20230412_华安证券_新能源与汽车行业证券研究报告：新能源锂电池系列_25页.pdf
-Table_IndNameRptType 行业研究/深度报告 Table_IndRank 2023-04-12 Table_Chart 300 Table_Author S0010520050001 Table_Report 1.2022-3-20 2.-2022-5-18 3.-2022-5-26 4.-2022-6-14 5.-2022-7-17 6.-2022-11-08 6 主 要 观 点：Table_Summary 3C 2025 2227GWh 1076 CAGR 31%7%PET PP PI 1.38 g/cm 0.90 g/cm 1.40 g/cm 8.96 g/cm 11%PET PP PI 6.6%7.1%6.6%34%80%PET/PP 8000/PET PP 34.59%34.18%70%2025 4.07/m PET 2.88/m 70.80%PP 3.24/m 79.63%2025 179 291 CAGR 84%PET-29%-15%-1%14%28%42%4/22 7/22 10/22 1/23 4/23电力设备 沪深300Table_CompanyRptType 2/24 1.4 2.8 3.11 3.1.12 3.2 7%.13 3.3 34%.14 3.4.15 3.5 70%.19 4 290 83.89%.20 5.21 6.23 ZXCXzQtOmPoPpRsRmRrOmN8O9R8OpNoOsQoNkPrRtPfQmNoN7NqQwONZrNmQNZnQsNTable_CompanyRptType 3/24 1.4 2.4 3.5 4.6 5.7 6.7 7.8 8.8 9 16-22.8 10 15-22.9 11 15-22.9 12.9 13.10 14 2018 2021.10 15.11 16.11 17.12 18.12 19.13 20.13 21.14 22 PET PP/.14 23.15 24.16 25.16 26.17 27.18 28.19 29.19 30 PET.19 31 PP.20 32.20 33.20 34 2021 2025.21 35.21 36.22 Table_CompanyRptType 4/24 1 3C 2022 655GWh 102.4%52.3 35.7%38.6 37.7%2025 2227GWh 2025 1076 2022-2025 CAGR 31%99.5%3 PET PP PI 1m 1,6m 11%PET PP PI 6.6%7.1%6.6%1 PET/PP 34%2 2025 PET 70.8%PP 79.6%2m PET PET 2000 PET 1350 2500 1800 6 m PET PP PI 23.44g 21.52g 23.52g 53.76g 11%PET PP PI 6.6%7.1%6.6%2 PET PP PI m 6.0 2.0 2.0 2.0 1.0 1.0 1.0 1.0 g/cm 8.96 8.96 8.96 8.96 PET/PP/PI m 4.0 4.0 4.0 1.0 1.0 1.0 g/cm 1.38 0.90 1.40 g 53.76 23.44 21.52 23.52 wh/kg 150.00 159.92 160.59 159.89 Table_CompanyRptType 5/24 100.0%43.6%40.0%43.8%0.0%6.6%7.1%6.6%6 m 6 m 4 m PET 1 m*2 2023 3 31 69450/PET 7690/PP 7825/PI 20/1 2 PET PP PET/PP 34%3 2021A 2022A 2023E 2024E 2025E 6 m g 53.76 53.76 53.76 53.76 53.76 g/cm 8.96 8.96 8.96 8.96 8.96 m 6 6 6 6 6/m 3.69 3.62 3.44 3.33 3.17/m 3.69 3.62 3.44 3.33 3.17 6 m PET g 17.92 17.92 17.92 17.92 17.92 g/cm 8.96 8.96 8.96 8.96 8.96 m 2 2 2 2 2/m 1.23 1.21 1.15 1.11 1.06 PET g 5.52 5.52 5.52 5.52 5.52 PET g/cm 1.38 1.38 1.38 1.38 1.38 PET m 4 4 4 4 4/m 0.03 0.05 0.04 0.04 0.04/m 1.26 1.25 1.19 1.15 1.10 PET/34.25%34.59%34.54%34.56%34.59%6m PP g 17.92 17.92 17.92 17.92 17.92 g/cm 8.96 8.96 8.96 8.96 8.96 m 2 2 2 2 2/m 1.23 1.21 1.15 1.11 1.06 PP g 3.6 3.6 3.6 3.6 3.6 PP g/cm 0.90 0.90 0.90 0.90 0.90 PP m 4 4 4 4 4/m 0.03 0.03 0.03 0.03 0.03/m 1.26 1.24 1.18 1.14 1.08 PP/34.16%34.18%34.16%34.16%34.18%Table_CompanyRptType 6/24 PET 2.9/m 2025 4.07/m PET 2.88/m 70.80%PP 3.24/m 79.63%4 2021A 2022A 2023E 2024E 2025E 6m/m 3.69 3.62 3.44 3.33 3.17/m 1.04 0.85 0.86 0.89 0.89/m 4.73 4.47 4.30 4.22 4.07 6m PET/m 1.26 1.25 1.19 1.15 1.10/m 4.21 3.21 2.44 1.60 1.26/m 3.88 2.90 2.37 1.78 1.62/m 8.09 6.11 4.81 3.38 2.88 PET/171.06%136.60%111.89%80.11%70.80%6m PP/m 1.26 1.24 1.18 1.14 1.08/m 6.30 4.34 3.08 1.93 1.48/m 4.76 3.30 2.61 1.93 1.75/m 11.06 7.64 5.69 3.85 3.24 PP/233.88%170.68%132.23%91.35%79.63%1 2025 12%2 GWh 1000 3 5%2025 179.05 2025 291 PETPP Table_CompanyRptType 7/24 5 PET 1 1m 2 PET PET 3 6 EPS PE/2022E 2023E 2024E 2022E 2023E 2024E 603800*/28.59 0.51 1.21 1.89 57.44 24.26 15.49 688700*/90.99 1.45 2.56 3.34 67.04 37.93 29.12 688392/114.20 1.34 2.34 3.71 84.93 48.88 30.80 002585/PET 12.03 1.55 2.15 2.75 7.75 5.58 4.37 300706/30.89 0.13 0.46 0.74 229.76 67.79 41.97 002741*/18.63 0.29 1.01 1.77 65.37 18.96 10.81 688359/66.38-0.33 0.49 1.46-202.38 135.52 45.31 002992/41.98-0.39 0.59 2.21-107.85 70.87 18.99 688659/13.11-0.39 1.23 0.67-33.22 10.67 19.51 002846/8.25-27.65 17.95 12.87 Wind*Wind Table_CompanyRptType 8/24 2 98%8%3C 2022 655GWh 102.4%52.3 35.7%38.6 37.7%7 8 9 16-22:45%18%15%10%8%4%正极材料 隔膜 负极材料 电解液 铜箔 其他0%50%100%150%01002003004005006007002016 2017 2018 2019 2020 2021 2022 GWh Table_CompanyRptType 9/24 10 15-22 11 15-22 2025 2227GWh 1 2 4.5m 4.5m 6m 2025 19%64%3 GWh 4.5 m/6 m/8 m/8 m 450/600/750/1000 2025 1076.37 2022-2025 CAGR 31%12 2021A 2022A 2023E 2024E 2025E GWh 289 706 1055 1556 2227 GWh 60 126 241 454 775 GWh 229 580 814 1102 1452 4.5 m 5%7%10%14%19%6 m 58%60%62%63%64%8 m 29%27%24%20%15%8 m 8%6%4%3%2%4.5 m/12.68 13.89 13.87 13.84 12.84 6 m/11.82 11.25 10.28 9.53 8.91 8 m/10.79 10.07 9.06 8.20 7.59 8 m/8.89 8.19 7.28 6.58 6.05 4.5 m 8.17 29.98 61.90 122.09 215.09 6 m 117.81 277.47 379.55 504.40 670.26 8 m 67.21 139.71 161.85 172.19 167.30 8 m 20.37 33.67 28.87 27.67 23.72 213 480 632 826 1076 Wind,0%20%40%60%80%01020304050602015 2016 2017 2018 2019 2020 2021 2022 0%50%100%150%010203040502015 2016 2017 2018 2019 2020 2021 2022 Table_CompanyRptType 10/24 99.5%3 PET PP PI 1m+2021 6 m 58%4.5 m 13 14 2018 2021 CCFA 0500001000001500002000002500002018 2018 2020 2021 m m m mTable_CompanyRptType 11/24 3 6 m 11%PET PP PI 6.61%7.1%6.6%PET/PP 34%2025 PET/PP 70.8%79.6%15,6 m 11%PET PP PI 6.6%7.1%6.6%1 PET/PP 34%2 2025 PET 70.8%PP 79.6%2 m PET PET 2000 PET 1350 2500 1800 16 2021A 2022A 2023E 2024E 2025E 6m/m 3.69 3.62 3.44 3.33 3.17/m 1.04 0.85 0.86 0.89 0.89/m 4.73 4.47 4.30 4.22 4.07 6m PET/m 1.26 1.25 1.19 1.15 1.10/m 4.21 3.21 2.44 1.60 1.26/m 3.88 2.90 2.37 1.78 1.62/m 8.09 6.11 4.81 3.38 2.88 PET/171.06%136.60%111.89%80.11%70.80%6m PP/m 1.26 1.24 1.18 1.14 1.08/m 6.30 4.34 3.08 1.93 1.48/m 4.76 3.30 2.61 1.93 1.75/m 11.06 7.64 5.69 3.85 3.24 PP/233.88%170.68%132.23%91.35%79.63%Table_CompanyRptType 12/24 3.1 17,R R=L/S L S 6 m PET 2 m 3 Q=iRt i t Q R 6m 6m 3,1 OZ 2 m PET 18,Table_CompanyRptType 13/24 3.2 7%11%PET PP PI PET PI 1/7 PP 1/10 1 PET 130-140 PP PI 290 2 PET PP PI PP PI PET PET 19,20 PET PP PI 1.130-140 2.;3.1.38g/cm 4.1.120 2.3.0.89-0.91g/cm 4.1.290 2.3.1.38-1.43 g/cm-,PET PP PI 1.38 g/cm 0.90 g/cm 1.40 g/cm 8.96 g/cm 34%20%19%11%7%3%3%+2%+1%Table_CompanyRptType 14/24 6 m PET PP PI 23.44g 21.52g 23.52g 53.76g 11%PET PP PI 6.6%7.1%6.6%21 PET PP PI m 6.0 2.0 2.0 2.0 1.0 1.0 1.0 1.0 g/cm 8.96 8.96 8.96 8.96 PET/PP/PI m 4.0 4.0 4.0 1.0 1.0 1.0 g/cm 1.38 0.90 1.40 g 53.76 23.44 21.52 23.52 wh/kg 150.00 159.92 160.59 159.89 100.0%43.6%40.0%43.8%0.0%6.6%7.1%6.6%3.3 34%6 m 6 m 4 m PET 1 m*2 2023 3 31 69450/PET 7690/PP 7825/PI 20/PET PP 22 PET PP/cbc,01000020000300004000050000600007000080000900002018-02-12 2019-02-12 2020-02-12 2021-02-12 2022-02-12 _(1#)(Cu_99.95%)_ PET_ PP_Table_CompanyRptType 15/24 1 2 PET PP PET/PP 34%23 2021A 2022A 2023E 2024E 2025E 6 m g 53.76 53.76 53.76 53.76 53.76 g/cm 8.96 8.96 8.96 8.96 8.96 m 6 6 6 6 6/m 3.69 3.62 3.44 3.33 3.17/m 3.69 3.62 3.44 3.33 3.17 6 m PET g 17.92 17.92 17.92 17.92 17.92 g/cm 8.96 8.96 8.96 8.96 8.96 m 2 2 2 2 2/m 1.23 1.21 1.15 1.11 1.06 PET g 5.52 5.52 5.52 5.52 5.52 PET g/cm 1.38 1.38 1.38 1.38 1.38 PET m 4 4 4 4 4/m 0.03 0.05 0.04 0.04 0.04/m 1.26 1.25 1.19 1.15 1.10 PET/34.25%34.59%34.54%34.56%34.59%6m PP g 17.92 17.92 17.92 17.92 17.92 g/cm 8.96 8.96 8.96 8.96 8.96 m 2 2 2 2 2/m 1.23 1.21 1.15 1.11 1.06 PP g 3.6 3.6 3.6 3.6 3.6 PP g/cm 0.90 0.90 0.90 0.90 0.90 PP m 4 4 4 4 4/m 0.03 0.03 0.03 0.03 0.03/m 1.26 1.24 1.18 1.14 1.08 PP/34.16%34.18%34.16%34.16%34.18%3.4 12 PVD 1 Table_CompanyRptType 16/24 2 3 24 1 2-3 2 3 25 PVD 1.;2.3.1.2.-+PET 30-70nm 1.2.3.1.2.PET 1.2-3 2.1.2.Table_CompanyRptType 17/24 1.2.3.1.2.1.1.2.3.1 2 3 PET 26 1.1.1.2.1.2.3.1.2.3.PET PP 1.2.1.2.1.2.1.2.1.2.1.2.3.PET 80%20%1 Table_CompanyRptType 18/24 2 3 4 PP PET 10%2025 PET 1.62/m PP 1.75/m 27 2021A 2022A 2023E 2024E 2025E 6m 78%81%80%79%78%22%19%20%21%22%4%4%3%3%3%3%3%3%4%4%6%6%6%6%6%9%6%8%8%9%/m 1.04 0.85 0.86 0.89 0.89 6m PET 1600 1500 1400 1200 1200 1.3 1.3 1.3 1.3 1.3/11 12 12.5 13 13 KWh 900 900 900 900 900/Kw 0.6 0.6 0.65 0.65 0.7 3 3 2 2 2/11 12 13 13.5 14 50%60%65%80%92%10 10 10 10 10 1100 1000 950 900 880 1.2 1.2 1.2 1.2 1.2/7 8 9 9.5 10 KWh 500 500 500 500 500/Kw 0.6 0.6 0.65 0.65 0.7 3 3 2 2 2/11 12 13 13.5 14 60%65%75%90%95%10 10 10 10 10/1.30 0.88 0.64 0.42 0.34/0.32 0.26 0.14 0.11 0.09/2.25 1.76 1.59 1.25 1.19/m 3.88 2.90 2.37 1.78 1.62 6m PP/m 4.76 3.30 2.61 1.93 1.75 6 m PP PET Table_CompanyRptType 19/24 3.5 70%PET 2.9/m 2025 4.07/m PET 2.88/m 70.80%PP 3.24/m 79.63%28 2021A 2022A 2023E 2024E 2025E 6m/m 3.69 3.62 3.44 3.33 3.17/m 1.04 0.85 0.86 0.89 0.89/m 4.73 4.47 4.30 4.22 4.07 6m PET/m 1.26 1.25 1.19 1.15 1.10/m 4.21 3.21 2.44 1.60 1.26/m 3.88 2.90 2.37 1.78 1.62/m 8.09 6.11 4.81 3.38 2.88 PET/171.06%136.60%111.89%80.11%70.80%6m PP/m 1.26 1.24 1.18 1.14 1.08/m 6.30 4.34 3.08 1.93 1.48/m 4.76 3.30 2.61 1.93 1.75/m 11.06 7.64 5.69 3.85 3.24 PP/233.88%170.68%132.23%91.35%79.63%29 30 PET:0.00.51.01.52.02.53.03.54.04.55.02021A 2022A 2023E 2024E 2025E/m/m 0.01.02.03.04.05.06.07.08.09.02021A 2022A 2023E 2024E 2025E/m/m Table_CompanyRptType 20/24 31 PP 32 4 290 83.89%1 2025 12%2 GWh 1000 3 5%2025 179.05 2025 291 33 2021A 2022A 2023E 2024E 2025E GWh 289 706 1055 1556 2227 GWh 60 126 241 454 775 GWh 229 580 814 1102 1452 GWh 1000 1000 1000 1000 1000 0%0%1%5%7%1%3%6%10%12%6%8%11%15%17%/6.50 6.30 6.00 5.80 5.70 7.50 7.30 7.00 6.80 6.70 8.50 8.30 8.00 7.80 7.70 0.00 0.00 6.33 45.12 88.86 2.17 15.46 44.31 105.81 179.05 14.74 46.88 92.84 182.05 291.51 0.02.04.06.08.010.012.02021A 2022A 2023E 2024E 2025E/m/m 0246810122021A 2022A 2023E 2024E 2025E/m PET/m PP/m Table_CompanyRptType 21/24 34 2021 2025 5 PETPP 35 0501001502002503003502021 2022 2023 2024 2025 Table_CompanyRptType 22/24 PET 1 1um 2 PET PET 3 36 EPS PE/2022E 2023E 2024E 2022E 2023E 2024E 603800*/28.59 0.51 1.21 1.89 57.44 24.26 15.49 688700*/90.99 1.45 2.56 3.34 67.04 37.93 29.12 688392/114.20 1.34 2.34 3.71 84.93 48.88 30.80 002585/PET 12.03 1.55 2.15 2.75 7.75 5.58 4.37 300706/30.89 0.13 0.46 0.74 229.76 67.79 41.97 002741*/18.63 0.29 1.01 1.77 65.37 18.96 10.81 688359/66.38-0.33 0.49 1.46-202.38 135.52 45.31 002992/41.98-0.39 0.59 2.21-107.85 70.87 18.99 688659/13.11-0.39 1.23 0.67-33.22 10.67 19.51 002846/8.25-27.65 17.95 12.87 Wind*Wind Table_CompanyRptType 23/24 6 Table_CompanyRptType 24/24 Table_Introduction Table_Reputation Table_RankIntroduction 6 A 300 500 6 5%;6-5%5%;6 5%;6-12 15%6-12 5%15%6-12-5%5%6-12 5%6-12 15%前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告
