转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院石墨负极材料行业研究小组发布的《中国锂电池石墨负极材料行 业发展前景预测与投资战略规划分析报告》 石墨负极材料行业主要上市公司：贝特瑞(920185);杉杉股份(600884);璞泰来(603659);翔丰华(300890);尚太 科技(001301);国民技术(300077);中科电气(300035);科达制造(600499)等 行业概况 1、定义 石墨(Graphite)，是碳的一种同素异形体，具有耐高温、抗腐蚀、导电、导热等性能，是锂离子电池中一 种重要的负极材料。 根据原材料的来源分，石墨负极材料可分为天然石墨负极材料和人造石墨负极材料两大类。二者在性 能、成本和应用场景上具有一定的差异。 | 方面/种类 | 天然石墨负极材料 | 人造石墨负极材料 | | --- | --- | --- | | 原材料 | 天然石墨矿(如鳞片石墨) | 石油焦、针状焦等碳材料高温石墨化制成 | | 核心优势 | 比容量高(约 360mAh/g)、成本低 | 循环稳定性好、体积膨胀率低(<10%) | | 主要缺点 | 循环寿命较短、需要包覆改性 | 生产成本高、 ...

Core Viewpoint - The company has entered into an equipment purchase agreement to establish a smart coating carbonization processing plant in Anhui, China, aimed at producing high-quality natural graphite anode materials for the domestic lithium-ion battery market [1][2] Group 1: Equipment Purchase Agreement - The company’s indirect non-wholly owned subsidiary, Xinshi (Anhui) New Energy Materials Co., Ltd., has agreed to purchase equipment for RMB 42.2522 million (approximately HKD 46.2704 million) [1] - The equipment will be used in a factory that is under construction in Xuancheng Economic and Technological Development Zone, Anhui Province, with an expected production capacity of 15,000 metric tons of anode materials [1] - The factory is scheduled to commence production by the end of the second quarter of 2026 [1] Group 2: Strategic Alignment and Future Plans - The establishment of the factory aligns with China's "14th Five-Year Plan" for sustainable development, allowing the company to expand its presence in the battery materials supply chain [2] - The company is committed to ongoing investment in research and innovation, participating in two research projects led by the Nano and Advanced Materials Institute, focusing on liquid coating technology for natural graphite anode materials and porous carbon spheres for fast-charging silicon-based composite anodes [2] - The company believes that new production processes and the development of innovative anode products will create significant opportunities in the foreseeable future [2]

Core Viewpoint - Guangdong Dongdao New Energy Co., Ltd. has disclosed its public transfer prospectus and has officially submitted its materials for listing on the New Third Board, with a total of 60,190,287 shares planned for listing [2][26]. Company Structure and Overview - The major shareholder, Wu Qixiu, holds 13.899 million shares, accounting for 23.09% of the total shares, but controls 38.20% of the voting rights, significantly influencing shareholder resolutions [6][30]. - Guangdong Dongdao is a well-known manufacturer and developer of lithium-ion battery anode materials, focusing on various graphite anode materials and researching new silicon-carbon anode materials. The company aims to lead innovation in the new energy materials sector [7][31]. Product and Market Position - The company has established stable long-term partnerships with renowned manufacturers globally, including domestic clients like CATL, BYD, and Tianjin Lishen, and is expanding its overseas market presence with clients like POSCO FUTURE M and LG Energy [8][32]. - In terms of sales volume, the company sold 59,500 tons of natural graphite and 81,000 tons of artificial graphite anode materials, maintaining a leading position in the domestic lithium-ion battery anode materials industry. In 2023, it ranked eighth in China for anode material shipments, improving to seventh in 2024, with a market share steadily increasing [8][32][20]. Product Structure - The main products include natural graphite (including high-purity spherical graphite) and artificial graphite anode materials, which are suitable for various types of lithium-ion batteries, widely used in power batteries, energy storage batteries, and consumer batteries [9][33]. Financial Performance - For the fiscal year ending December 31, 2024, the company reported total assets of 3.343 billion yuan and total equity of 1.616 billion yuan. The operating income reached 1.803 billion yuan, a year-on-year increase of 16.62%, with a net profit attributable to shareholders of 53.18 million yuan, up 156.88% from the previous year [14][36][37]. - The gross profit margin improved to 12.36% from 7.42% in the previous year, indicating enhanced profitability [14][36]. Innovation and R&D - The company has developed proprietary technologies in natural graphite, including a unique infiltration coating technology that significantly enhances performance metrics. It has also established a laboratory for silicon-carbon anode materials, achieving five related patents by the end of 2024 [24][34]. - The company is actively exploring new technologies in silicon-carbon anode materials, focusing on reducing silicon volume expansion and improving energy density and cycle life through innovative processes [25][34]. Overseas Expansion - The company plans to establish a wholly-owned subsidiary in Singapore with an investment of up to $27.8 million, followed by a subsidiary in Vietnam to implement integrated projects for lithium battery anode materials [12][35].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment [5][8]. Core Views - The company is a leader in battery materials solutions, focusing on lithium battery anode, cathode, and new material research and production. It aims to build an industrial ecosystem through mergers and acquisitions, overseas base construction, and global layout [5][10]. - The company has launched a series of solid-state battery materials, including semi-solid and all-solid high-nickel cathodes, silicon-based anodes, and solid electrolytes, to fully develop solid-state battery solutions [5][10]. Summary by Sections 1. Industry Overview - The lithium-ion battery anode and cathode materials industry is experiencing rapid growth, with China's lithium battery shipments expected to increase by 33% year-on-year in 2024, driven by the fast development of new energy vehicles and energy storage markets [15][20]. - The global anode material capacity is projected to grow from 81,100 tons per year in 2020 to 354,600 tons per year in 2024, a total increase of 337%, with major production concentrated in China [25][26]. 2. Company Focus and Financials - The company specializes in lithium-ion battery anode and cathode materials, with a revenue of 14.24 billion yuan and a net profit of 930 million yuan expected in 2024. The gross margins for anode and cathode materials are projected to be 27.76% and 7.88%, respectively [6][40][63]. - The company has established a comprehensive product matrix covering natural graphite anodes, artificial graphite anodes, silicon-based anodes, and high-nickel ternary cathodes, serving major clients like Panasonic, Samsung SDI, and CATL [40][65]. 3. Market Competition and Future Prospects - The company holds over 20% market share in the anode materials sector, ranking first in China from 2018 to 2024. It has also obtained 442 invention patents, indicating strong innovation capabilities [7][10]. - The company is focusing on breakthroughs in solid-state batteries, sodium-ion batteries, and dry electrode technologies, with solid-state battery penetration expected to reach 10% by 2030 [10][31].

Core Viewpoint - The article highlights significant advancements in solid-state battery technology by leading companies in the industry, including CATL, XianDiao Intelligent, and BTR, indicating a strong push towards commercialization and production capabilities in the coming years [1][2]. Group 1: CATL - CATL expects to achieve small-scale production of solid-state batteries by 2027, with a focus on high energy density of up to 500Wh/kg for its condensed state batteries [1]. - The collaboration with COMAC on civil electric passenger aircraft projects is a key initiative, emphasizing adherence to aviation standards for safety and quality [1]. - The company's upcoming Hong Kong listing is anticipated to enhance its global strategic positioning and capitalize on the energy transition opportunities [1]. Group 2: XianDiao Intelligent - XianDiao Intelligent has successfully established a complete production process for solid-state batteries, covering all key equipment and solutions [1]. - The company has formed partnerships with several leading industry players and has delivered production equipment to clients in Europe, America, Japan, and South Korea, receiving positive feedback and repeat orders [1][2]. Group 3: BTR - BTR has announced that its solid-state battery materials are ready for mass production, including both semi-solid and all-solid battery materials [2]. - The company’s materials are applicable in digital and power sectors, with mass production contingent on validation from downstream cell manufacturers and automotive companies [2]. - BTR specializes in the research, production, and sales of lithium-ion battery anode and cathode materials, with a focus on various advanced materials [2].

值得注意的是，1月10日，尚太科技曾公告称，此前公司全资子公司山西尚太锂电科技有限公 司与山西省晋中市昔阳县人民政府签署《投资合作协议书》，拟在昔阳县投资建设年产30万吨 锂离子电池负极材料一体化项目，投资金额约120亿元。 截至该公告披露日，该项目部分土地曾为原煤矿坑土地，政府进行土地平整投资耗费巨大，存 在一定客观困难，故未实际进行建设推进。 因原项目土地条件、市场竞争环境等发生变化，尚太科技拟调整建设土地范围，选择具备平整 及生产基地建设条件进行年产20万吨锂离子电池负极材料一体化项目，对项目建设内容、投资 金额等进行了调整。项目投资总额约人民币40亿元，占地约1000亩（以最终情况为准）。 倒计时11天 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 活动主题： 聚集新 技术 探索新工艺 活动规模： 500+人 据晋中日报报道，2月14日，山西省晋中市昔阳县人民政府与山西尚太锂电科技有限公司举行 签约仪式，总投资60亿元、年产20万吨锂电池负极材料一体化项目落地晋中。 资料显示，该项目投资方山西尚太锂电科技有限公司系尚太科技全资子公司。尚太科技曾长期 经营负极材料石墨化加工以及碳素制品 ...