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新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极电解液隔膜隔膜电解液电芯

多氟多电池业务发展势头强劲，扩产计划稳步推进

2025-09-10 17:24:24 来源：北方有色网责任编辑：王欣悦

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多氟多(002407)披露投资者关系记录表，在电池业务方面展现出强劲的发展态势。预计到今年年底，公司将形成超20GWh的产能，而2026年将根据市场需求情况安排扩产计划，大概率年底形成超30GWh产能的规模。

多氟多的电池业务覆盖动力、便携储能及两/三轮车电池领域。在动力领域，自9月起订单激增，现排产已至12月，增长势头十分迅猛;储能业务整体表现稳健，预计今年及明年都将保持良好态势;两/三轮车电池虽尚未大规模发力，但蓄势待发，增长潜力巨大，有望超预期。公司预计明年动力电池将维持稳定增长，而储能及两/三轮车电池将迎来大幅增长。从半年报数据来看，上半年多氟多电池出货3.2GWh左右，由于下半年市场需求强劲，产能供不应求，公司目前订单基本满产满销，下半年出货量预计提升约50%，全年出货量预计可达8.5GWh。若2026年新增产能得以充分释放，公司预计电池出货量可达30GWh，与产能规划目标基本匹配。

在业务占比方面，多氟多今年动力领域业务占比预计维持在40%-50%区间，明年随着产能增长，相应占比约30%左右;同期储能业务占比将提升至50%-60%;两轮/三轮车市场占比10%。在产品结构策略上，公司主要聚焦于40以上的大圆柱市场，该产品合格率高，技术优势明显，可覆盖新能源汽车、储能和轻型车三大核心应用场景，产能占比达八成以上。方形电池产能占比不到10%，用于覆盖圆柱电池少数未满足的市场需求。

盈利空间方面，目前多氟多电池业务毛利率超过10%。未来，随着产能规模扩大，规模化效应将进一步凸显，叠加材料循环利用技术的深化应用，公司电池业务毛利率预计将持续提升，同时费用占比有望呈现下降趋势，成本结构优化将为盈利能力提升提供有力支撑。公司计划未来做好锂电池梯级利用与材料回收内循环系统建设，形成从回收、修复到再利用的全产业链的闭环;加快产品技术迭代，通过锂电池回收工艺的技术创新来实现持续降本;同时投资回收渠道标的公司，完成回收后再生以进一步降低成本，形成闭环。

海外业务方面，目前公司海外出口占比在15%-20%之间，此前的高价长单在今年已基本结束，后续新签订单普遍转向“随行就市、锁量不锁价”模式，价格根据市场行情动态调整。公司已公告与韩国Soulbrain公司合资建厂，但受海外政策影响，项目进度慢于预期。不过公司仍坚定推进海外产能布局，拟采取分阶段建设策略，优先完成首个海外基地的产能建设并投产，待市场验证后再启动二期扩产。

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