编号：2025-011 证券代码：301358 证券简称：湖南裕能 湖南裕能新能源电池材料股份有限公司 投资者关系活动记录表 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活 | □新闻发布会 □路演活动 | | 动类别 | □现场参观 | | | ☑ 其他（电话会议） | | 参与单位名称 | 鹏华基金、太平资产、汇丰资管、花旗环球、东吴证券 | | 时间 | 2025 年 11 月 18 日 | | 地点 | 电话会议 | | 上市公司接待 | 董事、常务副总经理兼董事会秘书 汪咏梅 | | 人员姓名 | 证券事务代表 何美萱 | | | 1、请问公司认为本轮涨价的契机是什么？落地情况如何？ | | | 回复：主要是基于两方面因素：一是公司产品处于供不应求的 | | | 状况，尤其新产品供需矛盾比较突出；二是部分原材料价格上涨带 | | | 来成本压力。公司与客户积极开展商务谈判，目前已取得了较好的 | | | 效果。 | | 投资者关系活 | 2、公司磷矿开采的进展如何？预计对利润有多少贡献？ | | 动主要内容介 | 回复：自 ...

Core Viewpoint - The company is enhancing its strategic layout in battery materials, particularly in the energy storage sector, with a focus on sodium-ion batteries and phosphorous materials [1] Group 1: Company Developments - The company has established a strategic layout for nickel-based, sodium-based, and phosphorous-based materials, aiming to increase penetration in the energy storage market [1] - The company has received orders for sodium-ion batteries at the kiloton level and has begun shipments [1] - The company has achieved rapid mass production of its phosphorous materials, reaching advanced levels in high-density performance [1] Group 2: Industry Insights - Sodium-ion batteries are becoming an ideal choice for various energy storage scenarios due to their abundant resources, low cost, high safety, and strong low-temperature performance [1] - The global energy storage market is primarily dominated by lithium iron phosphate batteries, with the company’s phosphorous materials contributing significantly to this trend [1]

Core Viewpoint - The news highlights the performance of the non-ferrous metal sector, particularly focusing on the recent trends in the market, including the performance of the Non-Ferrous 50 ETF and the underlying factors affecting metal prices and demand [1][2][3][4]. Group 1: Non-Ferrous 50 ETF Performance - As of November 17, 2025, the Non-Ferrous 50 ETF (159652) decreased by 0.39%, with a latest price of 1.53 yuan [1]. - The ETF has seen a net subscription of 62 million units, with an estimated net subscription amount exceeding 94 million yuan [1]. - The latest scale of the Non-Ferrous 50 ETF reached 2.829 billion yuan, with a significant increase in shares by 13.46 million units over the past three months [2]. Group 2: Market Trends and Demand - The lithium industry is experiencing high growth due to strong demand in the energy storage market, with expectations of over 60% growth next year driven by domestic pricing policies and international demand [2]. - Copper prices are expected to rise in the long term due to supply constraints, with Freeport reducing copper production and ongoing demand recovery in the cable industry [3]. - The aluminum sector faces challenges due to power supply constraints, which may accelerate the exit of high-cost aluminum production and delay new capacity investments [3]. Group 3: Investment Opportunities - The Non-Ferrous 50 ETF is highlighted as a leading investment option due to its high "gold and copper content," with copper accounting for 33% and gold for 13% of the index [4]. - The ETF has shown superior performance since 2022, with a cumulative return leading its peers and a lower maximum drawdown [5]. - The index's growth is driven by earnings rather than valuation, with a current PE ratio of 23.74, down 61% from five years ago, indicating a favorable valuation [6].

Core Insights - The solid-state battery sector has seen significant stock price increases for companies like Sandi Intelligent and Yiwei Lithium Energy since August, indicating a reevaluation of its value [1] - Despite the promising technology of solid-state batteries, the commercial viability remains challenging, with major players like CATL focusing more on liquid batteries and achieving breakthroughs in lithium iron phosphate technology [1] - The industry is shifting its attention back to liquid batteries due to their current profitability and established infrastructure, highlighting the advantages of lithium iron phosphate batteries in terms of cost and maturity [1] Group 1: Industry Trends - The 2025 World Power Battery Conference held in Yibin highlighted the ongoing discussions about the battery industry's future, with CATL's chairman using terms like "speculation" and "surge" to describe the recent lithium price increases [3][5] - The conference showcased a notable shift in focus from solid-state batteries to liquid batteries, with industry leaders emphasizing the importance of current technologies over speculative advancements [6][10] - Experts predict that solid-state batteries may not achieve mass commercialization until at least 2030, with significant technical challenges still to be addressed [8][10] Group 2: Market Dynamics - The lithium iron phosphate battery route is regaining attention due to its high safety, low cost, and long cycle life, despite its lower energy density compared to other technologies [14][15] - The market for energy storage is expected to grow significantly, with projections indicating that by the end of 2024, new energy storage installations will surpass pumped storage [17][18] - CATL's strategic investments, such as the recent capital increase in Jiangxi Shenghua New Materials, reflect a commitment to both solid-state and lithium iron phosphate battery technologies [16]

Core Insights - The price of electrolyte, a crucial component in lithium batteries, has recently rebounded strongly, with the price for lithium iron phosphate battery electrolyte reaching 23,900 yuan per ton as of November 13 [1][2] - The significant increase in the price of hexafluorophosphate lithium, a key material, has doubled since mid-September, reaching an average of 119,800 yuan per ton, contributing to the upward trend in electrolyte prices [1][2] - The demand for electrolytes is driven by a booming energy storage market, with new energy storage installations in China exceeding 100 million kilowatts, representing over a 30-fold increase compared to the end of the 13th Five-Year Plan [2][6] Price Trends - The price of lithium-ion battery electrolyte has shown a notable short-term increase, rising from approximately 17,500 yuan per ton at the beginning of the year to 23,900 yuan per ton in November, marking a month-on-month increase of 14.35% [2][3] - The average price of hexafluorophosphate lithium in November has increased by 42.25% compared to October, while the price of the additive VC has risen by 21.33% [2][3] - The overall average price of electrolytes in November has increased by 16.73% month-on-month, driven by both rising costs and increased demand [2][3] Supply and Demand Dynamics - The supply of hexafluorophosphate lithium is currently constrained, with inventory levels at only 1,500 tons, which is at a low point historically [3] - The electrolyte supply chain is characterized by low elasticity, with new production capacity taking 12-18 months to come online, even if expansion is initiated now [3] - The supply of VC is also tight, exacerbated by production halts at leading companies due to equipment failures, leading to strong upward price pressure [3][4] Long-term Contracts and Market Strategy - In response to supply constraints and rising prices, downstream battery and energy storage manufacturers are securing long-term contracts to lock in supplies [4] - Recent contracts signed by Tianqi Materials for a total of 8.7 million tons of electrolyte products highlight the strong demand in the market, with the total value of these contracts approaching 40 billion yuan [4] Industry Outlook - The current price increases for electrolytes are not keeping pace with the rising costs of raw materials, indicating that electrolyte producers may have room to improve their bargaining power [5] - The market is expected to maintain a tight balance for hexafluorophosphate lithium in the short term, with optimistic projections suggesting a 50% growth in energy storage demand by 2026 [6] - The anticipated supply gap for hexafluorophosphate lithium could widen to 7,000 tons in the first half of 2026, with price levels expected to stabilize between 80,000 and 120,000 yuan per ton [6]

Core Viewpoint - The lithium battery industry chain has experienced a significant surge, with the lithium electrolyte index rising by 19.41%, reaching a new high since January 2022, driven by a sharp increase in the prices of key materials like lithium hexafluorophosphate and electrolytes [2][4] Price Dynamics - The price of lithium hexafluorophosphate has more than doubled compared to its low in July, with some market quotes exceeding 150,000 yuan/ton, reflecting a rise of over 165% since July [4][5] - The electrolyte price has also seen a rapid increase, with a two-day rise surpassing the total increase of the past two months [5] Demand and Supply Factors - The demand for lithium batteries is being fueled by a significant increase in new energy vehicle sales, which reached 11.196 million units from January to September 2025, a year-on-year increase of 34.6% [5] - The energy storage market is emerging as a new growth driver, with lithium battery shipments for energy storage reaching 430 GWh in the first three quarters, a 99% year-on-year increase [5][9] Market Sentiment and Future Outlook - Major electrolyte manufacturers express optimism about market demand for the next year, indicating a cautious and rational approach to capacity expansion following previous price volatility [3][8] - The current price surge is expected to be sustained in the short term, but the sustainability of this trend will depend on the growth rate of new energy vehicle sales and the pace of new capacity release [7][9] Long-term Capacity and Market Trends - The expansion cycle for lithium hexafluorophosphate and electrolytes typically takes at least 18 months, making it difficult to quickly increase supply in response to high demand [8] - Analysts predict that the market will remain in a tight supply-demand balance until at least 2026, with a more rational price behavior expected compared to previous extreme fluctuations [9]

Core Viewpoint - The lithium battery industry chain is gaining market attention due to the continuous growth in energy storage demand, with lithium hexafluorophosphate prices doubling, leading to significant stock price increases for companies like Haike New Energy [1][7]. Company Overview - Haike New Energy, listed on the Shenzhen Stock Exchange in July 2023, specializes in the research, production, and sales of lithium-ion battery electrolyte solvents and fine chemicals, with products widely used in various sectors including lithium battery materials and pharmaceuticals [3][6]. - The company has a production capacity of 45,000 tons/year for dimethyl carbonate, 36,000 tons/year for propylene glycol, and other chemical products, with over 68% of its workforce holding a college degree [3][6]. Financial Performance - In the first three quarters of 2023, Haike New Energy reported a revenue of 3.653 billion yuan, a year-on-year increase of 43.17%, while the net loss narrowed to 128 million yuan, a 40.06% improvement compared to the previous year [6]. - The third quarter alone saw a revenue of 1.337 billion yuan, marking an 80.43% year-on-year increase [6]. Market Dynamics - The price of electrolyte solvents like VC and FEC has surged, with VC prices rebounding 77% from a low of 48,700 yuan/ton in June to 86,000 yuan/ton by November 12, and FEC prices increasing 64% from 33,000 yuan/ton to 54,000 yuan/ton in the same period [7]. - The industry is currently adopting a market-driven pricing strategy, with some market participants noting that actual market prices may be even higher than reported [7]. Strategic Partnerships - On November 10, Haike New Energy signed a strategic cooperation and raw material supply agreement with Kunlun New Materials, committing to supply approximately 596,200 tons of electrolyte solvents from January 2026 to December 2028 [8]. Industry Outlook - Major brokerage firms are optimistic about the lithium battery industry chain, anticipating accelerated growth in the energy storage market, with projections of significant increases in domestic storage installations in the coming years [9][10]. - The expected doubling of domestic energy storage installations by 2026 and a substantial increase in global lithium battery demand highlight the potential for growth in the sector [10][11].

Core Viewpoint - Morgan Stanley has acknowledged a previous misjudgment regarding the lithium market and upgraded the ratings of Tianqi Lithium and Ganfeng Lithium from "Underweight" to "Neutral" [1] Group 1: Market Demand and Supply - The significant revision by Morgan Stanley is primarily due to the previously underestimated explosive demand from the energy storage (ESS) market [1] - The supply of lithium is expected to remain tight, as the resumption of operations at CATL's mines is insufficient to alleviate the situation [1] - Morgan Stanley predicts a supply gap in the global lithium market in 2025 and 2026 [1] Group 2: Price Forecast Adjustments - The bank has raised its lithium price forecast for 2026 from RMB 70,000 per ton to RMB 90,000 per ton, representing an increase of nearly 30% [1]

Group 1 - The core viewpoint of the news highlights the strong performance of CATL, with significant increases in both A-shares and H-shares, driven by robust export figures and market potential in the energy storage sector [1][2] - CATL's chairman reported that the company's lithium battery exports reached 120 GWh, accounting for nearly 60% of China's total lithium battery exports of around 200 GWh [1] - The total export value of the "new three items" exceeded 900 billion yuan, with lithium batteries contributing nearly 400 billion yuan, representing over 40% of the total [1] Group 2 - CITIC Securities predicts a substantial growth in global energy storage installations, estimating an addition of approximately 290 GWh by 2025 and a potential reach of 1.17 TWh by 2030 [1] - The report from Credit Lyonnais indicates concerns regarding potential sell-offs due to the expiration of the cornerstone investor lock-up period for CATL's Hong Kong IPO on November 20, but does not foresee a significant price correction [2] - Credit Lyonnais maintains a bullish outlook on CATL, expecting a recovery in stock prices driven by strong global energy storage system development and improved battery supply-demand dynamics by 2026, reaffirming their target prices for both A-shares and H-shares [2]

行家说储能 昨日，行家说储能 报 道了" 超200GWh大单！海博思创与宁德时代签重要合作"（ 点这里 ），今日又有两家储能企业最新订单消息。 据行家说储能获悉，远信储能、阿特斯先后官宣拿下GWh级储能项目合作，合计规模超9.4GWh。其中，远信储能的储能项目合作量达 7.56GWh，主要位于 智利及其他潜力市场；阿特斯则拿下加拿大约1.86GWh的单体储能项目。 项目 ▋ 远信储能：拿下 1.89GW/7.56GWh储能 近日，远信储能与拉美知名能源开发企业签署战略合作协议，双方将在智利及其他潜力市场共同推进储能项目的开发、建设与运营。 据协议，远信储能将作为首席技术与服务伙伴，为 1.89GW/7.56GWh 的储能项目提供一体化解决方案与全生命周期支持。未来，双方还将在技术标准、供 应链布局、质量管控与投融资架构等方面深化战略协同，构建长期稳定的合作机制。 ☆ 点击 星标 ， 第一时间掌握前沿趋势 图为：远信储能与拉美知名能源开发企业签署战略合作协议，源于远信储能 该订单是远信储能2025年公开披露的首个拉美地区项目。当前，拉美储能市场正迎来高速增长，据伍德麦肯兹预测，至2034年该地区储能总规模预计将 ...