| | ☑ | 特定对象调研 □分析师会议 | | --- | --- | --- | | 投 资 者 | | □媒体采访 □业绩说明会 | | 关系活动类 | | □新闻发布会 □路演活动 | | 别 | | □现场参观 | | | | □其他 | | 参 与 单 | | 易方达基金、中信保诚基金、鹏华基金、美银、瑞银、中信建投证券、中信证券等 | | 位名称及人 | 机构 | | | 员姓名 | | | | 时间 | 2025 | 年 11 月 20 日 | | 地点 | | 恩捷股份金桥新能源总部 | | 上 市 公 | | | | 司接待人员 | | 副总经理禹雪、董事会秘书白云飞、投资者关系经理徐晶晶 | | 姓名 | | | | | | 公司就投资者以下问题进行回复： | | | | 1、储能电池使用的隔膜有从干法切去湿法的趋势吗？ | | | | 公司储能电池客户目前已有部分产品从干法隔膜切换至湿法隔膜，公司对电池 | | 投 资 者 | | 隔膜产业各类技术和动态保持关注，始终致力于为客户提供符合需求的优质产品。 | | 关系活动主 | | | | 要内容介绍 | | 谢谢关注！ | | | ...

锂电涨价环节：隔膜板块深度汇报 20251116 摘要 隔膜行业或迎新一轮涨价，已涨价客户或面临第二轮涨价，新价格立即 生效。隔膜产品周期性长，扩产周期较长，预计 2026 年下半年起可能 出现紧缺，价格上行周期或持续至 2027 年。 锂电板块库存周期于 2024 年一季度触底回升，隔膜环节目前处于被动 去库阶段，对应复苏期。若存货拐点向上，则进入主动补库，标志着锂 电行业进入繁荣期。 隔膜产品经历四轮降价后，自 8 月反内卷会议后价格快速反转，上涨约 10%，结束三年通缩周期。目前隔膜行业稼动率有所回升，头部公司如 星源、恩捷等稼动率已接近满产。 干法隔膜增速放缓至 18%，湿法隔膜受益于储能需求增速达 30%。大 电芯趋势及安全性要求提升带动超薄涂布湿法隔膜需求增加，宁德时代 和比亚迪内部也有干法转向湿法趋势。 头部隔膜供应商扩产保守，有效新增产能预计 2027 年或更晚投放市场， 是当前涨价持续性的重要原因。若投资回报率不能恢复至合理水平，难 以支撑新的扩产计划。 当前隔膜行业的稼动率和集中度如何？ 目前隔膜行业稼动率有所回升。在 22 年的时候稼动率已达到 80%，基本满产。 今年以来头部公司的稼动 ...

Group 1 - The lithium battery sector is experiencing strong performance, with significant stock price increases, including Tianhong Lithium's rise of 29.97% and 40 stocks in the lithium battery concept gaining over 10% [1] - Lithium hexafluorophosphate prices have surged from 49,300 yuan/ton to 151,500 yuan/ton since July 15, marking an increase of over 200%, which has positively impacted stock prices in the lithium battery supply chain [1] Group 2 - The supply of lithium hexafluorophosphate is tight, with leading companies operating at full capacity while many small and medium enterprises struggle to resume production, indicating potential for further price increases [4] - The performance of the lithium battery supply chain is expected to improve, with active production schedules and stabilizing material prices, leading to a recovery in company earnings [3] - New technologies such as solid-state batteries and high-voltage lithium iron phosphate are rapidly developing, prompting downstream automakers and battery manufacturers to accelerate their investments, presenting new investment opportunities [3]

山西证券表示，六氟磷酸锂供给端方面，头部企业虽已满负荷生产，但受制于前几年产能过剩导致的行 业出清，大量中小企业产能难以快速复产，行业整体供应紧张。预计未来六氟磷酸锂产品价格仍有上行 空间，产业链盈利能力有望持续修复，建议关注六氟磷酸锂产业链。 招商证券最新研报指出，产业反馈湿法隔膜主流企业都已满产，三方价格也可以看到，湿法隔膜、涂覆 膜、干法隔膜价格均开始反弹。目前隔膜行业盈利能力处于历史低位，行业前两大公司近两个季度出现 亏损。尽管需求向好，但由于隔膜资产重、扩产周期较大，主流企业扩产意愿低；行业资本开支2023年 以来逐渐下行，后续产能释放有限，2026年供给可能更紧张。 VC等添加剂也是不容忽视的部分。招商证券表示，由于库存紧缺，部分电解液厂、电池厂已开始上门 要货。 公开资料显示，华盛锂电已有1.8万吨添加剂产能，并正在建设3万吨扩产项目；天赐材料在其年报中也 表示，公司自产主要产品的核心关键原材料，包括目前的电解质、添加剂、正极材料前驱体等。 万联证券认为，2025年Q3，新能源汽车销量延续高增长，锂电池产业链整体业绩持续改善。锂电产业 链排产活跃，材料价格逐步企稳回暖，公司业绩呈现回升趋势，盈利 ...

目前头部隔膜厂家产能利用率高，产业反馈湿法隔膜TOP3已满产，龙头干法隔膜企业产能利用率约7~8 成。三方价格显示已触底反转，其中7、9μm湿法隔膜涨价明显，8月以来基膜已涨价7分/平方米；涂覆 膜已涨价1毛/平方米。干法隔膜近期反馈也已陆续涨价。 资本开支收缩，行业产能释放有限 智通财经APP获悉，招商证券发布研报称，根据产业反馈，湿法隔膜主流企业都已满产，三方价格也可 以看到，湿法隔膜、涂覆膜、干法隔膜价格均开始反弹。目前隔膜行业盈利能力处于历史低位，行业前 两大公司近两个季度出现亏损。尽管需求向好，但由于隔膜资产重、扩产周期较大，主流企业扩产意愿 低；行业资本开支23年以来逐渐下行，后续产能释放有限，2026年供给可能更紧张。 招商证券主要观点如下： 湿法隔膜价格进入上行通道 行业集中度持续提升，重点关注5μm超薄高强膜应用 2025H1隔膜行业CR4超7成，较24年继续提升。储能、车端超快充对隔膜厚度、安全性、性能提出了更 高的要求，5μm超薄高强湿法隔膜性能好、有溢价，未来市占率预计将快速提升。同时头部企业开发新 一代涂覆隔膜，宽幅高速产线投入使用，产品性能和成本优势进一步增强，行业集中度未来可能持 ...

Core Viewpoint - The company reported a net profit of 114 million yuan for the first three quarters of 2025, indicating a significant decline in profitability, but anticipates recovery as the separator industry approaches a turning point, maintaining a buy rating [1] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.958 billion yuan, a year-on-year increase of 13.53% - The net profit attributable to shareholders was 114 million yuan, a year-on-year decrease of 67.25% - The non-recurring net profit was 16 million yuan, a year-on-year decrease of 94.06% - In the third quarter, revenue reached 1.060 billion yuan, a year-on-year increase of 11.36%, while net profit was 14 million yuan, a year-on-year decrease of 86.96% [2] Industry Outlook - The separator industry is nearing a turning point, with dry separators experiencing a price increase of nearly 30% by the first half of 2025 - The industry is currently benefiting from high capacity utilization due to strong demand, particularly in energy storage - The company plans to enhance profitability by increasing supply to high-value customers and raising prices for low-profit or loss-making customers [2] R&D and Product Development - The company is focusing on solid-state battery research and market development, with related products being sampled to leading battery manufacturers - The company’s affiliate has achieved a production capacity of hundreds of tons for oxide electrolytes and expects to have ton-level shipments of sulfide electrolytes by 2025 - Various types of rigid skeleton membranes have been developed for different solid-state battery applications, enhancing energy density and safety [3] Valuation - The company adjusted its earnings per share forecast for 2025-2027 to 0.11, 0.37, and 0.46 yuan respectively, reflecting a decrease in separator average prices - The corresponding price-to-earnings ratios are projected at 137.4, 40.9, and 33.0 times, while maintaining a buy rating [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Views - The company reported a net profit of 114 million RMB for the first three quarters of 2025, indicating a significant year-on-year decline of 67.25%. However, the report suggests that the profitability is expected to gradually recover as the industry approaches a turning point [4][7]. - The average price of separators has decreased, leading to adjustments in the earnings forecast for 2025-2027. The projected earnings per share (EPS) are adjusted to 0.11, 0.37, and 0.46 RMB for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 137.4, 40.9, and 33.0 [4][6]. - The report highlights the increasing demand for separators, particularly in the energy storage sector, and the company's strategy to optimize its customer structure and improve profitability through price adjustments [7][8]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2,957.87 million RMB, a year-on-year increase of 13.53%. However, the gross profit margin decreased to 22.58%, down 7.64 percentage points from the previous year [8]. - The company’s EBITDA for 2025 is projected to be 1,068 million RMB, with a significant decline in net profit expected [6][8]. Market Outlook - The separator industry is nearing a turning point, with dry separators expected to see price increases of nearly 30% by mid-2025. The report indicates that the high capacity utilization in the industry supports a favorable supply-demand situation [7][8]. - The company is focusing on research and development of solid-state batteries, with new products being sent to leading battery manufacturers for testing [7]. Valuation Metrics - The report provides updated valuation metrics, including a projected market capitalization of approximately 20,289.27 million RMB and an average trading volume of 1,273.43 million RMB over the past three months [3][6].

Core Viewpoint - The company is responding to investor inquiries regarding the shift in battery separator technology from dry to wet methods, indicating a proactive approach to market changes and customer needs [2]. Group 1: Company Response - The company has acknowledged that some of its energy storage battery clients have already transitioned from dry separators to wet separators [2]. - The company is committed to monitoring various technologies and trends in the battery separator industry to ensure it meets customer demands with high-quality products [2].

Core Viewpoint - The new energy vehicle (NEV) industry is experiencing significant growth, with record production and sales figures in September, driven by favorable policies and an improving supply-demand structure [1][2]. Industry Overview - In September, NEV production reached 1.617 million units, and sales hit 1.604 million units, marking year-on-year increases of 23.7% and 24.6% respectively [1][2]. - From January to September 2025, NEV production and sales totaled 11.243 million and 11.228 million units, reflecting year-on-year growth of 35.2% and 34.9% [1][2]. - The supply side is seeing continuous innovation from battery and main engine manufacturers, with positive feedback from demand and ongoing policy support [2]. Price Dynamics - The industry has undergone significant price declines, but the supply-demand balance is improving, with industry associations and companies actively optimizing capacity and supply to stabilize prices and ensure profitability [2]. - The overall price level in the supply chain is at a historical low, with signs of stabilization and recovery. Certain segments, such as lithium hexafluorophosphate, are experiencing strong demand and tight supply, leading to price increases [2]. Investment Strategy - The industry is rated positively, with expectations for price recovery in the supply chain by 2025. Companies that are likely to deliver excess returns are being prioritized, particularly in areas such as robotics, solid-state batteries, and liquid cooling technologies [3]. - Key companies in the main materials sector include CATL, Shangtai Technology, and Hunan Youneng [4]. Market Performance - The NEV index, lithium battery index, fuel cell index, charging pile index, and energy storage index showed varied performance, with the lithium battery index increasing by 4.43% [5]. - Notable stock performances include Huasheng Lithium Battery and Kechuan Technology, which saw increases of 61.2% and 34.7% respectively, while companies like Keda Li and Xian Dao Intelligent experienced declines [5]. Price Trends in Supply Chain - Lithium carbonate prices are at 80,300 CNY/ton, down 0.3% from last week, while lithium hydroxide is at 75,500 CNY/ton, down 0.4% [7]. - Other material prices include nickel at $14,900/ton, cobalt at 384,000 CNY/ton, and lithium iron phosphate at 34,800 CNY/ton, with various fluctuations noted [7].

Group 1 - The company Enjie Co., Ltd. (002812) announced on September 17 that it has multiple domestic wet separator bases, including locations in Shanghai, Zhuhai, Wuxi, Jiangxi, Hubei, and Chongqing [1] - The dry separator base, Jiangxi Enbo, has an annual production capacity of 1 billion square meters [1] - A new wet separator base, Yuxi base, is currently under construction and its first phase is gradually being put into production [1]