证券研究报告 | 2025年08月12日 电力设备新能源行业点评 干法隔膜企业会议达成"反内卷"共识，关注锂电材料盈利回升机遇 优于大市 |  | 行业研究·行业快评 | |  电力设备 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 王蔚祺 | 010-88005313 | wangweiqi2@guosen.com.cn | 执证编码：S0980520080003 | | 证券分析师： | 徐文辉 | 021-60375426 | xuwenhui@guosen.com.cn | 执证编码：S0980524030001 | 国信电新观点：8 月 8 日，干法锂电池隔膜骨干生产企业负责人闭门座谈会在深圳成功召开，会议旨在响 应、落实国家综合整治"内卷式"竞争相关部署，推动行业健康有序发展。其中星源材质、恩捷股份、中 兴新材、惠强新材、沧州明珠、博盛新材等 8 家隔膜生产企业代表参加了本次会议。会上，8 家企业达成 价格自律、科学释放产能、暂停扩产等多项"反内卷"共识。 投资建议：反内卷政策推动下，聚焦锂电及核心材料核心材料盈利 ...

Core Insights - The core viewpoint of the article highlights the significant growth in China's lithium battery separator shipments, with a projected volume of approximately 13.3 billion square meters in the first half of 2025, representing a year-on-year increase of 47.6% [2]. Group 1: Industry Overview - The total shipment of lithium battery separators in China for 2025H1 is estimated at 13.3 billion square meters, with a year-on-year growth of 47.6% [2]. - Among the shipments, wet-process separators account for 10.95 billion square meters, making up 82.3% of the total, while dry-process separators contribute 2.35 billion square meters, or 17.7% [2]. - The share of wet-process separators has increased by 11.1% compared to the previous year, primarily due to the rising penetration of 314Ah cells in the energy storage sector, which are better suited for wet-process separators [2]. Group 2: Market Leaders - The top 10 companies in China's lithium battery separator shipments for 2025H1 are as follows: 1. SEMCORP (恩捷股份) 2. Xingyuan Material (星源材质) 3. Jinli (金力股份) 4. China National Materials (中材科技) 5. Housheng New Energy (厚生新能源) 6. Kanghui New Materials (康辉新材) 7. Huiqiang New Energy (惠强新能源) 8. Zhongxing New Materials (中兴新材) 9. Cangzhou Mingzhu (沧州明珠) 10. Putailai (璞泰来) [3].

Group 1 - Foshan Fospower Technology Co., Ltd. plans to acquire 100% of Jinyi Co., Ltd. for a total consideration of 5.08 billion yuan, with 400 million yuan paid in cash and 4.68 billion yuan through share issuance [1] - Jinyi Co., Ltd. holds a competitive advantage in the lithium battery wet separator market, with an estimated market share of approximately 18% in China for 2024, ranking second in the industry [1] - The acquisition will allow Foshan Fospower to share R&D results with Jinyi, enhance separator performance and quality, and develop more competitive high-end separator products [2] Group 2 - The transaction will enable Foshan Fospower to enter the lithium battery separator sector, enriching its product portfolio in the new energy field and positioning it as a leading enterprise in high polymer functional film materials [2] - Jinyi Co., Ltd. has shown significant performance improvement, with a sales volume of over 1.6 billion square meters in the first five months of 2025, representing an 88% year-on-year increase [3] - The acquisition is expected to enhance Foshan Fospower's operational capabilities and financial performance by optimizing Jinyi's cost structure and leveraging the advantages of being a listed company [3]

Core Viewpoint - Foshan Fospower Technology Group Co., Ltd. plans to acquire 100% of Jinyi Co., Ltd. for a total consideration of 5.08 billion yuan, enhancing its position in the polymer film materials sector, particularly in lithium battery wet separator production [1][3]. Group 1: Company Overview - Foshan Fospower Technology is positioned as an important listed platform under Guangxin Group in the new materials sector, focusing on optical films, biaxially oriented films, dialysis protective materials, and plastic barrier materials [1]. - Jinyi Co., Ltd. specializes in the research, production, and sales of lithium battery wet separators, having established strong competitive advantages in the market [2]. Group 2: Market Position and Performance - Jinyi Co., Ltd. holds approximately 18% market share in China's wet separator market, ranking second, and has established stable partnerships with major domestic battery manufacturers [2]. - The company has planned 46 production lines, with over 60% set to be operational from 2023 onwards, utilizing advanced wide-width equipment [2]. Group 3: Financial Performance and Future Outlook - Jinyi Co., Ltd. reported a significant increase in sales volume, achieving over 1.6 billion square meters in the first five months of 2025, an 88% year-on-year growth, with revenues of approximately 148.59 million yuan and a net profit of about 8.89 million yuan [3]. - The wet separator market is experiencing positive growth, driven by increasing demand for high-performance separators in traditional applications, which will benefit Jinyi Co., Ltd.'s product and capacity layout [4]. Group 4: Strategic Implications of the Acquisition - The acquisition will allow Foshan Fospower Technology to enter the lithium battery separator market, enhancing its product portfolio in the new energy sector and positioning it as a leader in polymer functional film materials [4]. - This transaction is expected to improve the company's operational capabilities, expand its business scale, and enhance market competitiveness, aligning with the long-term interests of all shareholders [4].

Core Viewpoint - Enjie Co., Ltd. (SZ:002812), a leading lithium battery separator manufacturer, is expected to report a net profit loss of between 82.65 million to 107 million yuan for the first half of 2025, marking a significant shift from profit to loss year-on-year [1][5]. Group 1: Financial Performance - Enjie Co. is projected to experience its first annual loss since its listing in 2024, with a revenue decline of 15.6% and a net profit drop of 122%, resulting in a loss of 556 million yuan [5]. - The company's mid-year forecast indicates a net profit loss of 82.65 million to 107 million yuan, contrasting with a profit of 259.8 million yuan in the first quarter and 291 million yuan in the same period last year [5][6]. - The gross margin for Enjie Co. fell to 11.07% in 2024, a significant decrease of 70.43% compared to the previous year, and down from 49.86% in 2021 [8]. Group 2: Market Dynamics - The rapid expansion of domestic separator production has led to oversupply and intense price competition in the separator industry, impacting Enjie Co.'s profitability despite its leading market position [4]. - Enjie Co. maintained the largest global market share for lithium battery separators for seven consecutive years, with production and sales expected to reach 9.28 billion square meters and 8.825 billion square meters in 2024, respectively [4]. Group 3: Operational Challenges - Enjie Co. faces operational pressures due to losses in certain business segments, including aluminum-plastic film and dry lithium battery separators [9]. - The company is also incurring short-term operational costs from the accelerated construction of overseas production bases in Hungary, the U.S., and Malaysia [10]. - Enjie Co. plans to recognize impairment losses on certain inventories, which will further reduce current profits [11]. Group 4: Debt and Expansion - Enjie Co. has accumulated significant debt, with short-term borrowings reaching 8.678 billion yuan and total current liabilities of 13.229 billion yuan, while cash reserves stand at only 2.844 billion yuan [13][14]. - Despite financial strain, Enjie Co. continues to invest in overseas projects, with total planned investments amounting to 7.7 billion yuan across various locations [16][17]. Group 5: Future Prospects - Enjie Co. is exploring opportunities in solid-state batteries as a potential turnaround strategy, with ongoing development in solid electrolyte materials and production lines [18]. - The company has signed agreements for the supply of solid-state battery materials, indicating a strategic pivot to adapt to market changes [18]. - However, the rapid technological advancements in solid-state batteries pose a risk, as the company must maintain high R&D investment amidst financial constraints [19].

Core Insights - Enjie Co., Ltd. has made significant breakthroughs in the overseas market for lithium battery separators, enhancing its global competitive advantage [1][2] - The company has established a multinational R&D team led by Li Xiaoming, achieving industry-leading technical indicators in wet-process separators [1] - Enjie has implemented stringent quality control standards, ensuring product stability and consistency, which has earned the trust of both domestic and international clients [1] Group 1 - Enjie Co., Ltd. signed a cooperation agreement with Ultium Cells LLC in December, committing to supply lithium battery separators worth up to $66.25 million by 2025 [1] - The company has successfully secured multiple orders in a short period, indicating its growing global competitiveness [1] - Enjie has developed a high-safety separator series with a membrane rupture temperature increased to 230°C through molecular chain modification [1] Group 2 - The company has enhanced the wettability and liquid retention capacity of its separators to meet the fast-charging requirements of automotive clients [1] - Enjie has built a comprehensive quality control system at its Yuxi base, ensuring strict oversight from raw material procurement to finished product delivery [1] - Each separator produced has a unique identification mark, allowing for full traceability throughout the production process [1] Group 3 - Enjie Co., Ltd. is expanding its global market share, thereby increasing its influence in the lithium battery separator market [2] - The company plans to continue its "technology + capacity" dual-drive strategy to extend its products and services to more countries and regions [2] - Enjie aims to provide core material support for the high-quality development of the global new energy industry [2]

Performance Forecast - The company expects a net loss attributable to shareholders of between 82.65 million and 107.35 million yuan, compared to a profit of 291.03 million yuan in the same period last year [1] - The basic earnings per share are projected to be a loss of 0.09 to 0.11 yuan per share, down from a profit of 0.30 yuan per share in the previous year [1] Reasons for Performance Change - The main reason for the loss is a decline in the gross margin of the lithium battery separator products compared to the same period last year [2] - The company is experiencing losses in its aluminum-plastic film, dry lithium battery separator, and some forward-looking business segments [2] - The company is accelerating the construction of overseas production bases for wet lithium battery separators, which is putting short-term pressure on performance due to operational costs [2] - The company plans to make provisions for inventory impairment based on prudence, which will further reduce current profits [2] Business Strategy and Outlook - The company will continue to focus on the lithium battery separator business and deepen its efforts in the new energy sector [2] - There is a positive market demand and development outlook for lithium battery separator products, supported by the global energy transition and carbon neutrality goals [1]

Core Viewpoint - The Ministry of Industry and Information Technology of China has introduced stringent safety standards for electric vehicle batteries, emphasizing the need for "non-flammability and non-explosiveness," which will be implemented from July 1, 2026. This raises the safety performance requirements for lithium batteries, particularly the separators, which are crucial for enhancing battery safety [1]. Industry Overview - In 2024, 380,700 new energy vehicles were recalled due to fire risks, with 74% (283,000 vehicles) directly related to battery issues. Most fire incidents were caused by mechanical damage to the separator during collisions, leading to internal short circuits and thermal runaway [1]. - The core cause of fires is short circuits, and the separator acts as a physical barrier between the positive and negative electrodes. Its strength and thermal stability are critical for safety [1]. Separator Safety Challenges - Innovations in separators have primarily focused on functional coating improvements, with 72% of global lithium battery separator patents from 2018 to 2023 related to coating technology. In contrast, core innovations in base film performance only accounted for 18%, leading to a persistent "safety-energy-lifetime" dilemma in the lithium battery industry [1][2]. - The innovation in base films is essential to overcome the industry's safety bottlenecks, as highlighted by the need to return to base film innovation as a core research and development strategy [2]. Technical Barriers - Three major technical barriers must be overcome for base film innovation: precise control of polymer crystallization orientation, nano-level regulation of micropore structures, and stability in stretching processes for mass production consistency [2]. Company Innovations - Enjie Co., as a global leader in separators, has proactively focused on base film innovations since 2016, achieving significant breakthroughs in molecular chain structure reconfiguration. This has resulted in a revolutionary design that enhances safety and performance, with the breaking temperature of high-safety base film products increasing from 150°C to 230°C [3]. - Enjie’s 5μm base film has a puncture strength exceeding 550gf, maintaining high strength even at extreme thinness, thus providing dual insurance for battery safety [3]. Product Matrix - Enjie has developed a comprehensive ecosystem of high-safety separator products, including the X series high-safety base films and various coated separators designed to withstand high temperatures and enhance safety [5]. - The upcoming implementation of new national standards is expected to drive profound changes in the separator industry, with companies capable of self-research in base films gaining significant supply chain leverage [5]. Future Implications - The ongoing "fundamental scientific revolution" in base film innovation is reshaping the safety boundaries of lithium batteries, opening possibilities for future high-energy-density batteries [6].

Core Viewpoint - The completion of the Malaysia factory marks a significant step in the global expansion of the company, enhancing its profitability through an independent pricing system for overseas products [2][5][8]. Investment and Production Capacity - The total investment in the Malaysia project is nearly 5 billion RMB, with an annual production capacity of 2 billion square meters for lithium battery separators [5]. - The initial demand for the production capacity indicates a supply shortage, reflecting strong market recognition and anticipation for the company's products [5]. Market Trends and Competitive Advantage - Domestic and international battery companies are accelerating their expansion in Malaysia and Southeast Asia, positioning the company to benefit from increasing order volumes [5]. - The establishment of an independent pricing system allows the company to set competitive prices based on international market dynamics, enhancing its profitability [5][7]. Financial Projections - The overseas capacity expected to be launched by 2025 is projected to generate approximately 500 million RMB in profit, validating the company's strategic foresight in global expansion [7]. - The construction of the Malaysia factory is expected to significantly boost the company's economic benefits and provide solid financial support for long-term development [7]. Strategic Significance - The Malaysia base enables the company to effectively penetrate Southeast Asia and global markets, supporting its international development [7]. - The company demonstrates strategic vision and risk management capabilities in navigating complex international market conditions, including policy changes and supply chain security [7]. Future Outlook - The completion of the Malaysia factory is a key opportunity for the company to enhance its profitability and stand out in the competitive renewable energy sector [8]. - The company will participate in the 2025 China Solid-State Battery Technology Development and Market Outlook Summit, indicating its commitment to industry engagement and innovation [8].

Core Viewpoint - Yunnan Enjie New Materials Co., Ltd. is a leading enterprise in the lithium battery separator market, facing increasing competition and profitability pressures due to market dynamics and pricing strategies [3][10][13]. Company Overview - The company primarily engages in the production and sale of lithium battery separators, packaging printing products, special paper processing, and BOPP films, with lithium battery separators being the main source of revenue [13][15]. - As of the end of 2024, the company had a total lithium battery separator capacity of 11.7 billion square meters, with a capacity utilization rate of 92.6% [15]. Financial Performance - In 2024, the company achieved an operating income of 10.164 billion yuan, a year-on-year decrease of 15.6%, with a gross margin of 11.07%, down 26.36 percentage points from the previous year [13][14]. - The first quarter of 2025 saw an operating income of 2.729 billion yuan, a year-on-year increase of 17.23%, primarily due to increased sales of lithium battery separators and sterile packaging products [13]. Market Position - The company holds a significant market share in the lithium battery separator industry, with major clients including leading domestic and international battery manufacturers [15]. - The lithium battery separator market is characterized by high concentration, with the company and its main competitor accounting for a substantial portion of the total output [11]. Industry Dynamics - The lithium battery separator industry has experienced rapid capacity expansion, leading to oversupply and intensified price competition, which has negatively impacted profit margins [10][12]. - The demand for lithium battery separators is closely tied to the growth of the electric vehicle market, with global sales of new energy vehicles expected to reach 18.236 million units in 2024, a year-on-year increase of 24.4% [9]. Risks and Challenges - The company faces significant profitability pressures due to increased competition and declining prices for lithium battery separators, as well as high customer concentration risks [4][10]. - The emergence of new battery technologies, such as solid-state batteries, poses a potential long-term threat to the demand for traditional lithium battery separators [12].