25 年业绩改善，盈利能力持续提升。公司发布25 年业绩预告，符合我们的预期。2025 年实现归母净利 润预计达15 亿–18 亿元，同比大幅增长424.29%–529.15%；扣除非经常性损益后的净利润预计为14.8 亿–17.8 亿元，同比增长310.83%–394.11%，核心盈利能力显著增强。 多因素促进公司业绩改善：1）业绩高增主要得益于锂电市场持续复苏，公司订单规模同比快速回升， 交付与验收节奏提速，带动收入与利润同步释放。2）公司通过强化固态电池、钠离子电池、钙钛矿等 前沿技术布局，巩固技术先发优势，并深化数字化转型与全流程降本增效，推动毛利率在25Q4 环比回 升，经营效率与盈利水平持续优化。3）现金流管理成效显著，设备验收与回款周期缩短，经营韧性进 一步增强。我们认为，25Q1-3 验收的是2024 年同期行业低谷期签订的国内订单，订单毛利率偏低。随 着后续复苏订单、降本增效，叠加高毛利海外及固态电池设备占比提升，公司盈利能力仍有提升空间。 平台化成效显著，多品类布局保障成长。公司聚焦高端装备制造技术创新。固态电池设备领域，公司作 为全自主知识产权的全固态电池整线服务商，已打通量产全流程，覆 ...

本报记者 曹卫新 2025年以来，全球锂电市场迎来强劲复苏态势，动力电池、储能电池需求持续爆发，带动产业链上下游 企业经营业绩改善。据《证券日报》记者不完全统计，截至1月26日，无锡先导智能装备股份有限公司 （以下简称"先导智能"）、广东道氏技术股份有限公司（以下简称"道氏技术"）等十余家锂电产业上市 公司已发布2025年度业绩预告，预计净利润同比实现正增长或扭亏为盈，行业整体景气度显著回升。 头部企业业绩亮眼 1月26日，A股锂电设备龙头先导智能发布公告称，预计2025年归属于上市公司股东的净利润为15亿元 至18亿元，同比增长424.29%至529.15%；预计扣除非经常性损益后的净利润为14.8亿元至17.8亿元，同 比增长310.83%至394.11%。 先导智能在公告中表示，业绩增长主要得益于全球动力电池市场回暖与储能领域需求激增，国内头部电 池企业开工率提升、扩产节奏加快，带动公司订单规模快速回升，交付与验收同步提速，盈利能力显著 增强。 1月23日，锂电产业链核心材料供应商道氏技术发布公告称，预计2025年归属于上市公司股东的净利润 为4.8亿元至5.8亿元，同比增长206.01%至269.76 ...

1月13日，碳酸锂期货主力合约盘中延续昨日强势走势，早盘涨幅最高达11.99%，一度触及174060元/ 吨，之后有所回落。截至收盘，价格报166980元/吨，涨幅达7.44%，成交量同步放大至60.82万手，创 近期交易活跃度新高。 期货市场的强势表现迅速传导至现货端。上海有色金属网数据显示，电池级碳酸锂现货价格近期连续上 涨，1月13日均价报159500元/吨，较昨日上涨7500元，创逾两年新高，且已实现连续7日上涨。 除政策催化外，产业链供需格局的实质性改善构成了价格上涨的基本面支撑。需求端，新能源汽车与储 能双轮驱动效应显著，低空经济、人形机器人等新兴场景进一步开辟了新的增长曲线。供给端则受限于 矿山审批收紧、环保约束增强等因素，新增产能释放缓慢，行业有效产能收缩明显，叠加产业链库存持 续去化，进一步强化了供需紧平衡态势。 不少分析师认为，锂电行业已从深度调整期步入复苏上行阶段，但后续仍需关注产能释放节奏、需求兑 现程度等变量。对于资本市场而言，产业链的价值回归进程仍在持续，龙头企业凭借技术与规模优势有 望持续受益，但也需警惕波动风险。 华泰期货表示，高质量发展将成为锂电行业未来的主旋律，行业结构将会 ...

Core Viewpoint - The lithium iron phosphate (LFP) sector in the A-share market is experiencing a collective price increase, driven by rising raw material costs and growing market demand, leading to a significant uptick in stock prices of key companies like Longpan Technology, Hunan Youneng, and Wanrun New Energy [1][2]. Group 1: Price Increase Actions - Major leading companies in the LFP industry have issued price increase notices to customers, with one company announcing a processing fee increase of 3,000 yuan/ton starting January 1, 2026 [1]. - Another company plans to implement price hikes from November 1, 2025, while maintaining original prices for orders placed before that date [1]. - The industry is responding to a call from the China Chemical and Physical Power Industry Association to adhere to a cost pricing reference, with average costs for LFP projected between 15,714.8 yuan/ton and 16,439.3 yuan/ton for the first nine months of 2025 [2]. Group 2: Market Dynamics and Company Responses - Companies like Wanrun New Energy and Hunan Youneng are actively engaging in price negotiations with clients, citing supply-demand imbalances and rising raw material costs as key factors for the price increases [2]. - Market data indicates a clear upward trend in prices, with the price of power-type LFP reaching 39,485 yuan/ton and mid-to-high-end energy storage LFP averaging 37,930 yuan/ton as of December 1, reflecting an increase of 154 yuan/ton from the previous trading day [2]. Group 3: Industry Outlook - Despite current losses reported by Longpan Technology, the company remains optimistic about the long-term prospects of the LFP industry, attributing this to expanding demand [3]. - Institutions like Kaiyuan Securities have identified a turning point in the supply-demand dynamics of the lithium battery industry, driven by strong demand from sectors such as power, energy storage, and consumer electronics [3].

Core Insights - The lithium battery industry is entering a major upward trend, with the battery index significantly outperforming the market by 64.5% as of November 14, 2025, driven by surging demand for energy storage, advancements in solid-state batteries, and tariff disruptions [1] - The industry is expected to return to an upward cycle, with energy storage becoming a core growth driver, leading to new capital expenditures in battery cells and improved profitability due to price increases [1] Industry Outlook - The growth in energy storage is anticipated to be a key driver for the lithium battery sector, with a stable growth expectation for 2026 [1] - Solid-state batteries are gaining momentum, with ongoing developments in capacity bidding, vehicle validation, and material breakthroughs [1] Market Dynamics - Leading battery cell manufacturers are experiencing full order books and steadily increasing capacity utilization, which enhances their pricing power and positions them to lead the industry recovery [2] - Material segment strategies include prioritizing electrolyte solutions due to limited future supply and significant price increase potential, followed by copper foil, lithium iron phosphate, and negative electrode materials [2] Technological Advancements - Solid-state battery technology is advancing, with policy support and emerging industries driving its adoption, leading to potential changes in industry dynamics [2] - Key challenges in solid-state battery production include material interfaces and mass production engineering, with a focus on dry processing and composite materials [3] Investment Recommendations - Companies such as CATL and Tianci Materials are recommended for investment, along with a watchlist of other firms like EVE Energy, Huasheng Lithium, and others in the lithium battery supply chain [3]

Group 1: Industry Growth - In the first ten months of this year, China's new energy vehicle (NEV) production and sales reached 13.01 million and 12.94 million units, respectively, with year-on-year growth of 33.1% and 32.7% [2][4] - NEV exports totaled 2.014 million units, marking a year-on-year increase of 90.4% [1][2] - In October, NEV monthly sales surpassed 50% of total new car sales for the first time, reaching 51.6% [2] Group 2: Market Drivers - The growth in NEVs is attributed to effective domestic policies such as the vehicle replacement subsidy and the upcoming halving of the purchase tax for NEVs, which is expected to drive a new consumption peak [2][4] - Continuous innovation in product offerings, technological upgrades, and improvements in charging infrastructure have also contributed to the robust growth of the NEV market [2] Group 3: Battery and Material Trends - The lithium battery sector is experiencing a revival, with the copper foil industry currently in a state of high demand, transitioning from a previous period of losses [3][4] - Citigroup analysts noted that the recent momentum in lithium demand is driven by strong market needs rather than supply disruptions, with expectations for battery demand to grow significantly in the coming years [3][4] - By 2030, energy storage systems (ESS) are projected to account for one-third of total battery demand, up from 20% last year [3] Group 4: Price Trends and Performance - Prices for key lithium battery materials are generally stable with some increases, particularly in electrolyte products due to short-term supply-demand imbalances [4] - In the first three quarters of 2025, the lithium battery sector generated revenue of 1.78 trillion yuan, reflecting a year-on-year growth of 12.81% [4] - The shipment of lithium batteries for energy storage reached 430 GWh, a year-on-year increase of 99.07%, representing 34.15% of total lithium battery shipments [4] Group 5: Policy and Market Outlook - Recent government policies aim to enhance the consumption and regulation of new energy, including the introduction of a pricing mechanism for new energy storage [4][5] - The solid-state battery sector is gaining attention, with upcoming conferences focusing on technological advancements and commercialization strategies [5][6]

Core Viewpoint - The demand for lithium batteries is surging due to the growing need for energy storage, prompting a new wave of expansion in the lithium battery industry and a restructuring of the supply chain [3][5][9]. Group 1: Market Demand and Supply Chain Dynamics - On November 6, Tianqi Materials announced two cooperation agreements to supply a total of 159,500 tons of electrolyte to Guoxuan High-Tech and Zhongchuang Xinhang from 2026 to 2028, with a total order value close to 40 billion yuan at a price of 25,000 yuan per ton [4][9]. - Multiple long-term contracts reflect the booming market demand, with battery manufacturers frequently locking in orders, raising overall industry expectations for continued demand [5][9]. - Major battery companies, including CATL, Yiwei Lithium Energy, Guoxuan High-Tech, and Zhongchuang Xinhang, have been securing long-term orders for various materials, indicating a robust demand across the supply chain [7][9]. Group 2: Price Trends and Cost Pressures - The average market price for battery-grade lithium carbonate has risen to 78,500 yuan per ton, with peak prices nearing 82,300 yuan per ton, contributing to increased material costs [10][11]. - The price of lithium hexafluorophosphate has surged from nearly 50,000 yuan per ton in July to 120,000 yuan per ton, marking a 140% increase over three and a half months, indicating tight supply and demand conditions [10][11]. - The overall supply remains tight due to previous industry adjustments, with many small enterprises unable to quickly restore production, leading to a constrained supply environment [11][12]. Group 3: Strategic Collaborations and Industry Consolidation - Leading battery companies are increasingly forming strategic partnerships and acquiring stakes in material suppliers to secure long-term supply and enhance production capabilities [16][19]. - For instance, CATL has invested in Jiangxi Shenghua to become its controlling shareholder, while Zhongchuang Xinhang has also made investments in other listed companies to strengthen its supply chain [16][19]. - The trend of long-term contracts often includes flexible pricing arrangements, allowing material suppliers to adjust prices based on market conditions while ensuring stable order volumes [18][19]. Group 4: Future Outlook and Industry Trends - The current market recovery is expected to continue into the first half of next year, with an anticipated increase in industry concentration and improved supply-demand dynamics across various segments [12][19]. - The elimination of outdated production capacity in the lithium iron phosphate sector is accelerating, as leading companies leverage their technological advantages to capture market share [15][19].

Group 1 - The restructuring of Ningbo Shanshan Co., Ltd. has reached a conclusion after a two-year power struggle following the sudden death of founder Zheng Yonggang, with Ren Yuanlin expected to take control as the new actual controller [1][7][8] - The restructuring agreement involves a consortium of investors acquiring a 23.36% stake in Shanshan Co. for approximately 3.284 billion CNY, which will result in a change of control from the Shanshan Group to the new investors [5][2] - Shanshan Co. has shown strong financial performance in the first half of 2025, with revenue of 9.858 billion CNY, a year-on-year increase of 11.78%, and a net profit of 207 million CNY, reflecting a significant growth of 1079.59% [9][12] Group 2 - The lithium battery industry is experiencing a strong recovery, driven by global energy transition and electrification trends, which has positively impacted Shanshan Co.'s core business in anode materials [9][12] - Shanshan Co. is actively pursuing a global expansion strategy, including a 100,000-ton anode material project in Finland, which aims to enhance its competitiveness in the European market [11][12] - The company holds 359 authorized patents in the anode materials field, including 12 international patents, indicating a strong technological foundation and leadership in the industry [12][13]

Core Viewpoint - CATL's A-shares and H-shares reached historical highs, with a total market capitalization exceeding 1.8195 trillion yuan, surpassing Kweichow Moutai's 1.8046 trillion yuan, marking CATL as the fifth largest in A-shares [1] Group 1: Market Performance - CATL's A-shares increased by 4.98% and H-shares by 5.34%, both achieving historical highs [1] - The rise of CATL follows the trend of technology companies surpassing traditional giants like Kweichow Moutai, indicating a potential shift in market dynamics [1] Group 2: ETF Performance - Various ETFs related to new energy and battery sectors saw significant gains, with multiple ETFs rising over 2%, reflecting strong investor interest in these sectors [1] Group 3: Battery Industry Insights - The battery sector is expected to see a recovery in production capacity, with major companies like CATL projected to return to a capital expenditure level exceeding 400 billion yuan in 2025 [5] - Global demand for power and energy storage batteries is forecasted to grow significantly, with a compound annual growth rate (CAGR) of approximately 26.5% from 2024 to 2030 [5][6] - By the end of 2027, CATL is expected to have a construction capacity gap of approximately 300-600 GWh, indicating substantial future growth potential [6]

Core Insights - The company reported a significant increase in revenue of 49.57% year-on-year, reaching approximately 359.57 million yuan in the first half of the year, driven by strong market demand and improved order conditions [2][3] - The net profit attributable to shareholders was approximately 20.60 million yuan, marking an increase of 180.87% compared to the same period last year [3] - The company’s net assets increased by 3.09% to approximately 835.30 million yuan, while total assets grew by 5.17% to approximately 1.69 billion yuan [1] Business Segment Performance - The flat panel display module segment achieved revenue of approximately 179.43 million yuan, a substantial increase of 148.01% year-on-year, accounting for 49.9% of total revenue [1][2] - The semiconductor equipment segment generated sales of approximately 97.17 million yuan, reflecting a growth of 7.46% year-on-year, representing 27.02% of total revenue [1][2] - The core components business reported revenue of approximately 80.87 million yuan, up 40.70% year-on-year, making up 22.49% of total revenue [1][2] Market Trends - The display panel industry is experiencing a recovery, with increased demand in niche applications such as ultrasonic fingerprint recognition, electronic paper, and smart glasses, leading to a rise in sales orders for flat panel display modules [2] - The semiconductor sector is seeing growing recognition for next-generation sorting machines, contributing to an increase in orders [2] - The recovery in downstream consumer electronics and lithium battery industries has positively impacted the demand for core components in smart equipment, resulting in significant revenue growth in this segment [2]