隔膜产业链近况解读

Summary of the Conference Call on the Lithium Battery Separator Industry Industry Overview - The global demand for lithium battery separators is expected to reach 19.2 billion square meters by 2025, with total production capacity exceeding 35 billion square meters, indicating a supply surplus situation [1][12] - The overall industry operating rate is approximately 60% [1][17] Key Companies and Their Capacities - Enjie Co., Ltd. has a production capacity of 13 billion square meters [1][13] - Jinneng Co., Ltd. plans significant capacity expansion, targeting a design capacity of 15.8 billion square meters by 2029, with substantial investments in Europe and North America [1][6] - Other major players include Zhongcai Technology with 6.5 billion square meters and New Materials with 4.5 billion square meters [4] Market Dynamics - The demand for high puncture strength 5-micron wet separators is surging, with Jinneng and Lantu capable of large-scale delivery, expected to capture 35%-50% of the market share by 2026-2027, potentially reaching 70% in the future [1][8] - The 5-micron separators are primarily used in power batteries (Ningde Times, Guoxuan High-Tech), energy storage (Haicheng, Zhongxin Innovation), and digital batteries (ATL, Zhuhai Guanyu, Yiwei Lithium Energy) [1][9] Production Technology Trends - Separator production technology is evolving towards wider, faster, and online coating processes, with varying degrees of domestic equipment localization across different stages [1][11][30] - The extrusion stage has a low localization rate of about 5%, while the stretching stage has about 20% [30] Financial Performance and Projections - Jinneng expects its 5-micron separator shipments to account for about half of total shipments in 2026, with a sales target of 4.6 billion RMB, although average prices are anticipated to decline [2][36] - The gross margin for 5-micron products is currently around 35%-40%, with expectations to exceed 50% if raw material localization and production efficiency improvements are achieved [33][34] Customer Base and Pricing Strategy - Major customers include Ningde Times and Yiwei Lithium Energy, which account for a significant portion of Jinneng's sales [27][44] - The company plans to implement a price increase of about 10% for 7-micron and 9-micron products among second and third-tier customers, while top-tier customers like Ningde Times and BYD will not be affected by this price adjustment [41][44] Future Developments - Jinneng is developing 4-micron and 3-micron separators to meet future market demands, with 3 microns considered the limit for liquid lithium battery separators [42] - The company plans to enhance production capacity through equipment upgrades, aiming for a design capacity increase to 7 billion square meters in 2026 [23] Conclusion - The lithium battery separator industry is experiencing rapid growth, driven by increasing demand for high-performance products. Companies are expanding capacities and improving technologies to meet market needs while navigating pricing pressures and competition.