expected to report profit increases for 2025. The supply-demand balance is improving, leading to price stabilization and potential further price increases in the future [5][70][75]. Summary by Sections Recent Review of the Lithium Battery Sector - The lithium battery index has shown a recovery trend after a decline from its peak in November 2025, primarily due to seasonal demand impacts. The index is now on an upward trajectory as of February 2026 [13][14]. - As of February 25, 2026, the overall PE ratio for the lithium battery sector is 28.67, with some leading companies valued at less than 20 times [14]. Optimistic Global Demand Outlook - The global lithium battery shipment volume is expected to reach 3,016 GWh in 2026, with a year-on-year growth rate of 32.3%. China's lithium battery shipments are projected to account for 82.8% of the global total [18][20]. - The energy storage battery sector is experiencing rapid growth, with a forecasted shipment volume of 1,090 GWh in 2026, reflecting a year-on-year increase of approximately 70% [22][29]. Confirmed Cyclical Turning Point and Profit Recovery - The lithium battery supply chain has seen significant profit recovery, with 70% of companies reporting profit increases for 2025. The supply-demand dynamics are improving, leading to a potential continuation of price increases [70][75]. - Capital expenditures in the lithium battery sector have shifted towards growth, while material suppliers remain cautious about expansion due to previous overcapacity [71][75]. Investment Recommendations - The report suggests that demand for lithium batteries is expected to rebound post-holiday, with production in March 2026 anticipated to increase significantly. The introduction of vehicle replacement policies and upcoming major auto exhibitions are expected to stimulate demand [78]. - Investors are advised to focus on leading companies in the lithium battery supply chain, particularly in segments experiencing supply constraints, such as lithium carbonate and lithium iron phosphate [78].

下游新能源汽车与储能市场持续高景气，国内电动化进程深化，根据高工锂电，2026年中国锂电池总出 货量将达到2.3TWh以上，同比增长约30%，其中储能锂电池出货量突破850GWh，同比增速有望超35%; 动力电池出货量将超1.3TWh，同比增速超20%。锂电行业进入供需改善周期，竞争格局呈现"头部主 导、多元共进"态势。根据中国动力电池产业创新联盟，公司25年国内动力电池装车15.9GWh，行业占 比2.1%，同比+0.3pct，排名第九，公司市占率稳步提升，有望依托行业复苏与自身技术优势，打开盈 利改善新空间。 风险提示 原材料价格大幅上涨的风险;行业竞争加剧导致产品价格大幅下降的风险;海外贸易保护政策风险。 智通财经APP获悉，申万宏源发布研报称，维持正力新能(03677)"买入"评级。行业需求景气向上，公司 动储放量后盈利可期。目前锂电下游动力侧新能源乘用车逐步普及，储能侧迎来光储平价的建设爆发 期。公司作为锂电行业领军公司，在不断提升行业份额的同时有望充分受益于自身精益制造的价值创 造。该行小幅上调25-27年盈利预测，预计25-27年归母净利润分别为7.3/13.0/19.0亿元，对应PE为 29/ ...

公告指出，公司营业收入同比增长主要受益于新能源汽车及储能市场需求增长，负极材料产销量大幅提升。而归属于上市公司股东的扣除非经常性损益的净 利润同比下降，主要是财务费用及少数股东损益增加所致。 2月26日，贝特瑞新材料集团股份有限公司（证券代码：未提供）发布2025年年度业绩快报公告。根据公告，2025年公司实现营业收入16,982,622,255.54元， 较上年同期增长19.29%。受益于新能源汽车及储能市场需求增长，公司锂离子电池负极材料的产销量较上年同期出现较大幅度增长，负极材料销量约60万 吨。 截至2025年末，公司总资产为35,924,270,689.32元，较期初增长7.73%；归属于上市公司股东的所有者权益为12,603,756,654.27元，较期初增长3.08%；归属 于上市公司股东的每股净资产为11.18元，较期初增长3.04%。股本保持不变，为1,127,338,649股。 | | | | 1 12.1 / U | | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | 变动比例% | | 营业收入 | 16,982,622,255.54 | 14 ...

2026年2月26日，风华高科披露接待调研公告，公司于2月25日至2月26日接待淡水泉、西部证券、长江 证券、华商基金、太平洋证券、华泰证券等104家机构调研。 调研情况显示，风华高科当前已形成智能终端、工控、汽车电子及家电等主要市场，同时正加快布局 AI算力、低空经济、储能等新兴应用领域，高端产品与特殊产品占比稳步提升，高端化转型进程加 快；电子信息产业技术革新预计带动终端更新换代及电子元器件需求增长，新兴技术应用提升终端电性 能要求，推动元器件单机用量增加，公司将紧抓机遇加大研发以提升竞争力。公司主营产品产能利用率 维持较高水平，正推进MLCC、片式电阻器和电感器等新增产能建设，加快产品结构调整助力高端转 型。 风华高科已于去年四季度结合原材料价格上涨情况，对片式电阻器、电感器等部分产品进行价格调整； 后续将根据市场供求、客户及产品结构等因素调整价格策略。公司在新兴领域持续发力，以市场为导向 加快高端产品研发，高端品需满足更大瞬时电流波动、更高功率等要求；公司拥有材料、产品、装备三 位一体产业布局，可及时响应客户需求，提供一站式配套采购服务。 风华高科十五五期间将持续聚焦主业，围绕"3＋2"业务战略，做强 ...

证券代码：000636 证券简称：风华高科 | 投资者关系活 | 特定对象调研 | 分析师会议 | □媒体采访 | | --- | --- | --- | --- | | 动类别 | □业绩说明会 | 新闻发布会 | □路演活动 | | | 现场参观 | 其他 券商策略会 | | | | 西部证券、长江证券、华商基金、太平洋证券、华泰证券、德邦证券、开源证 | | | | | 券、淡水泉、高毅、浦银、融通上海、国泰基金、鹏扬基金、利幄基金、财通 | | | | | 基金、华宝基金、泉果基金、兴业基金、兴银基金、华泰保兴基金、汇添富基 | | | | | 金、圆信永丰基金、晨曦基金、摩根基金、嘉实基金、国金基金、万家基金、 | | | | | 长盛基金、易方达基金、交银基金、中银基金、华夏基金、中信保诚基金、中 | | | | | 庚基金、金鹰基金、长信基金、嘉和基金、鑫元基金、西部利得基金、博道基 | | | | | 金、恒越基金、永赢基金、福泽源基金、天治基金、南华基金、华富基金、上 | | | | 参与单位 | 银基金、淳厚基金、博衍基金、人保资产、浙商资管、国信资管、长江资管、 | | | | ...

二、对外投资、日常经营 一、并购重组 国投中鲁：拟7487万元购买洛川领鲜公司70%股权。标的公司所处区域为全国苹果种植增量区域，苹果 资源充裕，且受当地气候影响糖度相对较高，能有效降低产品中的原料成本。 3、经纬恒润：2025年净利润9953.75万元，同比扭亏。公司的前期投入和研发成果得到了有效释放，以 域控制器产品为代表的新产品阵营收入快速放量。 4、冰川网络：2025年净利润4.79亿元，同比增长293.77%。 1、民德电子：拟定增募资不超过10亿元，用于特色高压功率半导体器件及功率集成电路晶圆代工项 目、补充流动资金项目。 2、招商轮船：受影响市场供需结构的多种因素综合影响，国际油轮市场持续高涨、油轮资产价格明显 上升；受好望角、巴拿马等干散货船型市场需求强劲推动，BDI指数春节淡季表现也超出业内普遍预 期。 3、东软载波：二级控股子公司投资建设国家新型储能创新中心佛山南海实证基地，储能电站将新建 200MW/400MWh电网侧独立储能电站一座，并配套建设其他相关附属设施，本项目工程动态投资4.53 亿元 4、*ST阳光：申请撤销公司股票退市风险警示。 5、*ST大立：与某头部新能源企业签订了设备 ...

2月26日，贝特瑞发布业绩快报，2025年度实现营业收入169.83亿元，同比上涨19.29%；净利润8.99亿 元，同比下降3.32%。 公告显示，报告期内，公司营业收入同比增长，主要受益于新能源汽车及储能市场需求增长，公司锂离 子电池负极材料的产销量较上年同期出现较大幅度增长，负极材料销量约60万吨；公司归属于上市公司 股东的扣除非经常性损益的净利润同比下降，主要是财务费用及少数股东损益增加所致。 （企业公告） ...

消息面上，津巴布韦收紧锂精矿出口，碳酸锂期货今早一度涨超11%，最高见187700元/吨。中信证券认为，该国的锂矿出口禁令将导致中国碳酸锂 短期供应愈发紧缺，有望推动锂价大幅上涨。（来源于中信证券20260226《津巴布韦暂停锂矿出口，板块有望大涨》） 此外，我国锂电池核心技术获首创性突破，续航有望成倍提升。近日，由南开大学和上海空间电源研究所等单位科研人员组成的团队，取得了一项 首创性的突破。通过全新的电解液技术，有望使现有锂电池在同等大小和重量的情况下，实现续航力的成倍提升，耐低温性能也明显增强。这一成 果26号凌晨在国际学术期刊《自然》上发表。 | 序号 | 代码 | 名不 | 申万一级行业 | 涨跌幅 | 估直枚車 | | --- | --- | --- | --- | --- | --- | | 1 | 002050 | 三花智控 | 家用电器 | -0.40% | 8.01% | | 2 | 300274 | 阳光电源 | 电力设备 | -5.48% | 7.89% | | 3 | 300750 | 宁德时代 | 电力设备 | -4.47% | 7.42% | | 4 | 300014 | 亿纬锂 ...