2026 年 02 月 27 日 大圆柱电芯放量，业绩进入上行期 分析师：黎江涛 S1050521120002 lijt@cfsc.com.cn | 基本数据 | 2026-0 2-2 7 | | --- | --- | | 当前股价（元） | 38.78 | | 总市值（亿元） | 39 | | 总股本（百万股） | 101 | | 流通股本（百万股） | 100 | | 52 周价格范围（元） | 16.03-43.27 | | 日均成交额（百万元） | 49.62 | 市场表现 资料来源：Wind，华鑫证券研究 -40 -20 0 20 40 60 80 100 120 140 25/02 25/03 25/04 25/05 25/06 25/07 25/08 25/09 25/10 25/11 25/12 26/01 26/02 (%) 博力威 沪深300 相关研究 —博力威（688345.SH）公司动态研究报告 买入(维持) 投资要点 ▌ 两轮电池业务扩张，欧洲与东南亚市场动能显著 公司电助力自行车电池长期面向欧美市场，在骑行文化成熟 的欧洲市场建立了稳定客户基础。伴随着海外电助力自行车 市场库存消 ...

Core Viewpoint - The article discusses the current dynamics in the lithium iron phosphate (LFP) battery market, highlighting the contrasting fortunes of companies involved in LFP production and the competitive landscape that is evolving both domestically and internationally [2][7]. Group 1: Event Information - The fifth "Starting Point Two-Wheeled Vehicle Battery Swap Conference" and "Lightweight Power Battery Technology Summit Forum" will be held on July 10-11, 2025, in Shenzhen [2]. - The event is sponsored by various companies including Yadi Technology Group, Tailin Group, and others, indicating strong industry interest and participation [2]. Group 2: Industry Dynamics - The LFP market is experiencing a split, with companies like Fulin Precision and Longpan Technology receiving large orders, while others, including Huayun Titanium Industry and Jinhai Titanium Industry, are halting or delaying their LFP projects [2][3]. - Tianyuan Co., which has been involved in LFP projects, confirmed it has no plans to stop its LFP initiatives, with production lines for LFP materials already established [3][4]. Group 3: Company Performance - Tianyuan Co. has built a 100,000-ton LFP cathode material production line and is constructing another 50,000-ton line, with a total investment of 2.389 billion yuan planned for these projects [4][5]. - In 2024, Tianyuan's revenue from the new energy battery and materials sector is expected to be 543 million yuan, accounting for only 4.06% of total revenue, with a gross margin of -12.32% for lithium battery production [5][6]. Group 4: Competitive Landscape - The LFP market is characterized by intense competition, with leading companies like Hunan Youneng holding a market share of 29.8%, followed by Wanrun New Energy and Defang Nano [7]. - International players such as Samsung SDI and LG Energy are accelerating their entry into the LFP battery market, indicating a potential shift of market growth towards overseas competitors [7].