证券研究报告|策略定期研究 2026年03月02日 水电等主题右侧突破 ——主题形态学输出0227 证券分析师： 研究助理： 周浦寒 S0210524040007 杨逸帆 S0210124110046 请务必阅读报告末页的重要声明 华福证券 华福证券 投资要点 Ø 风险提示：历史经验不代表未来;行业不确定性风险;国内经济复苏速度不及预期;海外 降息节奏不及预期;地缘政治风险。 2 华福证券 华福证券 Ø 主题形态学，0227最新输出： l 1）右侧突破，新增：水电、代糖、小金属、聚碳酸酯、钛白粉、有机硅、磷化 工、超硬材料、钒电池、半导体材料、半导体设备、MLCC、LNG等。 l 2）右侧趋势，持续：光伏，POE胶膜，BC电池。 l 3）底部企稳，新增：信托重仓、医美等。 l 4）底部反转，持续：六氟磷酸锂，锂电电解液，手机电池，白酒，品牌龙头。 录 n 主题形态学最新输出 n 风险提示 目 3 华福证券 华福证券 主题形态学的最新输出 备注：1）本文数据更新至2026/02/27。下同。2）主题形态构建的具体内容参考2025/12/14发布的专题报告《主题形态学三板斧》。3）主题形态的已持续天 数，指信号出 ...

Core Viewpoint - The report highlights the growth potential of the vanadium flow battery market, driven by increasing project tenders and expected supply agreements, despite current challenges in the vanadium price and steel demand [2][3][5]. Group 1: Project Developments - Multiple vanadium flow battery projects are currently in the bidding phase, including significant projects in Yunnan and Hami, with each project designed for 100MW/400MWh capacity [2]. - The installed capacity of vanadium flow batteries is expected to maintain high growth through 2025, indicating a robust market outlook [2]. Group 2: Financial Performance - The company anticipates a significant decline in net profit for 2024, projected between 260 million to 300 million yuan, representing a year-on-year decrease of 71.6% to 75.4% due to poor demand in the steel sector and a substantial drop in vanadium pentoxide prices [3]. - The average price of vanadium pentoxide in China for 2024 is expected to be 80,800 yuan per ton, down 25.9% from 109,000 yuan per ton in 2023 [3]. Group 3: Supply Agreements and Market Trends - The company has signed a framework agreement to supply 20,000 tons of vanadium raw materials to Dalian Rongke for 2025, marking a 35% increase from the 14,822 tons supplied in 2024, reflecting continued demand in the vanadium flow battery sector [4]. - The total installed capacity of vanadium flow batteries is projected to reach approximately 440MW/1,742MWh in 2024, a significant increase of 700% from 2023 [5]. - The steel sector's demand for vanadium is expected to improve due to the transition of national standards for rebar, which may positively influence vanadium prices as inventory levels decrease [5].