证券研究报告·公司点评报告·电池 蔚蓝锂芯（002245） 2025 年中报点评：三大主业业绩亮眼，新方 向进展可期 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） | 5,222 | 6,756 | 8,376 | 9,740 | 11,560 | | 同比（%） | (16.92) | 29.38 | 23.97 | 16.29 | 18.69 | | 归母净利润（百万元） | 140.82 | 487.84 | 754.89 | 1,002.42 | 1,311.50 | | 同比（%） | (62.78) | 246.43 | 54.74 | 32.79 | 30.83 | | EPS-最新摊薄（元/股） | 0.12 | 0.42 | 0.66 | 0.87 | 1.14 | | P/E（现价&最新摊薄） | 153.64 | 44.35 | 28.66 | 21.58 | 16.50 | [Table_T ...

Core Viewpoint - The article discusses the advancements in multi-pole ear and semi-solid battery technologies presented by Noda Wisdom at the 2025 Fifth QiDian Two-Wheeled Vehicle Battery Exchange Conference, highlighting their potential impact on the electric vehicle and energy storage markets [1][9]. Group 1: Technology Development - Noda Wisdom's multi-pole ear technology reduces internal resistance and improves battery performance by increasing the number of ear connections, making it more cost-effective compared to traditional designs [10]. - The semi-solid battery developed by Noda Wisdom features a special membrane that withstands temperatures up to 500 degrees Celsius, offering higher safety and energy density compared to conventional products [1][15]. - The company has successfully passed safety tests for all four battery models, including the semi-solid battery, which achieved a 100% success rate in puncture tests [7][1]. Group 2: Product Offerings - Noda Wisdom currently offers four models of cylindrical batteries, with the 18650 and 21700 models being the primary focus, while the 26650 and 32650 models are in small-scale production [5]. - The four battery models cater to various applications, including digital devices, energy storage, electric vehicles, and specialized high/low-temperature environments [7]. Group 3: Market Position and Strategy - Noda Wisdom has established a stable supply chain and completed a full industry chain layout in the lithium-ion battery sector, extending from raw material sourcing to end-use applications [7]. - The company has applied for a total of 51 national patents, including 10 invention patents and 41 utility patents, indicating a strong focus on innovation and intellectual property [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 performance exceeded market expectations, with a net profit attributable to shareholders ranging from 160 to 220 million yuan, representing a year-on-year increase of 63% to 125% [9] - The company achieved a shipment of nearly 180 million units in Q2, a quarter-on-quarter increase of 30%, with a profit per unit rising to 0.6 yuan [9] - The company is expanding into new fields, launching semi-solid cylindrical new products with an energy density of 350 Wh/kg and a cycle life exceeding 8000 times [9] - The LED business showed strong profitability, contributing over 50 million yuan in Q2, with expectations for annual profit contribution of 150 to 200 million yuan [9] - The profit forecast for 2025-2027 has been revised upward due to better-than-expected performance, with net profit estimates of 750 million, 1 billion, and 1.3 billion yuan respectively [9] Financial Summary - Total revenue for 2023 is projected at 5,222 million yuan, with a year-on-year decrease of 16.92% [1] - The net profit attributable to shareholders for 2023 is estimated at 140.82 million yuan, reflecting a year-on-year decrease of 62.78% [1] - The earnings per share (EPS) for 2023 is expected to be 0.12 yuan, with a price-to-earnings (P/E) ratio of 110.53 [1] - The company anticipates total revenue growth of 29.38% in 2024, reaching 6,756 million yuan [10] - The projected net profit for 2024 is 487.84 million yuan, indicating a year-on-year increase of 246.43% [10]

液态锂电池的能量密度已经接近极限，并且存在热失控的风险，为了满足更高的安全性和能量 密度需求，固态电池应运而生。 但全固态电池由于多种技术痛点无法有效解决，故厂家纷纷从半固态电池开始入手，用逐渐减 少电解液的使用量方式来进行技术过渡，半固态电解液含量一般为5%-10%，并加以聚合物/氧 化物固态电解质，此外负极也从石墨体系升级到硅基负极，正极从磷酸铁锂升级至高镍三元/富 锂锰基等，隔膜仍然保留并涂覆有固态电解质涂层。 从半固态电池形态看，方壳和软包被视为较有希望的形态，但圆柱电池呼声较低，因为固态的 电解质与其中的卷绕工艺或有不适配，但随着圆柱电池逐渐放量，半固态技术的圆柱电池也会 有属于自己的空间。 例如今年3月初金杨股份就表示："已给相关客户送样4680大圆柱产品用于研发半固态电 池。"去年4月正利新能也推出首款双重半固态超长续航大圆柱电池——正力·骐龙。比克电池也 基于原位固化的半固态技术方案可以推及到圆柱产品。 今年2月，在2025起点锂电圆柱电池技术论坛现场， 诺达智慧 总经理 江国龙则对半固态圆柱 电池技术进行更深层次解读。 01 半固态圆柱电池技术发展现状 在会议上江国龙向在场同仁介绍了两个内容 ...

2月28日，以"聚集新技术 探索新工艺"为主题的行业首届圆柱电池技术——2025起点锂电圆柱电池技术论坛暨圆柱电池20强排行榜发布会，在 深圳宝安登喜路国际酒店正式举办，现场超200+圆柱电芯及应用、300+电池材料设备配套企业齐聚盛会，携手共探新发展，共创新机遇。 在圆柱电池工艺及智能制造专场环节， 诺达智慧 总经理 江国龙 发表了《半固态圆柱电池技术发展》主题演讲。 图：诺达智慧 总经理 江国龙 以下是速记整理内容： 各位领导，各位行业专家，大家下午好！ 固态电池和半固态电池，大家以前看的都是用在软包电池、方形电池，但是圆柱上很少看到。 首先我先介绍一下诺达智慧，公司2016年建厂，2019年在广西有自己的工厂，2022年开始在广东惠州建立了自己的工业园，主要量产产品 18650-3500mAh和21700-5000mAh圆柱型电池。 我今天想和大家分享的固态电池有两个点： 1.圆柱的固态和半固态。 2.圆柱的全极耳。 为什么大部分公司很少去做固态的圆柱电池呢？电解液在电池的安全性里只占了10-20%的性能，没有液态电解液，其实也不能算是完全安 全，最重要的是在失效时让整体温度不超过正负极主材料的热失控温 ...

聚集新技术 探索新工艺！ 2025年2月28日，由起点锂电、起点研究院（SPIR）联合主办的"2025起点锂电圆柱电池技术论坛暨圆柱电池20强排行榜发布会"在深圳宝安登 喜路国际酒店盛大举办，500+圆柱电池产业链嘉宾齐聚现场，共探行业发展新机遇。 本次技术峰会共包括大会开幕式、圆柱电池技术与创新专场、圆柱电池工艺及智能制造专场、圆柱电池材料体系创新与应用专场、圆柱电池之 夜等5个部分，超20位重磅嘉宾进行发言和演讲，以下是具体内容： 第一部分 大会开幕式 1、起点锂电 创始人 李振强进行主办方致辞 李振强介绍，今年起点平台将举办圆柱、方形、软包三大电池技术论坛，以形成针对电池封装形状的系列活动。而将圆柱电池作为首场论坛主 题，主要基于两点：一是圆柱电池，尤其是全极耳大圆柱电池，去年在技术上取得显著突破；二是在特斯拉等车企的引领下，圆柱电池在轻型 动力、电动两轮车、便携式储能等领域的增速预计将超越方形和软包电池，未来2-3年市场前景广阔。 李振强认为，未来，圆柱电池将以全极耳+大圆柱+铁锂为技术路线，进一步拓展应用场景，持续提升安全性和市场竞争力。 起点锂电 创始人 李振强 2、专场冠名赞助商 逸飞激光 研究 ...