证券日报网讯恩捷股份（002812）10月20日发布公告，在公司回答调研者提问时表示，1)半固态电池的 结构实际上与液态电池是一样的，仍然需要正极、负极、电解液和隔膜，与传统液态电池有所差异，但 仍需要目前液态电池所使用的隔膜。全固态电池从结构、工艺等方面，与液态电池和半固态电池完全不 一样，但目前仍处于产业化初期，一定时间内尚不具备大规模商业化量产的条件。即便未来全固态电池 逐步走向商业化，液态电池性能好、价格低，仍将占主导地位，全固态电池更多应用于在"三深"(深 空、深海、深地)等细分市场，无法取代现有液态电池。2)公司布局：恩捷是行业内最早开始投入前沿 技术研发的公司，也是最早实现半固态隔膜商业化的公司。2021年11月，公司子公司上海恩捷和北京卫 蓝新能源科技股份有限公司、溧阳天目先导电池材料科技有限公司共同成立江苏三合电池材料科技有限 公司，上海恩捷是控股股东，主导半固态电池隔膜材料的研发和生产。在全固态方面，公司也保持高度 关注和投入研发，拥有完善的产品布局以及技术优势，可以批量制备硫化锂粉末，电解质粉体，目前公 司固态用高纯硫化锂产品已完成小试吨级年产能建设和运行，硫化锂中试生产线已经搭建完成； ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's H1 2025 revenue was 220 million, a decrease of 16% year-on-year, while the net profit attributable to shareholders was 110 million, an increase of 157% year-on-year [7] - The company is expanding its production capacity in the lithium sulfide sector, positioning itself as a leading manufacturer in this field [7] - The report highlights a significant increase in non-operating income, contributing 88.97 million from two main events [7] - The company is expected to achieve substantial profit growth in the coming years, with net profits projected at 141.52 million in 2025, representing a year-on-year increase of 229% [1][7] Financial Summary - Total revenue is forecasted to reach 543.43 million in 2025, with a year-on-year growth of 6.55% [1] - The net profit attributable to shareholders is expected to be 141.52 million in 2025, with a projected growth rate of 229% [1] - The company's earnings per share (EPS) is estimated to be 0.81 yuan in 2025, with a significant increase in subsequent years [1] - The company maintains a low expense ratio, with operating cash flow showing a significant improvement [7] - The report anticipates a substantial increase in production capacity, with expectations of reaching a hundred tons in 2025 and a thousand tons in 2026 [7]

Core Insights - The article discusses the advancements and innovations in the new energy materials industry, particularly focusing on lithium battery technologies and their applications in electric vehicles and other sectors [5][8][12]. Group 1: Industry Trends - The global demand for lithium resources is concentrated in the Asia-Pacific region, especially in China, while mineral deposits are primarily found in Australia, South America, and Africa [7]. - China leads the export market for new energy vehicles, with significant advancements in recycling capacity, particularly in the production of black powder through hydrometallurgical processes [7]. - The industry is witnessing a dual-track strategy of "cascading utilization + resource regeneration" to enhance global operations, with domestic hubs in China and international pre-treatment facilities in Germany, the US, and Japan [7]. Group 2: Technological Innovations - New silicon-carbon materials have achieved high reversible capacity (up to 2212 mAh/g) and long cycle life (over 1400 cycles) while maintaining low expansion rates [8]. - Breakthroughs in solid-state electrolytes have been made, with multiple generations of products developed to enhance performance in lithium-ion batteries [8]. - Companies are focusing on optimizing silicon-based anodes to address challenges related to volume expansion and initial efficiency, leading to improved cycle stability [11]. Group 3: Equipment and Manufacturing Advances - Advanced manufacturing equipment is being developed to increase production capacity and reduce operational costs, such as a six-column three-layer atmosphere roller furnace that boosts capacity by 50% [12]. - Innovations in temperature control and atmosphere management are ensuring high product consistency and energy savings of up to 20% [12]. - Companies are implementing automated systems to enhance efficiency in material handling and processing, significantly reducing labor costs and improving operational efficiency [15].