Investment Highlights - Company is covered for the first time by CICC with an "outperform" rating and a target price of HKD 11.40, based on a PE valuation method corresponding to a multiple of 26.0x for 2026. The company is recognized as a leading manufacturer of power and energy storage batteries in China [1] - The penetration rate of new energy vehicles continues to rise, with emerging application scenarios opening up growth opportunities. According to Frost & Sullivan, it is expected that China's power battery installation will reach 1,961.4 GWh by 2029, with a CAGR of 29.0% from 2024 to 2029. Additionally, the demand for energy storage, electric ships, and electric aircraft is rapidly growing, creating long-term growth potential for lithium batteries [1] - The company offers a comprehensive product portfolio to meet diverse customer needs, developing multi-path product combinations driven by market demand and technology. The company covers various material types such as lithium iron phosphate and ternary materials, as well as multiple power types like BEV and PHEV, across applications including electric vehicles, electric aircraft, and electric ships. In 2024, the company's domestic installation share for lithium iron phosphate power batteries is projected to be 2.0%, while the share for PHEV batteries is 1.8%, and the market share for the HEV battery pack of New Zhongyuan Toyota exceeds 70% [1] Company Fundamentals - The company is experiencing a turning point in its fundamentals, leveraging flexible manufacturing to achieve high utilization rates and cost control advantages. Despite smaller revenue and shipment scale compared to second and third-tier battery manufacturers, the company is leading the way in fundamental improvements. Looking ahead, the company is expected to continue expanding its customer base and further release scale effects, driving sustained profit improvement [2] - The company has crossed the threshold of scalable profitability, with profitability expected to steadily increase [2] - Potential catalysts for growth include the continuous acquisition of new orders and better-than-expected profit improvements [2] Earnings Forecast and Valuation - The company’s EPS is projected to be RMB 0.20 and RMB 0.40 for 2025 and 2026, respectively, with a CAGR of 236% from 2024 to 2026. The current stock price corresponds to a 21.2x P/E for 2026, while the company is given a 26.0x P/E for 2026, leading to a target price of HKD 11.40, indicating a potential upside of 20.6% [2]

中金发表报告，首次覆盖正力新能，给予"跑赢行业"评级，目标价11.4港元，基于市盈率估值法，对应 估值倍数26.0倍2026年市盈率。该行指，正力新能凭借丰富客户资源、智能制造及成本控制优势，公司 基本面迎拐点；往后看，看好依托汽车零部件基因和渠道优势，持续拓展客户，进一步释放规模效应， 带动盈利持续改善。 ...

Core Viewpoint - CICC initiates coverage on Zhengli New Energy (03677) with an "outperform" rating and a target price of HKD 11.40, indicating a potential upside of 20.6% based on a PE valuation method with a multiple of 26.0x for 2026 [1] Group 1: Company Performance and Projections - The company is a leading manufacturer of power and energy storage batteries in China, with projected EPS of CNY 0.20 and CNY 0.40 for 2025 and 2026 respectively, reflecting a CAGR of 236% from 2024 to 2026 [1] - The company has crossed the inflection point of scalable profitability, with expectations for steady improvement in profitability [1] Group 2: Industry Growth and Market Opportunities - The penetration rate of new energy vehicles is continuously increasing, with the Chinese power battery installation expected to grow to 1,961.4 GWh by 2029, corresponding to a CAGR of 29.0% from 2024 to 2029 [2] - Emerging application scenarios such as energy storage, electric ships, and electric aircraft are rapidly growing, opening long-term growth opportunities for lithium batteries [2] - The company is well-positioned to benefit from the growth of second and third-tier battery manufacturers leveraging multi-technology and multi-market strategies [2] Group 3: Product Diversification and Customer Demand - The company develops a multi-path product portfolio driven by market demand and technology, covering various materials and power types, including BEV and PHEV, as well as applications in electric vehicles, electric aircraft, and electric ships [3] - The domestic market share for the company's lithium iron phosphate power batteries is projected to be 2.0% in 2024, with PHEV battery market share at 1.8%, and over 70% market share for the HEV battery pack in collaboration with New Zhongyuan Toyota [3] Group 4: Competitive Advantages and Future Outlook - The company benefits from flexible manufacturing leading to high utilization rates and cost control advantages, positioning it favorably among second and third-tier battery manufacturers despite smaller revenue and shipment scales [4] - The company is expected to continue expanding its customer base and releasing scale effects, driving sustained profitability improvements [4]

消息面上，进入11月份，六氟磷酸锂价格涨势依旧。Wind资讯数据显示，11月7日，六氟磷酸锂报价为 12.15万元/吨，相较于10月31日的10.75万元/吨，涨幅达13.02%。相较于9月30日的6.10万元/吨，涨幅高 达99.18%。中关村物联网产业联盟副秘书长袁帅表示："储能电池与动力电池市场需求呈爆发式增长， 带动电解液采购量显著攀升，而六氟磷酸锂恰是锂离子电池电解液的核心材料。这是推动六氟磷酸锂价 格走出低谷、迎来新一轮景气周期的关键因素。" 开源证券此前指出，自9月中旬以来，六氟磷酸锂价格便开启快速上行通道。短期内，市场供应紧平衡 状态可能持续至2026年，价格仍有上行空间。该行认为六氟磷酸锂价格的快速上行有可能意味着部分锂 电材料的供需矛盾已经得到缓解，并有望迎来涨价周期。 智通财经APP获悉，锂业股早盘走高，截至发稿，赣锋锂业(01772)涨6.64%，报56.2港元；天齐锂业 (09696)涨4.57%，报54.95港元；正力新能(03677)涨4.02%，报9.83港元。 ...

致：香港交易及結算所有限公司 公司名稱: 江蘇正力新能電池技術股份有限公司 呈交日期: 2025年11月5日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03677 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,439,372,739 | RMB | | 1 RMB | | 1,439,372,739 | | 增加 / 減少 (-) | | | 45,921,000 | | | RMB | | 45,921,000 | | 本月底結存 | | | 1,485,293,739 | RMB | | 1 RMB | | 1,485,293,739 ...

智通财经 APP 获悉，11 月 3 日，在公布 10 月份销量首次突破 1 万辆，累计交付超 5 万辆，实现销量 "六连涨"，牢牢占据合资新能源 SUV 销量第一之 际，广汽丰田围绕电池安全和性能保障，宣布为配套正力新能 (03677)$正力新能(HK|03677)$ 航空级标准 — 骐龙超级纯电电池的铂智 3X 再次推出两项重 磅政策： "冬季续航守护行动"：针对低温环境下的电池续航，承诺用户拨打 400 热线后 48 小时内出具电池检测报告，若确认异常，72 小时内免费更换（部分地区 受物流影响，时间有所延迟）。 "电池衰减厂家担责"：针对全周期内的电池耐久，承诺以超行业标准，保障电池全周期性能，衰减超标即换新（严于行业的标准：2 年 / 5 万公里内衰减 ≤10%，6 年 / 10 万公里内≤20%，8 年 / 15 万公里内≤25%，超标即免费换新）。 超长寿命 经久耐用更安心 正力新能通过优秀的化学体系和结构设计，保证电芯设计寿命达到 8 年 30 万公里，设计寿命远超质保要求，保证用户长期使用无风险；同时，正力新能 电池系统在产品循环寿命上采用了较业内更严格的循环工况设计，实现电池系统超过 30 ...

Core Viewpoint - Lithium battery stocks have seen a significant rise, driven by a sharp increase in lithium hexafluorophosphate prices, indicating strong demand and potential for a price increase cycle in the industry [1] Group 1: Stock Performance - Zhongxin Innovation (03931) rose by 5.73% to HKD 32.5 [1] - Tianqi Lithium (09696) increased by 5.63% to HKD 46.9 [1] - Zhengli New Energy (03677) gained 3.91% to HKD 9.3 [1] - Ganfeng Lithium (01772) saw a rise of 3.03% to HKD 48.94 [1] Group 2: Price Trends - As of November 3, the price of lithium hexafluorophosphate reached a peak of CNY 117,000 per ton, nearly doubling since early October [1] - The rapid price increase began in mid-September, with expectations of a continued tight supply situation until 2026 [1] Group 3: Company Insights - Companies like Shida Shenghua (603026) and Xinzhou Bang (300037) reported full order books and increasing demand for lithium hexafluorophosphate [1] - Multi-Fluor (002407) management noted a high certainty in market demand but anticipated more rational price fluctuations compared to previous cycles [1] Group 4: Market Outlook - Open Source Securities indicated that the rapid price increase of lithium hexafluorophosphate may suggest a resolution of supply-demand conflicts in some lithium battery materials, potentially leading to a price increase cycle [1]

Core Viewpoint - Lithium battery stocks experienced a significant rise, driven by soaring prices of lithium hexafluorophosphate, which reached a record high of 117,000 yuan per ton, nearly doubling since early October [1] Group 1: Stock Performance - Zhongxin Innovation (03931) rose by 5.73%, trading at 32.5 HKD [1] - Tianqi Lithium (09696) increased by 5.63%, trading at 46.9 HKD [1] - Zhengli New Energy (03677) saw a 3.91% rise, trading at 9.3 HKD [1] - Ganfeng Lithium (01772) gained 3.03%, trading at 48.94 HKD [1] Group 2: Market Demand and Supply - Companies like Shida Shenghua and Sinoma Technology reported full order books, indicating strong demand for lithium hexafluorophosphate [1] - Some companies noted that demand is robust and orders are still increasing [1] - Management at Molybdenum Corp expressed that while demand for lithium hexafluorophosphate is certain, price fluctuations are expected to stabilize, avoiding the extreme price surges seen in previous industry cycles [1] Group 3: Price Trends and Forecasts - According to Kaiyuan Securities, the price of lithium hexafluorophosphate has been on a rapid upward trend since mid-September [1] - The market is expected to remain in a tight supply-demand balance until 2026, with potential for further price increases [1] - The rapid price increase of lithium hexafluorophosphate may indicate that supply-demand imbalances for certain lithium battery materials are easing, potentially leading to a price increase cycle [1]

智通财经APP获悉，11月3日，在公布10月份销量首次突破1万辆，累计交付超5万辆，实现销量"六连涨"，牢牢占据合资新能源SUV销量第一之际，广汽 丰田围绕电池安全和性能保障，宣布为配套正力新能(03677)航空级标准—骐龙·超级纯电电池的铂智3X再次推出两项重磅政策： "冬季续航守护行动"：针对低温环境下的电池续航，承诺用户拨打400热线后48小时内出具电池检测报告，若确认异常，72小时内免费更换（部分地区受 物流影响，时间有所延迟）。 "电池衰减厂家担责"：针对全周期内的电池耐久，承诺以超行业标准，保障电池全周期性能，衰减超标即换新（严于行业的标准：2年/5万公里内衰减 ≤10%，6年/10万公里内≤20%，8年/15万公里内≤25%，超标即免费换新）。 从行业首次为电池自燃和智能泊车事故担责，到本次新增电池衰减厂家担责，广汽丰田双担责政策正式升级为厂家三担责，再次树立行业新标杆。围绕消 费者关注新能源汽车使用核心痛点，不推脱，快响应，彻底兜底，以技术底气下的重磅服务承诺，为用户安心用车全程护航。 广汽丰田敢于承诺兜底，其背后是对自身三电技术，尤其是电池品质的深度自信。正力新能作为广汽丰田最大的电池供应商 ...

智通财经APP获悉，11月3日，在公布10月份销量首次突破1万辆，累计交付超5万辆，实现销量"六连涨"，牢牢占据合资新能源SUV销量第一之际，广汽 丰田围绕电池安全和性能保障，宣布为配套正力新能(03677)航空级标准—骐龙·超级纯电电池的铂智3X再次推出两项重磅政策： "冬季续航守护行动"：针对低温环境下的电池续航，承诺用户拨打400热线后48小时内出具电池检测报告，若确认异常，72小时内免费更换（部分地区受 物流影响，时间有所延迟）。 "电池衰减厂家担责"：针对全周期内的电池耐久，承诺以超行业标准，保障电池全周期性能，衰减超标即换新（严于行业的标准：2年/5万公里内衰减 ≤10%，6年/10万公里内≤20%，8年/15万公里内≤25%，超标即免费换新）。 从行业首次为电池自燃和智能泊车事故担责，到本次新增电池衰减厂家担责，广汽丰田双担责政策正式升级为厂家三担责，再次树立行业新标杆。围绕消 费者关注新能源汽车使用核心痛点，不推脱，快响应，彻底兜底，以技术底气下的重磅服务承诺，为用户安心用车全程护航。 广汽丰田敢于承诺兜底，其背后是对自身三电技术，尤其是电池品质的深度自信。正力新能作为广汽丰田最大的电池供应商 ...