隔膜产业链近况解读 20251229 截至 2025 年底，恩捷股份的湿法隔膜产能约为 130 亿平方米每年；金力股份 为 68 亿平方米；中材科技为 65 亿平方米；新元材质为 45 亿平方米。其他厂 商如旭化成和 SKI 分别拥有 26 亿平方米和 13 亿平方米的产能。 金力股份在未来几年内有哪些扩展计划？ 金力股份计划在河北邯郸扩充 32 亿平方米产能，在安徽合肥二期规划 14 亿平 方米，在湖北宜昌规划 8 亿平方米。此外，还计划在其他省份新建一个基地， 规划产能 32 亿平方米。到 2026 年，总产线投入将达到 80 亿平方米，到 摘要 2025 年全球锂电池隔膜需求预计为 192 亿平方米，总产能超 350 亿平 方米，恩捷股份满载产能达 130 亿平方米，行业整体开工率约为 60%，呈现供大于求的局面。 金力股份计划大幅扩张产能，预计到 2029 年设计满载值达 158 亿平方 米，并在欧洲和北美建设后端涂布工厂，总投资巨大。 高穿刺强度 5 微米湿法隔膜需求激增，目前金力股份和岚图能够大批量 交付，预计 2026-2027 年将占据 35%-50%的市场份额，未来可能达 到 70%。 5 ...

Core Viewpoint - Foshan Fospower Technology Group Co., Ltd. plans to acquire 100% of Hebei Jinli New Energy Technology Co., Ltd. for a total consideration of 5.08 billion yuan, with 400 million yuan paid in cash and 4.68 billion yuan through share issuance [1] Company Summary - Jinli New Energy specializes in wet-process membranes and coated separators for lithium batteries, holding a competitive advantage in the wet-process separator market with an estimated market share of 18% in China for 2024, ranking second in the industry [1] - The company has seen rapid revenue growth due to new production capacity and the first-mover advantage in ultra-thin high-strength separators, achieving a revenue of approximately 3.26 billion yuan and a net profit of about 255 million yuan from January to October 2025 [2] - Jinli New Energy has a total of 46 production lines, with over 70% of its capacity coming from advanced wide-width equipment launched in 2023 and beyond, enabling efficient production of ultra-thin separators [2] Industry Summary - The lithium battery separator industry has stabilized in pricing since 2025, with a significant increase in demand for ultra-thin high-strength separators, which are expected to have a large market penetration and growth potential [2] - The shipment volume of wet-process separators is projected to reach 11 billion square meters in 2024, with an expected increase to over 40 billion square meters in 2025, indicating a growth rate significantly higher than the overall industry average [2] - The market for lithium battery separators is improving, with a reported 49% year-on-year increase in shipments in the first half of 2025, and wet-process separators accounting for over 80% of the total shipments [3]

Summary of Conference Call on Lithium Battery Separator Industry Industry Overview - The separator industry is expected to enter a new round of price increases, with existing price hikes already affecting customers and a second round anticipated soon. New prices are effective immediately [1][2] - The lithium battery sector's inventory cycle is projected to bottom out in Q1 2024, indicating a recovery phase. If inventory trends upward, it will signal a proactive restocking phase, marking the beginning of a prosperous period for the lithium battery industry [1][4] Key Points on Price Trends - Separator products have experienced a rapid price increase of approximately 10% since August, ending a three-year deflationary cycle. This price reversal follows four major rounds of price declines due to increased competition and raw material price drops [1][5] - The separator segment is expected to face shortages starting in the second half of 2026, with price increases potentially continuing until 2027 due to long expansion cycles and limited new capacity [2][8] Supply and Demand Dynamics - The separator industry is currently in a passive destocking phase, with revenue growth occurring alongside declining inventory levels. This trend is expected to continue into 2025 [4][20] - The demand for wet-process separators is growing at 30%, driven by energy storage needs, while dry-process separator growth has slowed to 18% [1][7] Production Capacity and Market Concentration - Major suppliers like Enjie and Xingyuan are expanding conservatively, with new capacity expected to be available no earlier than 2027. This cautious approach is a significant factor in the sustainability of current price increases [1][8] - The market concentration has increased, with the top three companies holding 60% of the market share, indicating a slight recovery in their competitive positions [6][10] Technological Developments - The 5-micron wet-process separator is gaining attention for its higher energy density and safety, with prices approximately 30% higher than standard products. Its adoption is expected to rise significantly, with major clients like CATL increasing their usage [1][14] Challenges and Opportunities - The separator industry faces low profitability levels despite significant growth in shipment volumes. The operational rate is expected to reach 80% next year, enhancing the likelihood of price increases during peak seasons [20] - The industry is undergoing consolidation, with companies like Foshan Technology acquiring smaller firms to strengthen their market position [11] Future Profit Expectations - Companies like Enjie and New Source Material are projected to see significant profit increases if prices rise by an additional 0.05 to 0.1 yuan per square meter in the coming years, indicating strong growth potential as they navigate the current price increase cycle [17][19] Conclusion - The separator industry is at a pivotal moment, with potential price increases, a recovering inventory cycle, and significant technological advancements. However, challenges such as low profitability and cautious expansion plans remain critical factors to monitor in the coming years [20][21][22]