隔膜产业链近况解读 20251229 截至 2025 年底，恩捷股份的湿法隔膜产能约为 130 亿平方米每年；金力股份 为 68 亿平方米；中材科技为 65 亿平方米；新元材质为 45 亿平方米。其他厂 商如旭化成和 SKI 分别拥有 26 亿平方米和 13 亿平方米的产能。 金力股份在未来几年内有哪些扩展计划？ 金力股份计划在河北邯郸扩充 32 亿平方米产能，在安徽合肥二期规划 14 亿平 方米，在湖北宜昌规划 8 亿平方米。此外，还计划在其他省份新建一个基地， 规划产能 32 亿平方米。到 2026 年，总产线投入将达到 80 亿平方米，到 摘要 2025 年全球锂电池隔膜需求预计为 192 亿平方米，总产能超 350 亿平 方米，恩捷股份满载产能达 130 亿平方米，行业整体开工率约为 60%，呈现供大于求的局面。 金力股份计划大幅扩张产能，预计到 2029 年设计满载值达 158 亿平方 米，并在欧洲和北美建设后端涂布工厂，总投资巨大。 高穿刺强度 5 微米湿法隔膜需求激增，目前金力股份和岚图能够大批量 交付，预计 2026-2027 年将占据 35%-50%的市场份额，未来可能达 到 70%。 5 ...

证券日报网讯12月19日，恩捷股份（002812）在互动平台回答投资者提问时表示，公司目前湿法隔膜产 能利用率较高，三季报显示销量数据同环比均有增长，公司与具体客户的合作信息涉及商业保密协议的 约束，不便透露，如有达到披露标准的商业合同公司会及时披露。在全固态电池材料布局方面，公司下 属控股子公司湖南恩捷前沿新材料科技有限公司专注高纯硫化锂、硫化物固态电解质和硫化物固态电解 质膜产品的研发和布局，高纯硫化锂产品的中试线已经搭建完成，固态电解质10吨级产线已经投产，具 备出货能力。后续产能规划会根据下游客户需求合理安排建设和投产节奏。 ...

倒计时2天 2025（第十届）起点锂电行业年会暨锂电金鼎奖颁奖典礼 &起点研究十周年庆典 2025起点用户侧储能及电池技术论坛 活动主题： 新周期 新技术 新生态 活动时间： 2025年12月18-19日 活动地址： 深圳市维纳斯皇家酒店（深圳国际会展中心京基百纳店）三楼维纳斯厅（深圳市宝安区沙井 镇沙井路118号） 主办单位： 起点锂电、起点储能、起点研究院SPIR 赞助及演讲单位： 惠州潼湖生态智慧区管理委员会/逸飞激光/小鲁锂电/派能科技/莫洛奇/融捷能源/远 东电池/诺达智慧/奥鸿智能/中天和/超业精密/北测新能源/蓝京新能源/贤辰智享/东唐智能/达力智能/ 亿鑫丰/爱签/和明机械/金力股份/孚悦科技/乾纳智能装备/多氟多/科迈罗/三合一体/果曼钠电/新能安/ 海辰储能/瑞浦兰钧/鹏辉能源/国轩吉泰美/创明新能源/德赛电池/先导智能/亿纬锂能/移族/新日股份/ 弘正储能/亮见钠电/易事特/清陶云能/信宇人/星恒电源/昆仑化学/星翼能源 /汇创新能源 /力通威 等 储能爆发，让锂电池从去年的囤货清仓狂甩变为如今的供不应求，市场反转之快超乎意料。同时，近两年的价格战让各环节供应商精疲力竭， "反内卷"呼声 ...

Macro Economic Group - In November, the industrial added value above designated size grew by 4.8% year-on-year, a decrease of 0.1 percentage points from October, while the cumulative year-on-year growth from January to November was 6.0%, also down by 0.1 percentage points from the previous month [4] - The fixed asset investment year-on-year growth from January to November was -2.6%, the lowest since June 2020, falling short of the Wind forecast of -2.2% and down by 0.9 percentage points from January to October [4] - The retail sales of consumer goods in November saw a nominal year-on-year growth of 1.3%, below the Wind forecast of 2.9%, and down by 1.6 percentage points from October [5] Industry Comprehensive Group - The Ministry of Industry and Information Technology granted conditional approval for the first batch of L3 autonomous driving models, allowing Changan Automobile and BAIC Arcfox to conduct trials in designated areas [9] - STMicroelectronics has delivered over 5 billion RF antenna chips to SpaceX for its Starlink satellite network, with expectations to double the delivery quantity by 2027, indicating a positive outlook for the domestic satellite communication chip industry [9] Advanced Manufacturing Group - The lithium battery separator industry has seen a price increase, with a leading company raising the price of wet-process separators by 30%, and overall price increases expected to reach 20% [11] - The domestic separator shipment volume in the first three quarters of 2025 reached 22 billion square meters, a year-on-year increase of over 40%, driven by strong demand from new energy vehicles and energy storage [11] - The industry is experiencing a structural shift in pricing power, with leading manufacturers maintaining full production capacity and actively pursuing mergers and acquisitions [11] Consumer Group - Domestic personal care products are outperforming foreign brands, with toothpaste sales reaching 1.145 billion yuan in November, a year-on-year increase of 13%, while foreign brands like Colgate saw a decline [13] - The XR device sales in November increased by 128% year-on-year, indicating a growing interest in AI consumer applications, supported by developments from major tech companies like Google [14]

Core Viewpoint - The article discusses the recent trend of mergers and acquisitions in the lithium battery materials sector, particularly focusing on the diaphragm, positive and negative electrode segments, as companies shift from new capacity construction to consolidation and restructuring of existing assets amid a price war and capacity redundancy in the industry [2][9]. Group 1: Diaphragm Segment - Two significant mergers in the diaphragm segment have been initiated, with Enjie Co., Ltd. planning to acquire 100% equity of Qingdao Zhongke Hualian through a share issuance and raise matching funds [2] - Fusheng Technology has also disclosed plans to issue shares and pay cash for asset purchases, which have been approved by the Shenzhen Stock Exchange's merger and reorganization review committee [2]. Group 2: Positive Electrode Segment - Rongbai Technology announced plans to use its own funds of 342 million yuan to acquire a portion of Guizhou Xinren's equity and invest an additional 140 million yuan, resulting in a 93.2% ownership stake [4] - Guizhou Xinren currently has an annual production capacity of 60,000 tons of lithium iron phosphate and possesses rapid expansion potential [5]. Group 3: Negative Electrode Segment - Binhai Energy plans to acquire 51% equity of Xingtai Xuyang New Energy Technology Co., Ltd. for 18.44 million yuan, which is related to resolving industry competition and expanding the negative electrode material R&D base [6]. - China Baoan has announced its intention to lead the recruitment of investors for the substantial merger and restructuring of the Shanshan Group and its wholly-owned subsidiary, having already paid a due diligence deposit of 50 million yuan [6]. Group 4: Copper Foil Segment - Defu Technology disclosed plans to acquire 100% equity of Luxembourg-based CFL for 17.4 million euros, with the target company's value estimated at 21.5 million euros [7]. - Nord Shares announced plans to sell 70% equity of its wholly-owned subsidiary Jiangsu Lianxin for 70 million yuan to optimize its asset structure [8]. Group 5: Market Trends and Insights - The increase in mergers and acquisitions is linked to expectations of industry consolidation amid a backdrop of "anti-involution" [9]. - In August, key dry diaphragm enterprises reached a consensus on price discipline, scientific capacity release, and a pause on capacity expansion [10]. - The lithium iron phosphate market is projected to see a cumulative production of over 2.5 million tons from January to October 2025, with a year-on-year growth rate exceeding 50%, although high growth is accompanied by low profitability [10].

隔膜产品方面，标的公司凭借在隔膜行业深耕多年的技术积累和制造经验，于2016年创建了蓝科途隔膜 品牌，根据GGII数据，蓝科途2024年湿法隔膜市场国内占有率约为4.5%，排名行业第六。本次交易完 成后，标的公司隔膜产品可以对上市公司现有隔膜产品矩阵起到补充，进一步完善先进产能的布局，提 升规模效应；同时，如标的公司可获得足够建设资金支持，标的公司隔膜产线产能将会更快提升、业绩 释放更加迅速。此外，上市公司作为全球出货量最大的锂离子电池隔膜供应商，市场份额已连续多年处 于市场首位，充足的订单需求和丰富的销售渠道可以有效促进标的公司隔膜产品的销售。 格隆汇12月12日丨恩捷股份(002812.SZ)公布，公司拟通过发行股份的方式向郅立鹏、青岛众智达、陈 继朝、杨波、袁军等共63名交易对方购买其合计持有的中科华联100%的股份，并向不超过35名符合条 件的特定对象发行股份募集配套资金。截至本预案签署日，标的公司的审计和评估工作尚未完成，本次 交易的具体交易价格尚未确定。 隔膜生产装备方面，标的公司作为国内领先的锂电池隔膜生产装备制造商，自2013年第一条锂电池隔膜 生产演示线调试成功以来，自主研发隔膜整套生产装备 ...

Group 1 - Lithium battery stocks mostly rose, with Ganfeng Lithium up 4.51% at HKD 53.2, Tianqi Lithium up 4.14% at HKD 49.86, and CATL up 3.43% at HKD 515.5 [1] - Dejia Energy announced a 15% price increase for its battery products starting December 16 due to rising raw material costs [1] - Contemporary Amperex Technology Co., Ltd. (CATL) is in discussions with clients regarding price increases, with some products already seeing price hikes [1] Group 2 - According to CICC's previous report, a bottom reversal trend in lithium batteries is expected to emerge from 2025 as industry prices stabilize and supply-demand structures improve [2] - The outlook for 2026 anticipates a new upward cycle in lithium batteries, with energy storage expected to be a key driver [2] - A new round of lithium battery technology cycle, centered around solid-state batteries, is accelerating towards an industrialization inflection point [2]

Core Viewpoint - Lithium battery stocks are experiencing an upward trend, driven by rising production costs and price adjustments in the industry [1] Group 1: Stock Performance - Ganfeng Lithium (01772) increased by 4.51%, trading at 53.2 HKD [1] - Tianqi Lithium (09696) rose by 4.14%, reaching 49.86 HKD [1] - CATL (03750) saw a 3.43% increase, priced at 515.5 HKD [1] - Longpan Technology (02465) grew by 2.9%, now at 14.92 HKD [1] - Zhongchu Innovation (03931) climbed 1.51%, trading at 28.22 HKD [1] Group 2: Price Adjustments and Production Costs - Dejia Energy announced a 15% price increase on its battery products starting December 16 due to rising raw material costs [1] - A communication regarding price increases is ongoing at Funeng Technology, with some products already seeing price hikes [1] - Recent data from Xinluo Lithium indicates a battery production forecast of 143.3 GWh for December, reflecting a 2.3% month-over-month increase [1] Group 3: Industry Outlook - CICC's previous research report suggests a trend of price stabilization and improved supply-demand structure in the lithium battery industry starting in 2025 [1] - The industry anticipates a new upward cycle beginning in 2026, with energy storage expected to be a key driver [1] - The acceleration of solid-state battery technology is seen as a pivotal point for industrialization in the new lithium battery technology cycle [1]

Investment Rating - The report does not provide specific investment ratings for the sub-industries within the power equipment and new energy sector [2]. Core Insights - The industry is entering a critical layout period, with Longi's announcement indicating a reversal opportunity [3]. - The lithium battery supply chain's price negotiations and the progress of new energy combined with AI are key investment focuses, suggesting that lowered expectations present new layout opportunities [3]. - The new energy vehicle supply chain has entered a new upward cycle, with significant production levels expected [3][4]. Summary by Sections Industry Chain Prices - Recent price increases in lithium battery materials, including a 5% rise in cobalt and electrolyte prices [11][24]. - The overall industry supply-demand balance remains stable, with some products entering a destocking phase [25]. Industry News Tracking - The report highlights the ongoing developments in the new energy and AI sectors, including Tesla's advancements in humanoid robots and Longi's employee stock ownership plan [24][31]. - The report notes that the National Development and Reform Commission has revised pricing mechanisms for new energy storage, promoting market competition [27]. Recommended Companies and Ratings - Longi Green Energy, GCL-Poly Energy, and Aiko Solar are highlighted as companies to watch due to their technological leadership and potential for growth [5][6]. - The report emphasizes the importance of leading companies with pricing power, such as CATL and BYD, in the lithium battery market [3][4].

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [1][7]. Core Insights - The acquisition of 100% equity in Jinli Co., a leading player in the wet diaphragm sector, has been approved by the Shenzhen Stock Exchange, which is expected to significantly enhance the company's performance in the lithium battery diaphragm market [1][7]. - The company has been focusing on high-end materials and traditional films since its entry into the lithium battery diaphragm sector in 2011, and the acquisition is seen as a strategic move to strengthen its position in the wet diaphragm market [1][11]. - The demand for lithium batteries has been growing, leading to a recovery in the supply-demand dynamics of diaphragms, which is expected to result in industry-wide profitability improvements [1][7]. Financial Data and Valuation - Total revenue is projected to be 2,215 million yuan in 2023, with a year-on-year decline of 16%, followed by a slight increase of 1% in 2024 [2]. - Operating profit is expected to be 224 million yuan in 2023, with a significant year-on-year growth of 23%, but a decline of 26% is anticipated in 2024 [2]. - Net profit attributable to shareholders is forecasted at 214 million yuan in 2023, reflecting a substantial year-on-year increase of 57%, but a decrease of 44% is expected in 2024 [2]. - The company’s price-to-earnings (PE) ratio is projected to be 55.2 in 2023, increasing to 98.6 in 2024 [2]. Acquisition Details - The acquisition of Jinli Co. is valued at 5.08 billion yuan, with 4.0 billion yuan paid in cash and 4.68 billion yuan in shares at an issue price of 3.81 yuan per share [11][12]. - The acquisition is expected to create synergies in technology, business, finance, and procurement, enhancing the company's competitive edge in the diaphragm market [31][7]. Market Position and Product Development - Jinli Co. is positioned as a major player in the wet diaphragm market, with a market share of 18% in China and 15.6% globally, ranking second in both markets [17]. - The company has successfully introduced a 5μm ultra-thin high-strength diaphragm into the product systems of major clients like CATL, achieving a domestic market share of 63% in this segment [28][17]. - The demand for 5μm ultra-thin high-strength diaphragms is expected to grow significantly, with projections indicating a market penetration of over 20% by 2025 [47][28]. Industry Outlook - The wet diaphragm industry is anticipated to experience a recovery in profitability, driven by increasing demand for lithium batteries and limited capacity expansion among major players [32][33]. - The industry is witnessing a trend towards thinner and stronger diaphragms, with the 5μm product expected to replace the 7μm and 9μm products in the market [47][28].