关键词：含氟新材料、氟化工、锂电池、光伏 一、含氟新材料相关概述 含氟新材料主要是指有机高分子化合物主链、侧链中与碳原子直接共价链相连的氢原子被氟原子全部或 者部分取代后形成的高分子聚合物。由于氟原子具有较低的极化率、最强的负电性（4.0），较小的范 德瓦尔半径（1.32A(O)）和含C-F基团的新材料具有的优异的耐高温、耐强化学腐蚀、耐久性、耐侯 性、耐溶剂性、耐各种酸碱的不活泼性、低可燃性、低磨擦性、低电容、低表面能（既不亲油也不亲 水）、低吸湿性、超强耐氧化性、附着力强等优异特性，使氟化工产品和含氟新材料在国防、航空、航 天、航海、汽车、化工、石油、核能、环保、通信、电力、电器等装备制造，仪器仪表、电子信息、纺 织、机械、医药、制冷剂制造和高科技农业等产业领域具有日益重要的新用途。 最早的含氟材料为美国DuPont公司在1948年试制出的聚-2-氟代-1,3-丁二烯及其与苯乙烯、丙烯等的共 聚体，但性能并不比普通材料突出，而且价格昂贵，没有实际工业价值。50年代后期，美国Thiokol公 司开发了一种低温性好，耐强氧化剂(N2O4)的含氟材料，含氟材料开始进入实际工业应用。此后，随 着技术进步，各种新型 ...

投资建议 天风证券（601162）股份有限公司孙潇雅近期对天赐材料（002709）进行研究并发布了研究报告《电解液 格局有望出清，新品类加大投入》，给予天赐材料中性评级。 天赐材料 公司2024年年度和2025年第一季度经营情况如下： 2024Y实现营收125.2亿元，YOY-18.74%；归母净利润4.8亿元，YOY-74.4%；扣非归母净利润3.8亿元， YOY-79.08%。 2025Q1实现营收34.9亿元，YOY+41.64%；归母净利润1.5亿元，YOY+30.8%；扣非归母净利润1.34亿 元，YOY+33.35%。 电解液业务竞争仍然激烈，市场有望持续出清。中国新能源汽车渗透率突破50%，锂电池材料行业需求进 入平稳时期，电解液市场整体增速放缓，整个锂电池上下游产业链以消化库存和减缓资本开支为主；并且 随着未来市场供大于求的趋势逐渐演变，预计未来一到两年行业仍然维持较为激烈的竞争关系，落后产能 将持续出清。 公司在高能量密度、高电压、超充、高功率、高安全、低成本及长寿命电解液的开发上展现出显著的研发 优势，并且同时具备较大的市场产能和与下游头部客户的深度绑定关系，预计在行业出清后集中度将持续 ...

截至2025年5月9日收盘，永杰新材(603271)报收于37.15元，下跌2.77%，换手率7.71%，成交量2.97万 手，成交额1.11亿元。 当日关注点 交易信息汇总 5月9日主力资金净流出1341.42万元，占总成交额12.07%；游资资金净流出116.74万元，占总成交额 1.05%；散户资金净流入1458.16万元，占总成交额13.12%。 业绩披露要点 永杰新材料股份有限公司举办了2024年度暨2025年第一季度业绩暨现金分红说明会。2024年公司实现营 业收入81.11亿元，同比增长24.71%，归属于上市公司股东的净利润3.19亿元，同比增长34.28%。2025 年第一季度，实现营业收入19.81亿元，同比增长18.71%，净利润7571万元，同比增长13.74%。公司加 大研发投入，2024年研发费用2.77亿元，占营业收入3.41%。公司拟每10股派发现金红利3.25元（含 税），分红总额6393.40万元，占2024年度净利润20.01%。公司产品主要应用于锂电池、电子电器等领 域，2024年铝板带销售收入69.36亿元，铝箔销售收入10.74亿元。公司持续推进绿色低碳发展，作为国 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [6][15]. Core Views - The company reported a significant improvement in net profit for Q1 2025, with a net profit of 0.65 billion yuan, a year-on-year increase of 69.24% and a quarter-on-quarter increase of 3.98 billion yuan [1][2]. - The company is progressing steadily in capacity construction, with a complete industrial chain from fluorine resources to lithium battery production, which is expected to provide substantial growth momentum in the long term [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 8.207 billion yuan, a year-on-year decrease of 31.25%, and a net profit attributable to the parent company of -0.308 billion yuan, a decrease of 0.818 billion yuan year-on-year [1][2]. - For Q1 2025, the company reported an operating income of 2.098 billion yuan, a year-on-year decrease of 2.09% but a quarter-on-quarter increase of 57.68% [1][2]. Revenue Breakdown - In 2024, the revenue from various segments was as follows: fluorine-based new materials (2.693 billion yuan, +20.42%), electronic information materials (0.935 billion yuan, -24.52%), new energy materials (2.593 billion yuan, -45.93%), and new energy batteries (1.611 billion yuan, -38.33%) [2]. Capacity and Production - The company has a total production capacity that includes 330,000 tons/year of anhydrous aluminum fluoride, 65,000 tons/year of lithium hexafluorophosphate, and 60,000 tons/year of electronic-grade hydrofluoric acid, among others [3]. - Ongoing projects include a 30,000 tons/year anhydrous aluminum fluoride project and a 20 GWh lithium battery project, expected to enhance production capabilities significantly [3]. Research and Development - The company is increasing its R&D investment in the lithium battery sector, focusing on safety and efficiency improvements in its products, such as the "Fluorine Core" cylindrical battery [4]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted upwards, with expected net profits of 0.281 billion yuan (up 79.5%), 0.336 billion yuan (up 34.3%), and 0.446 billion yuan respectively [4][5].

Company Overview - Jiangsu Tiannai Technology Co., Ltd. primarily engages in the research, production, and sales of nano-scale carbon materials, with key products including carbon nanotube powder, conductive paste, and graphene composite conductive paste [6][12] - The company has established a strong R&D team and focuses on technological innovation to enhance product quality and performance [12][18] Financial Highlights - For the fiscal year 2024, the company plans to distribute a cash dividend of RMB 1.46 per 10 shares, totaling approximately RMB 50.33 million, which represents 20.12% of the net profit attributable to shareholders [4] Industry Position - The company holds a leading position in the carbon nanotube conductive paste market, with a market share of 53.2% in China, driven by demand from major battery manufacturers [18] - The carbon nanotube industry is supported by national policies favoring new materials and renewable energy, indicating a favorable growth environment [13][19] Market Trends - The global demand for lithium-ion batteries is expected to grow significantly, with projections indicating a 25% increase in global battery shipments in 2024 [22] - The electric vehicle market is anticipated to expand, with global sales expected to reach approximately 18.51 million units in 2024, reflecting a 23% year-on-year growth [20][21] Technological Developments - The production of high-purity carbon nanotubes requires advanced technology and experience, creating significant barriers to entry for new competitors [17] - The company is actively exploring high-generation carbon nanotubes and related products to meet the evolving demands of the industry [17][19]

Core Viewpoint - 德方纳米's Q1 performance shows signs of improvement with a positive gross margin, indicating a potential turning point in operations [1][3]. Financial Performance - In 2024, the company expects revenue of 7.6 billion yuan, a year-on-year decrease of 55%, with a net profit loss of 1.34 billion yuan, showing a reduction in losses [1]. - Q1 2025 revenue is projected at 2 billion yuan, a quarter-on-quarter increase of 6% and a year-on-year increase of 85%, with a net profit loss of 170 million yuan, indicating a reduction in losses [1]. - The gross margin for Q1 2025 is 0.3%, a quarter-on-quarter increase of 0.3 percentage points [1]. Production and Sales - In 2024, the company anticipates a slight increase in shipment volume to 226,000 tons, a year-on-year increase of 6%, with expectations for Q1 2025 shipments to reach 60,000 to 65,000 tons, a quarter-on-quarter increase of 38% [2]. - The company has a total capacity of 450,000 tons, with effective capacity of 260,000 tons for lithium iron phosphate and 110,000 tons for manganese iron phosphate [2]. Pricing and Margins - The average price for lithium iron phosphate in 2024 is expected to be 37,000 yuan per ton, a year-on-year decrease of 59%, with a gross margin of -4.6% [3]. - In Q1 2025, the average price is expected to recover to 36,000 yuan per ton, with a gross margin turning positive at 0.3% [3]. Cost Management - The company has strengthened cost control, with operating expenses in 2024 amounting to 780 million yuan, a year-on-year decrease of 39.3% [4]. - Q1 2025 operating expenses are reported at 170 million yuan, a year-on-year decrease of 31.7% [4]. Investment Recommendations - The company has adjusted its net profit expectations for 2025-2026 to -150 million yuan and 270 million yuan, respectively, while projecting a net profit of 610 million yuan for 2027, indicating a recovery trend [4].

Industry Highlights - SAIC-GM-Wuling has launched the world's first 6C high manganese battery, achieving over 1000 km of pure electric range and maintaining 85% battery capacity at -20°C [1] - The new battery technology features a 3D thermal management system that improves cooling efficiency by 2.6 times, with a fast charge capability of 500 km in just 10 minutes [1] Market Trends - In March, the number of discounted passenger car models decreased significantly to 23, down from 51 in the same month last year, indicating a cooling off of the price-cutting trend [2] - BYD expects a net profit of 8.5 to 10 billion yuan for Q1 2025, representing a year-on-year growth of 86.04% to 118.88%, driven by strong sales in the electric vehicle sector [3] Lithium Battery Material Market - Domestic lithium carbonate prices have declined due to increased export costs from U.S. tariffs, leading to weakened demand expectations [7] - The latest prices for battery-grade lithium carbonate are between 72,200 to 73,200 yuan per ton [8] - The price of ternary materials remains stable, with a slight production increase of about 5% in April compared to March [8] - Phosphate iron lithium prices have slightly decreased, but production levels are at historical highs, expected to exceed 280,000 tons in April [10] - The price for phosphate iron lithium is between 32,500 to 34,000 yuan per ton for power-type and 31,900 to 33,000 yuan per ton for energy storage-type [11] Battery and Energy Storage Market - The domestic lithium battery market remains stable, with fluctuations in order volumes among leading battery manufacturers [14] - New energy vehicle sales reached 337,000 units last week, with a year-on-year increase of 25.28% [16] - The U.S. has implemented significant tariffs on imported batteries, raising the import duty on fixed energy storage batteries to 64.9% and potentially up to 82.4% by 2026 [17]

3月25日，宁德时代取得中国证监会国际司出具的境外发行上市备案通知书，项目从备案受理至获得备案通知书仅耗时25天，创近年来境外发 行备案最快纪录之一。 2024年12月，宁德时代首次公告筹划发行H股股票并在香港联合交易所有限公司主板上市，随后于2025年2月11日向港交所正式递交申请。行业 预计，宁德时代的本次IPO有望成为港股近年来规模最大的项目之一。 亿纬锂能获长安汽车定点 宁德时代赴港IPO获批 3月24日消息，近日，亿纬锂能子公司湖北亿纬动力有限公司收到重庆长安汽车股份有限公司关于HEV电池总成等零部件的供应商定点通知。 亿纬锂能表示，本次收到定点通知是对亿纬动力HEV电池产品性能和供货资格的认可，在圆柱电池领域持续深化。该项目顺利实施将助于推动 公司在混合动力领域发展，提升在新能源行业的市场拓展力、综合实力和国际化水平。 亿纬锂能全极耳圆柱电池新品首发 3月24日，亿纬锂能以"倍率无极限，澎湃芯动能"为主题，重磅发布18650 30PL与21700 50PL两款全极耳圆柱电池新品，并推出倍率型圆柱电 池全面解决方案。 基于全极耳技术体系，亿纬锂能通过"材料-结构-工艺"三维创新，实现功率提升100% ...

Summary of Tian Nai Technology Conference Call Industry and Company Overview - **Company**: Tian Nai Technology - **Industry**: Carbon Nanotubes (CNT) applications in lithium batteries and robotics, particularly in electronic skin and artificial muscles Key Points and Arguments Carbon Nanotubes Applications - Carbon nanotubes (CNT) exhibit high strength, excellent thermal conductivity, and flexibility, making them suitable for applications in lithium batteries and robotics, especially in human-robot collaboration electronic skin [2][3] - CNTs are utilized in various robotic systems, including neural, sensory, energy, power, and skin systems, enhancing interaction capabilities through advanced sensing technologies [2][4] - In electronic skin, CNTs can form adjustable conductive networks that accurately sense pressure changes, maintaining flexibility even when stretched over 40% [2][10] Market Potential and Cost Structure - The value of CNTs in electronic skin materials exceeds 60%, indicating their core importance in the product's cost structure [2][12] - The global sensor market is projected to reach $508.6 billion by 2030, with industrial robots being a significant growth driver [11] Technological Advantages - CNT sensors can simultaneously detect multiple stimuli (pressure, temperature, and gas) due to their unique properties, which include high sensitivity and rapid electrical response [9][20] - The piezoresistive sensors based on CNTs provide comprehensive and precise data feedback, enhancing robotic interaction with the environment [7][8] Collaborations and Product Development - Tian Nai Technology collaborates with various universities and companies, with a new electronic skin product expected to launch in April [17][19] - The company is focused on optimizing material properties rather than producing end products directly, positioning itself as a key supplier of materials for electronic skin [22] Future Prospects - The potential for CNTs in artificial muscles and ligaments is significant, with ongoing research showing promising results in mimicking human muscle contractions [13][14] - The company anticipates a shift in the lithium battery market, driven by the integration of CNTs to enhance performance, particularly in fast-charging applications [32][37] Challenges and Market Dynamics - The transition to using artificial muscles in robotics may take time due to the need to change traditional mechanical practices [18] - The company faces challenges in differentiating sensor responses to various stimuli, which relies on advanced algorithms and sensor design [21] Additional Important Information - The cost of CNTs is a significant factor in the pricing of electronic skin, with current estimates placing CNTs at approximately 10,000 yuan per kilogram [24] - The company is exploring opportunities in the European market but has not disclosed specific client information [31] This summary encapsulates the critical insights from the conference call, highlighting the strategic direction and technological advancements of Tian Nai Technology in the carbon nanotube sector.

Core Viewpoint - Yongjie New Materials Co., Ltd. is set to go public with an issue price of 20.6 yuan per share, focusing on aluminum foil and strip products, particularly in the lithium battery sector, where it has established a competitive advantage [1][2][3]. Group 1: Company Overview - Founded in 2003, Yongjie New Materials specializes in aluminum foil and strip, initially serving the laptop and LCD TV markets before pivoting to the lithium battery sector [1]. - The company has become a key supplier to major lithium battery manufacturers, including CATL, and has achieved significant market share in the lithium aluminum material segment [2][7]. Group 2: Financial Performance - For 2024, Yongjie New Materials projects revenues of 8.111 billion yuan and a net profit of 319 million yuan, reflecting year-on-year growth of 24.71% and 34.28%, respectively [2][14]. - The company’s revenue from lithium battery applications was 2.612 billion yuan in 2023 and is expected to be 1.556 billion yuan in the first half of 2024, accounting for over 40% of total revenue [5]. Group 3: Market Position and Competitive Advantage - Yongjie New Materials holds the top market share in the lithium-ion battery structural aluminum alloy segment from 2021 to 2023, recognized as a "hidden champion" in the industry [2][8]. - The company has established a strong technical moat, with products meeting or exceeding national standards, and has received recognition for its high-performance aluminum materials [8][11]. Group 4: Industry Trends - The lithium battery market is expected to grow significantly, with a projected shipment volume of 1,175 GWh in 2024, marking a 32.6% year-on-year increase [13]. - Analysts predict a positive outlook for the lithium battery industry in 2025, with expectations of improved supply-demand dynamics and increased utilization of quality production capacity [16][17]. Group 5: Future Plans - Yongjie New Materials plans to expand production capacity significantly, with projects aimed at increasing output by 55,000 tons, enhancing its position in the lithium battery materials market [17][18]. - The company is also diversifying its product offerings, including advancements in anodizing materials for consumer electronics, entering supply chains for major brands like Apple and Huawei [19].