综合行业趋势研判：基于2025第三季度各因素考量，五矿证券认为锂电材料行业供需改善，产业供需紧 平衡有望延续，新周期延续。 人民财讯11月20日电，五矿证券研报称，根据五矿证券对锂电材料各上市公司2025年三季报的梳理，产 业主要变化为：从供给侧四要素看，盈利能力情况看，2025年第三季度各板块几无总体亏损，首次扭 亏，但部分板块盈利仍较差；资本开支情况看，多环节资本开支增速同比出现增长；现金流情况看，行 业现金流情况略有好转，但宁德时代（300750）占比较大。从库存角度看，当前库存水平相对合理， 2025第三季度存货/总资产指标环比增长。从需求侧来看，储能需求超预期，2025年1—9月全球储能电 池出货428Gwh，同比增长90.7%。1—9月，我国动力和其他电池累计销量为1067.2Gwh，累计同比增长 55.8%。从供需上看：2025需求旺季出现部分环节涨价，头部企业产能紧张，供需出现紧平衡状态。展 望2026年，储能需求有望超预期，叠加动力需求保持较高增速，供需紧平衡有望延续并有所强化。 ...

Investment Rating - The investment rating for the electric equipment industry is optimistic [2] Core Insights - The report indicates a tight balance between supply and demand in the lithium battery materials industry, with expectations for this trend to continue into 2026 [4][9] - The report highlights significant growth in energy storage demand, with global shipments of energy storage batteries reaching 428 GWh in the first nine months of 2025, a year-on-year increase of 90.7% [4] - The report suggests that the lithium battery sector is entering a new cycle, driven by rising prices in certain segments and improved profitability across the industry [6][9] Summary by Sections Supply Side Analysis - Profitability across various segments has improved, with no overall losses reported in Q3 2025, marking a turnaround for the industry [4] - Capital expenditure has seen a year-on-year increase across multiple segments, indicating a positive outlook for future expansion [4] - Cash flow has slightly improved, although a significant portion is attributed to CATL [4][20] Inventory Analysis - The inventory level is considered reasonable, with the inventory-to-total-assets ratio increasing in Q3 2025 [29] Demand Analysis - The demand for energy storage has exceeded expectations, with a cumulative sales increase of 55.8% in China's power and other batteries from January to September 2025 [4] Supply and Demand Balance - A tight balance between supply and demand has led to price increases in certain segments during the peak demand season of 2025, with expectations for this trend to strengthen in 2026 [4][9] Market Investment Opportunities - The report recommends focusing on opportunities within the lithium battery sector, particularly in energy storage batteries, lithium hexafluorophosphate, lithium iron phosphate cathodes, and silicon-carbon anodes [4][9] Financial Performance Indicators - The lithium battery sector's net profit growth rate for Q3 2025 was +61%, marking three consecutive quarters of positive growth [12] - The overall net profit margin for the lithium battery sector in Q3 2025 was reported at 9.2%, showing improvement [12] Cash Flow Indicators - The cash flow situation for the industry has shown positive growth for two consecutive quarters, although the strength is uneven across different companies [20][21] Capital Expenditure Indicators - The industry has experienced a positive year-on-year growth rate in capital expenditure for three consecutive quarters, with the battery segment showing particularly strong growth [23][27] Inventory Indicators - The inventory-to-total-assets ratio for the lithium battery materials industry is at a relatively reasonable level, with a slight increase noted in Q3 2025 [29]