正力新能(3677 HK) 輕裝上陣,多元成長 July 21, 2026 2

PSR Recommendation: BUY Status: Initiation
Target Price: HKD9

公司簡介
江蘇正力新能是中國領先的鋰電池製造商,提供電芯—模組—電池簇-電池管理系統的
一體化方案,主要立足乘用車動力電池市場,並拓展在陸海空(LISA)全場景應用,
產品覆蓋動力電池、儲能電池及航空電池。以市場份額計,2026年1-5月,公司在國
內動力電池排名第八,其中三元電池國內乘用車動力電池裝車量排名攀升至第五位。
公司主要以標準化電芯和平臺化電池包提升製造效率,通過智能製造精益管理體系優
化質量成本管控,形成核心競爭力,客戶集中於零跑、廣汽豐田、一汽紅旗、上汽通
用、上汽通用五菱、大眾等頭部車企。

投資概要
後發優勢顯著,產能爬坡驅動盈利高增
公司于2019年由原福耀玻璃核心團隊創立,是前十大電池廠中少有的具備汽車零部件
基因的公司,核心管理層對生產工藝管理和成本管控有深刻洞見。公司後發優勢顯
著,在電池行業的應用場景拓展和快速技術進步方面處於有利地位。
公司2025年4月於港交所IPO上市,10月完成配售,共募資約14億港元,絕大部分
用於擴建其常熟生產基地產能,截至2026年5月,公司的產能達到35.5GWH,較
2025年底的25.5GWH擴大了39.2%,預計到2026年底,產能將達到70GWH,未來2
3年內產能有望達到120GWH。
公司採用“技術驅動+智慧製造+客戶綁定”三位一體運營模式:以三元鐵鋰混合體系、
聚陰離子鈉離子電池和AS9100D/CAAC雙認證航空電芯三大差異化產品為核心,通過
自研“三即製造”(物流即工位元、工位元即製造、製造即質檢)智慧產線實現柔性
化、高良率量產。由於推行MOM系統與ZOE卓越運營平臺,生產線自動化率達
95%,單位折舊行業最低。
受益於產能快速提升和正面規模效應釋放,2024年公司首次扭虧為盈,經營開始步入
正軌。2025年公司實現營業收入81.01億元,(人民幣,下同),同比+57.9%,歸母
淨利潤8.09億元,同比+788.4%,淨利率達10.0%,遠超行業平均水準,驗證其“輕裝
上陣+高效製造”的敘事邏輯。

動力電池主導盈利爆發
公司核心業務為新能源乘用車動力電池,2025年收入占比超過九成,達到94.8%,覆
蓋BEV、PHEV、EREV、HEV全車型,主打高能量密度、8C快充與800V高壓平臺電
芯,配套零跑、一汽紅旗、廣汽傳祺、大眾等頭部車企多款熱銷車型。公司的400V峰
值5C快充三元高電壓鋰電池滿足45℃高溫下永不熱擴散;800V峰值8C超快充三元高
電壓鋰電池,電芯能量密度超過240Wh/kg;高比能磷酸鐵鋰電池的體積能量密度達到
435Wh/L,快充磷酸鐵鋰電池可實現4C-8C快充,能力密度達到185-190Wh/kg。

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About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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