Investment Rating - The report maintains a "Recommended" rating for the company, considering its global capacity expansion and leading membrane technology [3]. Core Insights - The company reported a revenue of 1.898 billion yuan for H1 2025, a year-on-year increase of 14.78%, while the net profit attributable to shareholders decreased by 58.53% to 100 million yuan [1]. - In Q2 2025, the company achieved a revenue of 1.009 billion yuan, reflecting a 7.45% year-on-year growth and a 13.50% quarter-on-quarter increase, but the net profit dropped by 60% [1]. - The company is actively advancing in the solid-state battery sector, with significant production capacity achieved in oxide electrolytes and plans for ton-level shipments of sulfide electrolytes in 2025 [2]. - The company is expanding its global footprint, with a new production facility in Malaysia expected to produce 2 billion square meters of lithium-ion battery separators annually upon reaching full capacity [2]. - The company is also focusing on semiconductor materials as a second growth curve, leveraging over 20 years of experience in new energy materials [3]. Financial Projections - Revenue projections for 2025-2027 are 4.333 billion, 5.467 billion, and 6.682 billion yuan, with year-on-year growth rates of 22.4%, 26.2%, and 22.2% respectively [4]. - The net profit attributable to shareholders is expected to be 330 million, 580 million, and 825 million yuan for the same period, with growth rates of -9.2%, 75.5%, and 42.3% respectively [4]. - The projected PE ratios for 2025, 2026, and 2027 are 50, 28, and 20 [3][4].

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, indicating an expectation that the industry index will outperform the market index by more than 10% in the next six months [2][54]. Core Insights - The lithium battery index has shown strong performance, with a 5.91% increase over the past two weeks, outperforming the CSI 300 index by 1.66 percentage points. Year-to-date, the lithium battery index has risen by 11.38%, also surpassing the CSI 300 index by 2.41 percentage points [4][14]. - Recent price movements in the lithium battery supply chain indicate a significant increase in lithium carbonate prices, which rose by 17.08% to 83,300 CNY/ton, and lithium hydroxide prices increased by 4.33% to 72,300 CNY/ton [6][27]. - The demand for lithium batteries is expected to rise as the traditional peak season for new energy vehicles approaches, driven by the growth in renewable energy and new data center storage needs [7][48]. Summary by Sections Market Review - As of August 21, 2025, the lithium battery index has outperformed the CSI 300 index over various time frames, including a 6.46% increase this month and an 11.38% increase year-to-date [4][14]. Price Changes in the Lithium Battery Supply Chain - Key price changes include: - Lithium carbonate: 83,300 CNY/ton, up 17.08% in two weeks - Lithium hydroxide: 72,300 CNY/ton, up 4.33% - Phosphate lithium: 34,300 CNY/ton, up 5.05% - Electrolyte lithium hexafluorophosphate: 55,800 CNY/ton, up 10.93% [6][25][33]. Industry News - In July 2025, new energy vehicle production and sales reached 1.243 million and 1.262 million units, respectively, marking a year-on-year growth of 26.3% and 27.4% [7][44]. - The report highlights the ongoing industrialization of solid-state batteries, which is expected to create structural demand for materials and equipment in the supply chain [7][48]. Recommended Companies - Key companies to watch include: - CATL (300750): Achieved revenue of 178.886 billion CNY in H1 2025, a 7.27% increase year-on-year - Kodali (002850): Revenue of 6.645 billion CNY in H1 2025, up 22.01% - Enjie (002812): Focused on semi-solid battery separator production [49][50].

厦钨新能（688778.SH）2025 年半年报点评 业绩符合预期，行业龙头地位稳固 2025 年 08 月 22 日 ➢ Q2 业绩拆分。营收和净利：公司 2025Q2 营收 45.57 亿元,同比+51.85%， 环比+53.07%，归母净利润为 1.90 亿元，同比+48.44%，环比+ 62.39%，扣非 后净利润为 1.79 亿元，同比+52.99%，环比+61.26%。毛利率：2025Q2 毛利 率为 10.26%，同比-1.36 pct，环比+0.67pcts。净利率：2025Q2 净利率为 4.2%， 同比-0.06pct，环比+0.35pct。费用率：公司 2025Q2 期间费用率为 4.63%， 同比-1.42pct，其中销售、管理、研发、财务费用率分别为 0.24%、1.23%、3.18%、 -0.02%。 ➢ 产能全球布局加速落地，国内外重点项目稳步推进。国内方面，各基地项目 有序推进：海璟基地 3 万吨锂离子电池材料扩产项目土建完成竣工验收，1.5 万 吨综合车间部分土建验收；宁德 7 万吨锂离子电池正极材料项目 C/D 车间已完 成封顶，C 车间两条生产线推进投产；雅安基地磷酸铁锂 ...

证券研究报告·北交所公司点评报告·电池 远航精密（833914） 2025 中报点评：镍带、箔持续稳健增长，精 密结构件放量高增，固态有望贡献新增量 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 809.67 | 852.18 | 1,131.69 | 1,435.84 | 1,899.73 | | 同比 | (10.59) | 5.25 | 32.80 | 26.88 | 32.31 | | 归母净利润（百万元） | 31.61 | 67.44 | 80.68 | 104.60 | 132.89 | | 同比 | (40.87) | 113.37 | 19.62 | 29.65 | 27.05 | | EPS-最新摊薄（元/股） | 0.32 | 0.67 | 0.81 | 1.05 | 1.33 | | P/E（现价&最新摊薄） | 116.11 | 54.42 | 45.49 | 35.09 | 27.6 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [8]. Core Insights - The company has experienced rapid growth in energy storage battery shipments, with a significant recovery in performance anticipated. The report highlights a 30.06% year-on-year increase in revenue for the first half of 2025, reaching 281.70 billion yuan, despite a 24.90% decline in net profit attributable to shareholders [5][6]. - The company has successfully launched mass production of large cylindrical batteries, becoming a primary battery supplier for a leading international automaker's next-generation electric vehicle model. It is projected that shipments of large cylindrical batteries will reach 20 GWh by 2026 [5][6]. - The energy storage battery segment also showed strong growth, with shipments increasing by 37.02% year-on-year, contributing to a revenue of 102.98 billion yuan, which is a 32.47% increase [5][6]. Summary by Relevant Sections Financial Performance - In H1 2025, the company achieved a revenue of 281.70 billion yuan, a 30.06% increase year-on-year. The net profit attributable to shareholders was 16.05 billion yuan, down 24.90% year-on-year. Excluding stock incentive expenses and specific bad debt provisions, the net profit would have been 22.18 billion yuan, reflecting a 3.78% increase [5][6]. - The gross margin for H1 2025 was 17.33%, up 0.88 percentage points year-on-year, while the net margin was 6.19%, down 3.73 percentage points year-on-year [5][6]. Product and Market Development - The company’s power battery shipments reached 21.48 GWh in H1 2025, marking a 58.58% increase year-on-year. The power battery business generated 127.48 billion yuan in revenue, a 41.75% increase, with a gross margin of 17.60%, up 6.92 percentage points [5][6]. - The energy storage battery segment saw shipments of 28.71 GWh, a 37.02% increase year-on-year, with revenue of 102.98 billion yuan, representing a 32.47% increase [5][6]. Future Outlook - The report projects earnings per share (EPS) of 2.05 yuan and 3.37 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 23 times and 14 times [5][6]. - The company is positioned as a platform enterprise in power, energy storage, and consumer lithium batteries, with expectations for improved profitability due to product and customer structure optimization and capacity release [5][6].

当前，锂电行业扩产红利渐显，固态电池等新兴赛道加速推进。利元亨凭借现金流与盈利改善筑牢的财 务根基，叠加技术护城河支撑的主业优势，正处于发展的关键节点。随着降本控费持续显效、新订单逐 步落地，公司有望在聚焦主业的道路上持续突破。而随着锂电扩产周期重启及新兴场景落地，后续订单 落地与海外拓展进度值得关注。(CIS) 这一态势也标志着业绩拐点的显现，2025年第二季度单季归母净利润达2059.05万元，较第一季度增长 60.62%，延续了自2025年第一季度扭亏以来的增长态势。这主要得益于两方面：一是控本降费措施成 效放大；二是项目周期缩短带来成本优化，双重因素共同推动盈利水平改善。 经营性现金流净额的转正，是业绩改善最核心的印证，而这一成果的取得，离不开控本降费、主业聚焦 与收支管控的协同支撑。报告期内，公司经营性现金流净额达2.24亿元，同比由负转正。一方面，回款 端强化客户沟通机制，推动长账龄应收账款回收；另一方面，支出端通过严控资本开支、调整供应商账 期，叠加费用下降，经营性现金流出减少，实现了现金流的健康循环。 在锂电设备深耕中，技术护城河的价值持续释放。作为电池装配线及模组/Pack线龙头，公司在固态 ...

（文章来源：每日经济新闻） 华安证券8月22日发布研报称，给予国瓷材料（300285.SZ）买入评级。评级理由主要包括：1）电子材 料和新能源板块产销高增，25年Q2营收业绩双增长 ；2）光模块+AI 眼镜+固态电池，多板块布局助力 公司成长。风险提示：技术开发风险；原材料价格波动风险；兼并重组和商誉风险；汇率波动风险。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady performance in Q2 2025, with revenue growth driven by the electronic materials and new energy sectors, alongside stable growth in the catalytic materials segment [5][6] - In the first half of 2025, the company achieved revenue of 2.154 billion yuan, a year-on-year increase of 10.29%, and a net profit attributable to shareholders of 332 million yuan, a year-on-year increase of 0.38% [4][5] - The company is expanding its product offerings across multiple sectors, including automotive electronics, AI computing servers, and solid-state battery materials, which are expected to contribute to future growth [6][7] Financial Performance Summary - For Q2 2025, the company reported revenue of 1.179 billion yuan, a year-on-year increase of 4.67% and a quarter-on-quarter increase of 20.97% [4] - The net profit for Q2 2025 was 196 million yuan, a year-on-year decrease of 0.57% but a quarter-on-quarter increase of 44.33% [4] - The company expects net profits for 2025-2027 to be 798 million, 913 million, and 1.16 billion yuan respectively, with year-on-year growth rates of 32.0%, 14.5%, and 26.9% [8] Business Segment Insights - The electronic materials segment is experiencing high growth due to increasing demand for automotive electronics and AI applications, with successful product validation from key clients [5] - The catalytic materials segment has gained traction by supplying ceramic substrates and other products to major international automotive manufacturers [5] - The biomedical materials segment is advancing with the development of dental restoration products, which have begun to see market acceptance [5] - The new energy materials segment is focusing on ultra-thin coatings and has developed various new product models in response to customer needs [5][6]

Company Announcements - Gree Electric Appliances plans to distribute a cash dividend of 20 yuan (including tax) for every 10 shares, totaling 11.17 billion yuan [1][8] - Sinopec intends to repurchase A-shares worth between 500 million and 1 billion yuan and plans to distribute cash dividends of 10.67 billion yuan (including tax) for the first half of 2025 [1][8] - Feilu Co., Ltd. announced a suspension of trading due to the planned change of control by its major shareholder [1][9] - Long Spring High-tech's subsidiary Jin Sai Pharmaceutical's clinical trial application for GenSci143 has been accepted by the National Medical Products Administration [10] Industry Developments - The National Energy Administration reported that China's total electricity consumption in July reached 10,226 billion kWh, a year-on-year increase of 8.6% [2] - The Ministry of Commerce stated that China's foreign trade maintained a steady growth trend, with a cumulative import and export growth of 3.5% in the first seven months of the year [4] - The Anhui provincial government released a plan to accelerate the development of strategic emerging industries, aiming for an annual growth of over 11% in added value by 2027 [6] - The China Nonferrous Metals Industry Association reported stable silicon wafer prices, with a positive market sentiment despite weak terminal demand [5] Financial Performance - Te Yi Pharmaceutical reported a revenue of 491 million yuan for the first half of the year, a year-on-year increase of 56.54%, with a net profit of 38.01 million yuan, up 1313.23% [6] - Sany Heavy Industry achieved a revenue of 44.534 billion yuan, a year-on-year increase of 14.96%, with a net profit of 5.216 billion yuan, up 46% [6] - Kuaishou's second-quarter revenue reached 35.05 billion yuan, a year-on-year increase of 13.1%, with an adjusted net profit of 5.62 billion yuan [7]

Summary of Solid-State Battery Equipment Conference Call Industry Overview - The report focuses on the solid-state battery industry and the critical role of isostatic pressing technology in the manufacturing process of solid-state batteries [1][2][6]. Key Points and Arguments - **Types of Isostatic Pressing**: Isostatic pressing technology is categorized into cold isostatic pressing, warm isostatic pressing, and hot isostatic pressing, each with distinct characteristics. Cold isostatic pressing is cost-effective but has lower densification rates (80%-90%). Warm isostatic pressing balances cost and densification (90%-95%), making it suitable for solid-state batteries. Hot isostatic pressing achieves the highest densification (over 99.8%) but is expensive and not suitable for mass production [1][4][9]. - **Bottlenecks in Isostatic Pressing**: The main bottlenecks in isostatic pressing technology for solid-state batteries include the design of the chamber, precision in temperature and pressure control, and the ability to rapidly heat and pressurize. The chamber must withstand high temperatures and pressures (up to 600 MPa), and the temperature and pressure must be controlled within strict tolerances [2][13]. - **Importance of Isostatic Pressing**: Isostatic pressing is essential for achieving uniform pressure distribution, which improves the contact between solid interfaces in batteries. This is crucial for enhancing battery performance and reducing resistance [6][7]. - **Production Capacity Challenges**: The current production process is not continuous, which limits scalability. The heating and pressurization processes are time-consuming, impacting overall production capacity [3][14]. - **Regulatory Environment**: Hot isostatic pressing equipment must comply with safety regulations and undergo approval, while cold and warm isostatic pressing equipment has lower regulatory barriers, facilitating domestic production [10]. Notable Companies and Developments - **Leading Companies**: Several companies are at the forefront of isostatic pressing technology, including Swedish Quintus, China's Baotou Kefa, and others. Major battery manufacturers like LG, Samsung, BYD, and CATL are also involved in developing related technologies [11][19]. - **A-Share Companies to Watch**: In the A-share market, companies such as XianDiao Intelligent, Nacronor, and Liyuanheng are highlighted for their competitive positions in the solid-state battery equipment sector [20]. - **International Competitors**: Korean companies like Hana and m plus are making significant strides in supplying isostatic pressing equipment to major battery manufacturers [19]. Additional Important Insights - **Future Value of Isostatic Equipment**: The value of isostatic pressing equipment in the battery production process is projected to be significant, with estimates suggesting that the value per machine could reach several tens of millions of yuan as production scales up [12]. - **Technological Advancements**: Companies are developing advanced isostatic pressing equipment with capabilities to meet the high demands of solid-state battery production, including larger chamber sizes and improved automation for efficiency [16][18]. - **Market Dynamics**: The restrictions on importing high-pressure equipment due to international agreements like the Wassenaar Arrangement favor domestic manufacturers of cold and warm isostatic pressing equipment, enhancing their market position [10].