历经两年多的行业洗牌及产能出清，锂电行业在2025年按下"回暖键"，迎来向上突围的曙光。 这一年，供给端"反内卷"成效显现，叠加以储能为代表的需求端爆发式增长，锂电产业链供需格局逐步 改善，拉动产品价格、企业盈利水平企稳回升。 在景气度攀升背后，市场竞争逻辑也在悄然转变。当前，锂电行业正加速跳出低价竞争、产能比拼的粗 放模式，转向出海破局、技术迭代、前瞻布局等新路径，迈入以"价值竞争"为内核的高质量发展新阶 段。 01 "反内卷"成效显现 2025年，锂电行业在价格深跌后开启供给侧改革。在政策与产业协同发力下，一场贯穿锂矿开采至终端 应用的全链条"反内卷"行动拉开大幕，成为推动行业复苏的重要力量。 今年7月1日，新矿产资源法实施，锂矿被纳入战略性矿产目录并实行统一审批管理，开采门槛大幅提 高；7月7日，宜春市自然资源局发布《关于编制储量核实报告的通知》，提到8宗锂资源矿权存在出 让、变更、延续登记等越权情况，其中涉及宁德时代（300750）枧下窝矿区。8月9日，枧下窝矿区采矿 许可证到期停产，成为锂电行业"反内卷"的标志性事件。 随后，磷酸铁锂、隔膜、铜箔、六氟磷酸锂等赛道骨干企业纷纷召开座谈会，就价格自律、 ...

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [1][7]. Core Insights - The acquisition of 100% equity in Jinli Co., a leading player in the wet diaphragm sector, has been approved by the Shenzhen Stock Exchange, which is expected to significantly enhance the company's performance in the lithium battery diaphragm market [1][7]. - The company has been focusing on high-end materials and traditional films since its entry into the lithium battery diaphragm sector in 2011, and the acquisition is seen as a strategic move to strengthen its position in the wet diaphragm market [1][11]. - The demand for lithium batteries has been growing, leading to a recovery in the supply-demand dynamics of diaphragms, which is expected to result in industry-wide profitability improvements [1][7]. Financial Data and Valuation - Total revenue is projected to be 2,215 million yuan in 2023, with a year-on-year decline of 16%, followed by a slight increase of 1% in 2024 [2]. - Operating profit is expected to be 224 million yuan in 2023, with a significant year-on-year growth of 23%, but a decline of 26% is anticipated in 2024 [2]. - Net profit attributable to shareholders is forecasted at 214 million yuan in 2023, reflecting a substantial year-on-year increase of 57%, but a decrease of 44% is expected in 2024 [2]. - The company’s price-to-earnings (PE) ratio is projected to be 55.2 in 2023, increasing to 98.6 in 2024 [2]. Acquisition Details - The acquisition of Jinli Co. is valued at 5.08 billion yuan, with 4.0 billion yuan paid in cash and 4.68 billion yuan in shares at an issue price of 3.81 yuan per share [11][12]. - The acquisition is expected to create synergies in technology, business, finance, and procurement, enhancing the company's competitive edge in the diaphragm market [31][7]. Market Position and Product Development - Jinli Co. is positioned as a major player in the wet diaphragm market, with a market share of 18% in China and 15.6% globally, ranking second in both markets [17]. - The company has successfully introduced a 5μm ultra-thin high-strength diaphragm into the product systems of major clients like CATL, achieving a domestic market share of 63% in this segment [28][17]. - The demand for 5μm ultra-thin high-strength diaphragms is expected to grow significantly, with projections indicating a market penetration of over 20% by 2025 [47][28]. Industry Outlook - The wet diaphragm industry is anticipated to experience a recovery in profitability, driven by increasing demand for lithium batteries and limited capacity expansion among major players [32][33]. - The industry is witnessing a trend towards thinner and stronger diaphragms, with the 5μm product expected to replace the 7μm and 9μm products in the market [47][28].

Core Insights - The energy storage industry is set to experience rapid growth starting in 2025, with leading companies like CATL, EVE Energy, and others already reporting full production capacity and extending order schedules into 2026, indicating a significant demand for energy storage batteries [2][3]. Group 1: Industry Growth Drivers - The surge in the energy storage sector is driven by increasing traditional storage demand, breakthroughs in AI technology, and favorable policies. AI advancements are expected to boost intelligent computing power demand, with global AI computing needs growing at an annual rate of 4.5 times [3]. - The National Development and Reform Commission and the National Energy Administration of China have set a target for new energy storage installations to exceed 180 million kilowatts by 2027, leading to direct investments of approximately 250 billion yuan [3]. Group 2: Lithium Battery Separator Market - The lithium battery separator industry is a critical component of the energy storage supply chain, benefiting significantly from the growth in the energy storage market. In the first half of 2025, China's lithium battery separator shipments are projected to reach approximately 13.3 billion square meters, a year-on-year increase of 47.6% [6]. - The wet separator segment, which accounts for 82.3% of shipments, has seen an 11.1% increase year-on-year, highlighting the growing importance of this technology in the energy storage landscape [6]. Group 3: Company Performance and Innovations - Enjie Co., a leading player in the wet separator market with over 30% global market share, reported a 27.85% year-on-year increase in revenue for the first three quarters of 2025. The company has secured significant contracts with major domestic and international clients [7]. - Enjie has developed a 5μm ultra-thin high-strength separator, which addresses key performance challenges and supports the industry's shift towards higher safety and energy density requirements [9][11]. - The company is also advancing in solid-state battery technology, having achieved breakthroughs in solid electrolyte materials and initiating plans for large-scale production, positioning itself for future growth in this emerging segment [12]. Group 4: Long-term Strategic Positioning - Enjie's growth is not solely attributed to external demand; its continuous technological advancements in lithium battery separators and solid-state batteries are creating a sustainable competitive advantage [9]. - The company’s strategic focus on solid-state battery materials and its early investments in this area are expected to provide resilience against market fluctuations and enhance its long-term growth prospects [12].

Core Viewpoint - The establishment and operation of the 5μm ultra-thin high-strength separator production line at Enjie Co., Ltd. marks a significant advancement in the company's mass production capabilities, amidst increasing industry competition and the need for continuous technological innovation [2][3][6]. Group 1: Production and Technology - Enjie Co., Ltd. has successfully launched a production line for 5μm ultra-thin high-strength separators, which represents a breakthrough in overcoming the "thin but fragile" technical bottleneck in lithium battery separators [3][4]. - The new 5μm product has a needle-puncture strength of 560gf, which is 16.7% higher than the conventional 7μm separators, and can withstand temperatures up to 230°C [4][5]. - The production process at the Yuxi base employs intelligent and automated operations, utilizing advanced technologies such as bi-directional stretching, plasma surface treatment, and nano-coating to achieve industry-leading performance in thickness uniformity, mechanical properties, and porosity [5][6]. Group 2: Financial Performance - In the first half of 2025, Enjie Co., Ltd. reported a revenue of 5.763 billion yuan, a year-on-year increase of 20.48%, with lithium battery separators contributing 4.820 billion yuan, representing a 24.83% growth [6][7]. - Despite revenue growth, the company faced pressure on net profit and gross margin, with the gross margin for lithium battery separators at 13.66%, down 5.82% year-on-year, attributed to intensified competition and rising operational costs [6][7]. Group 3: Strategic Initiatives - Enjie Co., Ltd. is committed to continuous research and development to maintain its competitive edge in the lithium battery separator market, while also exploring opportunities in the solid-state electrolyte sector [2][7]. - The company has been developing sulfide solid-state electrolyte materials since 2021, with plans to establish a production capacity of 1,000 tons per year at its Yuxi facility [7].

Group 1: Industry Events - The 2025 High-Performance Lithium Battery Annual Conference will be held from November 18-20, 2025, at JW Marriott Hotel in Shenzhen, celebrating its 15th anniversary and featuring the Golden Ball Award ceremony [1] Group 2: Battery Developments - SAIC's new MG4 model featuring a semi-solid-state battery is set for mass delivery within the year, with a pre-sale price ranging from 73,800 to 105,800 yuan. The 70kWh battery has an energy density of 180Wh/kg and a CLTC range of 537 kilometers, showing a 13.8% improvement in low-temperature endurance compared to traditional lithium iron phosphate batteries [2] - Camel Group has launched a new low-voltage lithium starter battery, designed for excellent low-temperature starting capabilities and equipped with a smart battery management system (BMS). The battery has passed IP67 certification and is compatible with various passenger and commercial vehicle models [3] - Wuhu Fudi Battery Co., Ltd. is planning to expand production with a new project investment of 2.4 billion yuan, aiming for an annual production capacity of 184,800 lithium iron phosphate battery packs [6] - A new partnership has been established between Jiangsu Yinglian Composite Fluid Co., Ltd. and a well-known cylindrical battery company to enhance the performance of composite fluid battery materials [10] - Enjie has released a 5μm ultra-thin high-strength separator with a puncture strength of 560gf, achieving a 16.7% increase in strength and a 20.9% reduction in internal resistance compared to 7μm separators [11]