每经记者｜黄鑫磊 孔泽思 每经编辑｜文多 8月26日，高分子功能膜龙头长阳科技（688299.SH，股价20.69元，市值59.46亿元）公告称，拟缩减"年 产6.5亿平方米储能及动力电池用锂电隔膜项目"和"年产4亿平方米储能和动力汽车用锂离子电池隔膜项 目"规模。 当天，长阳科技还发布了2025年半年报，公司上半年实现营业收入5.25亿元，同比下降18.81%，归母净 利润为亏损854.73万元，同比下降150.11%。 另外，就上半年营业收入同比下滑，长阳科技在半年报中解释称，主要原因是公司缩减了隔膜、胶膜等 低毛利率产品的销售及生产。上半年，公司反射膜盈利稳定，但合肥、舟山子公司固定资产及在建工程 计提减值损失，加之财务费用同比增加，导致公司净利润同比下滑。 长阳科技表示，受市场供需情况等方面的影响，锂电隔膜依然存在竞争加剧导致毛利率不达预期的风 险，2025年公司隔膜产能释放存在较大压力，后续公司相关资产仍然存在计提减值风险。 8月27日，《每日经济新闻》记者致电长阳科技，试图了解公司缩减两大隔膜项目规模的背后原因以及 上半年业绩下滑相关情况，公司工作人员表示在公告中均有提及。 专家：通过市场自然出清 ...

中材科技 20250827 摘要 中材科技特种电子布业务预计 2026 年业绩显著增长，一代 DJD 电子布 需求预计达 1.5 亿米，二代达 2,600 万米，三代需求亦保持增长，尽管 成本较高，但性价比优势明显。 一代电子布市场竞争激烈，中材科技和林州光远积极扩产，预计 2025 年供需偏紧，2026 年可能宽松；二代布因生产难度大、良率低，供应 偏紧，价格或上涨；三代布市场竞争格局优越，新进入者壁垒高。 三代特种电子布生产面临石英纤维均匀性和毛羽控制两大技术壁垒，对 设备效率和工艺水平要求极高，目前仅少数厂商能生产高质量产品。 中材科技在特种电子布领域前景乐观，产品布局全面且品质领先，TDN 电子布产能投放迅速，有望带来显著业绩增长，公司具备灵活调配能力 应对市场变化。 中材科技一代电子布 2026 年销量预计达 3,600 万米，二代 700 万米， 三代 1,000 万米，LCT 利润预计 3 亿元，若满产满销及价格稳定，特种 电子布总利润可达 18 亿元。 Q&A 中材科技在特种电子布领域的竞争力如何？ 中材科技在特种电子布领域具有全面布局，尤其在一代、二代和三代机电电子 布以及 low CTE ...

证券研究报告 | 2025年08月27日 中材科技（002080.SZ） 优于大市 2025 中报点评：收入利润双增长，高端突破优势领先 收入利润双增长，Q2 增速进一步提升。2025H1 实现营收 133.3 亿元，同比 +26.5%，归母净利 10.0 亿元，同比+114.9%，扣非归母净利润 8.1 亿元，同 比+245.1%，高于此前业绩预告中枢，EPS 为 0.595 元/股，其中玻纤及制品/ 叶片/锂膜收入 43.5/52.0/9.3 亿元，同比+12.9%/+83.7%/+21.8%,贡献归母 净利 5.6/3.7/3.8 亿元。Q2 单季度营收 78.3 亿元，同比+28.1%，归母净利 6.4 亿元，同比+156.2%，扣非归母净利 5.6 亿元，同比+341.8%。 玻纤高端化优势显著，特种布全品类布局，盈利能力大幅提升。2025H1 销售 玻纤及制品 67.3 万吨，同比-1.2%，实现收入 43.5 亿元，同比+12.9%，毛 利率 26%，同比+10.7pp，归母净利润 5.6 亿元，同比+262%。玻纤景气度回 升带动产品价格修复，2025H1 产品均价同比+14%，同时高端产品助 ...

中国银河（601881）证券股份有限公司曾韬,段尚昌近期对恩捷股份（002812）进行研究并发布了研究报 告《2025年半年报业绩点评&首次覆盖报告：行业周期性承压，固态产品放量可期》，首次覆盖恩捷股份 给予增持评级。 风险提示：行业竞争加剧、全球贸易形势复杂多变、原材料价格上涨等风险 最新盈利预测明细如下： | 报告日期 | 机构简称 | 研究员 | 沂一年业绩 | 研报数 | 覆盖时长 | 2025预测 | 2026 预测 | 2027预测 | 目标价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 预测准确度 | | | 净利润(元) | 净利润(元) | 净利润(元) | (70) | | 2025-08-25 | 光大证券 | 赵乃迪 | 77 | -- | 1 | 1.76 Z | 4.34 Z | 7.00ZZ | 75 | | 2025-08-20 | 民生证券 | 邓永康 | -- | -- | - | 1400.00万 | 5.13 Z | 10.81 Z | -- | | 2025-08-20 ...

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 【导语】 全球80%的锂电池隔膜，正从中国工厂涌向世界。但这只是开始——在氢能、光伏、半导体等尖端领域，一场关乎「膜」力的较量已进入白热化。 日美企业长期把持的质子交换膜、光学膜、高端PET膜，正被东岳、双星新材、长阳科技等中国厂商加速破局。 我们拆解了57页产业报告，为你揭示这条5000亿赛道里的关键突围者与技术暗战。 正文 PART 1 高性能膜材料的基本概况 Í 什么是高性能膜材料 前档汇 ✔ 当固体或液体的一维线性尺度远远小于其他二维时，我们将这样的固体或液体称为膜。通常,膜可分为两类，一类是厚度大于1微米的膜，称为 厚膜;另一类则是厚度小于1微米的膜,称为薄膜。 √ 高性能膜材料是新型商效分离技术的核心材料,具有节约能源和环境友好等特征,是解决水资源、能源、环境问题和传统产业技术升级的战略 性新材料,已成为支撑环境污染治理、节能减排、民生保障等领域的关键共性技术之一,在促进我国国民经济发展、国家技术进步与增强国际 竞争力等方面发挥着重要作用。高性能膜材料具有分离性能高、稳定性高、成本低和寿命长等特征。 ...

Core Viewpoint - The report highlights that Xingyuan Material (300568) is expected to benefit from stable pricing and increased volume, with solid progress in solid-state products, leading to a "buy" rating from China Galaxy Securities [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.9 billion yuan, a year-on-year increase of 14.8%, while net profit attributable to shareholders was 100 million yuan, down 58.5% year-on-year [2]. - For Q2 2025, revenue was 1.01 billion yuan, with a year-on-year increase of 7.4% and a quarter-on-quarter increase of 13.5% [2]. - The gross margin for H1 2025 was 25.1%, down 6.43 percentage points year-on-year, and the net margin was 6.4%, down 8.22 percentage points year-on-year [2]. - The company expects to ship approximately 2.2 billion square meters in 2025, a year-on-year increase of 38% [2]. Market Strategy and Outlook - The company adopted a strategy of maintaining supply and price stability, benefiting from downstream demand, and is optimistic about future price increases in the industry [2][3]. - The company has launched several solid-state electrolyte films and has strategic partnerships to enhance its position in the solid-state battery market [3]. - The company is positioned as a global leader in lithium battery separator supply, with plans to expand production capacity in Southeast Asia, Europe, and North America [3]. Earnings Forecast - The company forecasts revenues of 4.4 billion yuan, 5.4 billion yuan, and 6.8 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 420 million yuan, 560 million yuan, and 660 million yuan for the same years [3][6]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.3 yuan, 0.4 yuan, and 0.5 yuan respectively, with corresponding price-to-earnings ratios of 39x, 29x, and 25x [3].

2025 年 8 月 23 日 公司研究 油价下跌业绩承压下滑，"反内卷"政策推进大炼化底部反转可期 ——恒力石化（600346.SH）2025 年半年报点评 买入（维持） 当前价：17.10 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 市场数据 | 总股本(亿股) | 70.39 | | --- | --- | | 总市值(亿元)： | 1204 | | 一年最低/最高(元)： | 11.76/17.11 | | 近 3 月换手率： | 17.51% | 股价相对走势 -10% 0% 9% 19% 28% 08/24 11/24 02/25 05/25 恒力石化 沪深300 收益表现 | % | 1M | 3M | 1Y | | --- | --- | --- | --- | | 相对 | 8.01 | -0.16 | 0.40 | | 绝对 | 12.97 | 9.33 | 29.50 | | 资 ...

锂电池产业链 买入（维持） Q2 业绩环比改善，前瞻布局固态电池领域 公 司 点 评 星源材质（300568）2025 年中报点评 2025 年 8 月 21 日 投资要点： 事件：公司发布了2025年半年度报告。 分析师：黄秀瑜 SAC 执业证书编号： 点评： 资料来源：iFinD，东莞证券研究所 S0340512090001 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn 主要数据 2025 年 8 月 20 日 公司2025年上半年业绩继续承压。公司2025H1实现营收18.98亿元，同比 增长14.78%；归母净利润1.00亿元，同比下降58.53%。毛利率25.09%， 同比下降6.43pct；净利率6.40%，同比下降8.22pct。期间费用率22.04%， 同比上升3.66pct，主要系财务费用率同比上升4.85pct。根据SNE数据显 示，公司2025年上半年隔膜出货量同比增长65.3%，增速高于行业整体水 平。然而行业竞争激烈，产品价格持续走低导致毛利率较大幅度下滑， 同时各项费用保持增长，尤其是利息支出和汇兑损失增加导致财务费用 同比增加384.92%。此外，存货 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6][12] Core Views - The company is a leading lithium battery separator manufacturer based in Yunnan, focusing on solid-state battery materials. It recently launched a series of new products, including ultra-pure lithium sulfide and high-conductivity solid-state electrolyte membranes, which are expected to play a crucial role in the future of solid-state battery technology [4][5]. Financial Performance and Forecast - The company is projected to achieve revenues of 11.38 billion, 13.84 billion, and 17.71 billion yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 12.00%, 21.54%, and 28.02% [6][8]. - The net profit attributable to shareholders is expected to be 211.14 million, 799.14 million, and 1.73 billion yuan for the same years, with growth rates of 137.95%, 278.49%, and 116.93% [6][8]. - The earnings per share (EPS) are forecasted to be 0.22, 0.82, and 1.79 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 127.56, 33.70, and 15.54 [6][8]. Product Development - The company has a leading position in the sulfide solid electrolyte route, having introduced several core materials that enhance battery performance, such as ultra-pure lithium sulfide with a purity of over 99.9% and solid-state electrolytes with high ionic conductivity [5][6]. - The production project for sulfide solid electrolyte materials is located in Yuxi, with an expected annual production capacity of 1,000 tons upon full completion [5].

Production Capacity and Operational Status - The company has an annual production capacity of approximately 100,000 tons for spandex, with an operational rate of around 80% for the Ningxia plant (85,000 tons) and 60% for the para-aramid fiber (16,000 tons) [2][3] - The production capacity for meta-aramid fiber is also about 16,000 tons, with an operational rate of approximately 80% [2] Business Strategy and Development - The company is exploring various methods to enhance the spandex business, focusing on improving product quality and developing differentiated, high-value products [3][4] - The goal is to increase the proportion of differentiated products to 30-50% over the next three to five years, currently estimated at around 10% [10] - The company aims to reduce production of unprofitable products while increasing the efficiency of existing production lines [3][4] Financial Performance and Market Outlook - The company has set an internal target for positive cash flow for the year [8] - Sales volume has increased, and losses have slightly narrowed in the first quarter [5] - The company anticipates a double-digit growth in production and sales volume for the current year compared to last year [8][9] Market Dynamics and Pricing - The pricing pressure for meta-aramid fibers has been influenced by changes in product structure and increased competition, leading to a stabilization of prices after achieving a desired market share [8] - The company has a significant market share in meta-aramid fibers, with industrial filtration accounting for approximately 40-50% of sales [9][12] Research and Development - The company is actively developing composite materials using aramid fibers, addressing the lack of mature processing systems in the market [9] - The company is also working on green dyeing processes and has two factories for dyeing and digital printing [12] Future Investments - Future investments in spandex production are contingent on the performance of existing production lines and the evaluation of next-generation engineering technologies [4] - The company is currently assessing the potential for cost reductions in production, estimating a possible decrease of 10-20% compared to the most advanced competitors [4]