Investment Rating - The report maintains an "Outperform" rating for Guocera Materials (300285) [1] Core Views - The company's main business is steadily improving, and its multi-business layout highlights its advantages as a platform-type new materials enterprise [1] - The financial performance for the first half of 2025 shows a revenue of 2.154 billion yuan, a year-on-year increase of 10.3%, and a net profit attributable to the parent company of 332 million yuan, a year-on-year increase of 0.4% [5] - The report forecasts a steady growth in revenue and net profit for the coming years, with expected net profits of approximately 712 million, 836 million, and 987 million yuan for 2025, 2026, and 2027 respectively [5][6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 4.047 billion yuan, with a year-on-year growth rate of 4.9% [4] - The expected revenue for 2025 is 4.547 billion yuan, reflecting a year-on-year growth of 12.4% [4] - The gross profit margin is expected to improve gradually, with projections of 39.9%, 40.4%, and 40.6% for 2025, 2026, and 2027 respectively [4] - The return on equity (ROE) is forecasted to increase from 9.7% in 2025 to 10.8% in 2027 [4] Business Segment Performance - The electronic materials segment achieved a revenue of 344 million yuan in the first half of 2025, a year-on-year increase of 23.65% [5] - The catalyst materials segment reported a revenue of 456 million yuan, a year-on-year increase of 12.3% [5] - The biomedical segment's revenue remained stable at 438 million yuan, while the new energy materials segment saw a revenue increase of 26.4% to 217 million yuan [5] - The precision ceramics segment is experiencing growth, with significant supply to major clients like BYD and Xiaomi [5]

Core Viewpoint - Enjie Co., Ltd. has launched its 5μm ultra-thin lithium battery separator, which is currently the thinnest product in mass production, showcasing advancements in separator technology and addressing industry trends for improved battery performance [1][2]. Group 1: Production and Technology - The Yuxi base of Enjie Co., Ltd. features a dedicated production line cluster for the 5μm product, designed to "Lighthouse Factory" standards, achieving digitalization, automation, and modularity [2]. - The base has a planned total of 16 production lines covering over 480 acres, with a current monthly production capacity of 19 million square meters [2]. - The 5μm separator has a puncture strength of 550gf, which is over 16% stronger than the 7μm separator, while its thickness is reduced by 28.5% and internal resistance decreased by 20.9% [3]. Group 2: Industry Trends and Demand - The lithium battery separator industry is experiencing rapid growth due to increased demand from electric vehicles and energy storage, leading to significant technological advancements and capacity expansions [3][4]. - The industry is currently facing intense competition and price declines due to concentrated supply releases and cost control efforts from downstream battery manufacturers [4]. Group 3: Strategic Positioning and Future Outlook - Enjie Co., Ltd. aims to maintain its leading position in the separator market by investing heavily in new products and focusing on technological breakthroughs [4]. - The company recognizes the potential impact of emerging battery technologies, such as all-solid-state batteries, on the lithium battery market, although these technologies are not yet commercially viable [4][5]. - Enjie Co., Ltd. is actively developing solid-state battery materials, with a focus on sulfide solid electrolytes, which constitute 36% of the total cost of solid-state batteries [6].

前不久，在恩捷股份(002812)技术创新论坛上，公司正式发布了其5μm超薄锂电池隔膜产品。这是公司目前量产的"最薄"动力电池隔膜。 近日，证券时报·e公司记者探访恩捷股份玉溪基地，实地观摩了其5μm产品的生产流程，并就动力电池隔膜行业发展趋势，固态电池材料研发进程等，与公 司相关技术负责人进行了直接对话。 记者在现场看到，产线处于全封闭生产状态，仅有少量技术人员。 玉溪基地有关负责人表示，这个基地系恩捷股份5μm产品专属产线集群，按"灯塔工厂"标准设计施工，实现了产线的数字化、自动化和模块化，通过部署数 字化系统以及AI算法，实现数据实时监控与优化。基地合计规划16条产线，占地面积超过480亩，目前的月产能为1900万平方米。 锂电池隔膜是锂电池正负极之间的一层薄膜，其厚度仅为头发丝的十分之一。在锂电池进行电解反应时，隔膜能够分隔正负极，防止短路现象的发生，同时 允许电解质离子自由通过。作为锂电池四大材料之一，隔膜的成本约占锂电池成本的10%，是研发难度最大、技术含量最深、附加值最高、投资强度最大的 锂电池材料。 通常情况下，隔膜厚度的减少和强度提升是相悖的。程旭表示，公司此番通过结构调控、多机链协同等技术 ...