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方正富邦汤戈:固态电池打开行业第二增长曲线 需警惕三大风险
Zheng Quan Shi Bao· 2025-09-20 15:18
从量产前景看,氧化物与聚合物因工艺成熟有望率先量产;硫化物虽具能量密度优势,但仍面临硫化氢 抑制、界面优化及高纯原料制备等技术瓶颈。这种差异化进展决定了固态电池产业将呈现"多元并行、 渐进落地"的发展格局,既保障短期商业化确定性,又为长期技术迭代留出空间。 在汤戈看来,技术与商业化的联动正重塑固态电池投资逻辑——从技术愿景转向量产与应用导向的务实 评估。半固态电池在主流车型的渗透,既传递了市场需求信号,又为全固态技术发展积累了工艺数据与 供应链经验。 证券时报记者 赵梦桥 近期,创业板行情由芯片半导体和锂电池两大主力"承包",宁德时代更是股价创下近四年来新高,固态 电池频出的产业利好是促使锂电池板块"老树发新芽"的重要原因,Wind数据显示,固态电池指数8月以 来已经上涨23.31%,今年累计涨幅已超过50%。 经过多年探索,固态电池的发展路径与材料体系的脉络已经基本确定,作为过渡产品,当前准固态、半 固态的实际装车能力已得到产业认证,并为投资价值提供了现实支撑。"今年新能源行业整体见底回 升,锂电池行业中固态电池相当于第二增长曲线,从现在时点看具有持续性,也符合我们均值回归的投 资策略。"方正富邦基金基金经 ...
贝特瑞(835185):北交所信息更新:固态电池材料突破引领新增长,2025H1负极销量高增33%盈利企稳
KAIYUAN SECURITIES· 2025-09-02 05:56
Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company achieved a revenue of 7.838 billion yuan in H1 2025, representing a year-on-year growth of 11.36%. However, the net profit attributable to shareholders decreased by 2.88% to 479 million yuan. The report maintains profit forecasts for 2025-2027, expecting net profits of 1.189 billion yuan, 1.671 billion yuan, and 2.002 billion yuan respectively, with corresponding EPS of 1.05 yuan, 1.48 yuan, and 1.78 yuan. The current stock price corresponds to P/E ratios of 25.6, 18.2, and 15.2 for the respective years [5][6] Financial Performance - In H1 2025, the company generated 6.279 billion yuan in revenue from anode materials, with sales exceeding 260,000 tons, a year-on-year increase of 32.83%. The gross margin for anode materials was 25.59%. Revenue from cathode materials was 1.418 billion yuan, with sales exceeding 10,000 tons, a year-on-year increase of 4.30%, and a gross margin of 11.70%, up by 5.72 percentage points [6][7] - The company has established anode material production capacity of 575,000 tons per year and cathode material production capacity of 73,000 tons per year. The overseas base in Indonesia has completed the first phase of an 80,000-ton anode material project, with the second phase under construction. Additionally, the company is advancing projects in Morocco for cathode and anode materials with capacities of 50,000 tons and 60,000 tons per year respectively [6][7] Product Development - The company has made breakthroughs in solid-state and semi-solid-state battery materials, developing the industry's first lithium-carbon composite anode material compatible with solid-state batteries, which has received technical recognition from customers. The sulfide solid electrolyte product has achieved a particle size below 500nm, meeting customer application requirements for ionic conductivity and cycle performance. The oxide electrolyte product has secured orders in the hundred-ton range, with matching cell installation capacity exceeding 1GWh [7] - The newly developed CVD silicon-carbon products have entered the pilot testing stage and have been recognized by several major global power customers, with mass production and shipment expected in 2025. The company has also launched a comprehensive solution for solid-state battery materials, introducing the "Beian FLEX series" semi-solid-state battery core materials and the "Beian GUARD series" solid-state battery core materials [7]
中国宝安:上半年净利润2.44亿元,同比增长24.51%
Core Viewpoint - China Baowu Steel Group reported a revenue of 10.839 billion yuan for the first half of 2025, marking an 8.07% year-on-year increase, and a net profit attributable to shareholders of 244 million yuan, reflecting a 24.51% growth [1] Group 1: Financial Performance - The company achieved a revenue of 10.839 billion yuan in the first half of 2025, which is an increase of 8.07% compared to the previous year [1] - The net profit attributable to shareholders reached 244 million yuan, showing a significant year-on-year growth of 24.51% [1] - Basic earnings per share were reported at 0.0945 yuan [1] Group 2: Product Development and Market Position - The sales volume of artificial graphite reached a historical high during the reporting period [1] - In the all-solid-state battery materials sector, the company developed the industry's first lithium-carbon composite anode material compatible with all-solid-state batteries [1] - In the semi-solid battery materials field, the oxide electrolyte product developed by the company received technical recognition from new clients in the power and 3C sectors, leading to bulk supply agreements and securing orders in the hundred-ton range [1] - The polymer electrolyte also established strategic cooperation with clients, resulting in orders in the ton range [1]
重磅!聚合物将在固态电池竞赛中胜出!郭新教授团队揭示行业迷思
起点锂电· 2025-08-18 09:54
Core Viewpoint - Solid-state batteries are recognized as the next-generation battery technology, leading to a new "high ground struggle" in the energy sector, with four main electrolyte technology routes: polymer, oxide, sulfide, and halide [2][3]. Summary by Sections Industry Progress and Evaluation - The transition from laboratory prototypes to industrialization of solid-state battery technology necessitates a systematic reconstruction of the evaluation framework, expanding assessment criteria to include scalability, supply chain maturity, and lifecycle costs [3][4]. Polymer Electrolyte Advancements - Polymer solid electrolytes have historically faced skepticism due to low room temperature ionic conductivity, but recent breakthroughs have seen many polymer systems exceed 10⁻³ S·cm⁻¹, enhancing their application potential [6][19]. - Strategies to improve the electrochemical stability window of polymer electrolytes have been developed, allowing advanced polymer systems to achieve stability above 5V [6][19]. Thermal Stability and Safety - Enhancements in thermal stability are critical for the safe operation of solid-state batteries, with research focusing on thermally cross-linked polymers and polymer-ceramic composite electrolytes to improve thermal resistance and mechanical strength [7][19]. Interface Characteristics - The electrolyte-electrode interface is a recognized bottleneck for solid-state battery performance. Polymer electrolytes offer excellent adaptability to volume changes during cycling, maintaining stable interface contact and reducing interfacial resistance [11][20]. Supply Chain and Cost Advantages - Polymer systems benefit from a mature industrial base, with established supply channels for raw materials that avoid rare metals, ensuring stable supply and low-cost mass production [17][20]. - Compared to inorganic solid electrolytes, polymer electrolytes present significant cost advantages, with production costs for sulfide electrolytes being approximately 50 times higher than those for polymer electrolytes [25][20]. Challenges for Inorganic Electrolytes - In contrast, the industrialization of inorganic solid electrolytes faces severe challenges, including the need for extensive process overhauls, reliance on specialized equipment, and high raw material costs, which hinder scalability [22][29]. - The inherent brittleness of oxide electrolytes and the thermal instability of sulfide electrolytes pose additional safety risks, complicating their commercial viability [25][29]. Conclusion - Overall, polymer electrolyte systems have emerged as the most feasible technology for the industrialization of solid-state batteries, addressing traditional limitations and demonstrating unique advantages for large-scale commercialization [20][29].
重视固态电池材料等成长板块
GOLDEN SUN SECURITIES· 2025-08-10 13:18
Investment Rating - The report maintains a "Buy" rating for key stocks in the basic chemical sector, including Dongyangguang, Jingtai Holdings, Zhongyan Dadi, and Weixing Chemical [4]. Core Insights - The basic chemical sector is experiencing a configuration opportunity, with the index declining from a peak of 9565.18 points in September 2021 to a low of 3876.11 points in February 2024, representing a cumulative drop of 59.5% [1]. - The construction project growth rate in the chemical industry has been continuously declining, with a forecasted negative growth rate of -7.3% by Q1 2025 [1]. - The basic chemical index saw a cumulative increase of 5.9% from July 11 to August 8, 2024, while the petroleum and petrochemical index increased by 2.5% during the same period [1]. - Institutional holdings in the basic chemical sector peaked in Q3 2021 at 6.69%, but have since declined to 3.72% by Q2 2025 [1]. Summary by Sections Solid-State Battery Materials - Solid-state batteries are expected to significantly enhance energy density, with potential to exceed 500 Wh/kg, compared to traditional lithium-ion batteries which struggle to surpass 300 Wh/kg [2]. - The report highlights the importance of solid-state battery materials, including polymer, oxide, and sulfide types, with a focus on sulfide materials for future full solid-state batteries [2]. - Companies to watch in this sector include Daoshi Technology and Changyang Technology, as they are positioned to benefit from the anticipated industrialization of solid-state batteries starting in 2026 [2]. AI4S and AI Materials Investment Opportunities - AI4S is rapidly penetrating the pharmaceutical and chemical industries, with significant growth in innovative drug licensing transactions reaching 41 deals worth $36.929 billion in Q1 2025 [3]. - AI technologies are expected to replace traditional drug development processes, enhancing efficiency and reducing costs [3]. - The report identifies key players in AI4S, including Jingtai Holdings and Zhizhi New Materials, as well as suppliers of AI-specific hardware and materials [3].