项目持续验收，公司业绩符合市场预期： 2025 年公司预计实现归母净利润15-18 亿元，同比增长 424.29%-529.15%，中值为16.5 亿元，同比+477%；扣非净利润预计为14.8-17.8 亿元，同比 +310.83%~394.11%。 按照中值测算，2025Q4 公司归母净利润预计为4.64 亿元，同比大幅扭亏（2024Q4 为-3 亿元）、环比 +4%，主要系随着国内头部电池企业开工率提升、扩产节奏有序加快，公司订单规模同比快速回升，订 单交付与项目验收节奏同步提速。 风险提示：下游扩产不及预期，新品拓展不及预期。 政策&招标催化不断，看好固态电池设备产业化加速：工信部于2025 年9 月对2024 年启动的60 亿元固 态电池重大研发专项进行中期审查，通过审查的项目将获得后续拨款，并可能启动第二轮补贴申报窗 口；国内从上至下的材料厂商、设备厂商、电池厂商、整车厂等均在加大投入，争相推动固态电池产业 化。 覆盖固态电池整线设备，获欧、美、日、韩及国内头部电池玩家重复订单：①前道制程：包括湿法和干 法两条路线，公司已推出高效制浆、混料涂布、混料分散及高剪切等核心设备，并延伸至真空镀锂、固 态 ...

Group 1 - Dongwu Securities issued a report on January 26, giving a "Buy" rating to XianDao Intelligent (300450.SZ) based on several factors [1] - The company's performance meets market expectations due to ongoing project acceptance [1] - The downstream power and energy storage sectors remain highly prosperous, with traditional lithium battery growth continuing [1] - Continuous policy and tender catalysts are expected to accelerate the industrialization of solid-state battery equipment [1] - The company covers solid-state battery production line equipment and has received repeat orders from leading battery players in Europe, the US, Japan, South Korea, and domestically [1]

Core Viewpoint - Zhongwei New Materials maintains its position as the market leader in the ternary precursor market, with a projected global output of 1.038 million tons in 2025, reflecting a year-on-year growth of 7.7% [1] Group 1: Market Outlook - The demand for nickel-based materials is expected to grow significantly due to increasing requirements for long-range capabilities, higher battery capacities per vehicle, the industrialization of solid-state batteries, and positive trends in the European new energy vehicle market [1]

Core Viewpoint - Lithium batteries are essential energy components in commercial aerospace due to their high energy density, long cycle life, and good stability, with significant applications in rockets and spacecraft [1]. Group 1: Lithium Battery in Aerospace - Lithium batteries serve as the "energy heart" of modern aerospace, providing effective power supply to electronic systems and enhancing rocket payload capacity [1]. - Compared to traditional zinc-silver batteries, lithium batteries eliminate the need for electrolyte filling, allowing for better handling of mission delays and terminations [1]. Group 2: Case Studies - The Long March 6A rocket features four solid boosters equipped with eight electric servos powered by 270V high-voltage lithium batteries, marking a first in domestic launch vehicles [2]. - In January 2026, the Chinese space station will conduct in-orbit experiments with lithium batteries, aiming to overcome challenges related to gravity and electric field coupling for future battery system optimization [2]. Group 3: Solid-State Battery Performance - Solid-state batteries are well-suited for the harsh conditions of space, operating stably between -60°C and +85°C, with a cycle life of at least 3000 cycles, while meeting high energy density and safety requirements [3]. Group 4: Solid-State Battery Industry Trends - Leading domestic battery manufacturers are accelerating the launch of solid-state batteries and expanding into aerospace, with CATL's solid-state technology at the forefront [4]. - The "Longquan No. 2" solid-state battery from Yiwei Lithium Energy has an energy density of 300Wh/kg and has been in commercial aerospace development for two years [4]. - The industry is favoring sulfide routes for solid-state batteries due to their higher ionic conductivity and potential for future development [4]. Group 5: Global Competition in Solid-State Batteries - NASA plans to apply solvent-free dry-process high-performance solid-state batteries in key projects by 2028 [5]. - Japan's JAXA and Hitachi Shipbuilding have successfully tested solid-state lithium batteries in the International Space Station, demonstrating long-term stability and reliability [6]. - China's Electric Power Blue Sky has developed a fifth-generation space lithium battery with an energy density of 300Wh/kg, meeting the 15-year lifespan requirement for high-orbit satellites [6]. Group 6: Key Companies and Technologies - Key equipment manufacturers include Honggong Technology, Naconor, Huazi Technology, Xianhui Technology, and Xiandao Intelligent [7]. - Key electrolyte companies include Xiamen Tungsten New Energy, Guoci Materials, Boyuan Shares, and Shanghai Washba [7]. - Battery companies of interest include CATL and Yiwei Lithium Energy [7].

Core Viewpoint - The year 2025 is recognized as the "year of solid-state battery industrialization," marking a significant transition from experimental technology to mass production, reshaping the energy storage industry at an astonishing pace [1]. Group 1: Technological Breakthroughs and Capacity Implementation - In 2025, solid-state batteries achieved substantial breakthroughs in energy density and industrialization processes, with CATL's sulfide solid-state battery reaching an energy density of 500Wh/kg, and EVE Energy's first solid-state battery successfully rolling off the production line [3][4]. - Major companies like GAC Group and EVE Energy are establishing production lines for solid-state batteries, with GAC's line capable of producing batteries over 60Ah and EVE's Chengdu base being unveiled [3]. Group 2: Beneficiary Segments: Equipment and Materials - The demand for solid-state battery-specific equipment is surging due to the need for new manufacturing processes, leading equipment manufacturers like Xian Dai Intelligent and Winbond Technology to launch dedicated production lines [5]. - The solid-state battery industry is witnessing a critical period for pilot lines from 2025 to 2026, with equipment orders expected to be fulfilled ahead of schedule [5]. Group 3: Industry Development Anchors: Policies, Standards, and Leading Enterprises - Solid-state batteries are included in China's "New Energy Storage Manufacturing Industry High-Quality Development Action Plan," with support for R&D and pilot verification, while global competitors like the EU and the US are also accelerating their efforts [12]. - The first national standard for solid-state batteries is set to be published in September 2026, establishing China's leadership in the next generation of battery technology [13]. - Leading companies like CATL and BYD are planning to demonstrate small-scale production by 2027, indicating a strategic approach to validate technology feasibility [14]. Group 4: Future Application Rhythm: Gradual Penetration from Specialized to Mass Markets - From 2025 to 2027, solid-state batteries are expected to first penetrate specialized and high-end markets, including drones and high-end electric vehicles, which are sensitive to weight, safety, and energy density [16]. - Between 2027 and 2030, solid-state batteries will gradually enter high-end consumer and luxury electric vehicles, paving the way for broader market adoption [17]. - Post-2030, solid-state batteries are anticipated to flourish in mainstream passenger vehicles and general energy storage, leveraging cost control and supply chain scale effects [18]. Conclusion - The year 2025 marks a pivotal transition for solid-state batteries from "technically feasible" to "commercially visible," indicating a significant shift in the industry landscape [19][20].

据智通财经消息，日前，广汽集团表示，公司正积极推进全固态电池的自主研发与产业化落地，2025年 11月广汽全固态电池中试线已投产，计划于2026年进行小批量装车实验。 电动汽车方面，此次广汽集团的全固态电池中试线投产，标志着产业化迈出关键一步。商业航天方面， 固态电池的高能量密度和轻量化特性，使其成为卫星和航天器电源的理想选择，预计将大幅降低发射成 本、延长任务周期。据报道，SpaceX等公司正探索固态电池在深空探测中的应用。 鉴于新能源汽车、商业航天等赛道巨大的市场前景对固态电池潜在需求，近年来政策面持续加大对固态 电池的扶持。工信部在《先进动力电池创新发展行动计划（2025-2030）》中明确，对固态电池中试线 给予30%的设备购置补贴。长三角、珠三角等地也推出了"固态电池示范运营项目"，车企搭载国产半固 态电池的车型可获补贴。 2026年固态电池的量产线建设有望获得突破，2026-2027年或迎来普遍装车。除电动汽车外，低空经 济、商业航天和AI应用也将拓展市场空间。 展望后市，高工产研（GGII）测算，2035年全球锂电池总出货量将达10TWh级别，其中固态电池渗透 率有望达到5%-10%。机构预测2 ...

Investment Rating - The investment rating for the lithium battery industry is "Outperform the Market" (maintained) [1] Core Insights - The lithium battery industry is experiencing a price increase in lithium salts, with carbonate lithium prices reaching 171,000 yuan per ton, up by 31,000 yuan compared to two weeks ago [2] - Major companies in the lithium battery sector are recommended for investment, including CATL, Yiwei Lithium Energy, and others, due to favorable demand and low valuations [2] - Solid-state battery technology is advancing, with various companies announcing projects and collaborations to enhance production capabilities and applications [4][10] Industry Dynamics - Lithium battery prices are on the rise, with significant increases in the prices of ternary cathodes and lithium iron phosphate cathodes, while other components remain stable [2] - The domestic sales of new energy vehicles reached 1,649.1 million units in 2025, a year-on-year increase of 28% [4] - In Europe, new energy vehicle sales in December 2025 reached 324,000 units, a 39% increase year-on-year [4] Company Developments - CATL has launched a sodium battery solution for light commercial vehicles, capable of operating in extreme temperatures [10] - Yiwei Lithium Energy has begun supplying battery products for commercial aerospace applications, indicating a diversification into high-reliability sectors [13] - A strategic cooperation agreement was signed between Enli Power and Enjie, focusing on solid-state battery materials [10] Market Trends - The lithium battery sector saw a 4.4% decline in stock prices over the past two weeks, while battery chemical and specialized equipment sectors experienced increases of 4.1% and 8.3%, respectively [8] - The market is witnessing significant fluctuations in stock prices among key players, with notable increases for companies like Hunan Youneng and Purtai [8] Material Prices - The price of lithium carbonate has increased by 22.1% in the last two weeks, reflecting a broader trend of rising raw material costs in the lithium battery supply chain [16] - The price of lithium iron phosphate has also seen a significant increase of 15.5% recently, indicating strong demand for this material [16]

Investment Rating - The investment rating for the lithium battery industry is "Outperform the Market" (maintained) [1] Core Insights - The lithium salt prices have risen, with lithium carbonate priced at 171,000 yuan/ton, an increase of 31,000 yuan/ton compared to two weeks ago [2] - The report highlights the acceleration of solid-state battery industrialization, with various companies announcing significant projects and collaborations [4] - Demand for lithium batteries is expected to remain strong, with several leading companies identified as potential investment opportunities [2] Industry Dynamics - Lithium salt prices have increased, with the current price of lithium carbonate at 171,000 yuan/ton, up 31,000 yuan/ton from two weeks ago [2] - The prices of ternary cathodes and lithium iron phosphate cathodes have also risen, while the prices of anodes, separators, and electrolytes remain stable [2] - The report notes that the price of square ternary power cells has increased by 0.057 yuan/Wh compared to two weeks ago [2] Investment Recommendations - The report suggests focusing on leading companies in the lithium battery industry with low valuations amid strong demand, including CATL, Yiwei Lithium Energy, and others [2] - It also highlights companies leading in the low-altitude economy and robotics sectors, as well as those involved in solid-state and sodium battery materials [2] Solid-State Battery Developments - The solid-state battery industry is advancing, with several companies announcing new projects and collaborations [4] - CATL has released a sodium battery solution for light commercial vehicles, capable of operating at -30°C [4] - Various companies are entering partnerships to enhance solid-state battery technology and production capabilities [10] Market Performance - The lithium battery sector has seen a decline of 4.4% in the past two weeks, while the battery chemicals sector increased by 4.1% [8] - Key individual stocks have shown varied performance, with CATL down 1.5% and Hunan Youneng up 11.2% [8] New Energy Vehicle Data - In December 2025, domestic new energy vehicle sales reached 1.71 million units, a year-on-year increase of 7% [4] - The penetration rate of new energy vehicles in the domestic market reached 52.3%, up 6.5 percentage points year-on-year [4] Charging Infrastructure - As of December 2025, the total number of public charging piles in China reached 4.717 million, with a total power of approximately 17,967 MW [24] - The utilization rate of public charging piles was approximately 6.96%, showing a slight decrease year-on-year [24]

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by over 10% in the next six months [47]. Core Insights - Global energy storage battery shipments are projected to grow by over 80% year-on-year in 2025, with significant contributions from both the automotive and energy storage sectors [40]. - The lithium battery index has seen a decline of 5.75% over the past two weeks, underperforming the CSI 300 index by 5.46 percentage points [12]. - The report highlights a positive outlook for the lithium battery market, driven by strong demand in the energy storage sector and supportive government policies [43]. Summary by Sections Market Review - As of January 22, 2026, the lithium battery index has decreased by 4.84% year-to-date, lagging behind the CSI 300 index by 6.87 percentage points [12]. - The report notes a recent upward trend in lithium carbonate and lithium hydroxide prices, with increases of 19.84% and 17.19% respectively over the past two weeks [24][5]. Price Changes in the Lithium Battery Supply Chain - Prices for battery-grade lithium carbonate averaged 166,100 CNY/ton, while lithium hydroxide (LiOH 56.5%) was priced at 160,200 CNY/ton as of January 22, 2026 [24]. - Positive price movements were observed in cathode materials, with lithium iron phosphate and NCM materials seeing increases of 16.60% and 12.35% respectively [27][22]. Industry News - By the end of 2025, China's new energy storage capacity is expected to reach 144.7 GW, marking an 85% increase year-on-year [40]. - The global lithium battery production is projected to reach 3,092 GWh in 2026, reflecting a year-on-year growth of 34.6% [40]. Company Announcements - Companies such as Penghui Energy and Defu Technology have reported significant expected profit increases for 2025, indicating a positive trend in the industry [42]. - CATL has introduced a new sodium battery solution, showcasing innovation in the battery technology space [40]. Weekly Perspective - The report emphasizes that while the demand for power batteries may weaken in the short term due to seasonal factors, the energy storage market continues to grow rapidly, supported by favorable policies [43].

锂电池产业链 超配（维持） 锂电池产业链双周报(2026/01/09-2026/01/22) 行 业 2025 年全球储能电池出货同比增长超 80% 2026 年 1 月 23 日 投资要点： 分析师：黄秀瑜 SAC 执业证书编号： S0340512090001 行情回顾：截至2026年1月22日，锂电池指数近两周下跌5.75%，跑输沪 深300指数5.46个百分点；锂电池指数本月至今累计下跌4.84%，跑输沪 深300指数6.87个百分点；锂电池指数年初至今下跌4.84%，跑输沪深300 指数6.87个百分点。 周 报 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn 锂电池产业链近两周价格变动： 锂电池指数走势 资料来源：iFinD，东莞证券研究所 锂盐：截至2026年1月22日，电池级碳酸锂均价16.61万元/吨，近两周上 涨19.84%；氢氧化锂(LiOH 56.5%)报价16.02万元/吨，近两周上涨17.19%。 正极材料：动力型磷酸铁锂报价5.48万元/吨，储能型磷酸铁锂报价5.39 万元/吨，近两周分别上涨16.60%和18.46%；NCM523、NCM622、NCM8 ...