闭幕式专场一中，远景动力中国区总裁赵卫军、瑞浦兰钧董事长曹辉博士、当升科技董事长陈彦彬等七位行业领军企业为行业在确定性机遇中实现 高质量发展提供了宝贵思路。 ▲ 远景动力中国区总裁赵卫军 迷雾渐散，行业发展的确定性机遇正加速显现。 2025年，行业告别此前的调整周期，迈入高质量增长的确定性新阶段。 动力电池市场率先实现里程碑式突破，年度出货量首次跃居TWh级别，未来 十年仍有望完成近3倍规模扩容；储能电池在全球能源转型的浪潮下持续爆发，出货量将保持翻倍增长态势，成为拉动行业增长的核心引擎。 行业规模的持续扩容带动产能布局全面升级， 2025年锂电行业第三轮扩产浪潮已然启动，头部企业与新进入者的产能逐步释放，预计2026年行业新 增有效产能将突破 700GWh，为市场需求增长提供坚实支撑，推动行业迈入规模与质量双提升的发展新格局。 11月18日—20日，由海目星激光总冠名 、卡洛维德协办、大族锂电特别赞助的2025（第十五届）高工锂电年会暨十五周年庆典&高工金球奖颁奖典 礼在深圳前海华侨城 JW万豪酒店盛大举行。 这场跨越十五载周期、聚焦产业未来领航之路的思想盛宴，吸引了全产业链同仁齐聚。 11月20日下午的 ...

Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The company reported a strong performance in Q3 2025, with revenue reaching 13.06 billion yuan, a year-on-year increase of 29.80%, and a net profit attributable to shareholders of 552 million yuan, up 41.54% year-on-year [4] - Lithium battery cathode material sales increased significantly, with total sales of 99,900 tons in the first three quarters of 2025, a year-on-year growth of 40.41% [5] - The company is advancing in solid-state battery materials, having achieved supply for oxide route cathode materials and demonstrated samples for sulfide route materials [6] Financial Performance - For Q3 2025, the company achieved revenue of 5.53 billion yuan, a 50.20% increase year-on-year, and a net profit of 245 million yuan, reflecting a 63.60% year-on-year growth [4] - The company adjusted its net profit forecasts for 2025, 2026, and 2027 to 791 million yuan, 996 million yuan, and 1.18 billion yuan respectively, with corresponding P/E ratios of 41x, 32x, and 27x [7] - Key financial metrics for 2025E include revenue of 20.89 billion yuan and a net profit of 791 million yuan, with a gross margin of 8.6% [9]

Core Insights - BetterRay has been strategically investing in solid-state battery core materials for the past decade, focusing on both semi-solid and all-solid technologies [2] Group 1: Company Developments - BetterRay has developed a comprehensive material system for solid-state batteries, including high-nickel cathodes, silicon anodes, lithium metal anodes, and solid electrolytes [2] - The company is exploring three directions for solid electrolytes: oxides, polymers, and sulfides, with oxide and polymer solid electrolytes already in small-scale application in semi-solid batteries [2] - BetterRay is currently collaborating closely with customers to develop sulfide solid electrolytes, with research and development progress reported to be smooth and key technical indicators meeting customer requirements [2]

Group 1: Battery Industry - Better Ray has been actively involved in the solid-state battery sector for over a decade, focusing on core materials for both semi-solid and all-solid batteries [4] - The company has developed a complete material system for solid-state batteries, including high-nickel cathodes, silicon anodes, lithium metal anodes, and solid electrolytes [4] - Better Ray's solid electrolyte research encompasses three directions: oxides, polymers, and sulfides, with successful small-scale applications in semi-solid batteries [4] Group 2: Biotechnology Industry - Jinbo Bio, recognized as the "first stock in medical beauty" on the Beijing Stock Exchange, holds a leading position in the field of recombinant humanized collagen, being the only company with a Class III medical device registration certificate for this product [5] - The company has maintained its technological advantage for over four years since obtaining its first registration certificate in 2021 and plans to increase R&D investment in original innovation [5] - Jinbo Bio is conducting clinical pre-experimental research on the application potential of recombinant humanized collagen in tumor treatment, specifically for breast cancer and endometrial cancer [7] Group 3: Computing Power Industry - Parallel Technology has not established a business cooperation with DeepSeek regarding computing power services, despite the growing interest in AI large models and related technologies [8][10] - The company positions itself as a provider of computing power and operational services, serving clients in AI, high-end manufacturing, and various research-driven technology enterprises [8] - Parallel Technology is actively promoting computing power services based on domestic computing chips and has integrated various types of domestic chip resources into its platform [10]

容百科技（ [Table_StockNameRptType] 688005） 公司点评 盈利短期波动，新业务加速突破 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-11-18 | | | [Table_BaseData] 收盘价（元） | | 35.40 | | 近 12 个月最高/最低（元） | 40.20/17.34 | | | 总股本（百万股） | 715 | | | 流通股本（百万股） | | 715 | | 流通股比例（%） | | 99.99 | | 总市值（亿元） | | 253 | | 流通市值（亿元） | | 253 | [公司价格与沪深 Table_Chart] 300 走势比较 -37% -14% 10% 34% 57% 11/24 2/25 5/25 8/25 容百科技 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱： zhangzhibang@hazq.com [Table_CompanyReport] 相关报告 1.新业务多点开花，三元 ...

Core Viewpoint - The company Zhongwei New Materials has successfully listed on the Hong Kong Stock Exchange, marking a new journey in the global new energy battery materials market, with significant investor recognition reflected in a 16.5 times oversubscription during the public offering phase [1] Industry Outlook - The new energy materials sector is poised for long-term growth driven by the increasing demand from electric vehicles and energy storage solutions, with the global market for electrochemical energy storage expected to grow at a compound annual growth rate (CAGR) of 45% from 2024 to 2030 [9][10] - The penetration rate of electric vehicles is projected to continue growing at a CAGR of over 20.9% from 2024 to 2030, which will significantly boost the demand for nickel and phosphorus battery materials [8][10] Company Strengths - Zhongwei New Materials has established a strong competitive edge through its deep focus on the new energy materials sector, creating a product matrix of nickel, cobalt, phosphorus, and sodium, supported by a "technology + market" dual barrier [3] - The company has maintained the highest global shipment volume of nickel and cobalt-based precursor materials for lithium batteries for five consecutive years, with market shares of 20.3% and 28.0% respectively in 2024 [3] - The company has formed deep partnerships with key global battery manufacturers such as CATL, LG Energy Solution, and Samsung SDI, ensuring stable supply chains and customer retention [4] Financial Performance - Zhongwei New Materials has demonstrated strong revenue growth, with revenues projected to rise from 30.34 billion in 2022 to 40.22 billion in 2024, alongside improvements in profit margins for core products [5] - The gross margin for nickel materials is expected to increase from 12.5% in 2022 to 19.9% in 2024, while cobalt materials are projected to rise from 5.7% to 10.6% [5] Strategic Development - The company is leveraging a vertical integration strategy to enhance resource allocation and cost control, which positions it well to navigate global supply chain challenges and resource price fluctuations [5] - Zhongwei New Materials is expanding its production bases in regions such as Guizhou, Hunan, and Guangxi, as well as overseas in Indonesia, South Korea, and Morocco, to better serve domestic and international markets [5] Future Prospects - The successful listing and capital raise are expected to accelerate the company's growth trajectory and enhance its global market share and influence [11] - With the ongoing evolution of the global new energy industry and the optimization of energy structures, Zhongwei New Materials is well-positioned to capitalize on diverse market demands and solidify its status as a leading player in the sector [11]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a year-on-year revenue growth of 62% in Q3 2025, focusing on the mass production rhythm of CVD silicon-carbon anodes and capacity construction in Indonesia and Morocco [5][7] - The company demonstrates a significant technological lead in solid-state battery materials, with CVD silicon-carbon anodes expected to enter mass production in 2025 [7] - The company has established a comprehensive production capacity matrix, with 575,000 tons/year of anode capacity and 73,000 tons/year of cathode capacity already in operation [7] - The company is well-positioned to capitalize on the growing demand for high energy density in new applications such as low-altitude economy and drones, potentially establishing a leading position in the next generation of battery materials [7] Financial Summary - Revenue forecast for 2023 is 25,119 million yuan, with a year-on-year growth rate of -2.18% [6] - The projected net profit attributable to shareholders for 2025 is 1,167 million yuan, with a year-on-year growth rate of 25.42% [6] - The company expects to achieve a net profit of 1,796 million yuan by 2027, corresponding to a P/E ratio of 23.30 [6][8] - The company has a total market capitalization of 41,846.81 million yuan and a circulating market capitalization of 41,172.50 million yuan [3]

Market Overview - A-share market closed with a total of 106 stocks hitting the daily limit, with 86 stocks after excluding 20 ST stocks, and a total limit rate of 70.2% [1] Top Performers - Tianqi Materials had a limit order amount exceeding 5 billion yuan, with the highest limit order volume from Shengli Co. at 764,100 hands [2] - Continuous limit-up stocks include ST Zhongdi with 18 consecutive limits, Moen Electric with 8, and several others with 6 to 2 consecutive limits [2] Lithium Battery Sector - Key stocks in the lithium battery sector that hit the limit include Shida Shenghua, Rongjie Co., and Cangzhou Mingzhu [3] - Shida Shenghua's fluorobenzene products are used in lithium battery electrolyte additives, while Rongjie Co. has a complete lithium battery materials industry chain [3][4] Photovoltaic Sector - Stocks in the photovoltaic sector that reached the limit include Shangen Electric, Tongrun Equipment, and Guosheng Technology [4] - Shangen Electric primarily exports photovoltaic inverters and energy storage products, while Guosheng Technology focuses on high-efficiency heterojunction photovoltaic cells [4] Fluorochemical Sector - Stocks in the fluorochemical sector that hit the limit include Duofluor and Shenzhen New Star [5][6] - Duofluor's lithium hexafluorophosphate products meet high purity standards, while Shenzhen New Star has advanced technology in boron trifluoride [5][6][7] Institutional Activity - Institutions net bought Haibo Sichuang over 300 million yuan, with Tianqi Materials and Duofluor among the top net purchases [8] - Deep stock connect saw net purchases of Shangen Electric and Yingweike, while net sales were recorded for Baobian Electric and Xin'an Shares [8]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2][4] Core Insights - The company reported a revenue of 12.384 billion yuan for Q1-Q3 2025, representing a year-on-year growth of 20.60%, while the net profit attributable to shareholders was 768 million yuan, up 14.37% year-on-year. The report maintains profit forecasts for 2025-2027, expecting net profits of 1.189 billion, 1.671 billion, and 2.002 billion yuan respectively, with corresponding EPS of 1.05, 1.48, and 1.78 yuan [4][5] Revenue and Profit Growth - The company achieved a significant increase in sales of negative electrode materials, exceeding 260,000 tons, a growth of 32.83% year-on-year, with a gross margin of 25.59%. Sales of positive electrode materials surpassed 10,000 tons, growing by 4.30% year-on-year, with a gross margin of 11.70%, up 5.72 percentage points [5][6] Capacity Expansion - As of June 2025, the company has established a production capacity of 575,000 tons per year for negative electrode materials and 73,000 tons per year for positive electrode materials. The overseas production base in Indonesia has completed the first phase of an 80,000-ton negative electrode material project, with the second phase under construction. Additionally, the company is developing a 50,000-ton positive electrode and a 60,000-ton negative electrode capacity in Morocco [5][6] Technological Advancements - The company has made breakthroughs in solid-state and semi-solid-state battery materials, with the development of lithium-carbon composite negative electrode materials that match solid-state batteries. The oxide electrolyte products have received orders in the hundred-ton range, with matching cell installation exceeding 1 GWh. New products for CVD silicon-carbon are entering the trial production stage, with expectations for mass production in 2025 [6][8] Financial Summary and Valuation Metrics - The company’s financial metrics for 2023A to 2027E show a projected revenue increase from 25.119 billion yuan in 2023 to 18.736 billion yuan in 2027, with net profit expected to rise from 1.654 billion yuan to 2.002 billion yuan over the same period. The gross margin is projected to stabilize around 22.3% by 2027, with a P/E ratio decreasing from 24.1 in 2023 to 20.0 in 2027 [8][10]

Group 1 - The company has begun large-scale supply of single-walled carbon nanotube slurry to multiple battery cell customers, with positive progress in testing with leading clients [2] - The company's silicon-carbon anode products are being developed for various applications, including consumer batteries, digital batteries, power batteries, and solid-state batteries, with successful integration into some clients and ongoing efforts to ramp up production [2] - The company is actively collaborating with leading enterprises for the development and testing of sulfide electrolytes, with some clients having successfully passed the testing phase [2]