2 起点催能 12 起点理电 2025起点户储及便携式 储能电池巡回采访活动 聚焦电池好品牌 发现储能好产品 2025起点户储及便携式 储能电池巡回来访活动 活动行程计划 | 时间 | 区域 | 目标调研采访企业 | | --- | --- | --- | | 2025年8月4日-12 日 | 深圳 | 比亚迪、首航新能、古瑞瓦特、广州三晶股份、正浩创新、德兰明海、华宝 新能、安克创新、绿联、品胜、移族、鹏程无限、保力新、瑞浦兰钧华南公 同、欣旺达、比克电池、海雷新能源、深圳康普盾、泽塔电源、深圳睿电绿 | | | | 能（艾比森）等 | | 2025年8月13日-16 日 | 东莞 | 庆莞新能源、汇创新能源、创明新能源、电将军、博力威、铭普光磁等 | | 2025年8月17日-22 日 | 惠州、广州 | 德赛电池、亿纬锂能、鹏辉能源、融捷新能源、明美科技等 | 寻访赞助权益 | 赞助/权益 | 协办赞助 | 联合赞助 | | --- | --- | --- | | 2025起点锂电全国调研寻访活动数量 | 全程参与 (20+) | 参与(10+) | | 起点锂电微信冠名广告植入(1万/月) | 3个月 ...

多氟多8月1日在投资者关系平台上答复投资者关心的问题。 投资者提问：能介绍一下贵公司在固态电池领域的进展吗？同时也想知道贵公司在动力电池回收和储能方面的发展状态。谢谢 多氟多回复：您好，公司对固态电池保持高度关注，并具备部分材料产业化的能力；拥有"氟资源→氢氟酸及电子级氢氟酸→氟化锂→六氟磷酸 锂→锂电池"完整的产业链，并通过锂电池回收工艺的技术创新来实现持续降本；公司储能电池已稳定供货于国内外客户，现阶段公司储能订单 在逐步增加，感谢关注。 多氟多正悄然构筑起"氟锂硅硼+固态"四元素+固态电池联动的独特护城河。 新能源电池主营产品包括圆柱电池、软包电池、方形铝壳系锂离子 电池和钠离子电池。主要应用领域为新能源汽车，电动二轮车和三轮车，大规模分布式储能、工商业储能、家用储能系统以及便携式储能等领 域。 公司的"氟芯"大圆柱电池，自主研发"双向泄压"防爆结构提高了安全性，"单侧汇流"提高了装配效率，"全芯CTC结构"提高了可靠性，确保每 一块电池都能达到高品质、高安全性和卓越性能的标准。考虑到客户需求和产品的经济性、可靠性，公司推出从40、42、46到60、65系列产 品，以满足市场对不同电池容量的需求。 此外 ...

2025 年 8 月 1 日 公司研究 竞争格局和盈利能力稳固，看好新产品巩固优势 ——宁德时代（300750.SZ）2025 年半年报点评 要点 2025 年上半年，公司营业收入 1,789 亿元，同比增长 7.27%；归母净利润 305 亿元，同比增长 33.33%；综合毛利率 25.0%，同比增长 1.8 个百分点；经营 性现金流达 587 亿元；现金储备充裕，期末货币资金超过 3,500 亿元；拟每 10 股派发现金分红 10.07 元（含税），合计金额 45.73 亿元。 单季度来看，25Q2 收入 942 亿元，同比增长 8.26%，环比增长 11.19%，归 母净利润 165 亿元，同比增长 33.73%，环比增长 18.33%，扣非净利润 154 亿元，同比增长 42.21%，环比增长 29.92%。 欧洲动力复苏，产能利用率高位。Q2 公司动力和储能电池出货近 150GWh， 同比增长超 30%。单 Wh 扣非净利 0.10 元，环比略增。公司产能利用率 90%，市场需求旺盛，CAPEX 同比有一定增长以支撑出货增长。 分结构来看，（1）25Q2 动力电池出货近 120GWh，同比增长超 4 ...

证券研究报告 点评报告 2025 年 8 月 1 日 晨会纪要 第一创业证券研究所 电话：0755-23838239 邮箱：liuxiaoyu@fcsc.com 核[心Ta观bl点e_：Summary] 一、宏观经济组： 事件： 7 月 31 日 9 点半国家统计局公布 7 月 PMI 数据。 评论： 7 月中国制造业 PMI 为 49.3%，较上月回落 0.4 个百分点。其中，大型企业为 50.3%， 较上月回落 0.9 个百分点；中型企业为 49.5%，较上月回升 0.9 个百分点；小型企 业为 46.4%，较上月回落 0.9 个百分点，不同规模企业间的景气度分化明显。 7 月生产指数为 50.5%，较上月回落 0.5 个百分点。从需求上看，7 月新订单为 49.4%， 较上月回落 0.8 个百分点，重新回到收缩区间；而 7 月新出口订单为 47.1%，较上 月回落 0.6 个百分点。7 月制造业供需双方均有所回落，由于 PMI 中新订单指数重 新回到扩张区间，供强需弱格局再现，且内需回落的幅度要大于外需。 用新订单减去产成品库存来代表供需关系，7 月这一指数 2.0%，较上月回落 0.1 个百分点；以采 ...

7月30日晚，宁德时代发布2025年半年报。上半年实现收入1789亿元人民币，同比增长超过7.2%；净利润305亿元人民币，同比增长超过33%。 宁德时代有关负责人表示，目前市场上很多在研发的固态电池产品其实是半固态电池，宁德时代在固态电池研发方面目前处于行业领先，已经有很好的进 展。但另一方面，上述负责人表示，固态电池的商业化很复杂，要考虑到成本和供应链成熟度等因素。其中，供应链成熟需要3年以上周期。宁德时代预 计2027年小规模量产固态电池，2030年前后有望更大的规模化生产。 今年上半年，国内动力电池累计装车量299.6GWh，同比增长47.3%。其中，宁德时代以128.6GWh的总装车量排名第一，市占率高达42.92%，与2024年同 期相比装车量增长了37.8%，已连续五年保持国内装机量第一。截至报告期末，宁德时代已实现动力电池全球累计装车约2000万辆，储能电池全球累计应 用超2000个项目。 宁德时代是全球锂电池龙头，根据SNE Research的数据，宁德时代在动力电池领域已连续8年（2017年至2024年）全球使用量排名第一；在储能领域，公 司连续4年（2021年至2024年）储能电池出货量 ...

"宁王"宁德时代（300750）(300750.SZ，03750.HK)依旧在大赚。 7月30日晚间，宁德时代披露了2025年半年度业绩报告。上半年，公司实现营业收入1788.86亿元，同比增长 7.27%；归母净利润304.85亿元，同比增长约33%。 半年大赚约305亿元，宁德时代创了历史同期新高。公司经营现金流净额约587亿元，也创了历史同期新高，同比 增长逾30%。 从产品来看，根据SNE Research数据，2025年1—5月，宁德时代动力电池使用量全球市占率为38.1%。根据鑫椤资 讯数据，2025年1—6月，宁德时代储能电池产量位列全球第一。 宁德时代表示，上半年的产能利用率为90%，未来根据市场需求状况扩建产能。 归母净利润则是加速增长。2025年上半年，宁德时代实现的归母净利润为304.85亿元，同比增长33.33%。上年同 期，公司实现的归母净利润为228.65亿元，同比增长10.37%。 分季度看，2025年一、二季度，公司实现的营业收入分别为847.05亿元、941.82亿元，同比增长6.18%、8.26%； 归母净利润分别为139.63亿元、165.23亿元，同比增长32.85%、 ...

Core Insights - Chengdu has launched a new energy storage project aimed at enhancing the provincial power grid by establishing a comprehensive supply chain for new energy storage [2] - The project includes a detailed supply list of 26 key enterprises in the new energy storage industry, covering technologies, products, and services [2] - The first independent energy storage project in Chengdu, a 100MW/200MWh electrochemical storage power station, has been successfully constructed and is operational [2] Industry Developments - The 100MW/200MWh energy storage station can store 200,000 kWh of electricity, theoretically meeting the peak demand of 50,000 households for 2 hours [2] - This project is expected to significantly improve grid regulation capabilities and enhance the consumption of renewable energy [2] - The project serves as a benchmark for the large-scale and commercial development of energy storage in the province [2] Project Achievements - The first phase of the project took only 3 months from construction to grid connection, marking it as the first operational commercial user-side energy storage project in the province [4] - The project utilizes a "two charge, two discharge" operation model and an intelligent energy management system, achieving an average daily flexible dispatch of 20,000 kWh [4] - It is projected that the annual charging and discharging volume will reach between 5.5 million to 6 million kWh, saving nearly 1 million yuan in electricity costs for enterprises each year [4] Business Collaborations - The event facilitated the signing of 6 user-side energy storage projects in Chengdu, involving 8 enterprises on both supply and demand sides, with a total investment of 150 million yuan [4] - Notably, the New Jin District has successfully fostered collaborations between supply-side enterprises and user-side companies, enhancing the efficiency of the energy storage supply chain [4]

Investment Rating - The report rates the energy storage industry as "Outperform the Market" [1][4][5] Core Insights - The energy storage industry is experiencing rapid growth, with significant demand in emerging markets expected to drive future opportunities [2][3][4] - The domestic market in China is seeing a surge in energy storage system and battery shipments, with 110 GWh of systems and 265 GWh of batteries shipped in the first half of 2025, marking year-on-year increases of 101% and 128% respectively [1][3][56][57] - The U.S. market is also showing growth due to the "Inflation Reduction Act," which is expected to boost energy storage demand in the short term [1][27][29] - Emerging markets, particularly in the Middle East, Southeast Asia, and Africa, are anticipated to become significant export destinations for Chinese energy storage companies due to power shortages and supportive government policies [2][4][54] Summary by Sections Domestic Market Performance - In the first half of 2025, China achieved energy storage tenders of 126.3 GWh and winning bids of 189.8 GWh, reflecting year-on-year increases of 101% and 182% respectively [1][44] - The domestic energy storage system shipment reached 110 GWh, nearing the total for 2024, with expectations of over 200 GWh for the full year [56] - The domestic energy storage battery shipments were 265 GWh, with projections of over 500 GWh for the year, indicating a growth rate of nearly 50% [57] International Market Trends - The U.S. energy storage market is projected to grow, with a 30% year-on-year increase in installed capacity in the first half of 2025 [1][27] - In Europe, energy storage demand is also rising, with Germany showing a 130% increase in front-of-the-meter storage installations in the first half of 2025 [1][36] - Emerging markets are expected to see explosive growth in energy storage installations, with projections of 37 GWh in 2025, a year-on-year increase of 256% [2][51] Investment Recommendations - The report suggests focusing on leading companies in the energy storage supply chain, including Yangguang Electric, Ningde Times, and Yiwei Lithium Energy, as they are well-positioned to benefit from the growing demand in both domestic and international markets [4][5][113]

Group 1: Company Performance - Shunluo Electronics reported a net profit of 486 million yuan for the first half of 2025, a year-on-year increase of 32.03% [1] - Yiwai Communication's net profit for the first half of 2025 was 31.02 million yuan, a year-on-year decrease of 68.57% [1] - CATL achieved a net profit of 30.485 billion yuan in the first half of 2025, reflecting a year-on-year growth of 33.33% [2] - Huijia Times reported a net profit of 67.0481 million yuan for the first half of 2025, a year-on-year increase of 62.64% [15] - Zhimi Intelligent's net profit for the first half of 2025 was 102 million yuan, a year-on-year increase of 80.08% [23] Group 2: Company Announcements - Shunluo Electronics' revenue for the first half of 2025 was 3.224 billion yuan, up 19.80% year-on-year [1] - Yiwai Communication's revenue decreased to 360 million yuan, down 24.62% year-on-year [1] - CATL proposed a cash dividend of 10.07 yuan per 10 shares based on a total share capital of 4.537 billion shares [2] - Vanke A received a loan of up to 869 million yuan from Shenzhen Metro Group for debt repayment [7] - Lideman is planning to acquire up to 70% of Beijing Xiansheng Xiangrui Biological Products Co., Ltd. [8] Group 3: Industry Developments - The pharmaceutical industry is seeing advancements with Zhendong Pharmaceutical's clinical trial reaching a major research endpoint for a new product [3] - The construction industry is witnessing new orders, with Zhongyan Dadi signing 22 new contracts worth 257 million yuan in Q2 [4] - The energy sector is expanding with Hangyang Co. planning to establish a joint venture for hydrogen energy production [16] - Watson Bio signed a revised exclusive licensing agreement to expand its technology collaboration into non-patient areas [17]

Investment Rating - The report maintains an "Outperform" rating for the energy storage industry [5][4][6]. Core Insights - The energy storage industry is experiencing rapid growth, particularly in emerging markets, driven by power shortages and supportive government policies [2][4][54]. - The demand for energy storage systems is expected to remain strong in 2025, with significant increases in both domestic and international markets [1][3][56]. - The "Big and Beautiful" act in the U.S. is anticipated to boost short-term demand for energy storage, although a decline in demand may occur post-2026 [27][29]. Summary by Sections Industry Overview - In the first half of 2025, domestic energy storage system shipments reached 110 GWh, nearly matching the total for 2024, with battery shipments at 265 GWh, a year-on-year increase of 128% [1][56]. - The U.S. saw a 30% year-on-year increase in installed front-of-the-meter storage, reaching 5.65 GW in the first half of 2025 [1][27]. Emerging Markets - Emerging markets are projected to become significant export destinations for domestic energy storage companies, with orders from the Middle East, Australia, and East Asia reaching 35 GWh, 33 GWh, and 24 GWh respectively [2][51]. - The report forecasts a substantial increase in energy storage demand in regions facing power shortages, such as Southeast Asia, South Africa, and India [54][55]. Global Market Outlook - The global energy storage market is expected to see new installed capacity of 221 GWh in 2025, with a projected market value of 1787 billion yuan [3][96]. - Emerging markets are anticipated to achieve a cumulative installed capacity of 40.5 GWh by 2025, reflecting a 293% year-on-year growth [3][96]. Investment Recommendations - The report suggests focusing on leading companies in the energy storage supply chain, including Yangguang Electric, Ningde Times, and Yiwei Lithium Energy, due to their strong market positions and growth potential [4][113].