靴子落地， 盛新锂能与 中创新航合作持续推进！ 12月19日， 盛新锂能发布公告称， 公司与中创新航就锂盐产品业务合作拟签署《2026—2030年合作框架协议》， 中创新航在2026年至 2030年期间向公司采购锂盐产品20万吨 ，具体年度采购量将在双方签订的子订单中进行约定。 据了解， 盛新锂能 主要业务为锂矿采选、基础锂盐和金属锂产品的生产与销售，2025半年报显示，公司 已建成 锂盐产能13.7万吨/年 （碳 酸锂、氢氧化锂、 氯化锂等 ）和金属锂产能500吨/年。 在与中创新航的合作中， 若采购产品全部为碳酸锂，以当前11万元/吨价格计算，合作规模将达到220亿元； 若采购产品全部为 氢氧化锂， 以当前8.7万元/吨价格计算，合作金额也将达到170亿元以上。 可以作为对比的是，2024年 盛新锂能实现营收为45.8亿元，这一新订单规模大约是其 2024年全年营收的3.7-4.8倍，为期业绩奠定增长趋 势。 事实上，今年以来，动力及储能市场保持高速增长，尤其在储能端，海内外市场持续爆发，储能电池供不应求，为保证产品交付，动储电池企 业早已通过入股或长单合同进行中上游材料的锁定。 在此市场高增、中游抢单的 ...

Core Viewpoint - The report from Guosen Securities highlights the rapid growth of Zhongchuan Innovation's (03931) energy storage battery shipments, emphasizing its collaboration with leading clients for domestic and international expansion [1] Group 1: Battery Shipment Growth - The company is experiencing significant growth in battery shipments, with an estimated 2025 output of nearly 70 GWh, representing a year-on-year increase of over 50% [2] - In October 2025, the company's global market share in the power battery sector reached 4.7%, marking a continuous year-on-year increase, and it ranked among the top three globally for the first time [1][2] - The company has diversified its customer base in the power battery sector, collaborating with major players such as XPeng, Leap Motor, GAC, and Changan, while also securing orders from leading overseas passenger vehicle clients [2] Group 2: Energy Storage Battery Development - The company has launched multiple products, including the 314Ah, 392Ah, 588Ah, and 684Ah battery cells, to meet diverse customer needs [3] - The estimated energy storage battery shipment for 2025 is projected to reach around 45 GWh, with a year-on-year growth of over 75% [3] - The company is actively expanding its overseas presence, successfully delivering energy storage batteries in regions such as Saudi Arabia and Europe, while also pursuing local customers [3] Group 3: Financial Forecast Adjustments - The company has adjusted its profit forecasts for 2025 downwards due to fluctuations in shipment structures affecting net profit, while increasing forecasts for 2026-2027 based on positive demand trends in energy storage and commercial vehicles [4] - The projected net profit for 2025-2027 is estimated at 1.215 billion, 2.675 billion, and 3.904 billion yuan, respectively, with year-on-year growth rates of 106%, 120%, and 46% [4] - The dynamic PE ratios for 2025-2027 are expected to be 34.9, 15.8, and 10.8 times, maintaining an outperform rating [4]

Core Viewpoint - The report from Guosen Securities highlights the rapid growth of Zhongchuang Innovation's energy storage battery shipments, achieving fast domestic and international development in collaboration with leading clients [1]. Group 1: Market Position and Growth - As of October 2025, Zhongchuang Innovation holds a 4.7% share of the global power battery market, showing a continuous year-on-year increase, with October's installation volume surpassing LG Energy for the first time, placing it among the top three globally [2]. - The company is expected to achieve nearly 70 GWh in power battery shipments by 2025, with a year-on-year growth exceeding 50%, driven by expanding domestic and international client bases [3]. Group 2: Product Development and Client Collaboration - Zhongchuang Innovation is one of the earliest companies to mass-produce 314Ah cells, continuously optimizing and upgrading its products, launching various models such as 314Ah second generation, 392Ah, 588Ah, and 684Ah to meet diverse customer needs [4]. - The company has established deep collaborations with clients like Sungrow Power Supply and CRRC Zhuzhou Institute, steadily increasing its market share while accelerating overseas expansion with successful deliveries in regions like Saudi Arabia and Europe [4]. Group 3: Financial Projections - The profit forecast for 2025 has been adjusted downwards due to fluctuations in shipment structure affecting net profit, while the forecasts for 2026-2027 have been raised, reflecting positive impacts from storage and commercial vehicle demand and successful overseas client development [5]. - Expected net profits for 2025-2027 are projected at 1.215 billion, 2.675 billion, and 3.904 billion yuan respectively, with year-on-year growth rates of 106%, 120%, and 46%, and corresponding EPS of 0.69, 1.51, and 2.20 yuan [5].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][3][6] Core Views - The company is experiencing rapid growth in the shipment of power batteries, with a market share of 4.7% in the global power battery market as of January to October 2025, showing a continuous year-on-year increase. In October, the company surpassed LG Energy in monthly installations, marking its entry into the global top three [4][7]. - The company is diversifying its customer base and expanding globally, with significant partnerships in the passenger vehicle sector with companies like XPeng, Leap Motor, GAC, and Changan, as well as in the commercial vehicle sector with clients such as Geely, Chery, and others [4][7]. - The company is also seeing rapid growth in energy storage battery shipments, with expectations to reach approximately 45 GWh in 2025, representing a year-on-year growth of over 75%. The company is enhancing its product offerings and expanding its international presence [5][8]. Summary by Sections Power Battery Segment - The company is projected to achieve nearly 70 GWh in power battery shipments in 2025, with a year-on-year growth of over 50%. The company is focusing on global diversification and has secured orders from leading overseas passenger vehicle clients [4][6][7]. Energy Storage Segment - The company is one of the earliest to mass-produce 314Ah cells and is continuously optimizing its product lineup. It has established deep collaborations with major clients like Sungrow and CRRC Zhuzhou, while also expanding its overseas footprint in regions like Saudi Arabia and Europe [5][8]. Financial Projections - The profit forecast for 2025 has been adjusted downwards due to fluctuations in shipment structures, while the forecasts for 2026 and 2027 have been raised due to positive impacts from storage and commercial vehicle demand. Expected net profits for 2025, 2026, and 2027 are projected to be 1.215 billion, 2.675 billion, and 3.904 billion yuan respectively, with year-on-year growth rates of 106%, 120%, and 46% [6][11].

Group 1 - The company Zhongke Electric has established long-term cooperative relationships with well-known lithium battery manufacturers both domestically and internationally, including CATL, BYD, and LGES [2] - The company's lithium battery anode business is positioned to benefit from these partnerships, indicating a strong market presence and potential for growth in the lithium battery sector [2] - The collaboration with major players in the industry suggests a robust supply chain and increased credibility for Zhongke Electric in the competitive landscape of lithium battery production [2]

Core Viewpoint - Nanbaichuan focuses on the development, production, and sales of thermal management products for new energy vehicle power batteries, fuel vehicle power systems, and energy storage batteries, with significant growth in revenue and net profit expected in the coming years [3]. Financial Performance - For the fiscal years 2022 to 2024, Nanbaichuan achieved operating revenues of 1.031 billion, 1.136 billion, and 1.437 billion yuan, with net profits attributable to the parent company of 113 million, 98 million, and 95 million yuan respectively [3]. - In the first three quarters of 2025, the company reported operating revenue of 1.208 billion yuan and a net profit of 58 million yuan [3]. - The company anticipates a 20.86% increase in operating revenue and a 9.72% increase in net profit for the full year of 2025 compared to the previous year [3]. Market Position - Nanbaichuan's client base includes major domestic and international manufacturers such as CATL, NIO, Li Auto, Geely, Dongfeng Nissan, Mercedes-Benz, Volkswagen, and Chery, as well as battery manufacturers [3]. - In the energy storage thermal management sector, Nanbaichuan has entered the supply chain systems of leading companies like CATL, Zhongchuang Innovation, and Sunshine Power [3]. Investment Projects - The funds raised will be invested in the first phase of a project to produce 3.6 million sets of water-cooled plates annually at Nanbaichuan (Chuzhou) New Energy Technology Co., Ltd., as well as to supplement working capital [3].

消息面上，近日，盛新锂能（002240）与中创新航签署《2026—2030年合作框架协议》。根据公告， 2026年至2030年间，中创新航将向盛新锂能采购锂盐产品20万吨，具体采购量将在子订单中约定。这是 盛新锂能近期签下的又一份长期大额订单，该公司此前已与华友控股达成2026-2030年22.14万吨锂盐产 品的供货协议。 中创新航(03931)涨超3%，截至发稿，涨3.2%，报26.46港元，成交额8985.59万港元。 据悉，盛新锂能正通过"产品合作+股权绑定"模式深化核心客户关系。根据此前定增预案，中创新航与 华友控股拟作为战略投资者参与认购，发行完成后预计均将成为公司持股5%以上股东。公司表示，此 类合作有助于拓展锂盐业务，提升经营稳定性和市场竞争力。 ...

Core Viewpoint - Zhongxin Innovation (03931) has seen a stock increase of over 3%, currently at HKD 26.46, with a trading volume of HKD 89.86 million [1] Group 1: Partnership and Agreements - Recently, Shengxin Lithium Energy signed a cooperation framework agreement with Zhongxin Innovation for the procurement of 200,000 tons of lithium salt products from 2026 to 2030, with specific quantities to be determined in sub-orders [1] - This agreement marks another significant long-term order for Shengxin Lithium Energy, which previously secured a supply agreement for 221,400 tons of lithium salt products with Huayou Holding for the same period [1] Group 2: Strategic Initiatives - Shengxin Lithium Energy is enhancing core customer relationships through a "product cooperation + equity binding" model [1] - Zhongxin Innovation and Huayou Holding are expected to become strategic investors, each acquiring over 5% of the company's shares following a planned private placement, which is anticipated to expand the lithium salt business and improve operational stability and market competitiveness [1]

Core Insights - The current surge in China's energy sector, particularly in the energy storage industry, is described as one of the biggest surprises of the year, with leading companies experiencing high demand and full order books [1][8] - The demand surge is attributed to domestic market reforms and international factors such as AI data centers, aging European grids, and the expansion of renewable energy, which have collectively boosted international demand for energy storage [1][8] Domestic Market Dynamics - As of October this year, China has exported over $65 billion worth of energy storage and electric vehicle batteries, with a projected 75% year-on-year increase in global shipments of lithium-ion battery cells from Chinese companies [1][8] - Domestic demand is primarily driven by data centers and renewable energy projects, supported by market reforms and government subsidies [1][8] International Market Trends - UBS has raised its forecast for global battery storage installations by 25% for 2026, while the International Energy Agency expects a 16% year-on-year increase in global battery storage investment this year, reaching $66 billion [2][9] - Chinese companies dominate the core battery cell manufacturing segment, with major suppliers like CATL, Hicharge, and BYD leading the global rankings [2][9] Future Projections - Analysts predict a 40% year-on-year growth in global storage demand by 2026, driven by the increasing needs of data centers in the U.S. due to cloud computing and AI [3][10] - The U.S. market is seen as a key area for Chinese storage manufacturers, currently holding a 20% market share, although there are policy risks for Chinese firms in this market [3][10] Policy and Regulatory Changes - Recent reforms in China's electricity market are changing the economic viability of energy storage, allowing for more competitive pricing models that enhance profitability [5][12] - The Chinese government has set ambitious targets for energy storage capacity, aiming for over 180 GW by 2027, with significant investments expected [6][13]

报道称，截至今年10月，中国已出口超过650亿美元的储能电池和电动汽车电池。据估计，今年中国企 业锂离子电池电芯的全球出货量预计同比增长75%。 分析人士表示，中国国内的需求主要来自数据中心和可再生能源项目，同时市场改革与政府补贴进一步 提振了储能市场的整体需求，AI算力扩张、欧洲老化电网的更新需求以及中企在中东地区新能源业务 的蓬勃发展则带动了国际需求。 资本市场和机构预测同样迅速跟进。瑞银集团上月将其对2026年全球电池储能装机量的预测值上调 25%。 国际能源署预计，今年全球电池储能设施投资将同比增长16%，达到660亿美元。其中大部分将被中国 企业占据，尽管特斯拉是全球最大的储能系统供应商，但中企在最核心的电芯制造环节处于领先地位。 根据咨询机构Infolink发布的今年1月至9月全球储能电芯供应商排名，宁德时代、海辰储能、亿纬锂能 （维权）、比亚迪、中创新航和瑞浦兰钧六大排名位于前列的供应商全部来自中国。前十名中唯一一 家"非中国企业"远景动力（AESC），创立于日本，但于2019年被中国远景科技集团收购，持股80%。 这些企业今年的销量数据也表现亮眼。亿纬锂能前三季度储能产品销量同比增长35.51 ...