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].

Core Viewpoint - Solid-state batteries are becoming a strategic focus for industry players, with advancements in the supply chain and near-scale production [1] Group 1: Company Developments - Enjie Co., Ltd. (002812) launched a series of new products related to solid-state batteries, including ultra-pure lithium sulfide and high-conductivity solid-state electrolyte membranes at the 2025 China International Battery Technology Exchange Conference [1] - The company has established a pilot production line for high-purity lithium sulfide with a capacity of 100 tons, achieving a purity of 99.9% using carbon thermal reduction [1] - Enjie has made significant progress in reducing the particle size of solid-state electrolytes from over 15 micrometers to 300 nanometers, maintaining a high ionic conductivity of over 6 mS/cm [2] Group 2: Production Capacity and Orders - Enjie is advancing a pilot production line project for solid-state electrolyte materials in Yuxi, Yunnan, with a designed capacity of approximately 1,000 tons [3] - The company has secured a procurement framework agreement with Beijing Weilan New Energy Technology Co., Ltd., which includes a total order of no less than 3 billion square meters of electrolyte membranes and at least 100 tons of solid-state battery electrolytes from 2025 to 2030 [3] Group 3: Industry Outlook - The company anticipates that large-scale commercial application of solid-state batteries will be challenging in the short term due to technical issues and higher costs compared to existing liquid lithium batteries [3] - Solid-state batteries are expected to coexist with liquid and semi-solid batteries, with potential applications in high-performance and price-insensitive sectors such as military, aerospace, and deep-sea [3]