Core Viewpoint - Enjie Co., Ltd. reported its 2025 interim results, showing revenue growth but a significant decline in net profit, with a buy rating maintained by Minsheng Securities due to its leading position in the separator industry and accelerated overseas expansion [1][2][4]. Financial Performance - For H1 2025, Enjie achieved revenue of 5.763 billion yuan, a year-on-year increase of 20.49%, while the net profit attributable to shareholders was -93 million yuan, a decline of 131.96% [2]. - In Q2 2025, revenue reached 3.034 billion yuan, up 23.53% year-on-year and 11.18% quarter-on-quarter, but net profit was -119 million yuan, down 189.47% year-on-year and 557.69% quarter-on-quarter [2]. - The gross margin for Q2 2025 was 14.09%, down 8.97 percentage points year-on-year and 3.05 percentage points quarter-on-quarter [2]. Market Position and Competitive Advantage - Enjie has made significant progress in its overseas expansion, with its Hungary project operational and the U.S. facility under equipment installation [3]. - The company has established deep partnerships with major battery manufacturers both domestically (e.g., CATL, BYD) and internationally (e.g., Panasonic, LGES) [3]. - Enjie is diversifying its product offerings in the solid-state battery sector, with ongoing developments in semi-solid and all-solid-state battery materials [3]. Investment Outlook - Revenue projections for 2025, 2026, and 2027 are 12.430 billion yuan, 15.553 billion yuan, and 18.573 billion yuan, respectively, with corresponding growth rates of 22.3%, 25.1%, and 19.4% [4]. - Expected net profits for the same years are 14 million yuan, 513 million yuan, and 1.081 billion yuan, with growth rates of 102.5%, 3651.8%, and 110.9% [4]. - The company maintains a strong market position and is expected to continue its growth trajectory, justifying a "recommended" rating [4].

Company Overview - Fujian Zhongwei Semiconductor Materials Co., Ltd. has secured 5 million yuan in angel round financing from Xiamen High-tech Investment and plans to raise several tens of millions in Series A financing next year [1] - The company, established in 2021, focuses on semiconductor-grade ultra-pure metals, high-purity compounds, and solid-state battery electrolyte materials, integrating R&D, trial production, manufacturing, and sales [1][2] - Zhongwei Semiconductor's products are primarily solid-state battery materials and semiconductor-grade ultra-pure metal materials, applicable in industries such as new energy vehicles, aerospace, high-end medical testing, and infrared chip materials [1] Market Potential - By 2025, China's annual production of new energy vehicles is expected to exceed 10 million units, with significant future demand anticipated [1] - The Chinese government aims for 45% of new vehicles to be new energy vehicles by 2027 [1] - Solid-state batteries are projected to be the core technology for the next generation of batteries, with predictions of mass production by 2030, offering double the range and a 25% cost reduction compared to traditional batteries [1] Production Capacity - Currently, Zhongwei Semiconductor has achieved a production capacity of 10 tons of high-purity lithium sulfide, sufficient for 400,000 vehicles, with future production expected to reach 100 tons [1] Competitive Advantage - The company has established itself as a major supplier in the industry, with over 30 cooperative clients, including leading enterprises [2] - Zhongwei Semiconductor's ultra-pure semiconductor materials are also applicable in high-potential sectors such as infrared chips, solar power generation, and high-end medical devices [3] - The company possesses a technical team with over 20 years of experience in ultra-pure metal and compound purification processes, holding 4 invention patents and 14 utility model patents [3] Industry Trends - The trend of domestic substitution in the semiconductor industry is expected to continue, as the market is currently dominated by international firms [3] - The integration of military and civilian applications is another significant trend, with military infrared detection chip materials being adapted for medical devices, although high costs remain a barrier [3] Future Development - Zhongwei Semiconductor plans to introduce foreign technical teams for further development and aims to expand into international markets [4] - The investment from Xiamen High-tech Investment is expected to accelerate the scale application of existing products and the industrialization of strategic products under development [5][6]