| 电池 | 收盘价 | | 目标价 | 潜在涨幅 | 2026 年 4 月 1 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 31.66 | 港元 42.88↑ | +35.4% | | | 中创新航 (3931 HK) | | | | | | 规模效应支撑盈利修复，海外储能和商用车业务迎突破；上调目标价 个股评级 买入 1 年股价表现 资料来源： FactSet 3/25 7/25 11/25 3/26 -40% -20% 0% 20% 40% 60% 80% 100% 3931 HK 恒生指数 股份资料 | 52周高位 (港元) | 36.10 | | --- | --- | | 52周低位 (港元) | 14.18 | | 市值 (百万港元) | 24,109.09 | | 日均成交量 (百万) | 10.10 | | 年初至今变化 (%) | 26.04 | | 200天平均价 (港元) | 28.79 | | 资料来源： FactSet | | 交银国际研究 公司更新 李柳晓, PhD, CFA joyce.li@bocomgroup.com ...

交银国际研究 公司更新 | 电池 | 收盘价 | | 目标价 | 潜在涨幅 | 2026 年 4 月 1 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 31.66 | 港元 42.88↑ | +35.4% | | | 中创新航 (3931 HK) | | | | | | 规模效应支撑盈利修复，海外储能和商用车业务迎突破；上调目标价 个股评级 买入 1 年股价表现 资料来源： FactSet 3/25 7/25 11/25 3/26 -40% -20% 0% 20% 40% 60% 80% 100% 3931 HK 恒生指数 股份资料 | 52周高位 (港元) | 36.10 | | --- | --- | | 52周低位 (港元) | 14.18 | | 市值 (百万港元) | 24,109.09 | | 日均成交量 (百万) | 10.10 | | 年初至今变化 (%) | 26.04 | | 200天平均价 (港元) | 28.79 | | 资料来源： FactSet | | 李柳晓, PhD, CFA joyce.li@bocomgroup.com ...

ICC 鑫椤资讯年终盘点： 2025年碳酸锂市场盘点： 2025年电解液市场盘点： 2025年铜箔市场盘点： 2025年钴酸锂市场盘点： 2025年三元材料市场盘点： 2025年磷酸铁锂市场盘点： 2025年锰酸锂市场盘点： 2025年三元前驱体市场盘点： 2025年六氟磷酸锂市场盘点： 2025年磷酸铁市场盘点： 2025年添加剂VC市场盘点： 2025年钠离子电池市场盘点： 2025年新型锂盐LIFSI市场盘点： 2025年隔膜市场盘点： 2025年锂电池市场盘点： 2025年铝箔市场盘点： 2025年储能电池市场盘点： 2025年储能系统市场盘点： 2025年磷酸锰铁锂市场盘点： 2025年负极材料市场盘点： 近日，中创新航与日本储能开发商ナムチャバルワ株式会社完成签约， 项目规模380MWh，标志着中创 新航直流侧储能产品获得日本市场认可。 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源： CALB 中创新航 本次合作项目将搭载中创新航"至久"储能电池，依托公司自主研发的核心电芯技术、液冷散热技术及智能 BMS管理系统，兼具高安全、高稳定、高能量三 ...

Core Viewpoint - The collaboration between Zhongxin Innovation and Japanese energy storage developer Namchabarwa Co., Ltd. signifies the recognition of Zhongxin Innovation's direct current energy storage products in the Japanese market, with a project scale of 380MWh [1][3]. Group 1 - The project will utilize Zhongxin Innovation's "Zhijiu" energy storage battery, which is based on the company's self-developed core cell technology, liquid cooling technology, and intelligent BMS management system, offering high safety, stability, and energy efficiency [3]. - This partnership represents an important acknowledgment of Zhongxin Innovation in the international high-end market and contributes to global energy transition and sustainable development [3].

【DT新材料】 获悉，3月27日， 中创新航 官宣，本月25日， 小鹏汇天 X3-F（陆地航母）飞行汽车核心动力系统在中创新航成都工厂量产下线。 这款飞行汽车专用电池核心亮点的是其强悍的功率输出能力： 最大放电倍率达25C，飞行时的持续功率输出约为普通电动汽车的10倍，能在垂直起降 瞬间爆发出强劲动力，"托举"飞行体升空 。 为兼顾轻量化与储电能力， 电池采用高硅高镍电芯，能量密度达到360Wh/kg，较普通电动车电池提升约1.5倍，同等重量下能储存更多电量，有效 延长飞行续航里程。 飞行安全是重中之重， 这款电池构建了电芯、模组、系统、整机四重安全防护体系，热安全设计完全符合航空适航要求 ，已通过15.2米坠落测试（相 当于5层楼高度），测试结果不起火、不爆炸、不漏液，同时中创新航累计验证超10万只相关电芯，模拟各类极端工况，全方位确保电池在高空飞行中 的可靠性与稳定性。 中国未来产业崛起 引领全球新材料创新发展 2026 06 10 -> 06 12 值得关注的是， 该电池是行业首个同时满足汽车法规与航空适航双重认证的动力电池， 既能适配飞行汽车地面行驶时的碰撞、防水等标准，又能应对 高空低温、气压变化等 ...

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2026 年 03 月 29 日 投资评级： 看好（维持） 证券分析师 虽然动力电池销量短期受国内新能源车销量下滑影响，但是新能源车出口数据较为 亮眼，叠加国内商用车、重卡、工程机械电动化率不断提升，今年以来动力电池销 量表现较好。据中国汽车工业协会数据，2026 年 1-2 月，新能源汽车国内销量 112.6 万辆，同比下降 27.5%，新能源汽车出口 58.3 万辆，同比增长 110%。据乘联分会 统计，动力电池市场 1-2 月累计同比增幅达到 37.4%，今年以来动力电池装机量持 续增长。 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邱达治 SAC：S1350525050001 qiudazhi@huayuanstock.com 联系人 秦雨茁 qinyuzhuo@huayuanstock.com 板块表现： 锂电旺季已到，1-2 月我国天然气产 量增长进口下降 ——大能源行业 2026 年 ...

2026 年 3 月 29 日 电力设备新能源、环保 聚焦能源格局与业绩主线，重点关注锂电产业链 ——电新环保行业周报 20260329 电力设备新能源 买入（维持） 环保 买入（维持） 作者 分析师：殷中枢 执业证书编号：S0930518040004 010-58452071 yinzs@ebscn.com 分析师：郝骞 执业证书编号：S0930520050001 021-52523827 haoqian@ebscn.com 分析师：陈无忌 执业证书编号：S0930522070001 021-52523693 chenwuji@ebscn.com 分析师：和霖 -40% -20% 0% 20% 40% 60% 80% 2025/3/27 2025/7/27 2025/11/26 2026/3/28 电力设备(申万) 环保(申万) 沪深300 资料来源：iFinD 要点 整体观点： 1、市场开始关注战后能源新格局演绎。 3 月初由于伊朗局势的不确定性对市场影响较大，市场避险情绪较重，叠加算电协 同概念成为重要催化剂，具有防御属性的电力板块股价表现较好。3 月下旬，市场 对伊朗局势后续变数已有一定预期；乘联分会 ...

Financial Performance - The company's revenue increased by 60.0% from RMB 27,751.53 million for the year ended December 31, 2024, to RMB 44,400.07 million for the year ended December 31, 2025[2]. - Net profit rose by 148.4% from RMB 843.63 million in 2024 to RMB 2,095.22 million in 2025[2]. - Basic earnings per share increased by 149.6% from RMB 0.3336 in 2024 to RMB 0.8326 in 2025[2]. - Operating profit grew significantly to RMB 3,125.77 million in 2025, compared to RMB 1,205.40 million in 2024[3]. - The company reported a total comprehensive income of RMB 2,185.55 million for 2025, compared to RMB 768.77 million in 2024[4]. - The company achieved a revenue of RMB 44.4 billion, representing a 60.0% year-over-year growth, and a profit of RMB 2.095 billion, up 148.4% from the previous year[46]. Assets and Liabilities - Total assets less current liabilities reached RMB 88,264.83 million in 2025, up from RMB 76,889.08 million in 2024[5]. - Non-current assets increased to RMB 101,037.64 million in 2025 from RMB 86,867.99 million in 2024, reflecting growth in property, plant, and equipment[5]. - Total liabilities rose from RMB 74,419.46 million in 2024 to RMB 95,098.52 million in 2025, an increase of 27.8%[74]. - As of December 31, 2025, the company's debt-to-asset ratio was 64.0%, up from 60.8% in 2024, and the debt-to-equity ratio was 91.3%, compared to 77.5% in 2024, indicating increased borrowing to support business growth and major investments[77]. Cash Flow and Investments - The company's cash and cash equivalents stood at RMB 9,637.70 million in 2025, compared to RMB 9,058.55 million in 2024, indicating strong liquidity[5]. - Operating cash inflow for the year ending December 31, 2025, was RMB 10,160.09 million, a significant increase of 226.4% compared to RMB 3,113.10 million in 2024[75]. - The company plans to continue monitoring its capital structure through debt-to-asset and debt-to-equity ratios to support sustainable business growth[77]. - The company had restricted assets with a total book value of RMB 22,167.70 million as of December 31, 2025, used for obtaining bank loans and other financing[81]. Research and Development - Research and development expenses increased to RMB 2,142.56 million in 2025 from RMB 1,417.61 million in 2024, indicating a focus on innovation[3]. - The company is committed to technological innovation, with advancements in high-performance battery technologies, achieving a specific energy density of 360Wh/kg for high-nickel cylindrical batteries[61]. - The company is leveraging AI technology in R&D and manufacturing to enhance efficiency and establish a new benchmark in intelligent manufacturing[61]. Market and Sales - Sales of power batteries contributed RMB 30,299 million in 2025, up from RMB 19,551 million in 2024, representing a growth of 55%[13]. - Revenue from major customer A was RMB 7,420 million in 2025, compared to RMB 3,622 million in 2024, indicating a growth of 105%[18]. - Revenue from energy storage systems and others increased from RMB 8,200.63 million in 2024 to RMB 14,100.40 million in 2025, representing a growth of 71.9%[71]. Corporate Governance and Compliance - The company has adopted the "Standard Code" for securities trading by directors and supervisors, confirming compliance during the reporting period[90]. - The audit committee has reviewed the audited consolidated financial statements for the year ending December 31, 2025, confirming compliance with applicable accounting principles and full disclosure[96]. - The financial figures in the preliminary announcement for the year ending December 31, 2025, have been verified by the auditor, with no assurance provided on the preliminary announcement[97]. Future Outlook - The group anticipates an increase in production and revenue in the coming year, leading to expected growth in operating cash inflows[2]. - The company aims to achieve carbon neutrality in core operations by 2030 and throughout the value chain by 2040, focusing on clean energy consumption and zero-carbon technologies[66]. - The company plans to expand its commercial vehicle market through a one-stop electrification solution, enhancing operational cash flow and reducing total cost of ownership for logistics companies[63].

中创新航 申池专家 智创零碳 ESIE 2026 第十四届储能国际峰会暨展览会 B2 展销 | B06最位 ● 地点/Place 北京 · 首都国际会展中心 Capital International Exhibition And Convention Center 9 展会时间/Exhibition Time 2026年4月1日-Z日 了解更多展商信息可查看： 收藏！ESIE 2026储能展展位图重磅发布 中国储能产业发展的风向标 第十四届储能国际峰会暨展览会 ESIE 2026 展览时间： 2 0 2 6年4月1日- 4月3日 峰会时间： 2 0 2 6年3月3 1日- 4月3日 地点： 北京·首都国际会展中心 参会购票 免费观展 媒体合作 相关阅读 中国中车冠名第十四届储能国际峰会暨展览会ESIE 2026 B1储能应用馆 楚能新能源冠名第十四届储能国际峰会暨展览会ESIE 2026 A1储能与电力设备馆 亿纬锂能邀您共聚第十四届储能国际峰会暨展览会ESIE 2026 南都电源邀您共聚第十四届储能国际峰会暨展览会ESIE 2026 新源智储联合主办第十四届储能国际峰会暨展览会ESIE 2026 科华数能 ...

Core Viewpoint - The article highlights the rapid development and investment in solid-state battery technology in China, with over 25 projects launched nationwide by 2026, focusing on the mass production of core electrolyte materials and solid-state batteries [3]. Group 1: Project Developments - Xiamen Guna New Energy signed an investment contract for a solid electrolyte manufacturing and R&D project, aiming to overcome key industrial bottlenecks and enhance the regional new energy materials industry chain [6]. - Huyuan Lithium's mass production base for solid-state batteries was inaugurated in Huai'an, marking the first pure mass production solid-state battery base in the country [7]. - Jinyu New Energy launched a 1.2GWh solid-state battery production line in Hangzhou, achieving breakthroughs in core technology and significantly reducing production costs [10]. - Dongsheng Technology signed a project for a solid-state electrolyte material production line with an annual capacity of 3,000 tons, expected to generate an annual output value of approximately 5 billion yuan [12]. - Zhongchu Innovation's solid-state electrolyte and battery project received environmental approval, with a total investment of 120 million yuan [14]. - Beijing Zhongke Qineng's semi-solid project was signed in Changzhou, focusing on high-performance solid-liquid battery modules [18]. - Heyi New Energy's solid-state battery base broke ground in Pujiang, with a total investment of about 1 billion yuan [19]. - Xinan Chemical's solid electrolyte testing project aims to produce various solid electrolytes for research and development [20]. - Yunsihui Blue's 15GWh solid-state lithium battery project in Nanjing has a total investment of 5.2 billion yuan [21]. - Jinheng Solid Energy's 10GWh solid-state battery project was signed in Hubei, focusing on fully automated large-capacity battery production [22]. - Xinjie Energy's 2GWh lithium metal solid-state battery project in Hangzhou is currently the largest mass-produced lithium metal solid-state battery project in China [23]. - Zijin Mining's solid-state battery lithium material construction project has officially started, expected to significantly enhance the regional new energy materials industry layout [24][25]. - Wuhai Qingtai's 5GWh solid-state battery and 500t solid electrolyte material projects are under environmental evaluation [26]. - A new lithium-ion solid-state battery production base in Neijiang is expected to achieve an annual output value of 3.5 billion yuan [27][28]. - The expansion of the solid-state battery base for low-altitude economy in Foshan has started, with an expected annual output value of 1 billion yuan [29]. - Ganfeng Lithium's Dongguan base project focuses on new lithium batteries and energy storage, with a total investment of 5 billion yuan [30]. - The Kunshan solid-state battery project has officially started, with a total investment of approximately 693 million yuan [31]. - Two solid-state battery projects were signed in Shanghai Lingang, part of the 2026 key industrial projects [32]. - A high-energy gel solid-state lithium battery R&D and production base project has been launched in Xiamen, with a total investment of 800 million yuan [33]. - An annual production capacity of 1GWh solid-state battery project by Anqing Degao Energy has been approved [34]. - Taizhou Qingtai's 3.5GWh solid-state battery production line has officially entered production, with plans for further expansion [35]. - Chengdu Yixuan's high-purity solid-state electrolyte materials project is under environmental evaluation, focusing on high-purity materials [36]. - A project for high-performance electrolyte materials in Hunan has received environmental approval, with an annual production capacity of 1,000 tons [37]. - A special advanced lithium battery R&D and production base project has been launched in Dali, with an expected annual capacity of 2GWh [41].