Core Viewpoint - Guochuang Innovation (03931) is rated "outperform" by Guoxin Securities, with projected net profits for 2025-2027 expected to grow significantly, indicating strong future performance [1] Financial Performance - The company expects net profits of 1.376 billion, 2.118 billion, and 3.028 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth of 133%, 54%, and 43% [1] - In the first half of 2025, the company achieved a net profit of 466 million yuan, up 87% year-on-year, with total revenue of 16.419 billion yuan, a 32% increase [1] - The gross margin was 17.53%, an increase of 1.91 percentage points, while the net margin was 4.59%, up 1.24 percentage points year-on-year [1] Battery Business - In the first half of 2025, the company's battery business generated revenue of 10.662 billion yuan, a 10% increase year-on-year, with a battery shipment volume of 21.8 GWh, up 23% [2] - The company ranked fourth globally and third domestically in battery shipments, achieving a record market share of 8.25% in July 2025 for passenger vehicles [2] - The company has established deep collaborations with major automotive manufacturers, enhancing product delivery diversity [2] Energy Storage Business - The energy storage system and other businesses generated revenue of 5.757 billion yuan in the first half of 2025, reflecting a 110% year-on-year increase, with battery cell shipments entering the global top four [3] - The company has successfully delivered large quantities of its 314Ah battery cells and is set to mass-produce a new generation 600Ah+ battery cell with a density exceeding 440Wh/L by Q4 2025 [3] - The company is expanding globally, with a production base in Thailand and a new facility in Europe under construction, enhancing international delivery capabilities [3]

Core Viewpoint - Guoxin Securities maintains an "outperform" rating for Zhongchuang Innovation航 (03931), projecting significant growth in net profit and earnings per share (EPS) from 2025 to 2027 [1] Financial Performance - The company expects net profit for 2025-2027 to be CNY 1.376 billion, CNY 2.118 billion, and CNY 3.028 billion, representing year-on-year growth of 133%, 54%, and 43% respectively [1] - For the first half of 2025, the company achieved a net profit of CNY 466 million, up 87% year-on-year, with revenue of CNY 16.419 billion, a 32% increase [1] - The gross margin was 17.53%, an increase of 1.91 percentage points, while the net margin was 4.59%, up 1.24 percentage points [1] Power Battery Business - In the first half of 2025, the power battery segment generated revenue of CNY 10.662 billion, a 10% increase, with a shipment volume of 21.8 GWh, up 23% [2] - The company ranked fourth globally and third domestically in power battery shipments, achieving a record market share of 8.25% in July 2025 [2] - The commercial vehicle segment saw over 310% year-on-year growth in domestic new energy commercial vehicle battery installations, entering the top three in monthly rankings [2] Energy Storage Business - The energy storage systems and other businesses generated revenue of CNY 5.757 billion in the first half of 2025, a 110% increase, with battery cell shipments entering the global top four [3] - The company has successfully delivered large quantities of its 314Ah battery cells and is set to mass-produce a new generation 600Ah+ energy storage cell with a density of over 440 Wh/L by Q4 2025 [3] - The company is expanding globally, with a production base in Thailand and a new facility in Europe under construction, enhancing its service capabilities and international delivery efficiency [3]

星展表示，中创新航2025年销量预料同比增长65%至逾110GWh，公司目标2026年销量增至180GWh， 意味着2024至2026年间年均复合增长率达到64%，远高行业平均水平。该行指出，中创新航去年电动车 电池装机量全球排名第四，市场份额达6.6%，储能系统电池出货量排名第五，憧憬受到电动车市场强 劲增长下订单增加，可推动其市场份额持续提升。 智通财经APP获悉，星展发布研报称，维持中创新航(03931)"买入"评级，目标价从26港元上调至36港 元，看好其高收入增长、盈利能力改善及市场地位强化。 ...

星展发表研究报告指，中创新航2025年销量预料按年增长65%至逾110GWh，公司目标2026年销量增至 180GWh，意味着2024至2026年间年均复合增长率达到64%，远高行业平均水平。 星展指出，中创新航去年电动车电池装机量全球排名第四，市场份额达6.6%，储能系统电池出货量排 名第五，憧憬受到电动车市场强劲增长下订单增加，可推动其市场份额持续提升。星展维持中创新 航"买入"评级，目标价从26港元上调至36港元，看好其高收入增长、盈利能力改善及市场地位强化。 ...

香港联交所最新资料显示，9月5日，厦门市产业投资有限公司减持中创新航(03931)290.24万股，每股作 价27.525港元，总金额约为7988.86万港元。减持后最新持股数目约为5888.19万股，最新持股比例为 7.73%。 ...

智通财经APP获悉，香港联交所最新资料显示，9月5日，厦门市产业投资有限公司减持中创新航 (03931)290.24万股，每股作价27.525港元，总金额约为7988.86万港元。减持后最新持股数目约为 5888.19万股，最新持股比例为7.73%。 ...

里昂发布研报称，预计中创新航(03931)2025至27年的盈利年复合增长率为76%。由于预期公司付运量增 加3%至5%，而销售均价将上升2%至5%。该行上调对其2025至27年各年盈测分别8%、10%及9%，并将 目标价由27港元调升至38港元，维持"跑赢大市"评级。 ...

智通财经APP获悉，里昂发布研报称，预计中创新航(03931)2025至27年的盈利年复合增长率为76%。由 于预期公司付运量增加3%至5%，而销售均价将上升2%至5%。该行上调对其2025至27年各年盈测分别 8%、10%及9%，并将目标价由27港元调升至38港元，维持"跑赢大市"评级。 ...

里昂发表研究报告指，日前参观了中创新航位于合肥的电池厂，公司管理层亦在电话会议中解答市场对 其业务和半固态电池的疑问。该行预计，中创新航2025至27年的盈利年复合增长率为76%。由于预期公 司付运量增加3%至5%，而销售均价将上升2%至5%，该行上调对其2025至27年各年盈测分别8%、10% 及9%，并将目标价由27港元上调至38港元，维持"跑赢大市"评级。 ...

Market Overview - The A-share market opened with mixed results, with the Shanghai Composite Index down 0.02%, the Shenzhen Component Index up 0.33%, and the ChiNext Index up 0.21% [4][5] - The overall market sentiment showed a decline in the ChiNext Index, which fell by 1% [2] Sector Performance - Precious metals sector led the gains with an increase of 2.13%, followed by other sectors such as small metals (+1.67%) and sodium-ion batteries (+1.40%) [6] - Solid-state battery concept stocks continued their strong performance, with companies like Fengyuan Co. and Hongxing Development achieving consecutive gains [3] Hong Kong Market - The Hong Kong market opened with the Hang Seng Index up 0.09% and the Hang Seng Tech Index up 0.11% [7][8] - Real estate stocks in Hong Kong saw significant increases, with Country Garden rising by 14.58% following policy adjustments aimed at optimizing the real estate market in Shenzhen [6]