Investment Rating - The investment rating for the automotive industry is "Outperform" [1] Core Insights - The automotive market in China continues to show year-on-year growth, with February production and sales reaching 2.103 million and 2.129 million vehicles respectively, marking a year-on-year increase of 39.6% and 34.4% [4][10] - The new energy vehicle (NEV) sector is experiencing significant growth, with February sales reaching 889,200 units, a year-on-year increase of 87.1% [35][39] - The market share of Chinese brand passenger vehicles has risen to 70.6% in February, up 11.2 percentage points from the previous year [21] Summary by Sections 1. Automotive Market - In February, China's automotive production and sales were 2.103 million and 2.129 million vehicles, respectively, with a year-on-year growth of 39.6% and 34.4% [4][10] - From January to February, total production and sales reached 4.553 million vehicles, with year-on-year increases of 16.2% and 13.1% [4][10] - Domestic sales in February were 1.688 million vehicles, a year-on-year increase of 39.9% [15] 1.1. Chinese Automotive Sales and Structure - In February, the domestic passenger vehicle sales were 1.445 million units, with a year-on-year growth of 41.9% [17] - The total sales of commercial vehicles in February were 243,000 units, showing a year-on-year increase of 28.8% [17] 1.2. New Energy Vehicle Market - In February, NEV sales accounted for 41.9% of total automotive sales, with a total of 190,300 units sold from January to February, reflecting a year-on-year growth of 52% [39] - The global NEV market saw sales of 1.2583 million units in January, a year-on-year increase of 18% [27] - In February, the production and sales of NEVs in China reached 888,000 and 892,000 units, respectively, with year-on-year growth of 91.5% and 87.1% [35][39] 2. Lithium Battery Market - In February, China's total production of power and other batteries was 100.3 GWh, a year-on-year increase of 128.2% [6] - The total sales of power batteries in February were 90.0 GWh, with a year-on-year growth of 140.7% [6] 2.1. Lithium Battery Production and Sales - The cumulative production of power and other batteries from January to February was 208.1 GWh, with a year-on-year increase of 89.2% [6] 2.2. Battery Installation and Market Structure - In February, the installation volume of power batteries was 34.9 GWh, showing a year-on-year increase of 94.1% [6]

Core Viewpoint - In 2024, global shipments of energy storage lithium batteries are expected to increase by over 55% year-on-year, with Chinese companies contributing more than 90% of global production capacity and dominating the top 10 rankings for the first time [1][2]. Group 1: Market Overview - The top five companies in global energy storage lithium battery shipments for 2024 are CATL, EVE Energy, Hicharge Energy, BYD, and Zhongxin Innovation, while the bottom five include Ruipu Lanjun, Guoxuan High-Tech, Envision Power, Penghui Energy, and Chuangneng New Energy [2]. - The significant change from 2023 is that Chinese companies now account for over 90% of global energy storage battery shipments, with all top ten companies being Chinese [2][4]. Group 2: Growth and Demand - The global energy storage lithium battery shipment volume is projected to grow by over 55% in 2024, with Chinese shipments increasing by over 60%. Specifically, shipments for power, household, and commercial energy storage batteries are expected to grow by over 70%, 25%, and 40%, respectively [5]. - In 2024, overseas demand remains a hot market for energy storage lithium batteries, with Chinese companies expected to export over 120 GWh of energy storage batteries, primarily to the US, Europe, Southeast Asia, and the Middle East, with North America and Europe accounting for 73% of the demand [7]. Group 3: Competitive Landscape - Despite strong demand, the energy storage lithium battery market is facing intense competition, leading companies to enhance their integrated research and development capabilities [8]. - The market concentration for energy storage lithium batteries has increased, with the CR10 rising from 88% in 2023 to 93% in 2024, indicating a stronger dominance of leading companies like CATL, EVE Energy, and Hicharge Energy [12]. Group 4: Company Highlights - CATL's energy storage system revenue reached 28.825 billion yuan in 2024, with a gross margin of 28.87%, making it a core profit growth point for the company [16]. - EVE Energy's energy storage battery shipments reached 35.73 GWh in 2024, a year-on-year increase of 115.57%, positioning it as the second-largest globally [17]. - Hicharge Energy has rapidly risen to become the third-largest global player in energy storage battery shipments, focusing on large-capacity battery solutions [19]. - BYD has provided energy storage system solutions for over 360 projects globally, with its new MC Cube-T system achieving significant efficiency improvements [20]. - Zhongxin Innovation has become a Tier 1 energy storage manufacturer, with its 314Ah energy storage cell gaining widespread market acceptance [22]. - Ruipu Lanjun has introduced a series of innovative products and solutions, enhancing system efficiency and reducing costs [23]. - Guoxuan High-Tech's energy storage business revenue reached 4.339 billion yuan in the first half of 2024, with a gross margin of 23.87% [24]. - Envision Power has delivered over 30 GWh of 300+Ah energy storage cells, leading the industry in safety performance [26]. - Penghui Energy has developed advanced technologies and achieved significant breakthroughs in battery performance [27]. - Chuangneng New Energy has rapidly expanded its production capacity and secured multiple large-scale contracts [28].

证券研究报告 | 公司点评 gszqdatemark 2025 03 13 年 月 日 中创新航（03931.HK） 海外业务可期，入通改善流动性 2025 年 2 月 24 日，公司发布盈利预喜。根据公司初步评估，2024 年公 司净利润介于 7.86-8.74 亿元，较 2023 年的 4.37 亿元同比增长 80%- 100%。业绩增长的主要驱动因素包括： Q1 出货规模值得期待，关注海外业务。根据高工锂电，中创新航 2025Q1 动储电池出货量预计达 20GWh，同比增幅近 150%。其中，面向出口车型 的出货量预计占中创新航动力板块整体出货量的 30%以上，这可能得益 于：1）2024 年 7 月阳光电源与沙特 ALGIHAZ 成功签约当时全球最大储 能项目，容量高达 7.8GWh，中创新航为该项目供应高性能电芯；2）2024 年 11 月，阳光电源再获欧洲市场 4.4GWh 储能订单，中创新航再次为阳 光电源储能项目配套高性能电芯；3）公司和多家国际车企就新平台项目 达成合作，并助力多个国内车企实现整车出口。 2025 年 3 月 10 日起，中创新航被正式纳入港股通。3 月 9 日中创新航 在港 ...

证券研究报告 | 公司点评 gszqdatemark 2025 03 13 年 月 日 中创新航（03931.HK） 海外业务可期，入通改善流动性 2025 年 2 月 24 日，公司发布盈利预喜。根据公司初步评估，2024 年公 司净利润介于 7.86-8.74 亿元，较 2023 年的 4.37 亿元同比增长 80%- 100%。业绩增长的主要驱动因素包括： Q1 出货规模值得期待，关注海外业务。根据高工锂电，中创新航 2025Q1 动储电池出货量预计达 20GWh，同比增幅近 150%。其中，面向出口车型 的出货量预计占中创新航动力板块整体出货量的 30%以上，这可能得益 于：1）2024 年 7 月阳光电源与沙特 ALGIHAZ 成功签约当时全球最大储 能项目，容量高达 7.8GWh，中创新航为该项目供应高性能电芯；2）2024 年 11 月，阳光电源再获欧洲市场 4.4GWh 储能订单，中创新航再次为阳 光电源储能项目配套高性能电芯；3）公司和多家国际车企就新平台项目 达成合作，并助力多个国内车企实现整车出口。 2025 年 3 月 10 日起，中创新航被正式纳入港股通。3 月 9 日中创新航 在港 ...

Core Viewpoint - The article highlights the significant growth in China's power battery production and sales in February 2025, with notable year-on-year increases in both metrics, indicating a robust demand for electric vehicle batteries in the market [5][10][30]. Group 1: Battery Production - In February 2025, the total production of power and other batteries reached 100.3 GWh, a month-on-month decrease of 7.0% but a year-on-year increase of 128.2% [5][6]. - Cumulative production for January-February 2025 was 208.1 GWh, reflecting a year-on-year growth of 89.2% [5][6]. - The production breakdown by material type shows that lithium iron phosphate batteries accounted for 80.9 GWh (80.7% of total), while ternary materials contributed 19.3 GWh (19.2%) [7]. Group 2: Battery Sales - In February 2025, total sales of power and other batteries reached 90.0 GWh, with a month-on-month increase of 12.0% and a year-on-year increase of 140.7% [15][20]. - Cumulative sales for January-February 2025 were 170.4 GWh, marking an 80.3% year-on-year growth [15][20]. - The sales distribution indicated that power batteries accounted for 74.3% of total sales, while other batteries made up 25.7% [15]. Group 3: Battery Exports - In February 2025, the total export volume of power and other batteries was 21.1 GWh, reflecting a month-on-month increase of 21.0% and a year-on-year increase of 144.7% [20][25]. - Cumulative exports for January-February 2025 reached 38.6 GWh, with a year-on-year growth of 102.2% [20][25]. - The export composition showed that power batteries constituted 60.6% of total exports, while other batteries accounted for 39.4% [20]. Group 4: Battery Installation - In February 2025, the installation volume of power batteries was 34.9 GWh, a month-on-month decrease of 10.1% but a year-on-year increase of 94.1% [33][38]. - Cumulative installation for January-February 2025 was 73.6 GWh, reflecting a year-on-year growth of 46.5% [33][38]. - The breakdown by battery type showed that lithium iron phosphate batteries accounted for 28.4 GWh (81.5% of total installations), while ternary batteries contributed 6.4 GWh (18.5%) [33]. Group 5: Market Concentration - In February 2025, 38 battery companies participated in the market, a decrease of 2 compared to the previous year [45]. - The top three, five, and ten battery companies accounted for 73.0%, 82.7%, and 93.2% of the total installation volume, respectively, indicating a slight decrease in market concentration compared to the previous year [45].

Core Viewpoint - The article emphasizes the significant growth of China Innovation Aviation's energy storage battery shipments, projecting a 150% year-on-year increase to 20 GWh in Q1 2025, highlighting the company's successful global expansion strategy and the evolving competitive landscape in the lithium battery industry [1][2]. Group 1: Overseas Market Expansion - The shift towards overseas markets is becoming a crucial indicator of battery companies' globalization, with a focus on high-value markets [3]. - China Innovation Aviation's substantial growth in Q1 2025 is attributed to its deep cooperation on international projects, including a major 7.8 GWh energy storage project in Saudi Arabia and a 4.4 GWh order for the UK market [4]. - Despite Q1 typically being a slow season for domestic electric vehicles, the rapid growth in overseas markets has effectively countered this seasonal impact, contributing significantly to the company's overall shipment increase [5]. Group 2: Growth Metrics and Market Position - In 2024, global power battery installations reached 894.4 GWh, a 27.2% increase, with Chinese companies occupying six positions in the market, and overseas market contributions exceeding 30% [6]. - The global lithium battery storage installations surged to 165 GWh, marking a 77.4% increase, with Chinese companies dominating the top 10 in storage battery shipments [6]. - China Innovation Aviation is projected to surpass Panasonic and SK On in power battery installations, ranking fourth globally, while maintaining a top five position in energy storage shipments [7]. Group 3: Strategic Transformation - The overseas expansion strategy of Chinese lithium battery companies is transitioning from a "cost-driven" approach to one focused on "value collaboration and zero-carbon ecosystems," reducing associated risks [8]. - China Innovation Aviation is collaborating with international automakers to develop battery platforms that meet stringent European standards, while also implementing AI-driven manufacturing systems in its Portuguese factory to minimize energy waste [8]. - The company aims to deliver a zero-carbon AI super factory in Portugal by 2027, showcasing its commitment to sustainable practices [8]. Conclusion - The article concludes that overseas expansion is a critical aspect of the renewable energy industry's development, representing a pathway for companies to achieve sustainable growth and diversify their market presence. The rise in China Innovation Aviation's overseas shipments reflects the broader trend of globalization in the lithium battery sector and the company's successful transition from rapid scale expansion to value creation [9].

Group 1 - The core point of the article is that Zhongchuang Innovation has been included in the list of eligible securities for the Hong Kong Stock Connect under the Shanghai-Hong Kong Stock Connect, effective from March 10, 2025 [1] - The company's board believes that this inclusion will help expand its investor base and enhance the liquidity and market activity of its shares [1]

Core Viewpoint - The article discusses the initiation of the second batch of pilot projects for the electrification of public vehicles in China, aiming to expand the market application of new energy vehicles (NEVs) from 2024 to 2026, with a target of promoting over 250,000 new energy vehicles and constructing over 240,000 charging stations in selected cities [1]. Group 1: Pilot Projects and Market Expansion - The Ministry of Industry and Information Technology, along with other departments, has launched pilot projects in 10 cities, including Tianjin and Xi'an, to promote the electrification of public vehicles [1]. - The pilot projects will support the integration of new technologies such as vehicle-network interaction and smart connectivity, enhancing the market application of NEVs [1]. - The expected outcomes include the promotion of over 250,000 new energy vehicles and the construction of more than 240,000 charging stations in the selected cities [1]. Group 2: Battery Companies' Initiatives - CATL is collaborating with various bus companies to provide high-performance battery products and has launched a series of commercial vehicle batteries suitable for different scenarios [1][2]. - CATL has partnered with Yutong Group to offer a 15-year warranty on long-life batteries and signed a strategic cooperation agreement with Shaanxi Automobile Group to promote the adoption of new energy commercial vehicles [1]. - EVE Energy is working with remote new energy commercial vehicles to supply high-performance batteries for electric buses and has introduced the Omni LMX series batteries for light and heavy trucks [2]. Group 3: Infrastructure Development - CATL has established over 3,000 battery swap stations since 2018 and plans to build 30,000 swap stations in collaboration with partners by 2027 [4]. - The "Chocolate Battery Swap" service brand by CATL operates in multiple cities, providing integrated battery swap solutions [4]. - Guoxuan High-Tech is exploring charging infrastructure with its mobile charging pile product, which offers flexible and rapid charging services for new energy vehicles [4].

2025起点锂电圆柱电池技术论坛 暨圆柱电池20强排行榜发布会 2025年2月28日·深圳 2025年2月 活动背景及亮点 1 1、2024下半年以来圆柱电池市场爆发，头部企业供不应求 2、32、40、46等大圆柱系列产品在轻型动力、铅改锂、便携式及户用储能、两轮车及换电、无人机 EVTOL、汽车动力等领域快速放量 3、全极耳、高镍、硅碳、钠电等技术与圆柱电池结合产生新的增长点和市场空间 4、起点研究院（SPIR）圆柱电池综合竞争力排行榜20强权威发布（覆盖圆柱电池电芯、设备、材料等关 环节）为行业做采购参考 5、行业首届聚集圆柱电池的技术高峰论坛，圆柱电池前沿技术、工艺、材料深度探讨和思维碰撞 2025年2月 活动组织架构 2 举办地点： 深圳宝安登喜路国际酒店2楼国际厅 赞助及演讲单位： 武汉逸飞激光股份有限公司 深圳市诚捷智能装备股份有限公司 多氟多新能源科技有限公司 江苏威金迈科技有限公司 浙江蓝京新能工业科技有限公司 深圳市金钠科技有限公司 安徽利维能动力电池有限公司 深圳市日联科技有限公司 深圳市华普森科技有限公司 湖南三迪数字涂装系统有限公司 广东精锐精密工业有限公司 深圳市科迈罗光电技术有限公 ...

2025年2月28日·深圳 2025年2月 活动背景及亮点 1 2025起点锂电圆柱电池技术论坛 暨圆柱电池20强排行榜发布会 2、32、40、46等大圆柱系列产品在轻型动力、铅改锂、便携式及户用储能、两轮车及换电、无人机 EVTOL、汽车动力等领域快速放量 3、全极耳、高镍、硅碳、钠电等技术与圆柱电池结合产生新的增长点和市场空间 4、起点研究院（SPIR）圆柱电池综合竞争力排行榜20强权威发布（覆盖圆柱电池电芯、设备、材料等关 环节）为行业做采购参考 1、2024下半年以来圆柱电池市场爆发，头部企业供不应求 5、行业首届聚集圆柱电池的技术高峰论坛，圆柱电池前沿技术、工艺、材料深度探讨和思维碰撞 2025年2月 活动组织架构 2 活动名称： 2025起点锂电圆柱电池技术论坛暨圆柱电池20强排行榜发布会 活动主题： 聚集新技术 探索新工艺 主办单位： 起点锂电、起点研究院（SPIR） 活动规模： 500+ 举办时间： 2025年2月28日 举办地点： 深圳宝安登喜路国际酒店2楼国际厅 赞助单位： 武汉逸飞激光股份有限公司 深圳市诚捷智能装备股份有限公司 多氟多新能源科技有限公司 江苏威金迈科技有限公司 浙江蓝京 ...