Financial Performance - The company's profit increased by 93.0% from RMB 437.16 million for the year ended December 31, 2023, to RMB 843.63 million for the year ended December 31, 2024[2]. - Basic earnings per share rose by 100.8% from RMB 0.1661 to RMB 0.3336 year-on-year[2]. - Total revenue for the year ended December 31, 2024, was RMB 27,751.53 million, compared to RMB 27,005.89 million for the previous year, reflecting a growth of approximately 2.75%[3]. - Gross profit increased to RMB 4,409.89 million, up from RMB 3,511.52 million, marking a growth of 25.5%[3]. - The company reported a total comprehensive income of RMB 768.77 million for the year, compared to RMB 406.48 million in the previous year, representing an increase of 89.1%[4]. - The group reported a profit of approximately RMB 591,196,000 for 2024, compared to RMB 294,377,000 in 2023, marking a 100.7% increase[26]. - The gross margin improved from 13.0% in 2023 to 15.9% in 2024, an increase of 2.9 percentage points, driven by scale effects and cost reductions[66]. - Sales net margin rose from 1.6% in 2023 to 3.0% in 2024, an increase of 1.4 percentage points, primarily due to the rise in gross margin[66]. Revenue Breakdown - Revenue from sales of power batteries for 2024 was RMB 19,550,893 thousand, a decrease of 12.1% from RMB 22,249,046 thousand in 2023[13]. - Revenue from sales of energy storage systems and other products increased significantly to RMB 8,200,633 thousand in 2024, up 72.5% from RMB 4,756,839 thousand in 2023[13]. - The group’s revenue from the mainland China market was RMB 27,111,618 thousand in 2024, up 2.9% from RMB 26,353,028 thousand in 2023[15]. - Domestic revenue increased by 2.9%, from RMB 26,353.03 million in 2023 to RMB 27,111.62 million in 2024, due to enhanced production capacity and rising demand from major customers[70]. - International revenue decreased by 2.0%, from RMB 652.86 million in 2023 to RMB 639.91 million in 2024, mainly due to falling battery prices despite increased sales volume[71]. Expenses and Liabilities - Research and development expenses rose to RMB 1,417.61 million from RMB 991.96 million, indicating a 42.9% increase[3]. - The company's total liabilities increased from RMB 36,821.461 million to RMB 45,584.301 million, reflecting a rise of 23.7%[6]. - Total borrowing costs increased to RMB 1,231,592,000 in 2024 from RMB 971,178,000 in 2023, representing a 26.7% rise[21]. - The debt-to-asset ratio increased to 60.8% as of December 31, 2024, compared to 56.0% as of December 31, 2023[75]. Assets and Investments - Non-current assets increased to RMB 86,867.996 million from RMB 73,318.005 million, a growth of 18.6%[5]. - The net asset value increased to RMB 48,053.925 million from RMB 46,385.790 million, a growth of 3.6%[6]. - Total assets increased by 16.2% from RMB 105,429.03 million on December 31, 2023, to RMB 122,473.38 million on December 31, 2024[72]. - Capital expenditures for the year ended December 31, 2024, were RMB 16,606.58 million, down from RMB 20,129.02 million in 2023[77]. Market and Product Development - The global power battery market is expected to grow, with a projected 26.1% increase in global new energy vehicle sales to 17.63 million units in 2024[37]. - The energy storage market in China is projected to see a 113% year-on-year growth in new grid-connected capacity, reaching 111.63 GWh in 2024[40]. - The company launched several new product series, achieving breakthroughs in high energy density, safety, and fast charging capabilities[42]. - The company has established strategic partnerships with major power groups and has been recognized as a core supplier in the energy storage sector, enhancing market share and ranking[59]. Legal and Compliance Issues - The company was ordered to pay a total of RMB 40.56 million in damages related to patent infringement claims, along with RMB 1.02 million for reasonable expenses, as per the ruling from the Fujian High Court in May 2024[86]. - A new patent infringement claim was filed against the company, demanding RMB 92.00 million in damages and RMB 0.30 million in reasonable expenses, as reported in July 2024[87]. - The company has made a provision of RMB 3.24 million for the patent claims assessed by internal and external legal advisors[86]. - The company believes that claims related to patents seven, eight, nine, and ten lack legal basis and are unlikely to result in economic outflow[91]. Employee and Governance - The total number of employees as of December 31, 2024, was 10,534[98]. - The company has established a competitive and fair compensation system to enhance employee motivation and performance[98]. - The audit committee confirmed compliance with applicable accounting principles and standards for the financial year ending December 31, 2024[106]. - The company has adhered to all applicable corporate governance codes, with a noted exception regarding the roles of the chairman and CEO being held by the same individual[103].

摘要 2024年全球储能锂电池出货量同比增超55%，其中中国企业贡献了全球90%以上的产能，并 首次 包揽TOP10榜单。 近日，高工产业研究院（GGII）正式发布2024年储能锂电池系列出货榜单。 2024年全球储能锂电 池出货量同比增超55%，其中中国企业贡献了全球90%以上的产能， 并首次包揽TOP10榜单 。 2024年全球储能锂电池出货量 前五名次分别为： 宁德时代、亿纬锂能、 海辰储能 、比亚迪、中创新航 ；后五名次依次为： 瑞浦兰钧、国轩高科、远景动力、鹏辉能源、 楚能新能源 。 对照2023年来看，榜单中最大变化在于 ： 2024年中国企业储能电池出货量占全球出货超90%，全 球市场前十均为中国企业。 其中 亿纬锂能、海辰储能、中创新航、楚能新能源 相较去年， 呈现 逆周期上扬。 （备注均为出货量口径，扣除代工量）。 海外市场，受储能铁锂化、中企出海加快、价格竞争等多重冲击，日韩电池企业压力巨大。公开数据显 示，2024年韩国三家电池企业（LG ES、三星SDI、SK ON）合计录得高达8000亿韩元（约合人民币40.3 亿元）的营业亏损。 由于海外市场需求的火热，2024年国内头部锂电池企业 ...

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 ...

、2025年2月动力和其他电池产量 2月动力和其他电池产量同比增长。 GWh 动力和其他电池月度产量及环比增长率 100.0% 140 2024年 1,096.8GWh 120 80.0% 2023年 + 41.0% 778. 1GWh 100 60.0% + 42. 5% 80 40.0% 60 20.0% 40 0.0% 20 -20.0% ( -40.0% ·环比增长率 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~ -广告- 中国汽车动力电池产业创新联盟 1 2025年2月动力和其他电池产量 2 2025年2月动力和其他电池销量 2025年2月动力电池装车量 分| 3 2025年2月动力和其他电池关键材料需求概算 4 注:其他电池主要指储能电池,包括少量小动力用电池 中国汽车动力电池产业创新联盟 ● 2月，我国动力和其他电池合计产量为100.3GWh,环比下降7.0%,同比增长128.2%。 ● 1-2月,我国动力和其他电池累计产量为208.1GWh,累计同比增长89.2%。 中国汽车动力电池产业创新联盟 1.1 2月动力和其他电池产量同比增长 按材料类型划 ...

摘要 中创新航2025年第一季度动储电池出货量预计达20GWh，同比增幅近150%。 "不出海，便出局。"出海不仅是锂电企业的生存选择，更是一场关于创新与可持续性的长跑。 这一数据不仅印证了中创新航作为国内动力电池第一梯队企业，率先部署全球化成效显著，同时也 折射出锂电行业竞争格局的深层变化。 1. 动储电池出货向海外倾斜，突破国内淡季限制。 产品出海，已成为衡量电池企业全球化的重要指标。同时，国内头部电池企业的战略重心，也逐渐 锚定开拓海外高附加值市场。 而中创新航2025Q1出货大幅增长，主要得益于其海外深度合作项目的"多点开花"。 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 新航以其自主研发的高性能电芯为阳光电源沙特储能项目供货；11月再获欧洲市场4.4GWh储能电 芯订单，为英国Thorpe Marsh和West Burton C两座标杆电站提供314Ah储能电芯。 动力领域，中创新航已与丰田、大众、福特、奥迪、马自达等多家国际车企就新平台项目达成合 作，斩获多个定点订单，并助力吉利、小鹏、广汽、长安等国内车企顺利实现整车产品出口。 此外，20 ...

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]

宁德时代与宇通集团联合推出15年150万公里质保的长寿命电池，与陕汽控股签署十年战略合作 协议，共同推动新能源商用车的普及。 在工程机械领域，宁德时代与柳工机械等合作，推出高强度版电池，专为工程机械打造，已实现量 产并应用在同力重工、徐工矿机等多家主机厂的超20款车型上。 亿纬锂能在公交方面，与远程新能源商用车合作，为杭州公交集团提供纯电动公交车的高性能电 池。在轻卡、重卡领域，亿纬锂能推出Omni全能电池-LMX系列新品，提升安全、耐温、续航等 多维度性能，适用于轻卡市场。同时，亿纬锂能还与三一重卡合作，助力其打造电动化新标杆。 中创新航面向商用车市场推出了至远电池系统，覆盖轻卡、重卡车型。在工程机械领域，中创新航 还与海外电池组企业BMZ集团达成战略合作，面向汽车、叉车、吊车、吸尘器、海港、飞机场的 载货汽车等多个领域，共同拓展欧洲及多个区域市场。 摘要 全面拓展新能源汽车市场化应用。 近日，工信部联合交通运输部等八部门，正式启动了第二批公共领域车辆全面电动化先行区试点工 作。天津、常州、无锡、宜宾、临沂、淮南、西安、咸阳、渭南、雄安新区等10个城市入围，试 点周期为2024年至2026年。 据工业和信息 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][6]. Core Insights - The company has demonstrated stable revenue growth and improved profitability in the first half of 2024, with a revenue of 12.47 billion yuan, a year-on-year increase of 1%, and a net profit of 2.5 billion yuan, up 70% year-on-year [3][4]. - The company is focusing on enhancing its product strength and expanding its global presence in the power and energy storage sectors [5][6]. Revenue and Profitability - The company's revenue in the first half of 2024 was 12.47 billion yuan, with a slight increase of 1% year-on-year, primarily driven by a 43% increase in energy storage system sales, while power battery sales decreased by 6% to 9.72 billion yuan [3][4]. - The overall gross margin improved to approximately 15.6%, up 6 percentage points year-on-year, and the net loss from other operations decreased from 320 million yuan to 140 million yuan [4]. Market Position and Growth - The company maintained a solid position in the power battery market, with a global installed capacity of 16.7 GWh in the first half of 2024, representing a 35% year-on-year growth and a market share of 4.6%, ranking fifth globally [4]. - In the domestic market, the installed capacity reached 13.8 GWh, a 10% increase year-on-year, with a market share of 6.9%, ranking third [4]. Product Development and Innovation - The company is committed to continuous product innovation, launching new series and solid-state batteries, with plans for mass production by 2027 [5][6]. - The energy storage market saw significant growth, with the company achieving high shipment volumes and receiving recognition from strategic customers [4][5]. Financial Forecast - The company is projected to achieve revenues of 31.85 billion yuan, 40.56 billion yuan, and 49.53 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to reach 560 million yuan, 720 million yuan, and 1.06 billion yuan in the same years [6][7].

Investment Rating - The report maintains an "Accumulate" rating for the company [3][6]. Core Views - The company is a leading global lithium battery manufacturer, with expected capacity release and product matrix improvement, leading to sustained growth in power and energy storage batteries. The long-term development potential and performance improvement are promising, with projected net profits of 592 million, 966 million, and 1.25 billion RMB for 2024-2026, representing year-on-year growth of 101.3%, 63.1%, and 29.4% respectively [3][4]. Market Data - As of September 13, 2024, the company's closing price is 11.68 HKD, with a total market capitalization of 20.7 billion HKD and total assets of 111.26 billion RMB [2][3]. Financial Performance - In H1 2024, the company's revenue increased by 1% year-on-year to 12.47 billion RMB, with significant growth in energy storage revenue by 43% [3]. - The gross profit for H1 2024 rose by 65% year-on-year to 1.95 billion RMB, with a gross margin of 15.6%, up 6 percentage points year-on-year [3]. - The net profit for H1 2024 increased by 57% year-on-year to 420 million RMB, driven by gross profit growth and reduced inventory impairment provisions [3][4]. Product and Market Position - The company ranks among the top three in domestic power battery installations, with a global market share of 4.7% as of mid-2023, and a domestic market share of 6.99% as of August 2024 [3]. - The customer base is diversified, including partnerships with major automotive manufacturers for both electric and hybrid vehicles, as well as commercial vehicle collaborations [3]. Technological Advancements - The company is at the forefront of technology upgrades in high-nickel, fast-charging, and energy density improvements, with a comprehensive product matrix that includes various battery types [3][4]. Future Outlook - The company anticipates continued growth in energy storage, with a 43% increase in revenue in H1 2024, and has established strategic partnerships with major power groups for future projects [3].