锂电材料推荐更新 20151223 摘要 锂电材料板块受关注，短期市场对需求的担忧有望缓解，大客户价格和 四季度业绩将在一两周内揭晓，整体需求问题或明年 3 月明朗，当前或 是较佳投资时机。 看好六氟磷酸锂和隔膜细分领域，以及 EC 溶剂、添加剂和石墨化环节。 正负极材料、铜铝箔等亦受益，但各环节弹性和斜率不同。AIDC 和电 气设备值得关注，储能市场尤其是海外市场潜力巨大。 安孚科技具备长期投资价值，第二主业潜力巨大，目前估值约 16 倍， 增长潜力上移，品牌效应和现金流强劲，值得长期关注。 锂电池与材料行业资本开支比例失衡，材料端投资弱于电池端，多数公 司依赖融资，缺乏业绩支撑，未来供需平衡向好，利好六氟磷酸锂和隔 膜。 短期市场关注大客户和头部公司价格表现，若 1 月价格高于 12 月即为 积极信号，头部公司涨价 5%-10%将带动二线公司。12 月底至 1 月 15 日业绩快报披露期值得关注。 Q&A 目前锂电行业的投资机会和前景如何？ 锂电材料板块在未来几年内具有显著的投资机会。2026 年将是周期底部反转 的第一年，预计会出现强劲增长。如果 2026 年表现不如预期，2027 年的表 现将更为强劲 ...

Group 1: Electronic Distribution Industry - The electronic distribution companies such as Shangle Electronics, Runxin Technology, and Tailong Co. reported strong growth in Q3 2025, with Shangle Electronics achieving a revenue of 6.19 billion yuan, a year-on-year increase of 32.8%, and a net profit of 141 million yuan, up 164.3% [2] - Runxin Technology's revenue reached 2.147 billion yuan, growing by 11.67%, with a net profit of 46.08 million yuan, an increase of 24.09% [2] - Tailong Co. reported a revenue of 2.058 billion yuan, up 5.8%, and a net profit of 38.36 million yuan, growing by 9.84%, indicating a broad recovery in the electronic industry beyond just AI [2] Group 2: Advanced Manufacturing Sector - Putailai, focusing on negative electrode materials and lithium battery equipment, reported a revenue of 3.742 billion yuan, a 6.66% increase, and a net profit of 645 million yuan, up 69.3% [6] - The significant profit growth is attributed to strong demand in the downstream battery sector and breakthroughs in the energy storage field [6] - Juhe Materials, specializing in electronic paste, reported a revenue of 4.206 billion yuan, a 37.38% increase, but a net profit decline of 52.21% due to fair value and investment losses [7] Group 3: Consumer Sector - Jiabiou and Jihong Co. reported results in line with expectations, while Morn Bio achieved a revenue of 5.047 billion yuan, a decrease of 3.41%, but a net profit surge of 385.3% driven by its plant extraction business [9] - The plant extraction segment saw a revenue increase of 7.35%, with significant growth in chili and pepper extracts [9] - Ice Glacier Network reported a revenue of 1.876 billion yuan, down 5.39%, but a net profit increase of 207.49% due to optimized spending strategies and new game approvals [10]