证券日报网讯恩捷股份（002812）10月20日发布公告，在公司回答调研者提问时表示，从当前隔膜行业 的盈利水平来看，行业整体盈利状况不佳，行业整体扩产放缓，一些中小企业停止扩产。公司作为隔膜 龙头，产品品质好，在行业中有品牌优势，受到众多下游客户的一致认可，近期公司的下游客户需求和 订单呈现稳定增长态势，目前公司产能利用率已处于较高水平。隔膜产品的价格受供需及产品性能决 定，公司在产能利用率高、产能趋于紧张的情况下，将根据市场情况努力保障下游客户对优质隔膜的需 求和供应稳定，同时通过提升产品性能、改善产品结构等多种方式改善公司盈利水平。 ...

Core Insights - The announcement from Enjie Co., Ltd. indicates that the diaphragm industry has experienced an oversupply in the past, leading to low overall capacity utilization rates, although leading companies are performing better [1] - The pace of new capacity additions in the industry has significantly slowed compared to previous years, with particularly fewer new capacities added this year [1] - The release of diaphragm capacity involves a lengthy process of construction, customer validation, and ramp-up, which will greatly benefit the future supply-demand dynamics of the entire industry [1] - Enjie Co., Ltd. maintains a leading capacity utilization rate in the industry and is steadily increasing its market share, supported by a recent uptick in downstream demand [1] - The company is committed to supplying high-quality diaphragm products and services to global customers [1]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the market benchmark index within the next six months [16]. Core Views - The company's revenue for the first half of 2025 reached 1.898 billion yuan, a year-on-year increase of 14.78%, while the net profit attributable to shareholders was 100 million yuan, a decrease of 58.53% year-on-year [3]. - The company's membrane business is currently under pressure due to price declines in the membrane industry, but it is actively reducing production to stabilize prices and is expected to see effective overseas production capacity contributions from its Swedish and Malaysian bases by 2026 [4]. - Financial expenses have slightly increased, with a financial expense rate of approximately 7.07% in Q2 2025, but operating cash flow has significantly improved, with a net cash flow from operating activities of 336 million yuan, a year-on-year increase of 236.26% [5]. - The company is strategically collaborating with Ruigu New Materials to develop high-performance solid electrolyte membranes, which is part of its proactive approach to establish a second growth curve [6]. Financial Data and Valuation - The company is projected to achieve net profits of 320 million yuan, 470 million yuan, and 650 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 52.8, 35.4, and 25.8 [6]. - The company's revenue is expected to grow from 4.186 billion yuan in 2025 to 6.343 billion yuan in 2027, with growth rates of 18% and 24% respectively [8]. - The company's earnings per share (EPS) is projected to increase from 0.24 yuan in 2025 to 0.48 yuan in 2027 [8].