未来，公司计划进一步扩大服务网络覆盖范围，新增北美、迪拜等站点，并持续提升服务能力。李勇预 计，到2027年后，后服务业务将成为公司除制造业外的主要收入来源，提供更高的盈利能力和稳定的现 金流。 作为中船集团旗下唯一的动力业务资本运作平台，中国动力的业务版图广泛，全面覆盖燃气动力、蒸汽 动力、柴油机动力、综合电力、化学动力、热气机动力以及核动力（设备）这七大关键领域，是国内船 舶动力系统科研与生产的核心支柱。公司凭借持续不断的技术革新与资源优化整合，已基本达成动力核 心装备的自主化掌控，在全球船用柴油机市场的占有率位居前列，国内市场的份额更是占据主导地位。 近年来，中国动力持续推进资产整合，优化业务结构。2024年，公司完成对中船柴油机的股权收购，进 一步强化了柴油机业务的产业链协同效应。同时，公司积极布局新能源动力系统，成功研发甲醇双燃 料、氨燃料等低碳发动机，以应对国际海事组织（IMO）的减排要求，抢占绿色船舶市场先机。 随着全球造船业景气度持续上行，以及绿色船舶转型趋势加速，中国动力作为行业龙头，有望进一步巩 固市场地位，实现业绩的长期稳健增长。公司表示，未来将充分利用资本市场的资源优势，加强技术创 新 ...

证券代码：600482 证券简称：中国动力 公告编号：2025-037 债券代码：110808 债券简称：动力定02 中国船舶重工集团动力股份有限公司 关于参加中船集团控股上市公司2024年度集体业绩说明会暨 2025年第一季度业绩说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国船舶重工集团动力股份有限公司（以下简称"公司"）于 2025 年 5 月 14 日在上海证券交易所网站（www.sse.com.cn）披露了《关于 参加中船集团控股上市公司 2024 年度集体业绩说明会暨 2025 年第一 季度业绩说明会的公告》（公告编号：2025-036）。本次业绩说明会 已于 2025 年 5 月 20 日按期召开。现将相关召开情况公告如下： 一、本次业绩说明会召开情况 公司董事长兼董事会秘书李勇先生，董事、总经理兼财务负责人 施俊先生、独立董事林赫先生出席了本次业绩说明会，针对公司 2024 年及 2025 年第一季度的生产经营和改革发展情况与投资者进行了交流 和沟通，并就投资者普遍关注的问题在信息披露 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a significant increase in net profit for 2024, with a year-on-year growth of approximately 78%, and a staggering 349% growth in Q1 2025 [1] - The growth in revenue and profit is attributed to the rising global shipbuilding market and strong performance in the diesel engine segment, with new orders remaining high [1][4] - The company is well-positioned to benefit from the upturn in the shipbuilding cycle and the increasing demand for marine engines [4][10] Summary by Sections Financial Performance - In 2024, the company achieved an operating revenue of 51.697 billion yuan, a year-on-year increase of 14.62%, and a net profit of 1.391 billion yuan, up 78.43% [1] - For Q1 2025, the company reported an operating revenue of 12.311 billion yuan, a 7.98% increase year-on-year, and a net profit of 396 million yuan, reflecting a 348.96% growth [3] - The gross profit margin for 2024 increased by 1.53 percentage points, while Q1 2025 saw a 5.53 percentage point increase in gross profit margin [3] Business Segments - The shipbuilding industry segment generated revenue of 23.147 billion yuan in 2024, with a completion rate of 127.1% for annual plans [2] - The application industry achieved revenue of 22.060 billion yuan, with new contracts totaling 21.755 billion yuan [2] - The emerging industry segment, particularly in energy-saving and emission-reduction equipment, saw a 60.92% increase in new orders for wind power operations [2] Market Outlook - The shipbuilding cycle is on an upward trend, with demand for marine engines expected to rise due to supply constraints and increasing ship prices [4][9] - The company is enhancing its after-sales service capabilities for diesel engines, with a projected revenue of nearly 1.5 billion yuan from after-sales services in 2024, marking a 25% increase [9][10] - The development of AIDC is anticipated to drive demand for gas turbines, with the company being one of the few domestic manufacturers in this sector [10] Earnings Forecast and Valuation - Revenue projections for 2025-2027 are approximately 60 billion, 68 billion, and 75.7 billion yuan, with year-on-year growth rates of 16%, 13%, and 11% respectively [11] - The forecasted net profit for the same period is expected to be 2.135 billion, 3.007 billion, and 3.772 billion yuan, with growth rates of 54%, 41%, and 25% respectively [11] - The company is valued at a PE ratio of approximately 23, 16, and 13 for the years 2025, 2026, and 2027 [11]

证券研究报告 | 公司点评 | 其他电源设备Ⅱ 2025Q1 业绩高增，后市场维保&AIDC 打开成长空间 ❑ 2024 年归母净利润同比增长约 78%，2025Q1 同比增长约 349% 2024 年公司营业收入 516.97 亿元，同比增长 14.62%；归母净利润 13.91 亿元， 同比增长 78.43%；扣非归母净利润 12.33 亿元，同比增长 120.60%。2024 年公司 业绩显著增长主要系年全球造船市场景气度持续提升，柴油机板块相关子公司 产、销双高，新接订单保持高位，主要产品船用发动机销售规模扩大，收入大幅 增长。新接订单来看，2024 年公司新签合同 543.52 亿元，同比下降 11.06%。完 工来看，2024 年公司完成工业总产值 513.61 亿元，同比增长 13.88%。手持订单 来看，公司手持合同 585.55 亿元,较 2023 年底下降 3.31 亿元。 按业务拆分来看，1）船海产业：2024 年船海产业营收 231.47 亿元，年度计划完 成率 127.1%，新签合同 250.3 亿元，年度计划完成率约 141.56%。①船用低速 机：2024 年公司生产船用低速机台 ...

Core Viewpoint - The diaphragm is a critical component in power batteries, essential for preventing short circuits and overheating, and the industry is poised for significant growth driven by the global push for carbon neutrality and supportive government policies [1][18]. Industry Overview - The power battery diaphragm is a porous film that separates the positive and negative electrodes in batteries, preventing short circuits and facilitating lithium-ion migration. It is categorized into dry-process and wet-process diaphragms based on production methods [3][4]. - The global lithium battery diaphragm market is expected to see a substantial increase, with China's diaphragm shipment volume projected to grow by 28.60% year-on-year in 2024, reaching 22.75 billion square meters [1][21]. Industry Policies - The Chinese government has implemented various supportive policies to foster the development of the new energy vehicle industry, which in turn boosts the diaphragm sector. Key policies include enhancing battery safety standards and promoting the integration of new energy vehicles with the power grid [5][6]. - Local governments, such as those in Guizhou and Chongqing, have also introduced initiatives to support the diaphragm production and technology advancements [5][7]. Industry Development History - The Chinese diaphragm industry began in the early 2000s, with significant advancements in technology and production capacity occurring after 2010. By 2014, Chinese manufacturers started supplying major automotive companies, marking a shift towards global competitiveness [8][17]. Industry Chain - The diaphragm industry chain includes upstream raw materials like polyethylene and polypropylene, with domestic production increasingly meeting the needs of diaphragm manufacturers. The midstream involves diaphragm production, while the downstream consists of battery manufacturers [10][12]. Market Dynamics - The competition in the diaphragm industry is intensifying, with major players expanding capacity and facing price competition. Key companies include Enjie, Cangzhou Mingzhu, and Xingyuan Materials, with wet-process diaphragms gaining a larger market share [23][25]. Future Trends - The industry is moving towards high-performance materials and technological upgrades, focusing on thinner and higher porosity diaphragms. There is also a trend towards vertical integration and regional industrial clusters to enhance supply chain security [29][30]. - Companies are increasingly looking to expand globally and participate in standard-setting to enhance their competitive edge in international markets [31][32].

证券代码：600482 证券简称：中国动力 公告编号：2025-036 债券代码：110808 债券简称：动力定 02 中国船舶重工集团动力股份有限公司 关于参加中船集团控股上市公司2024年度集体业绩说明会暨 2025年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025年5月20日（星期二）下午14:30-17:30 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com）（以下简称"上证路演中心"） 会议召开方式：现场交流、视频直播和网络文字互动 会议问题征集：投资者可于2025年5月19日（星期一）16:00前 通过本公司公开邮箱（sh600482@163.com）进行会前提问。公司将在 说明会上对投资者普遍关注的问题进行回复。 中国船舶重工集团动力股份有限公司（以下简称"公司"）已于 2025 年 4 月 26 日披露 2024 年年度报告及 2025 年第一季度报告。为便于广 大投资者更全面深入地了解公司 ...

Group 1 - The military industry sector is leading the A-share market, with the military ETF (512660) rising over 6% and achieving a trading volume exceeding 1.3 billion yuan within the first hour of trading [1] - The top ten holdings of the military ETF include companies like China Shipbuilding, AVIC Shenyang Aircraft, and China Heavy Industry, with gains exceeding 8% for some stocks [1] - The recent India-Pakistan conflict has catalyzed strong performance in the military sector, with increased media attention on military capabilities [1] Group 2 - The military ETF (512660) has seen a significant increase in scale, reaching 13.7 billion yuan, up 3.7 billion yuan from the end of last year [2] - The India-Pakistan conflict is expected to have a direct impact on military trade, enhancing global military trade logic and potentially increasing the defense market ceiling [2] - China's military trade is anticipated to grow in the short term due to improved product competitiveness and production capacity, alongside a shift in domestic production focus [2] Group 3 - A report indicates that 20 out of 62 military listed companies reported year-on-year growth in Q1 2025, suggesting a potential turning point for military orders [3] - The military industry is expected to benefit from new technologies and market directions, particularly in enhancing equipment performance and reducing costs [3] - The military ETF (512660) is positioned to capitalize on the anticipated growth in the military sector, with institutions optimistic about the upcoming order cycle [3]

Core Viewpoint - The company has demonstrated significant growth in revenue and net profit for the year 2024 and Q1 2025, indicating strong operational performance and profitability improvements [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 51.697 billion yuan, a year-on-year increase of 14.62%, and a net profit attributable to shareholders of 1.391 billion yuan, up 78.43% [1]. - For Q1 2025, the company reported operating revenue of 12.311 billion yuan, a year-on-year increase of 7.98%, and a net profit of 396 million yuan, which is a remarkable increase of 348.96% compared to the previous year [1]. Profitability Metrics - The gross margin for the main business in 2024 reached 14.72%, an increase of 2.37 percentage points year-on-year [2]. - In Q1 2025, the sales gross margin was 16.18%, showing a significant improvement, while the net profit margin reached 6.26%, up 4.7 percentage points year-on-year [2]. Business Segments and Growth Drivers - The core subsidiary, China Shipbuilding Diesel Engine, reported main business revenue of 23.746 billion yuan and a net profit of 1.054 billion yuan, reflecting a year-on-year growth of approximately 397% [3]. - The company benefited from the rising demand in the shipbuilding industry, with a 20.35% increase in the completion of low-speed engines, reaching 485 units in 2024 [3]. - The company has optimized its order strategy, leading to an increase in high-quality orders and a rise in the average price of new low-speed engine orders, with gross margins improving by 4 percentage points [3]. Future Outlook - The company is expected to continue optimizing its sales structure and increasing the delivery of low-speed engines, which will likely enhance profitability [4]. - The application sectors such as AIDC and deep-sea operations are anticipated to provide new growth momentum for the company [4]. - The company has a comprehensive product portfolio in power generation and battery systems, with significant growth in data center backup power revenue and new orders [4]. Valuation and Investment Thesis - The company is projected to achieve net profits of 2.45 billion yuan and 3.20 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 19 times and 15 times [5]. - The ongoing demand in the ship engine sector and the positive impact of the new US 301 plan on shipyards are expected to drive order volumes and ship prices upward [4].

丨证券研究报告丨 联合研究丨公司点评丨中国动力（600482.SH） [Table_Title] 中国动力 24A&25Q1 点评：业绩持续高增，船 海业务+应用产业并重发展 报告要点 [Table_Summary] 中国动力 24 年及 25 年一季度业绩持续释放，受船舶行业景气度带动，柴油机子公司交付订单 持续增加，低速机产销两旺，叠加公司实行降本增效，公司盈利能力提升。同时受发动机产能 紧张影响，公司优化接单策略，新签订单中高质量订单占比提升。随着公司销售结构优化+低速 机交付量持续增长，盈利能力有望快速释放。主业盈利能力释放的同时，公司在深海和数据中 心备用电源领域也持续布局，伴随行业景气度提升，深海业务及 AIDC 有望为公司增长带来新 动能，长期来看公司发展有望深度受益。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% 赵智勇 王贺嘉 臧雄 屈奇 张晨晨 SAC：S0490517110001 SAC：S0490520110004 SAC：S0490518070005 SAC：S0490524070003 SAC：S0490524080007 SF ...

相关企业：浙江新时代中能科技股份有限公司、广东邦普循环科技有限公司 关键词：动力电池回收行业产业链、动力电池回收行业发展现状、动力电池回收行业发展趋势 一、动力电池回收行业定义及分类 内容概况：近年来，我国动力电池回收行业市场规模处于不断增长的态势。2023年，我国动力电池回收 行业市场规模达397亿元。2024年，我国动力电池回收行业市场规模约为485亿元。随着新能源汽车产业 的快速发展，退役动力电池数量增多，为回收行业带来了更多的资源，推动市场规模逐步扩大。在梯次 利用方面，技术研发取得了重要进展。企业能够对退役电池进行全面的检测、分类和重组，将性能较好 的退役电池应用于储能系统（如分布式储能、通信基站备用电源等）、低速电动车等领域。 相关上市企业：宁德时代（300750）、光华科技（002741）、格林美（002340）、豪鹏科技 （001283）、比亚迪（002594）、超越科技（301049）、中创新航（HK.03931）、亿纬锂能 （300014） 动力电池回收是指对使用过的动力电池（如锂离子电池、镍氢电池等）进行收集、拆解、处理和再利用 的一系列活动。其主要目的是减少环境污染、节约资源、降低对原 ...