证券研究报告·公司点评报告·电池 容百科技（688005） 2025 年业绩预告点评：Q4 单季扭亏，钠电 正极放量在即 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 22,657 | 15,088 | 11,961 | 19,934 | 25,192 | | 同比（%） | (24.78) | (33.41) | (20.72) | 66.66 | 26.37 | | 归母净利润（百万元） | 580.91 | 295.91 | (170.84) | 456.42 | 850.02 | | 同比（%） | (57.07) | (49.06) | (157.73) | 367.17 | 86.24 | | EPS-最新摊薄（元/股） | 0.81 | 0.41 | (0.24) | 0.64 | 1.19 | | P/E（现价&最新摊薄） | 45.20 | 88.74 | (153.71) | 57.53 | ...

Group 1 - The Ministry of Industry and Information Technology (MIIT) has issued an action plan for the high-quality development of industrial internet platforms from 2026 to 2028, focusing on four key actions: platform cultivation, data intelligence enhancement, large-scale application, and ecosystem support [1][10][25] - By 2028, the plan aims to establish a multi-layered platform system with over 450 influential platforms, enhance resource connectivity, and achieve a platform penetration rate of over 55% [10][28] Group 2 - Eight departments, including the Ministry of Civil Affairs, have jointly released 14 measures to promote the development of the silver economy, emphasizing technology empowerment in elderly care services and encouraging the development of elderly care robotics [2][5][20] - The measures aim to support the establishment of operating entities in elderly care services and promote technological advancements to assist elderly individuals with declining physical functions [5][20] Group 3 - The National Development and Reform Commission (NDRC) is set to lead the formulation of the "14th Five-Year" plan for circular economy development, focusing on solid waste management and addressing long-standing industry challenges [3][21] - The action plan aims to fill institutional gaps and enhance the effectiveness and innovation of solid waste management strategies [3][21] Group 4 - Shanghai has introduced 28 policies to enhance the synergy between consumption and service industry development, targeting key sectors such as finance, information services, and transportation [4][22][23] - The measures are designed to optimize supply and expand consumption, promoting mutual growth between service quality improvement and consumption expansion [22][23] Group 5 - Contemporary Amperex Technology Co., Ltd. (CATL) has signed a significant procurement agreement with Rongbai Technology for lithium iron phosphate materials, with a total sales amount exceeding 120 billion yuan, expected to positively impact future business performance [9][12][31] - The partnership includes a strategic investment in Fulian Precision Engineering, which will utilize the funds to develop high-end energy storage lithium iron phosphate projects [9][27][31] Group 6 - The price of lithium carbonate futures has surged significantly at the beginning of 2026, with the main contract exceeding 170,000 yuan per ton, marking a 37.25% increase since the end of 2025 [14][33] - This price increase is attributed to the demand surge following the reduction of export tax rebates, indicating a strong market response [14][33]

容百科技表示，公司磷酸铁锂产品在铁溶出率、首效及压实密度等关键性能指标上处于行业领先地位， 可广泛应用于储能与动力，尤其是高端储能及动力领域。目前，公司已完成三代品、四代品的关键开发 及应用开发，并在量产线上完成五代品开发，各项指标内部测试达标，开始进入应用开发阶段。 在产品工艺方面，容百科技生产流程由15道缩短至6道，投资成本降低约40%，能耗降低约30%；除此 之外，公司已在北美地区投资磷酸铁锂电池回收项目，即使在碳酸锂价格较低的情况下，也能实现盈 利。 面对宁德时代的巨额订单，容百科技在产能上是否已经做好准备？公司指出，接单的信心来自于自身技 术研发和对外并购整合。 1月13日晚间，容百科技发布公告，公司与宁德时代签署《磷酸铁锂正极材料采购合作协议》，自2026 年第一季度开始至2031年，预计将向宁德时代国内区域供应磷酸铁锂正极材料305万吨，总销售金额超 1200亿元，预计将对公司未来经营业绩产生积极且重要的影响。 2025年12月，容百科技宣布拟斥资3.42亿元收购贵州新仁新能源科技有限公司（下称"贵州新仁"）部分 股权，并以1.4亿元对后者增资，交易完成后将持有贵州新仁93.2%股份。资料显示， ...

Core Viewpoint - The article emphasizes that while AI has made significant advancements, particularly in language models, it still lacks a true understanding of the physical world, which limits its potential applications in scientific fields [1][20]. Group 1: AI's Limitations and Future Directions - Current mainstream AI excels in language and statistical associations but struggles to grasp fundamental concepts like distance, scale, and causality [1]. - The concept of "AI for Science" (AI4S) is introduced as a critical pathway that aims to integrate AI into scientific research, focusing on understanding the physical world governed by chemistry and physics [2][20]. - AI4S is not merely an enhancement of computational power but a targeted approach to solving complex scientific problems [2]. Group 2: Industry Applications and Capital Market Interest - AI4S is transitioning from concept to practical applications, with SES AI's "Molecular Universe" platform demonstrating real economic value through the development of new electrolyte materials [3]. - The capital market is increasingly interested in AI4S, with several companies in this space achieving billion-dollar valuations, indicating a growing recognition of its commercial potential [3][4]. - SES AI has developed six breakthrough electrolyte materials, showcasing the practical applications of AI4S in industries like battery manufacturing [3][7]. Group 3: Case Studies and Success Stories - The success of companies like Jingtai Technology, which became the first "specialized technology stock" in Hong Kong, illustrates the potential of AI4S in the pharmaceutical sector [4]. - The growth of AI4S companies is often rooted in long-term, practical experience in specific scientific fields rather than merely competing in model capabilities [4][6]. Group 4: Technological Innovations and Breakthroughs - SES's MU platform has produced innovative solutions across various applications, including electric vehicles and drones, with significant performance improvements over industry benchmarks [7][8][10]. - The introduction of the "Flavor" system in MU-1.5 allows AI to leverage both known scientific knowledge and hidden data correlations, enhancing its predictive capabilities [14][15]. Group 5: Efficiency and Future Prospects - The MU platform aims to transform research efficiency by integrating a comprehensive workflow that reduces costs and accelerates development cycles [16][17]. - The "MU in a Box" initiative allows for localized deployment of the MU platform, enabling companies to utilize their proprietary data for tailored AI applications [17][18]. - The article concludes that the true value of AI4S lies in its ability to enhance scientific understanding and drive efficient research, positioning it as a critical component of future innovations in battery technology and beyond [20][22].

Group 1 - The research team led by Professor Ma Cheng from the University of Science and Technology of China has made significant progress in solid-state battery technology, developing a new solid electrolyte that reduces the dependency on pressure and lowers costs by 95%, potentially accelerating the commercialization of solid-state batteries [1] - Solid-state lithium batteries are considered a strong competitor in next-generation battery technology, offering superior safety and energy density compared to current liquid lithium-ion batteries. However, the commercialization faces challenges related to the contact between solid electrolytes and solid electrodes [1] - The newly developed solid electrolyte material, lithium zirconium aluminum chloride oxide, addresses the contact issue and is made from the economically viable raw material zirconium tetrachloride, which costs less than 5% of mainstream sulfide solid electrolytes, indicating strong commercial prospects [1] Group 2 - From a global energy storage technology perspective, solid-state batteries are a key technology that could reshape the new energy industry landscape, with various countries accelerating their investments. The research results from Professor Ma's team could advance the commercialization timeline from the expected 2030 to 2027-2028, positioning China advantageously in this core technology field [1] - Dongfang Zirconium Industry is the largest global supplier of solid electrolyte zirconium sources, specializing in products such as zirconium oxychloride and zirconium dioxide, and possesses a complete zirconium industry chain [1] - Sanxiang New Materials produces zirconium oxide products applicable to solid-state battery materials and is an important precursor for the production of zirconium tetrachloride [2]

前言 1月8日提示《航空航天+国防军工+商业航天+卫星互联网+北斗导航！公司是航天工程线缆领域重要 配套商，持续为长征系列火箭进行配套》，全信股份(300447)1月9日低开高走收涨5.66%，1月12 日强势飙升，收涨15.28%，1月13日早盘随大市一度跌逾10%，但随后一路爬升，盘中一度涨超 4%，收盘仅微跌1.59%；1月12日提示《固态电池+储能+机器人+特高压+军工+新材料！公司控股 子公司拟投资12亿元建设年产2GWh固态电池量产线项目》，金龙羽（002882）1月13日高开高 走，逆市飙涨8.54%。 ③电网设备+特高压+智能电网+储能+虚拟电厂+充电桩！公司签订6298万元北美数据中心项目电力 设备合同。 【今日速览】 点击解锁付费内容，捕捉每天公告中的"黄金机会"！ ①机器人+储能+液冷+新能源车+锂电池！公司相关精密结构件已进入北美新能源汽车龙头企业供应 商体系； 面对每晚海量的公告无从下手？《公告臻选》助你高效决策！专业筛选每晚最重要的关键公告，提供通 俗易懂的深度解读，揭示复杂术语背后的投资机会。助你10分钟掌握市场全貌，决胜开盘之前。 ②锂电池+钠电池+固态电池+储能+动力电池回收 ...

（编辑 丛可心） 证券日报网讯 1月13日，容百科技发布公告称，公司与宁德时代签署《磷酸铁锂正极材料采购合作协 议》，自2026年第一季度开始至2031年，容百科技合计为宁德时代供应国内区域磷酸铁锂正极材料预计 为305万吨，协议总销售金额超1200亿元。本次交易不构成关联交易或重大资产重组，无需提交董事会 及股东会审议。 ...

本报记者吴奕萱见习记者王楠 福建华策品牌定位咨询创始人詹军豪在接受《证券日报》采访时表示，此次合作标志着头部电池与材料 企业深度绑定已成明确趋势，将加速行业集中度提升，筑牢龙头企业竞争壁垒。他认为，这种长期协同 模式能够保障供应链稳定、降低成本，推动动力与储能市场扩容，加速技术迭代，助力"双碳"目标实 现。此外，305万吨的长期供应协议强化了需求端确定性，长期来看将推动市场供需匹配，促进行业健 康发展。 公告同时客观提示了相关风险。该协议履行过程中可能受到宏观经济、行业政策、市场价格波动、原材 料供应、产能建设及交付能力等多种因素影响，实际执行情况可能与预计存在差异。本次预计的销售金 额不构成业绩承诺或业绩预测。 工业和信息化部信息通信经济专家委员会委员盘和林对《证券日报》记者表示，宁德时代签订长协锁定 原材料是保障供应链稳定的必然选择，此举实现供需共赢与深度绑定。叠加储能电池及动力电池市场头 部集中的现状，这类合作将提升正极材料市场集中度，同时增强材料供应稳定性、稳定市场预期，推动 动力与储能市场集中度进一步提升。 容百科技表示，当前动力和储能市场的发展使得磷酸铁锂仍具备巨大市场空间。一方面，海外市场对磷 ...

1月13日晚，容百科技公告披露，公司与宁德时代签署了《磷酸铁锂正极材料采购合作协议》。协议约 定，自2026年第一季度开始至2031年，容百科技合计为宁德时代供应国内区域磷酸铁锂正极材料预计为 305万吨，协议总销售金额超1200亿元。本协议对双方均具有约束性。 容百科技表示，一方面，在海外地区磷酸铁锂动力电池有很大的发展空间。另一方面，由于太阳能电池 及储能电池技术的发展，成本不断降低，再加上AI技术的发展，以及这三项技术的相互作用，使得新 能源时代真正来临，储能行业得到爆发式增长。动力和储能市场的发展，使得磷酸铁锂仍具备巨大的市 场空间。 业绩影响方面，容百科技称，本协议的履行预计将对公司未来经营业绩产生积极且重要影响，并进一步 增强公司经营的稳定性与抗周期能力。具体对各年度业绩的影响情况，以公司后续披露的定期报告为 准。 ...

Group 1 - The core viewpoint of the article is that humanoid robots are one of the downstream application scenarios for solid-state batteries, but the solid-state battery industry is still in the development stage and has not yet achieved large-scale commercialization [1] Group 2 - Enjie Co., Ltd. (stock code: 002812) responded to investor inquiries on an interactive platform regarding the application of humanoid robots [1] - The company indicates that the solid-state battery industry is currently not at a stage of large-scale commercial application [1]