国内超细纤维龙头，技术突破开启转型新 ——聚杰微纤首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | 本报告导读： 公司作为国内超纤龙头，超纤主业转型仿皮面料、无尘洁净制品等高端工业用途迎 来价值拐点。深度布局固态电池、具身智能等前沿科技，捕捉未来发展机会。 投资要点： | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | [Table_Finance] 财务摘要(百万元) | | | | | | | 营业总收入 | 685 | 600 | 592 | 653 | 749 | | --- | --- | --- | --- | --- | --- ...

国内超细纤维龙头，技术突破开启转型新 ——聚杰微纤首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | 本报告导读： 公司作为国内超纤龙头，超纤主业转型仿皮面料、无尘洁净制品等高端工业用途迎 来价值拐点。深度布局固态电池、具身智能等前沿科技，捕捉未来发展机会。 投资要点： | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | [Table_Finance] 财务摘要(百万元) | | | | | | | 营业总收入 | 685 | 600 | 592 | 653 | 749 | | --- | --- | --- | --- | --- | --- ...

Summary of the Conference Call for Xingyuan Material Industry Overview - The lithium battery separator industry saw total shipments of approximately 1.2 billion square meters in Q3 2025, with a year-end target of 5 billion square meters [2][4] - Industry capacity utilization exceeded 70%, with leading companies nearing full production; however, downstream cost pressures have led to price system challenges, gradually improving the oversupply situation [2][6] - It is expected that by 2026, industry capacity utilization could reach over 80% [2][6] Company Performance - Xingyuan Material's dry separator monthly shipments stabilized at 130-140 million square meters, while wet separator shipments reached approximately 800 million square meters in Q3 2025 [2][7] - The company maintained a high capacity utilization rate, particularly for wet separators, which have been at full production since the beginning of 2025 [4][7] - Q3 gross margins were approximately 20% for both dry and wet separators, with an overall gross margin of about 18% [11] Market Dynamics - Domestic customer prices saw a decline in Q3 due to cost control pressures from leading battery cell manufacturers, while overseas demand for high-end products increased [8] - Positive signals for price increases were observed starting in September, with dry separator prices expected to be influenced by year-end bidding results [8][20] - The dry separator market structure is favorable, with no new capacity expected post-2023, leading to a balanced supply-demand situation [10] Future Outlook - Demand for the entire industry is projected to grow by over 20% in 2026, with capacity utilization expected to improve to over 80% [9] - The company plans to add 1 billion square meters of capacity in Malaysia in 2026, with an expected increase of 600-800 million square meters overall [14] - The company is optimistic about future pricing trends for dry separators, with a confirmed price increase of over 20% since late 2024 and further increases planned for 2025 [20] Customer and Product Insights - Major customers for dry separators include CATL, Xinwangda, and LG, while wet separators serve clients like Xinwand, Haicheng, and AEG [5][17] - New customer Qingtao Technology has begun significant purchases of LATP semi-solid battery solid electrolyte membranes, indicating potential for stable growth in this area [18] Investment and Expansion Plans - The company has no plans to expand wet separator capacity in the next two years, focusing instead on previously announced projects [15] - Ongoing projects include facilities in Foshan, Malaysia, the USA, and Sweden, with significant investments in overseas projects [24][28] Financial Considerations - The company is experiencing its first operational loss historically, but industry leaders have already entered loss phases [30] - The company anticipates that overseas production will gradually reflect performance growth in 2026, alongside improvements in industry capacity utilization and price recovery [30]