电芯6家： 铁锂排产113.6GWh，环比+9%，同比+49%； 三元排产22.2GWh，环比+1%，同比+12%； 其中龙头为55+18.5=73.5GWh，环比+6%，同比+41% 正极： 三元正极4家排产2.6万吨，环比+2%，同比+15%； 铁锂正极4家排产13.0万吨，环比+0%，同比+19%； 负极4家：排产16.3万吨，环比+6%，同比+50%； 隔膜3家：排产17.2亿平米，环比+4%，同比+31%； 电解液2家：排产10.0万吨，环比+4%，同比+46% 数说新能源服务类型： 往 期推荐 主机厂电芯采购：兼顾性能和成本 加入社群 添加半仙微信，备注"进群"，邀请你加入锂电行业社群，获得行业最新动态、行业干货报告和精准人脉。 比亚迪出海：发力东南亚 CATL ：储能市场增长高于动力 本公众号基于分享的目的转载，转载文章的版权归原作者或原公众号所有，如有涉及侵权请及时告知，我们将予以核实并删除。 ...

Summary of Key Points from Conference Call Industry Overview - The lithium battery industry is expected to see optimistic demand growth in 2026, particularly in the power battery and energy storage markets, with heavy-duty trucks projected to double in growth and the European market benefiting from carbon emission assessments, maintaining a 30% growth rate [1][2] - The domestic passenger car market is experiencing significant increases in single-vehicle battery capacity, supporting overall demand [1] Core Insights and Arguments - Lithium hexafluorophosphate is currently in tight supply, and new production capacity may not fully cover the demand growth, indicating potential for price increases [1] - The supply pressure for separators is easing, with expectations for price and profitability recovery [1] - Structural shortages in lithium iron phosphate and anode materials persist, making price increases challenging, but new products and export profitability are anticipated [1] - The price of lithium carbonate has been corrected to around 70,000 yuan/ton, which aligns with reasonable profit margins for 2025 [1][9] - The overall supply-demand balance for lithium is expected to be maintained in 2026, with prices likely to fluctuate within a range [1][11] Market Trends - The energy storage market is experiencing significant growth, with overseas markets doubling since early 2025 and expected to maintain over 50% growth in 2026 due to declining battery prices and achieving parity in overseas markets [3] - The heavy-duty truck market is projected to see over 100% growth this year, with a shift from closed routes to trunk lines, significantly increasing single-vehicle battery capacity [5] - The European market is expected to grow by 30% this year due to carbon emission assessments, with a forecasted growth rate of 20-30% next year [5] Investment Opportunities - The lithium industry offers potential investment opportunities, particularly in lithium hexafluorophosphate and separators, which are expected to have the most potential due to their supply rigidity [7] - Companies with other metal layouts and new product releases may also see upward adjustments in their valuations [12] - Recommended companies include Ganfeng Lithium, Zhongjin Lingnan, Yongxin Lithium, and others [12] Equipment and Non-Lithium Business Impact - The overall bidding volume for lithium battery equipment is expected to reach 200-300 GW in 2025, supported by improved demand and overseas market orders [13] - Non-lithium businesses such as 3C, electric heavy trucks, and electronic cigarettes are providing significant support to equipment companies [14] - Recent orders from second-tier TV manufacturers are optimistic, with expectations for strong demand in 2026 driven by overseas markets and energy storage [15][16] Solid-State Technology - Companies with solid-state technology capabilities are expected to have significant elasticity and profitability potential, with a focus on firms like C Chain, Xianhui, Lianying, and Galaxy [17] - The mechanical equipment sector is performing well, with major companies seeing order growth exceeding 50% in the first half of 2025, and solid-state technology developments are enhancing future growth prospects [18]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 7.088 billion yuan for the first half of 2025, representing a year-on-year increase of 11.95%. The net profit attributable to shareholders was 1.055 billion yuan, up 23.03%, and the net profit excluding non-recurring items was 999.2 million yuan, an increase of 29.17% [2][4] - In Q2 2025, the company achieved a revenue of 3.873 billion yuan, a year-on-year growth of 17.46%, with a net profit of 568 million yuan, up 37.44%, and a net profit excluding non-recurring items of 518 million yuan, reflecting a growth of 48.32% [2][4] - The company’s separator coating sales reached 4.773 billion square meters, a year-on-year increase of 63.85%, while the sales of base film reached 528 million square meters, showing significant growth. The sales of PVDF and PAA also saw substantial increases of 68.19% and 153.1% respectively [10] - The company is expanding into new business areas, including solid-state battery equipment and materials for robotics and chip manufacturing, which are expected to contribute positively to future growth [10] Financial Performance - The company’s total revenue is projected to reach 13.448 billion yuan in 2027, with a gross profit margin expected to improve from 27% in 2024 to 31% in 2027 [14] - The net profit attributable to shareholders is forecasted to grow from 2.287 billion yuan in 2025 to 3.921 billion yuan in 2027, indicating a strong upward trend in profitability [14] - The company’s R&D expenses have significantly increased, reaching 226 million yuan in Q2 2025, reflecting a commitment to innovation and product development [10]

Core Viewpoint - The solid-state battery market is expected to see significant opportunities in the coming years, particularly if small-scale applications lead to large-scale adoption, potentially reaching a market size in the hundreds of billions [1] Group 1: Market Opportunities - The solid-state electrolyte sector is anticipated to play a crucial role, with the market potentially reaching several hundred billion [1][3] - The upcoming quarter is expected to witness major automakers achieving mass production of semi-solid-state batteries, while full solid-state batteries are still in the experimental phase [1] - The recent consensus in the industry has accelerated the timeline for mass production and the transition from 0 to 1 in solid-state battery technology [1] Group 2: Key Catalysts - Two main catalysts are identified: a shift in industry consensus and significant changes at the enterprise level, including the recent mass market launch of semi-solid-state battery vehicles by leading automakers [1] - The solid-state battery sector has seen a notable surge in market activity, driven by advancements in technology and production readiness [1] Group 3: Material Focus - Solid-state electrolytes are highlighted as the most critical material, as they will completely replace traditional separators and electrolytes in solid-state batteries [2] - The negative electrode sector is also gaining attention, with its value share in battery costs expected to rise significantly in solid-state systems compared to liquid systems [3]

Group 1 - The core viewpoint of the article highlights the production data of various battery components, indicating a positive growth trend in both lithium-ion battery cells and their components [1] - The production of ternary battery cells reached 21.9 GWh, showing a month-on-month increase of 6% and a year-on-year increase of 13% [1] - The production of lithium iron phosphate (LiFePO4) cells was 102.9 GWh, with a month-on-month increase of 8% and a year-on-year increase of 56% [1] - Leading companies in the sector produced a total of 69.5 GWh, reflecting a month-on-month increase of 8% and a year-on-year increase of 43% [1] Group 2 - The production of ternary cathodes from four companies reached 25,000 tons, with a month-on-month decrease of 1% but a year-on-year increase of 20% [1] - The production of lithium iron phosphate cathodes from four companies was 127,000 tons, showing a month-on-month increase of 8% and a year-on-year increase of 28% [1] - The production of anodes from four companies reached 152,000 tons, with a month-on-month increase of 8% and a year-on-year increase of 44% [1] - The production of separators from three companies was 1.64 billion square meters, reflecting a month-on-month increase of 8% and a year-on-year increase of 32% [1] - The production of electrolytes from two companies reached 97,000 tons, with a month-on-month increase of 7% and a year-on-year increase of 44% [1]

偿债能力：龙头降杠杆，其余加杠杆 据同花顺数据，龙头企业24年、25Q1资产负债率同比下滑，24年：宁德时代(YOY-4.10pct);25Q1：宁德 时代(YOY-3.74pct)，其他公司加杠杆以缓解资金压力。新能源汽车产业链经营性现金持续流向电池龙 头，2024/2025Q1全产业链合计2874/420亿元，动力电池龙头宁德时代、比亚迪合计2304/414亿元，分 别占比80%/99%。 经营效率：全产业链承压 据同花顺数据，延续23年产业链趋势特征，24年全产业链96%企业固定资产周转率均下降，25Q1行业 资产周转率降速明显减弱，但仍有57%企业固定资产周转率同比下降。24年、25Q1全产业链存货周转 率整体平稳。24年产业链中约79%企业应收账款周转率下降，延续23年产业链整体账期拉长的趋势， 25Q1行业整体仍处于出清阶段，没有明显变化。 智通财经APP获悉，广发证券发布研报称，24年锂电产业链样本70%企业ROE同比下降，行业仍在出清 阶段;锂电产业链整体ROE有所修复，其中铜箔环节ROE改善明显。新能源汽车产业链利润结构持续分 化，电池环节仍为主导，龙头企业凭借稳定盈利能力在下行周期中占据优 ...