Core Viewpoint - The company is actively expanding its overseas market presence and adjusting its product structure to meet international demand, while maintaining a focus on managing the impacts of tariffs and trade wars [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 6.522 billion yuan, a year-on-year increase of 31.27%, but reported a net loss of 239 million yuan [1] - In the first quarter of 2025, the company recorded operating revenue of 1.981 billion yuan, a year-on-year increase of 113.00%, and a net profit of 24.46 million yuan, marking a return to profitability [1] Group 2: Reasons for Loss and Recovery - The reasons for the 2024 loss included a decline in copper foil processing fees, a significant rise in copper prices, extended customer payment terms leading to increased bad debt provisions, and lower capacity utilization affecting unit costs [2] - The recovery in Q1 2025 was attributed to increased sales orders, higher capacity utilization, and reduced unit production costs, resulting in improved gross margins [2] Group 3: Research and Development - The company is increasing R&D investment to promote the domestic substitution of high-end electronic circuit copper foil, achieving breakthroughs in products for high-frequency and high-speed circuits [3] - The company has the capability to convert part of its lithium battery copper foil capacity into high-end electronic circuit copper foil production, which has higher added value [3]

超薄电子铜箔指厚度≤12微米的铜箔材料，因其轻薄化特性被广泛应用于储能电池（如锂离子电池、钠 离子电池）及高速印刷电路板（PCB）领域。在储能场景中，超薄铜箔主要作为负极集流体，承担活性 物质载体与电子传输功能，其厚度直接影响电池的能量密度、成本及安全性。 从产品分类看，储能用超薄电子铜箔主要按厚度（常规8-12μm、主流6-8μm、高端≤6μm）、工艺（电 解法主导、压延法高端）、表面处理（光面降内阻、毛面强附着力）和应用场景（动力/储能/固态电池 差异化需求）分类，其中6-8μm电解铜箔凭借性价比主导储能市场，而极薄化（≤4.5μm）和复合集流体 成为技术突破方向，中国企业在中端市场优势明显，但高端产品仍面临日韩竞争。 内容概要：在"双碳"战略目标引领下，我国新型储能产业迎来爆发式增长，这一快速发展态势直接带动 储能电池用超薄电子铜箔需求激增。数据显示，2024年我国超薄电子铜箔总产能已突破25万吨，其中储 能专用铜箔产能占比达40%，约10万吨规模。随着新型电力系统建设加速推进，预计2025年中国储能电 池用铜箔需求量将超过40万吨。在市场前景方面，受益于下游需求放量和产品结构升级，预计2025年中 国 ...

Investment Rating - The report maintains an "Overweight" rating for the electric equipment industry [1] Core Viewpoints - The human-shaped robot sector is experiencing significant domestic and international resonance, indicating a strong growth potential. The valuation of leading lithium battery storage companies is currently low, presenting a potential investment opportunity [1][4] - The report highlights a robust demand for energy storage solutions, particularly in emerging markets, and anticipates a compound annual growth rate (CAGR) of 20-40% for global energy storage installations from 2025 to 2028 [4][5] Industry Trends - The electric equipment sector has shown varied performance, with specific segments like nuclear power and electric vehicles experiencing growth, while others like wind and photovoltaic sectors have faced declines [4] - The report notes significant developments in the human-shaped robot market, including strategic partnerships and product deliveries, which are expected to drive growth in this sector [4] - The electric vehicle market is witnessing a surge in sales, with major manufacturers reporting substantial year-on-year increases in production and sales figures [4] Company Performance - Notable companies such as Ningde Times, BYD, and Sunshine Power are highlighted for their strong market positions and growth potential, with specific revenue and profit forecasts provided for 2024 and 2025 [6][8] - The report emphasizes the financial performance of various companies, indicating a mix of growth and challenges, with some companies like Longi Green Energy facing significant declines in revenue and profit [4][6] Investment Strategy - The report recommends a focus on key sectors such as robotics, energy storage, and electric vehicles, identifying specific companies that are expected to benefit from market trends and technological advancements [6][10] - It suggests that the human-shaped robot market is at a pivotal point, akin to the early stages of the electric vehicle market, with substantial long-term growth potential [10]

| 证券代码：688388 | 证券简称：嘉元科技 | 公告编号：2025-055 | | --- | --- | --- | | 转债代码：118000 | 转债简称：嘉元转债 | | 广东嘉元科技股份有限公司 董事减持股份计划公告 本公司董事会、全体董事及相关股东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。 截至本公告披露日，广东嘉元科技股份有限公司（以下简称"公司"）董事 赖仕昌先生及其一致行动人华骏先进制造5号私募证券投资基金（以下简称"华 骏5号基金"）合计持有公司股份16,391,403股，占公司股份总数的3.8456%。其 中，赖仕昌先生持有公司无限售条件流通股12,304,803股，占公司股份总数的 2.8868%，上述股份来源于公司首次公开发行前持有的股份、公司实施权益分派 以资本公积金转增股本，上述首发限售股份已于2020年7月22日起解禁上市流通； 赖仕昌先生的一致行动人华骏5号基金持有公司无限售条件流通股4,086,600股， 占公司股份总数的0.9588%，赖仕昌先生持有华骏5号基金100%份额，华骏5号基 金持有 ...

嘉元科技公告，公司董事赖仕昌计划自公告披露日起15个交易日后的3个月内，通过集中竞价交易或大 宗交易方式减持不超过307.62万股，占公司总股本的0.7217%。赖仕昌及其一致行动人华骏5号基金合计 持有公司3.8456%股份，本次减持不会对公司治理结构及持续经营产生重大影响。 ...

Core Viewpoint - The company, Jia Yuan Technology, has shown significant financial recovery and growth in the copper foil industry, indicating a turning point in the market driven by high-end technology breakthroughs and increasing demand from sectors like electric vehicles and energy storage [1][2][4]. Financial Performance - In 2024, Jia Yuan Technology achieved a revenue of 6.522 billion yuan, a year-on-year increase of 31.27% [1] - The first quarter of 2025 saw a revenue of 1.981 billion yuan, representing a remarkable year-on-year growth of 113%, with a net profit of 24.46 million yuan, marking a turnaround from previous losses [1][2]. Industry Trends - The copper foil industry is emerging from a cyclical low, with leading companies reporting profit rebounds through capacity restoration and technological upgrades [1][2]. - Demand for copper foil is recovering due to increased orders from the electric vehicle and energy storage sectors, alongside growth in PCB and semiconductor packaging [2]. Technological Advancements - Jia Yuan Technology has made significant strides in developing high-performance copper foil products, including RTF, FCF, HTE, HVLP, and ultra-thin copper foil for IC packaging [3]. - The company has invested 274 million yuan in R&D, a 16.44% increase year-on-year, and holds 422 authorized patents, including 198 invention patents [3]. Market Position and Strategy - Jia Yuan Technology has an annual copper foil production capacity exceeding 110,000 tons, with a production volume of 67,000 tons in 2024, a 15.57% increase from the previous year [5]. - The company is positioned as a leader in the industry, particularly in the production of ultra-thin lithium battery copper foil, and is expected to benefit from improving supply-demand dynamics [5]. Long-term Outlook - The company is seen as a key player in the lithium battery materials sector, poised for growth amid the global push for carbon neutrality and technological innovation [4][5]. - Jia Yuan Technology's current stock price reflects a significant disconnect from its technological premium and production scarcity, suggesting a favorable investment opportunity [4].

Core Viewpoint - The company reported a significant decline in profitability for 2024, but showed a notable recovery in Q1 2025, indicating potential for future growth [1][2]. Financial Performance - In 2024, the company achieved revenue of 6.522 billion yuan, a year-on-year increase of 31.27%, but reported a net loss attributable to shareholders of 239 million yuan, a year-on-year decline of 1354.99% [1]. - For Q1 2025, the company generated revenue of 1.981 billion yuan, a year-on-year increase of 113.00% but a quarter-on-quarter decrease of 9.25%. The net profit attributable to shareholders was 24.46 million yuan, a year-on-year increase of 151.17% and a quarter-on-quarter increase of 125.79% [1][2]. - The overall gross margin for 2024 was 2.01%, down 3.82 percentage points year-on-year. However, in Q1 2025, the gross margin improved to 4.65%, with a net profit margin of 1.15%, reflecting a year-on-year increase of 4.56 and 6.33 percentage points respectively [2]. Business Strategy - The company is focusing on its core business while actively seeking diversification. It has increased its annual production capacity of advanced copper foil to over 110,000 tons, maintaining a leading position in the industry [3]. - The company is also pushing for a transformation towards production in its subsidiary, with revenue from high-performance copper wire exceeding 878 million yuan in 2024. It is exploring new technologies such as high-purity copper [3]. - The company is expanding its footprint in renewable energy, with 15.27 million kWh generated in the Meizhou area and winning a bid for a 69 MW solar project, while also venturing into wind power and energy storage [3]. Profit Forecast and Valuation - Based on the 2024 financial report, the processing fee for lithium battery copper foil is projected at 15,900 yuan per ton, indicating a significant decline. The overall gross margin is expected to decrease due to a soft copper foil capacity outlook for 2025-2026 [4]. - The company’s EPS for 2025-2027 is estimated to be 0.27, 0.61, and 0.96 yuan respectively, reflecting a downward revision of 56.5% and 29.9% from previous estimates [4]. - The projected BPS for 2025 is 16.46 yuan, with a target price set at 21.04 yuan, corresponding to a PB of 1.28 times, reflecting increased market risk appetite due to the company's diversification efforts [4].

证券代码：688388 证券简称：嘉元科技 公告编号：2025-054 转债代码：118000 转债简称：嘉元转债 二、可转换公司债券转股价格历次调整情况 根据《广东嘉元科技股份有限公司向不特定对象发行可转换公司债券募集说 广东嘉元科技股份有限公司 关于不向下修正"嘉元转债"转股价格的公告 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： 截至 2025 年 4 月 30 日，广东嘉元科技股份有限公司（以下简称"公司"） 股价已触发"嘉元转债"转股价格向下修正条款。 经公司第五届董事会第四十五次会议审议，公司董事会决定本次不向下 修正"嘉元转债"的转股价格，自本次董事会审议通过后次一交易日起（即 2025 年 5 月 6 日起）重新计算，若再次触发"嘉元转债"转股价格向下修正条款，届 时公司董事会将再次召开会议决定是否行使"嘉元转债"的转股价格向下修正权 利。 一、可转换公司债券上市发行概况 经中国证券监督管理委员会证监许可〔2021〕180 号文同意注册，公司于 2021 年 2 月 23 日向不特定对象发 ...

Investment Rating - The report maintains a rating of "Buy" for the company [7] Core Views - The company experienced significant revenue growth in 2024, achieving 6.522 billion RMB, a year-on-year increase of 31.27%, but reported a net loss of 239 million RMB [1][2] - In Q1 2025, the company showed a strong recovery with revenue of 1.981 billion RMB, a year-on-year increase of 113% [1][2] - The company is focusing on its core business while actively seeking diversification, particularly in high-performance copper wire and renewable energy sectors [3] Summary by Sections Financial Performance - The company's gross profit margin for 2024 was 2.01%, down 3.82 percentage points year-on-year, but improved significantly in Q1 2025 with a gross margin of 4.65% [2] - The net profit margin for Q1 2025 was 1.15%, reflecting a year-on-year increase of 6.33 percentage points [2] - The company’s operating expenses decreased slightly in 2024, with a total expense ratio of 4.7% [2] Business Strategy - The company is enhancing its production capacity in advanced copper foil, reaching an annual capacity of over 110,000 tons, positioning itself as an industry leader [3] - It is also expanding into new business areas, including high-purity copper technologies and renewable energy projects, such as solar and wind energy [3] Earnings Forecast and Valuation - The company’s earnings per share (EPS) for 2025 is projected at 0.27 RMB, with subsequent years expected to rise to 0.61 RMB in 2026 and 0.96 RMB in 2027 [4] - The target price for the company is set at 21.04 RMB, based on a price-to-book (PB) ratio of 1.28 for 2025 [4][8]

Group 1: Fixed Income Market - The recent volatility in the US Treasury market is largely attributed to the upcoming June maturity, which may be overestimated in terms of its impact on financial markets [2] - In the short term, the supply pressure from maturing US Treasuries is expected to be limited, with a more significant focus on the debt ceiling adjustments anticipated in Q3 [2] - Long-term demand for US Treasuries may face a downward trend, with potential alternatives including European and Japanese bonds, as well as gold [2] Group 2: Technology Sector - The report discusses India's potential as the next manufacturing hub for Apple, highlighting the competitive tariff advantages for Indian exports compared to China [4] - Apple theoretically has the capacity to produce the required number of iPhones in India, but initial production will still rely on Chinese exports due to current limitations [4] - The localization of components in India is still in its early stages, with significant reliance on supply chains from other Asian countries for critical parts [4] Group 3: Energy and New Energy - The lithium battery production forecast for May shows a slight decline in overall production, primarily due to the cancellation of mandatory storage policies and the impact of US tariffs on exports [5] - Despite short-term fluctuations, the long-term outlook for the lithium battery industry remains positive, driven by new vehicle models and technologies [5] - Recent power outages in Spain, Portugal, and southern France have underscored the need for investment in grid upgrades and DC grid technology, presenting opportunities for Chinese power equipment companies [6] Group 4: Media and Publishing - Phoenix Media reported a Q1 2025 revenue of 3.226 billion yuan, reflecting a year-over-year decline, but a significant increase in net profit due to continued tax incentives [7] - The company maintains a stable core business and is rated as a "buy" based on its solid performance and favorable tax policies [7] Group 5: Financial Sector - The report indicates that the China Construction Bank's Q1 2025 net profit and revenue showed slight year-over-year changes, with a focus on asset quality and credit expansion [9] - The bank's diversified income sources and stable operations support a "buy" rating [9] Group 6: Consumer Goods - The report highlights the strong performance of China National Offshore Oil Corporation, with Q1 revenues showing a significant year-over-year increase, driven by stable oil and gas production [20] - The company is expected to maintain a "buy" rating due to its robust operational performance and project advancements [20] Group 7: Real Estate - The report notes that China Petroleum's Q1 2025 revenue and net profit exceeded expectations, attributed to increased natural gas production and sales [34] - The company is rated as "increase" based on its strong performance and potential for further growth in the natural gas sector [34]