Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [12]. Core Insights - The company, Changyang Technology, reported a revenue of 1.003 billion yuan for the first three quarters of 2024, reflecting an 8.23% year-on-year growth, but a significant decline of 75.26% in net profit attributable to shareholders [1]. - The company is experiencing short-term pressure on performance due to new project construction, while its solid-state battery composite electrolyte membrane technology is considered leading in the industry [1][4]. - Traditional business segments, such as reflective films and optical base films, are showing steady revenue growth, while new projects like solid-state and semi-solid membranes are still in the capacity ramp-up phase [2][3]. Financial Summary - For 2024, the company is projected to achieve revenues of 1.391 billion yuan, with a growth rate of 10.95%, and a net profit of 37 million yuan, reflecting a decline of 60.77% [5]. - The company’s revenue is expected to grow significantly in the following years, reaching 2.489 billion yuan by 2026, with a corresponding net profit of 286 million yuan [5]. - The report highlights a stable expense ratio, with total expenses for the first three quarters of 2024 amounting to 176 million yuan, representing a slight increase in expense ratio by 1.72 percentage points year-on-year [2]. Market Position and Future Outlook - The company maintains the largest market share in reflective films globally and is actively working on enhancing its product offerings to meet competitive demands [3]. - The solid-state battery composite electrolyte membrane is identified as a key growth area, with initial orders from leading industry clients [3]. - The company is also investing in the production of CPI films, aiming to break the foreign monopoly in this segment [3].

Investment Rating - The report maintains a "Buy" rating for Changyang Technology (688299) [1][6][14] Core Views - Changyang Technology has signed a technology development contract with the Institute of Physics, Chinese Academy of Sciences, to jointly develop solid-state battery composite membranes, which is expected to accelerate the commercialization process [4][5] - The project aims to create a high porosity, high strength, thermally stable, and ultra-thin porous base membrane material, which will enhance the performance of solid-state lithium batteries [4][5] - The collaboration is positioned to leverage the strengths of both parties, potentially leading to significant advancements in solid-state battery technology and market positioning [5] Financial Summary - The company is projected to achieve revenues of CNY 1.39 billion, CNY 1.75 billion, and CNY 2.49 billion for the years 2024, 2025, and 2026 respectively, with corresponding net profits of CNY 37 million, CNY 162 million, and CNY 286 million [6][7] - The revenue growth rates are expected to be 10.95%, 26.09%, and 41.92% for the years 2024, 2025, and 2026 respectively [7] - The price-to-earnings (PE) ratios are forecasted to be 154.59x, 35.78x, and 20.26x for the years 2024, 2025, and 2026 respectively [6][7]

证券代码：688299 证券简称：长阳科技 公告编号：2024-050 宁波长阳科技股份有限公司 本次技术开发项目完成后，未来商业化应用的进程受要素资源配置、政 府政策、市场需求等多种因素的影响，给公司带来的预期效益存在一定 的不确定性，请投资者注意投资风险。 公司可用于固态或半固态电池用湿法隔膜已取得该行业头部客户小批 量订单以及腰部客户的企业订单，但鉴于市场需求尚未放量，收入金额 较小，短期内不会对公司经营业绩产生重大影响，敬请投资者注意投资 风险。 关部门批准。 二、合作方的基本情况 关于自愿披露签订《技术开发合同》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、准确性和完整性依法承担法律责任。 重要内容提示： 一、协议签署情况 本着资源共享、优势互补、互惠互利、共同发展的原则，宁波长阳科技股份 有限公司（以下简称"公司"或"甲方"）近日与中国科学院物理研究所（以下 简称"物理所"或"乙方"）签署了《技术开发合同》，双方就共同参与固态电池 复合膜开发签订技术开发合同。 本协议的签署无需提交公司董事会或股东大会审议。该事项不构成关联交易， 亦未 ...

Industry and Company * **Industry**: Solid-state battery and semi-solid state battery * **Company**: Changyang Technology Core Points and Arguments 1. **Product Overview**: Changyang Technology's product is a high-porosity electrolyte composite membrane, primarily used in solid-state and semi-solid state batteries. This product offers advantages such as high energy density, mechanical strength, stability, and safety compared to traditional batteries. 2. **Product Development and Customer Feedback**: Changyang Technology began to develop the separator business in 2022, with both dry and wet processes. The dry process has been stable in supply, while the wet process initially faced challenges in toughness and failed to meet the verification requirements of CATL. However, with the development of new batteries by CATL and other customers, the product has met the requirements in new application areas and is currently in small-scale supply at CATL, Beijing Weinan, and other customers. 3. **Product Parameters and Performance Advantages**: The product has special parameters, including ultra-high porosity (up to 85%, compared to 40-50% for traditional wet process separators), large pore size (up to 85-100 nm, compared to less than 60 nm for traditional wet process separators), and high compressibility (greater than 50%, compared to less than 10% for traditional wet process separators). It has passed certifications in sulfur, oxide, and polymer application directions and meets customer requirements. 4. **Market Situation**: The current monthly output is a few ten thousand square meters, mainly depending on downstream demand. The industry may see an outbreak in 2026-2027, with a small amount of products applied in office oil storage in the next year, and downstream demand may increase significantly in the second half of the next year. 5. **Economic Viability and Production Capacity**: The product has good economic viability, with the lowest customer price at 4.5 yuan per square meter, significantly higher than the value of traditional separators. The cost may be lower than traditional separators, with a monthly production capacity of 50 million square meters and a full production capacity of 40 million square meters. The equipment is 80% domestically produced and 20% imported, with low depreciation costs and no extraction process. The membrane forming process is derived from the reflective membrane product technology, using bidirectional stretching instead of extraction, resulting in lower costs and good short-term profitability. 6. **Commercial Cooperation**: The company has basically cooperated with mainstream enterprises. 7. **Future Cooperation Outlook**: The company may have deeper cooperation with some giants in the future, and specific details will be communicated later. 8. **Product Application Solutions**: The product can be applied in both solid-state and semi-solid state batteries. It has passed tests in various customer schemes, including sulfur, oxide, and polymer, and plays a different role than traditional separators, mainly acting as a supporting structure. 9. **Competition**: The company has competitors in dry double-drawing processes, but its product meets customer requirements in porosity, pore size, and rebound performance. Reflective membrane enterprises are unlikely to enter this field due to technical and economic challenges. 10. **Traditional Business**: The company's traditional businesses include reflective membranes, optical base films, and dry separators. Reflective membrane business is stable, with revenue of about 7.1 billion yuan in the first three quarters of this year and an expected revenue of 9.6-10 billion yuan for the full year. The optical base film business is expected to incur a loss this year, but may reduce losses next year. The dry separator business is expected to reduce losses significantly next year. Other Important Information * The company's research and development team includes personnel from equipment and process, formula, and product promotion. * The company has a 50 million square meter production line, with an expansion period of 8-12 months. * The company plans to expand its production capacity based on industry demand and may become a key direction for capacity investment in the future.

Summary of Chaoyang Technology Conference Call Company Overview - Chaoyang Technology focuses on the research and development of high-porosity electrolyte composite membranes for solid-state and semi-solid batteries, boasting a porosity of 80%-85% and pore sizes of 85-100 nanometers, significantly outperforming traditional wet-process separators [2][3][4] Core Industry Insights - The company has begun small-scale supply to leading battery manufacturers such as CATL and BYD, with monthly shipments reaching several tens of thousands of square meters, anticipating a surge in industry demand by 2026-2027 [2][6] - The product pricing starts at 4.5 RMB per square meter, higher than traditional wet-process separators, but competitive due to high domestic equipment rates and simplified processes, leading to good short-term profitability, albeit heavily influenced by downstream demand [2][7] - The company plans to develop a new 9-micron thick film to enhance gross margins and expand market applications, with a current production capacity of 50 million square meters per month, which can be easily scaled to several hundred million square meters [2][8] Financial Performance and Projections - The dry separator business is expected to significantly reduce losses or break even next year, while the reflective film business remains stable, and the optical base film business is projected to turn profitable, with an overall net profit forecast of 150-200 million RMB for the next year [2][16] - Traditional business segments, including reflective and optical base films, showed stable performance in the first three quarters, with reflective film revenue holding steady at approximately 710 million RMB, and optical base film losses decreasing from -6.7% to -2.3% [2][14] Competitive Landscape - The company holds a significant advantage in bi-directional stretching technology, achieving a porosity of 85%, far exceeding competitors who typically reach only 40%-50% [2][11] - There are two major domestic competitors in the dry bi-directional stretching process, but the complexity of the technology makes it difficult for them to catch up in the short term [2][11] Future Development Plans - The company aims to optimize product performance and expand market applications, with plans to quickly ramp up production based on market demand, leveraging a production line that can be expanded within 8-12 months [2][9][25] - The company does not plan to sign exclusive supply agreements with any customers, preferring to promote broader market adoption of its products [2][24] Research and Development - The R&D team includes personnel from various fields, and the company is collaborating with a large institution for deep cooperation in formulation [2][25] - The company has made significant progress in developing its production line since 2021, with a focus on meeting customer requirements and optimizing product parameters [2][18][23] Market Outlook - The market for traditional wet-process separators is projected to reach 30 billion square meters, with a penetration rate of 5%-10%, indicating a substantial growth opportunity for the company [2][26]

Key Points Company Overview 1. **Reflective Film Stability**: The company's reflective film business is stable with an annual growth rate of 5-10%. It has entered the supply chain of A Company and is expected to switch entirely to the company's products within three years. The market share exceeds 60%, with a gross margin of 36% and an expected annual net profit of 200 million yuan [1]. 2. **Optical Base Film**: The market is currently oversupplied, with domestic capacity concentrated in low-end products. The company has a capacity of 200 million tons with revenue of 2 billion yuan. The company intends to shift towards OCA release film and brightening film. Profits are expected to turn positive by the end of the fourth quarter, although there may still be losses for the full year. The new high-end base film production line in Hefei is expected to start production in the first quarter of next year, leading to a structural upgrade. The company plans to control production to two lines and will not expand further [2]. 3. **Battery Dry Separator**: The company began supplying to BYD in March and will start mass production in July. It secured a 5.6 billion square meter order in the first half of the year, with monthly production of 10 million square meters from the third quarter and 15 million square meters from the fourth quarter. Due to the need for re-validation at BYD's new production base, the company experienced significant losses in the first half of the year, but is expected to reach full production in the fourth quarter. The company's capacity is maintained at around 650 million square meters and will not expand further. The company has the lowest cost in the industry and can achieve profitability, but faces intense competition [3]. 4. **Photovoltaic**: The company invested 200 million yuan in photovoltaic film equipment, resulting in several million yuan in losses this year. Production will be abandoned next year [4]. 5. **Semi-solid and Solid Separator**: The company's semi-solid and solid separators meet downstream requirements for compressibility, pore size, and porosity, offering significant advantages over competitors. The company has self-developed equipment and separate production lines, creating a clear barrier to entry. Most battery companies, including CATL, Panasonic, BYD, and GEMFAM, have validated the company's products, with some providing small-scale supply. CATL and Xingyuan have not yet passed validation. Production is expected to increase significantly in the second half of next year, with a projected 160 million square meters of demand due to the 60 billion yuan national subsidy project for battery projects in 2027. The company currently has a production line in Hefei with a capacity of 4-5 million square meters, priced at 4-5 yuan per square meter, with a gross margin of over 60%. The company plans to expand production next year, with an expansion cycle of 8-9 months [5]. 6. **CPI Film**: Currently, only one company in South Korea, Kolon, can produce CPI film. The company's products have been certified by Hui Xing (a Kolon downstream company located next to Changyang) and BOE. The company aims to obtain Huawei's certification by the end of the year. A 500,000 square meter production line is expected to be completed in the second quarter of next year, corresponding to approximately 20-30 million phones. The company plans to build another line in the second half of next year. The current terminal price of Kolon's CPI film is approximately 150 USD per square meter, with a revenue of about 1 billion yuan for 100 million square meters. The company expects demand from domestic foldable screen manufacturers to increase significantly next year, pending the completion of the new production line [6]. Industry Trends 1. **Reflective Film Market**: The reflective film market is stable with a moderate growth rate, and the company holds a significant market share [1]. 2. **Optical Base Film Market**: The market is currently oversupplied, with domestic capacity concentrated in low-end products. The company plans to shift towards higher-value products and expects to turn profitable in the near future [2]. 3. **Battery Separator Market**: The battery separator market is highly competitive, with the company achieving cost advantages and securing significant orders from leading battery manufacturers [3]. 4. **Photovoltaic Market**: The company plans to abandon its photovoltaic film business due to losses [4]. 5. **Semi-solid and Solid Separator Market**: The market for semi-solid and solid separators is expected to grow significantly in the near future, driven by increasing demand from battery manufacturers and government subsidies [5]. 6. **CPI Film Market**: The CPI film market is currently dominated by Kolon, but the company is expected to gain a significant share of the market due to its competitive products and certifications from leading manufacturers [6].

证券代码：688299 证券简称：长阳科技 公告编号：2024-049 宁波长阳科技股份有限公司 2024 年第二次临时股东大会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 100 | | --- | --- | | 普通股股东人数 | 100 | | 2、出席会议的股东所持有的表决权数量 | 58,855,406 | | 普通股股东所持有表决权数量 | 58,855,406 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 20.8492 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 20.8492 | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长金亚东先生主持，会议采取现场投 （一 ...

电话/TEL: (8621) 5234-1668 传真/FAX: (8621) 5243-3320 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 Grandall Law Firm (Shanghai) 中国 上海 北京西路 968 号嘉地中心 23-25、27 楼，200041 23-25&27 Garden Square, 968 Beijing West Road, Shanghai, China, 200041 关于宁波长阳科技股份有限公司 2024年第二次临时股东大会的法律意见书 致：宁波长阳科技股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受宁波长阳科技股份有限公 司（以下简称"公司"）委托，指派本所律师出席公司 2024 年第二次临时股东大 会（以下简称"本次股东大会"）。本所律师根据《中华人民共和国证券法》（以 下简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东大会规则》（以下简称"《股东大会规则》"）等法律、法规、部 门规章和规范性文件以及《宁波长阳科技股份有限公司章程》（以下简称"《公 司章程》"）的规定，就公司本次股东大 ...

证券代码：688299 证券简称：长阳科技 公告编号：2024-046 宁波长阳科技股份有限公司 第三届监事会第二十二次会议决议公告 本公司监事会及全体监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、准确性和完整性依法承担法律责任。 一、 监事会会议召开情况 2024年10月28日，宁波长阳科技股份有限公司（以下简称"公司"）以现场 方式在公司会议室召开第三届监事会第二十二次会议（以下简称"本次会议"）， 本次会议由监事会主席王云女士主持，会议应到监事3名，实到监事3名，本次会 议的召集、召开符合《公司法》等法律、法规、规范性文件和《宁波长阳科技股 份有限公司章程》、《宁波长阳科技股份有限公司监事会议事规则》的有关规定。 2、公司 2024 年第三季度报告公允反映了报告期内的财务状况和经营成果， 所包含的信息从各个方面真实地反映出公司报告期内的经营管理和财务状况等 事项。2024 年第三季度报告所披露的信息真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏； 3、未发现参与 2024 年第三季度报告编制和审议人员有违反保密规定的行 为。 表决结果：3 票同意；0 票反 ...

关于宁波长阳科技股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 华安证券股份有限公司（以下简称"保荐机构"、"华安证券"）作为宁波 长阳科技股份有限公司（以下简称"长阳科技"、"公司"）2022年度向特定对 象发行股票并上市的保荐机构，根据《上市公司监管指引第2号——上市公司募 集资金管理和使用的监管要求（2022年修订）》、《上海证券交易所科创板股票 上市规则》、《上海证券交易所科创板上市公司自律监管指引第1号——规范运 作》等有关规定，对长阳科技拟使用部分暂时闲置募集资金进行现金管理的事项 进行了审慎核查，核查情况如下： 华安证券股份有限公司 一、募集资金基本情况 经中国证券监督管理委员会《关于同意宁波长阳科技股份有限公司首次公 开发行股票注册的批复》（证监许可［2019］1886号）核准，公司首次公开发 行人民币普通股（A股）股票7,064.22万股，发行价格13.71元/股，募集资金总 额人民币968,504,562.00元，扣除各项发行费用后实际募集资金净额为人民币 856,718,202.80元。上述募集资金已于2019年10月30日到位，立信会计师事务 所（特殊普通合伙）已于201 ...