Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant growth in revenue and net profit for H1 2024, with revenue reaching 227 million yuan, a year-on-year increase of 72.91%, and net profit of 63 million yuan, a year-on-year increase of 450.94% [2][1] - The growth in revenue is attributed to the company's continuous market expansion, technological innovation, and improved service levels, leading to a steady increase in domestic and international orders [2] - The report projects an increase in net profit for 2024-2026, with estimates of 127 million yuan, 149 million yuan, and 171 million yuan respectively, up from previous estimates of 102 million yuan, 136 million yuan, and 166 million yuan [2] Financial Performance Summary - For H1 2024, the company achieved a gross margin of 42.37%, an increase of 19.18 percentage points year-on-year, primarily due to a decline in raw material prices [2] - The company’s sales, management, R&D, and financial expense ratios for Q2 2024 were 2.30%, 4.02%, 3.81%, and -2.84% respectively, indicating strong cost control [2] - The company’s revenue from lithium manganese batteries and lithium iron batteries was 214 million yuan and 14 million yuan respectively, with domestic sales increasing by 32.94% and international sales by 108.53% [2] Earnings Forecast and Valuation - The report provides earnings forecasts with total revenue projected to reach 465.51 million yuan in 2024, 559.90 million yuan in 2025, and 671.89 million yuan in 2026, reflecting growth rates of 34.39%, 20.28%, and 20.00% respectively [1][8] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.26 yuan, 1.47 yuan, and 1.69 yuan respectively, with a price-to-earnings (P/E) ratio of 9.01, 7.72, and 6.69 [1][8]

Financial Performance - The company achieved operating revenue of CNY 227.27 million, a 72.91% increase compared to the same period last year[15]. - The net profit attributable to shareholders reached CNY 62.95 million, reflecting a significant growth of 450.94% year-on-year[15]. - The net profit after deducting non-recurring gains and losses was CNY 64.28 million, up 371.67% from the previous year[15]. - The gross profit margin improved to 42.37%, up from 23.19% in the previous year[15]. - The company's revenue reached ¥227,274,724.56, representing a 72.91% increase compared to ¥131,439,187.00 in the same period last year[28]. - Net profit surged to ¥62,946,705.76, reflecting a 450.94% increase from ¥11,425,410.49 in the previous year[29]. - The company reported a total comprehensive income for the period of CNY 62,946,705.76, compared to CNY 11,425,410.49 in the same period last year, indicating a substantial increase[68]. - Operating profit amounted to CNY 75,548,762.81, compared to CNY 12,555,373.45 in the same period last year, indicating a year-over-year increase of around 503%[68]. Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 672.39 million, representing a 16.94% increase from the end of the previous year[16]. - The company's total liabilities were CNY 165.21 million, which is a 41.80% increase compared to the previous year[16]. - The net asset attributable to shareholders was CNY 507.18 million, showing a growth of 10.62% year-on-year[16]. - The asset-liability ratio was 24.57%, reflecting a stable financial condition[16]. - The total liabilities reached ¥165,213,758.60, compared to ¥116,508,549.23 in the previous year, which is an increase of approximately 42%[66]. - The total owner's equity at the end of the period was CNY 507,179,104.85, showing a robust financial position[72]. Cash Flow - The company reported a cash flow from operating activities of CNY 59.60 million, an increase of 54.18% compared to the same period last year[23]. - The cash flow from operating activities generated CNY 59,599,426.02, up from CNY 38,656,674.61, reflecting a growth of approximately 54%[69]. - The cash and cash equivalents at the end of the period totaled CNY 225,651,035.16, an increase from CNY 186,373,823.25 at the end of the previous period, representing a growth of approximately 21%[70]. Research and Development - The company holds 5 invention patents and 22 utility model patents, indicating a strong focus on technological innovation[21]. - Research and development expenses increased by 79.38% to ¥9,063,278.08, indicating a strong focus on innovation[28]. - The company emphasizes continuous investment in R&D to enhance innovation capabilities and maintain competitive advantages in product performance[40]. Market and Competitive Landscape - The company plans to expand its market presence in the lithium battery sector, particularly in high-performance applications[25]. - The lithium iron battery market is expected to grow significantly, with current market share dominated by zinc-manganese and alkaline batteries, which hold over 90%[25]. - The company faces competitive risks in the lithium manganese battery market, necessitating strategic adjustments to maintain market share[37]. Shareholder Information - The total number of ordinary shares is 101,301,369, with no preferred shares issued[12]. - The company has a total of 101,301,369 shares outstanding after a rights distribution on June 3, 2024, which included a cash dividend and a capital increase[49]. - The largest shareholder, Ai Jianjie, increased his holdings to 15,285,738 shares, accounting for 15.0894% of the total shares[51]. - The company underwent a change in its controlling shareholder, with the previous controlling shareholders, Ai Jianjie and Pan Wenshu, no longer holding control as of April 28, 2024[52]. Risks and Challenges - The company faces significant risks from fluctuations in the prices of core raw materials, particularly lithium, which can greatly impact production costs due to its high proportion in the main business cost structure[38]. - The company has a high proportion of export revenue, making it vulnerable to trade frictions, exchange rate fluctuations, and changes in the competitive environment[39]. - The company is exposed to risks from exchange rate fluctuations, particularly with the USD, which can affect sales prices and foreign currency asset valuations[39]. Employee and Management - The total number of employees increased from 590 to 743, marking a 25.9% growth in workforce[62]. - The company appointed new senior management, including a new board secretary, reflecting a restructuring of the management team[59]. - The company has implemented employee incentive measures, including stock ownership plans, to enhance employee loyalty and performance[41]. Accounting and Financial Policies - The financial statements are prepared based on the accrual basis of accounting, with historical cost as the measurement basis, except for certain financial instruments measured at fair value[81]. - The company has not reported any significant changes in the scope of consolidation for the consolidated financial statements[79]. - The company recognizes revenue when control of goods or services is transferred to the customer, based on the transaction price allocated to the performance obligation[150]. Government Support - The company received government subsidies, leading to a 232.94% increase in other income compared to the previous year[30]. - The company has enjoyed tax incentives as a high-tech enterprise since 2014, but potential changes in tax policies could increase tax burdens and negatively affect performance[38].

证券代码：833523 证券简称：德瑞锂电 公告编号：2024-062 惠州市惠德瑞锂电科技股份有限公司 第四届董事会第二次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 8 月 25 日 2.会议召开地点：公司二楼会议室 3.会议召开方式：现场记名投票 4.发出董事会会议通知的时间和方式：2024 年 8 月 15 日以书面方式发出 二、议案审议情况 （一）审议通过《关于<2024 年半年度报告>及其摘要的议案》 1.议案内容： 根据《公司法》《北京证券交易所股票上市规则（试行）》等法律、法规及《惠 州市惠德瑞锂电科技股份有限公司章程》等公司内部治理文件的规定，公司编制 了《惠州市惠德瑞锂电科技股份有限公司 2024 年半年度报告》及《惠州市惠德 瑞锂电科技股份有限公司 2024 年半年度报告摘要》。具体内容详见公司同日在北 京证券交易所指定信息披露平台（www.bse.cn）披露的《2024 年半年度报告》（公 ...

5.会议主持人：王之平女士 证券代码：833523 证券简称：德瑞锂电 公告编号：2024-063 惠州市惠德瑞锂电科技股份有限公司 第四届监事会第二次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 根据《公司法》《北京证券交易所股票上市规则（试行）》等法律、法规及《惠 州市惠德瑞锂电科技股份有限公司章程》等公司内部治理文件的规定，公司编制 1.会议召开时间：2024 年 8 月 25 日 2.会议召开地点：公司二楼会议室 3.会议召开方式：现场记名投票 4.发出监事会会议通知的时间和方式：2024 年 8 月 15 日 以书面方式发出 了《惠州市惠德瑞锂电科技股份有限公司 2024 年半年度报告》及《惠州市惠德 瑞锂电科技股份有限公司 2024 年半年度报告摘要》。具体内容详见公司同日在北 京证券交易所信息披露平台（www.bse.cn）上披露的《2024 年半年度报告》（公 告编号：2024-064）和《2024 年半年度报告摘要》（2024 ...

证券代码：833523 证券简称：德瑞锂电 公告编号：2024-061 惠州市惠德瑞锂电科技股份有限公司 持股 5%以上股东减持股份结果公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带 法律责任。 一、 减持主体减持前基本情况 | 股东名称 | | 股东身份 | 持股数量（股） | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | --- | | 刘秋明 | 持股 | 5%以上 | 7,037,298 | 6.9469% | 上市前取得（含权益分 | | | 股东 | | | | 派转增部分） | 二、 减持计划的实施结果 （一） 股东因以下原因披露减持计划实施结果： √减持计划实施完毕 □减持时间区间届满 | 股 | | | | | | 减持 | | 减持 | 当前持股 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 已减持 | 已减 | | | | | | ...

| 日期 | 代码 | 简称 | 成交价 | 成交数量（股） | 买入营业部 | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2024-08- | 430418 | 苏轴股份 | 9.81 | 190306 | 招商证券股份有限公 | 招商证券股份有限公 司北京朝外大街证券 | | 02 | | | | | 司北京朝外大街证券 | | | | | | | | 营业部 | 营业部 | | 2024-08- | 837242 | 建邦科技 | 9.76 | 179500 | 招商证券股份有限公 | 招商证券股份有限公 司北京朝外大街证券 | | 02 | | | | | 司北京朝外大街证券 | | | | | | | | 营业部 | 营业部 | | 2024-08- 02 | 837344 | 三元基因 | 10.5 | 442169 | 国信证券股份有限公 | 华泰证券股份有限公 司枝江公园路证券营 | | | | | | | 司天津分公司 | | | | | | | | | 业部 | | 2024-08- | 873593 | 鼎智科技 | | ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 14.84 yuan for the next 6 months [4] Core Views - The company is a leader in the primary lithium battery sector, with significant growth in revenue and net profit in Q1 2024 due to economies of scale and falling lithium prices [4] - The company has achieved industry-leading automation levels in its production lines, with a production speed of 120PPM, enhancing product stability and competitiveness [2] - The company's revenue and net profit have shown steady growth, with a 473.8% YoY increase in net profit in Q1 2024 [4] Financial Performance - Revenue is expected to grow from 346.38 million yuan in 2023 to 677.43 million yuan in 2026, with a CAGR of 19.2% from 2019 to 2023 [4][19] - Net profit attributable to the parent company is projected to increase from 53.30 million yuan in 2023 to 155.37 million yuan in 2026, with a CAGR of 20.77% from 2023 to 2026 [4] - The company's ROE is expected to rise from 11.63% in 2023 to 20.83% in 2026, reflecting improved profitability [4] Industry Overview - The global primary lithium battery market grew from $1.53 billion in 2013 to $2.54 billion in 2022, with the Chinese market expanding from 3.02 billion yuan to 6.26 billion yuan during the same period [14] - Lithium manganese batteries account for 49% of the global primary lithium battery market, with a projected CAGR of 2.3% from 2020 to 2025 [56] - The IoT market is expected to grow from $320.9 billion in 2022 to $1.56 trillion by 2032, driving demand for lithium manganese batteries [41] Market Position and Competitive Landscape - The company is one of the largest domestic producers of cylindrical lithium manganese batteries, with a market share of approximately 3.0% globally [104] - The top eight lithium manganese battery manufacturers account for about 60% of the global market, indicating a stable competitive landscape [104] - The company's market share in China increased from 44.9% in 2019 to 48.4% in 2022, reflecting a slight improvement in market concentration [25] Technological Advancements - The company has developed high-reliability lithium-manganese and lithium-iron sulfide batteries, achieving international leading levels in battery performance [27] - The company has optimized its production processes, such as the use of a unique electrolyte formula, to enhance product consistency and material efficiency [27] - The company's automation improvements have significantly increased production efficiency, with a single winding machine achieving a speed of 15PPM [2] Growth Drivers - The company is expanding its production capacity with a new project expected to add 180 million units of lithium battery production annually, addressing current capacity constraints [110] - The lithium iron battery market has significant growth potential, with the company positioned to benefit from the replacement of traditional zinc-manganese batteries [84] - The IoT and smart meter markets are expected to drive demand for lithium manganese batteries, with the smart water meter market projected to reach 43.4 billion yuan by 2030 [94] Risks and Challenges - The company faces risks from fluctuating raw material prices, particularly lithium, which could impact profitability [85] - Intensifying competition in the lithium manganese battery market, especially in emerging applications, could pressure the company's market share [85] - The company is exposed to risks from technological advancements in alternative battery chemistries, which could reduce demand for its products [86]

证券代码：833523 证券简称：德瑞锂电 公告编号：2024-060 惠州市惠德瑞锂电科技股份有限公司 持股 5%以上股东拟通过大宗交易方式减持公司股份 不超过 1%的预披露公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 减持主体的基本情况 | 股东名称 | 股东身份 | | 持股数量（股） | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | --- | | 刘秋明 | 持股 | 5%以 | 7,037,298 | 6.9469% | 上市前取得（含权益 | | | 上股东 | | | | 分派转增部分） | 二、 减持计划的主要内容 | 股东 | | 计划减持 | | | 计划减 | 减持 | | 减持 | 减持价格 | 拟减持股 | 拟减持 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | 数量（股） | | | 持 ...

证券代码：833523 证券简称：德瑞锂电 公告编号：2024-058 A 董事、监事、高级管理人员每年解除限售 B 离职董事、监事、高级管理人员解除限售 C 自愿限售解除限售 D 限制性股票解除限售 E 公开发行前特定主体股票解除限售上市 F 参与战略配售取得股票解除限售上市 G 其他（员工持股计划解除限售） 三、本次股票解除限售后的股本情况 | | 股份性质 | 数量（股） | 百分比 | | --- | --- | --- | --- | | | 无限售条件的股份 | 60,665,717 | 59.89% | | 有限售条件的 | 1、高管股份 | 25,349,914 | 25.02% | | | 2、个人或基金 | 15,285,738 | 15.09% | | | 3、其他法人 | 0 | 0% | | 股份 | 4、限制性股票 | 0 | 0% | | | 5、其他 | 0 | 0% | | | 有限售条件股份合计 | 40,635,652 | 40.11% | | | 总股本 | 101,301,369 | 100% | 注：如公司近期办理过新增股份登记的，公司总股本以新增股份登记后的总股本 ...

证券代码：833523 证券简称：德瑞锂电 公告编号：2024-057 惠州市惠德瑞锂电科技股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 ...