2025高工新能源新材料产业大会 —— 新材料·新动能·新生态 主办单位： 高工锂电、 高工储能、高工产业研究院（GGII） 总冠名： 英联复合集流体 会议时间： 2025年7月8日-9日 会 议地 点： 成都·邛崃·羊安新城会议中心（成都市邛崃市崃岭大道299号） 文末扫码报名 在全球新能源供应链加速重构的背景下， 星源材质东盟基地 —— 马来西亚工厂（一期） 于 6 月 28 日 正式投产 。 此举不仅标志着中国企业在 全球 高端隔膜制造领域 又 迈出了里程碑式的一步，更深层的战略意 图在于 ， 凭借 星源材质 深厚的技术壁垒，摆脱国内市场的同质化竞争，建立一个独立的海外定 价体系 ，以提升公司的盈利能力。 该项目总投资额接近 50 亿元人民币，规划年产能高达 20 亿平方米 ， 同时也将成为全球最大的 锂离子电池隔膜及固态电池刚性骨架生产制造基地。 公司管理层判断，随着全球（尤其在欧美市场）对非中国供应链的电池需求增长， 预计到 2026 年底后，海外高端隔膜市场将面临结构性供应短缺，届时拥有本地化先进产能的企业将掌握显著的 议价优势。 另据测算， 公司海外产能释放完后，将贡献集团一半的利润 ，这 也 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 8.96 yuan [7]. Core Views - The company reported a revenue of 3.541 billion yuan for 2024, a year-on-year increase of 17.52%, but a net profit attributable to shareholders of 364 million yuan, a decrease of 36.87% [3]. - In Q1 2025, the company achieved a revenue of 889 million yuan, up 24.44% year-on-year, but the net profit attributable to shareholders fell by 56.39% to 47 million yuan [3]. - The company has significantly increased its production and sales of separator materials, with production reaching 4.05 billion square meters, a 56.25% increase year-on-year, and sales reaching 3.99 billion square meters, a 57.64% increase [4]. - The company is expanding into the semiconductor field, signing a strategic cooperation framework agreement with RS Technologies to enhance its position in the materials sector [5]. Financial Performance Summary - For 2024, the company reported total revenue of 3.541 billion yuan and a net profit of 364 million yuan, with a projected revenue growth of 26.1% in 2025, reaching 4.465 billion yuan [6][10]. - The net profit is expected to recover to 467 million yuan in 2025, reflecting a growth rate of 28.4% [6][10]. - The company’s earnings per share (EPS) is projected to increase from 0.27 yuan in 2024 to 0.35 yuan in 2025, with a price-to-earnings (PE) ratio decreasing from 33 to 26 [6][10]. Market Position and Strategy - The company has established strong partnerships with major domestic and international battery manufacturers, including CATL and LG Chem, enhancing its market presence [4]. - The company is focusing on technological upgrades and product innovation, particularly in functional films and high-safety separators, to maintain its competitive edge [4].