Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a positive outlook on its future performance [2][7]. Core Insights - The company has undergone multiple strategic upgrades, transitioning from an industry participant to a global competitor in the lithium battery sector. It has focused on high-performance ternary batteries for passenger vehicles and is accelerating internationalization post its Hong Kong listing [6][15]. - The demand for dynamic storage is expected to surge, driven by the expanding market for new energy vehicles (NEVs) and the ongoing growth in the energy storage sector. The report anticipates a significant increase in global energy storage battery shipments from 530 GWh in 2025 to 1,343 GWh by 2028 [6][49]. - The company is strengthening its core competitive advantages and aims to establish itself as a leading global battery brand, with a diversified customer base and a growing market share [6][7]. Financial Data and Profit Forecast - The company’s revenue is projected to grow from 27 billion RMB in 2023 to 96.3 billion RMB by 2027, with a compound annual growth rate (CAGR) of approximately 28.74% [5]. - Net profit attributable to ordinary shareholders is expected to rise from 294 million RMB in 2023 to 3.84 billion RMB in 2027, reflecting a significant recovery and growth trajectory [5]. - The report estimates the company's price-to-earnings (PE) ratios to be 40, 17, and 11 for the years 2025, 2026, and 2027, respectively, with a target PE valuation of 21 for 2026 [7][8]. Strategic Focus and Market Dynamics - The company has strategically focused on both power and energy storage markets, developing a comprehensive product system that includes high-end products for both sectors. The report highlights the successful launch of various advanced technologies and products in 2025 [15][24]. - The report notes a robust growth in the domestic new energy vehicle market, with sales reaching 11.2 million units in the first three quarters of 2025, and a penetration rate of 46% [6][38]. - The energy storage market is also experiencing high demand, with significant increases in bidding and winning capacities for energy storage projects, indicating a favorable market environment [45][49]. Competitive Positioning - The company is enhancing its competitive positioning by diversifying its customer base, reducing reliance on its top five customers from 71% in 2023 to 55% in 2024, and establishing deep strategic partnerships with key clients [6][7]. - The report emphasizes the importance of technological innovation and cost optimization in maintaining competitive advantages, with a focus on high energy density and fast-charging battery technologies [6][24]. Market Outlook - The global demand for new energy vehicles is projected to grow significantly, with total sales expected to increase from 20.94 million units in 2025 to 33.36 million units by 2028, alongside a rise in the penetration rate to 39% [52]. - The report anticipates that the overall demand for lithium batteries, including both power and energy storage, will continue to expand, driven by technological advancements and increasing market acceptance of electric vehicles [49][52].

申万宏源主要观点如下： 申万宏源发布研报称，首次覆盖，给予中创新航(03931)"买入"评级，行业需求景气向上，公司动储放 量后盈利可期。目前锂电下游动力侧商用车加速新能源渗透，储能侧迎来光储平价的建设爆发期。公司 作为锂电行业领军公司，在不断提升行业份额的同时有望充分受益于电芯产品迭代的技术溢价。目前公 司在动力领域不断开拓新客户新车型，储能电芯及储能系统加速外拓海外市场，未来动储电芯出货放量 后规模效应有望逐步彰显。 下游新能源汽车市场持续扩容，1-3Q25，中国新能源车销量达1120万辆，新能源渗透率攀升至46%，商 用车电动化成为重要增量，叠加单车带电量提升，有力支撑动力电池需求。储能市场高景气延续，国内 招标与中标规模稳步增长，投资主体多元，该行预计全球储能电池出货量从2025年530GWh跃升至2028 年1343GWh。锂电行业竞争呈现头部集中与二线崛起态势，公司市占率稳步提升，叠加锂电行业进入 供需改善周期，为企业盈利改善打开新空间。 风险提示 原材料价格大幅上涨的风险;行业竞争加剧导致产品价格大幅下降的风险;海外贸易保护政策风险。 核心壁垒逐步巩固，全力打造全球电池核心品牌 战略聚焦成效显著 ...

Group 1 - The core viewpoint is that the company, Zhongchuang Xinhang, is rated as "buy" by Shenwan Hongyuan due to the upward trend in industry demand and expected profitability after the release of energy storage products [1] - The company has undergone multiple strategic upgrades, transitioning from an industry participant to a global competitor, supported by a stable management team and a mixed ownership structure [1] - The company reported a revenue of 16.4 billion yuan in the first half of 2025, a year-on-year increase of 31.7%, with a net profit of 470 million yuan and a net profit margin of 2.8% [1] Group 2 - The demand for dynamic storage is experiencing a dual explosion, with the Chinese new energy vehicle sales reaching 11.2 million units in the first three quarters of 2025, and the penetration rate of new energy vehicles rising to 46% [2] - The global energy storage battery shipment is expected to increase from 530 GWh in 2025 to 1,343 GWh by 2028, indicating a sustained high demand in the storage market [2] - The company is enhancing its core barriers and optimizing its customer structure, reducing reliance on the top five customers from 71% in 2023 to 55% in 2024, while expanding its global production network [3] Group 3 - The company is focusing on high-end products and technological innovation, with a leading position in cutting-edge technologies such as 430Wh/kg solid-state batteries [3] - The company is experiencing a steady increase in market share as the lithium battery industry enters a supply-demand improvement cycle, opening new opportunities for profitability [2] - The company is establishing a global capacity network with production bases in Portugal and Thailand, enhancing its global competitiveness [3]

Core Insights - The report from Guotai Junan indicates a strong performance in the new energy vehicle (NEV) sector for November, with production and sales showing significant year-on-year growth [1][2]. Production and Sales - In November, NEV production reached 1.88 million units, marking a 20% increase year-on-year, while the cumulative production from January to November totaled 14.907 million units, up 31.4% [1]. - NEV sales in November were 1.823 million units, reflecting a 20.6% year-on-year increase, with a penetration rate of 53.2%. The cumulative sales for the first eleven months reached 14.78 million units, a 31.2% increase, with a cumulative penetration rate of 47.5% [1]. Exports - NEV exports in November amounted to 300,000 units, representing a year-on-year increase of approximately 2.6 times and a month-on-month increase of 17.3%. Cumulatively, from January to November, NEV exports reached 2.315 million units, doubling year-on-year [2]. Battery Production and Sales - In November, the total production of power and other batteries was 176.3 GWh, a 49.2% year-on-year increase and a 3.3% month-on-month increase. Cumulatively, from January to November, the total production reached 1,468.8 GWh, up 51.1% [3]. - Battery sales in November were 179.4 GWh, a 52.2% year-on-year increase and an 8.1% month-on-month increase. Cumulatively, from January to November, total sales reached 1,412.5 GWh, a 54.7% increase [3]. Battery Installation - The domestic power battery installation volume in November was 93.5 GWh, showing a year-on-year increase of 39.2% and a month-on-month increase of 11.2%. Cumulatively, from January to November, the total installation volume reached 671.5 GWh, a 42.0% increase [4]. Investment Recommendations - With the rapid growth in demand for lithium batteries, companies in the power battery and related key materials sectors are expected to benefit. Recommended stocks include CATL (300750.SZ), BYD (002594.SZ), Guoxuan High-Tech (002074.SZ), Yiwei Lithium Energy (300014.SZ), Zhongchuangxin Hang (03931), Hunan Youneng (301358.SZ), and Tianci Materials. Related stocks include Dingsheng New Materials (603876.SH) and Tianji Shares (002759.SZ) [5].

证券研究报告·行业研究·电力设备与新能源行业 需求强劲，价格弹性可期，开启新周期 --电动车2026年年度策略 首席证券分析师 ：曾朵红 执业证书编号：S0600516080001 联系邮箱：zengdh@dwzq.com.cn 联系电话：021-60199798 2025年12月14日 请务必阅读正文之后的免责声明部分 备注：全文的"预计"如果没有特别说明，均为东吴证券研究所电新组预测 1 摘要： 2 ◆ 26年国内预计销量同增15%，欧洲销量持续高增，全球有望14%增长，考虑带电量提升，预计动力电池维持20%增长。25年国内 汽车消费政策持续+购置税退坡前抢装+出口强劲，全年预期30%增长至1676万辆，26年购置税退坡，预计Q1需求短期承压，且 我们预计26年"两会后"以旧换新补贴续力释放，有望托底26年销量，叠加重卡+出口强势高增，预计2026年新能源车销量1925 万辆，同增15%。欧洲补贴退坡消化完毕，叠加25H2起新车周期，预计全年34%增长至394万辆，26年英国、意大利等市场政策 加码，叠加新车刺激，预计维持30%增长。美国不确定性增加，短期需求放缓，新车型延期，预计25年销量增速放缓至4% ...

11 月新能源汽车表现强劲，动力电池产销同环比保持增长 [Table_Industry] 动力锂电 动力锂电《碳酸锂迎来上涨，钠电产业加速落 地》2025.11.20 动力锂电《电动重卡市场驶入增长快车道》 2025.10.22 动力锂电《再读固态电池投资机会》2025.09.11 动力锂电《再读固态电池投资机会》2025.08.29 动力锂电《固态电池正负极&集流体发展方向》 2025.08.26 股 票 研 究 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 牟俊宇(分析师) | 0755-23976610 | moujunyu@gtht.com | S0880521080003 | | 余玫翰(分析师) | 021-23185617 | yumeihan@gtht.com | S0880525040090 | | 李依雯(研究助理) | 021-231 ...

Production Data - In November, the total production of power and other batteries in China reached 176.3 GWh, representing a month-on-month increase of 3.3% and a year-on-year increase of 49.2% [1][9] - From January to November, the cumulative production of power and other batteries was 1468.8 GWh, with a cumulative year-on-year growth of 51.1% [1][9] Sales Data - In November, the total sales of power and other batteries amounted to 179.4 GWh, showing a month-on-month increase of 8.1% and a year-on-year increase of 52.2% [2][18] - The sales of power batteries in November were 134.0 GWh, accounting for 74.7% of total sales, with a month-on-month increase of 7.8% and a year-on-year increase of 52.7% [2][18] - Cumulatively, from January to November, the total sales reached 1412.5 GWh, with a year-on-year growth of 54.7% [2][18] Export Data - In November, the total export of power and other batteries was 32.2 GWh, reflecting a month-on-month increase of 14.1% and a year-on-year increase of 46.5% [3][23] - The export of power batteries was 21.2 GWh, accounting for 66.0% of total exports, with a month-on-month increase of 9.4% and a year-on-year increase of 70.2% [3][28] - From January to November, the cumulative export reached 260.3 GWh, with a year-on-year growth of 44.2% [3][23] Installation Data - In November, the domestic installation of power batteries was 93.5 GWh, representing a month-on-month increase of 11.2% and a year-on-year increase of 39.2% [4][43] - Cumulatively, from January to November, the total installation reached 671.5 GWh, with a year-on-year growth of 42.0% [4][43] Market Concentration - In November, the top two battery manufacturers accounted for 64.0% of the total installation, while the top five and top ten accounted for 80.5% and 94.0%, respectively [53][62] - The number of battery manufacturers in the market decreased to 36 in November, down from the previous year [53]

Core Viewpoint - The company has successfully signed long-term agreements with major clients and has seen a significant improvement in customer order stability since 2025 [1] Group 1: Client Relationships - The company has established long-term agreements with key players such as CATL, Zhongchuang Xinhang, Yutong, and XCMG New Energy [1] - The company has secured multiple designated projects for battery box enclosures [1] Group 2: Order Growth - Since 2025, the company has experienced rapid growth in new customer orders [1] - The dependency on major clients has significantly improved, with stable mass production orders from BYD, CATL, and Geely [1]

Core Insights - The report highlights the strategic move of the company to establish a logistics hub for the China-Europe Railway, enhancing its international presence and operational efficiency in lithium battery transportation [2][3]. Summary by Sections Latest Report Summary - The company has initiated a dedicated lithium battery container train service from Chengdu to Shanghai, collaborating closely with railway authorities to ensure safety and operational standards during the trial phase [3]. Investment Highlights - The company's global power battery installations reached 44.3 GWh from January to October 2025, marking a year-on-year increase of 39.7%, positioning it as the fourth largest globally. Additionally, it ranked fifth in energy storage cell shipments for the first three quarters of 2025 [4]. - Revenue for the first three quarters of 2025 totaled 28.54 billion yuan, reflecting a 49.9% year-on-year growth, while net profit surged to 1.2 billion yuan, up 149.9%, and attributable net profit reached 680 million yuan, increasing by 279.7% [4]. - The company is progressing well with its overseas factory in Portugal, which commenced operations on February 24, with an investment of approximately 2 billion euros (about 15.2 billion yuan) and an expected production capacity of 15 GWh by 2027 [4]. Profit Forecast and Investment Rating - The company is projected to achieve revenues of 42.3 billion yuan, 65.5 billion yuan, and 79.5 billion yuan for the years 2025, 2026, and 2027, respectively, with attributable net profits of 1 billion yuan, 2.4 billion yuan, and 3.3 billion yuan, corresponding to PE ratios of 46, 19, and 14 times [5].

Core Viewpoint - Lithium battery stocks experienced a significant increase in early trading, indicating positive market sentiment towards the sector [1][4]. Group 1: Stock Performance - Tianqi Lithium (09696) rose by 5.47%, trading at HKD 50.50 [1][4]. - Ganfeng Lithium (01772) increased by 4.02%, with a price of HKD 53 [1][4]. - Contemporary Amperex Technology Co. (03750) saw a rise of 2.83%, priced at HKD 512.50 [1][4]. - Longpan Technology (02465) gained 2.69%, trading at HKD 14.89 [1][4]. - Zhongchu Innovation (03931) increased by 1.22%, with a trading price of HKD 28.14 [1][4].