Core Viewpoint - The "Smart Consumption Industry Week" performance briefing highlighted the positive development signals in the smart consumption sector, showcasing the technological innovations and market expansions of participating companies [1] Group 1: Industry Trends - The "Artificial Intelligence +" initiative aims to accelerate the development and application of new technologies in the smart consumption sector, creating high-growth consumption opportunities [2] - The automotive industry's shift towards electrification and intelligence has opened a strategic window for the in-car projection market, with leading companies like XGIMI focusing on smart cockpit and smart lighting projections [3] Group 2: Company Performance - Hengxuan Technology reported a net profit of 191 million yuan in Q1 2025, a 590% increase year-on-year, driven by the rise of smart wearable devices and supportive national policies [2] - Zhuhai Guanyu continues to enhance its competitive edge in consumer batteries while developing sodium-ion and solid-state batteries, aiming for stable and efficient power supply in low-temperature scenarios [4] - Aolaide has maintained steady revenue growth in its materials business for five consecutive years, with ongoing upgrades to its OLED terminal materials and new product developments expected to gain market traction by 2025 [4][6] Group 3: Market Dynamics - Companies are experiencing robust production and sales growth due to consumer confidence recovery and local consumption subsidy policies [5] - Shihua Technology achieved revenues of 795 million yuan and a net profit of 280 million yuan in 2024, with a 442% increase in high-performance optical materials revenue, indicating strong market demand [6] - The maturation of OLED production processes is expected to lower manufacturing costs, facilitating the adoption of OLED displays in mid-range vehicles, thus expanding their market presence [6]

Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy industry [1] Core Insights - The lithium battery sector is experiencing a significant increase in sales for electric vehicles and energy storage, with lithium carbonate prices declining by 4.8% to 70,000 yuan per ton [1][5] - In March 2025, domestic wholesale sales of new energy passenger vehicles reached 1.13 million units, a year-on-year increase of 35.5% [1][20] - The transition from lead-acid to lithium batteries in the start-stop battery market is becoming clearer, driven by performance improvements and cost reductions in sodium batteries [3][12] Summary by Sections Monthly Insights - In April 2025, the lithium battery-related sectors, except for new energy vehicles, experienced varying degrees of decline, with significant drops in the phosphate iron lithium positive electrode and lithium battery copper foil sectors [2] - The monthly transaction volume for most sectors decreased significantly, while the new energy vehicle sector saw a slight increase in transaction volume [2] Research Topic - The start-stop battery market is in a growth phase, with lead-acid batteries currently dominating but facing competition from lithium and sodium batteries [3][12] - The market for start-stop batteries is expected to grow significantly, with a projected compound annual growth rate of 14.5% from 2024 to 2032 [14] Industry Insights - In March 2025, new energy vehicle sales in China and Europe were strong, with sales of 1.128 million and 304,000 units respectively, reflecting a year-on-year increase of 36% and 26% [4][20] - Energy storage installations in China and the US saw significant growth, with domestic installations reaching 3.4 GWh in March, a year-on-year increase of 57% [24][27] Lithium Battery Production Tracking - In May 2025, lithium battery production is expected to fluctuate between -5% and 13% month-on-month, with year-on-year growth ranging from -1% to 41% [5][30] - The report indicates that the lithium battery sector is entering a seasonal low period, with production adjustments anticipated [30] Investment Recommendations - The report suggests that the lithium battery sector is poised for a BETA-level market driven by both industry demand and technological advancements, recommending key players such as CATL and EVE Energy [6][39]

Investment Rating - The investment rating for Zhuhai Guanyu (688772) is "Buy" and is maintained [1] Core Views - The report indicates that the company's Q1 2025 performance was affected by seasonal factors and export tax rebate impacts, but a gradual recovery is expected starting from Q2 [1] - The company is projected to achieve significant revenue growth in the coming years, with total revenue expected to reach 14,474 million yuan in 2025, representing a year-on-year increase of 25.41% [1] - The net profit attributable to the parent company is forecasted to be 862.31 million yuan in 2025, showing a substantial growth of 100.37% year-on-year [1] Financial Projections - Total revenue projections for Zhuhai Guanyu are as follows: - 2023: 11,446 million yuan - 2024: 11,541 million yuan - 2025: 14,474 million yuan - 2026: 17,729 million yuan - 2027: 21,088 million yuan [1] - Net profit attributable to the parent company is projected as: - 2023: 344.19 million yuan - 2024: 430.36 million yuan - 2025: 862.31 million yuan - 2026: 1,332.60 million yuan - 2027: 1,614.23 million yuan [1] - The report anticipates a significant increase in earnings per share (EPS), with projections of 0.76 yuan in 2025 and 1.43 yuan in 2027 [1] Market Data - The closing price of the stock is reported at 12.66 yuan, with a market capitalization of 14,275.01 million yuan [5] - The stock has a price-to-earnings (P/E) ratio of 41.47 for 2023, decreasing to 16.55 in 2025 and further to 8.84 in 2027 [1][5] Operational Insights - The report highlights that the consumer segment's revenue in Q1 2025 was 21 billion yuan, reflecting a decline of over 10% year-on-year, primarily due to export tax rebate impacts [8] - The company is expected to enhance its profitability in the consumer business, projecting revenues of 120 billion yuan in 2025, contributing profits of 11-12 billion yuan [8] - The report notes that the company has secured contracts with major automotive manufacturers, indicating strong growth potential in the power segment [8]

Investment Rating - The investment rating for Zhuhai Guanyu (688772) is "Buy" [1] Core Views - The report indicates that the company's Q1 2025 performance was affected by seasonal factors and export tax rebate impacts, but a gradual recovery is expected starting from Q2 2025 [1][8] - The company is projected to achieve significant revenue growth in the coming years, with total revenue expected to reach 14.47 billion yuan in 2025, representing a year-on-year increase of 25.41% [1][9] - The net profit attributable to the parent company is forecasted to be 862.31 million yuan in 2025, showing a substantial growth of 100.37% year-on-year [1][9] Financial Forecasts - Total revenue forecasts for the years 2023 to 2027 are as follows: 11.45 billion yuan in 2023, 11.54 billion yuan in 2024, 14.47 billion yuan in 2025, 17.73 billion yuan in 2026, and 21.09 billion yuan in 2027 [1][9] - The net profit attributable to the parent company is projected to grow from 344.19 million yuan in 2023 to 1.61 billion yuan in 2027, with a notable increase in 2025 [1][9] - The earnings per share (EPS) is expected to rise from 0.31 yuan in 2023 to 1.43 yuan in 2027, reflecting the company's improving profitability [1][9] Market Data - The closing price of the stock is reported at 12.66 yuan, with a market capitalization of approximately 14.28 billion yuan [5] - The stock has a price-to-earnings (P/E) ratio of 41.47 for 2023, which is expected to decrease to 8.84 by 2027, indicating an improving valuation as earnings grow [1][9] Operational Insights - The report highlights that the consumer segment's revenue in Q1 2025 was 2.1 billion yuan, down by over 10% year-on-year, primarily due to the impact of export tax rebates [8] - The company is expected to enhance its profitability in the consumer business, projecting a revenue of 12 billion yuan in 2025, with a profit contribution of 1.1 to 1.2 billion yuan [8] - The report notes that the company has secured contracts with major automotive manufacturers, which is expected to drive significant growth in the power segment [8]

Group 1 - Zhuhai Guanyu Battery Co., Ltd. has applied for a patent titled "A Negative Electrode Sheet and Lithium-Ion Battery," with publication number CN119890219A, filed on December 2024 [1] - The patent aims to improve lithium-ion battery technology by providing a negative electrode sheet that reduces lithium plating and dendrite formation, enhances edge lithium plating window, and lowers the risk of thermal runaway caused by dendrite penetration [1] - The negative electrode sheet features a non-active material layer that replaces traditional ear protection glue, which can reduce the overall thickness of the battery cell and increase energy density [1] Group 2 - Zhuhai Guanyu Battery Co., Ltd. was established in 2007 and is primarily engaged in the manufacturing of electrical machinery and equipment [2] - The company has a registered capital of 1,121.857134 million RMB and has made investments in 10 enterprises [2] - The company has participated in 120 bidding projects and holds 3,050 patent records along with 42 trademark records and 376 administrative licenses [2]

马来西亚又一电池工厂传来投产消息！ 天鹏电源官方发布， 4月29日， 其位于马来西亚雪莱莪州的工厂正式开业。 该工厂是天鹏电源首个正式投产的海外工厂。占地48英亩，一 期总产能约4亿支/年，满产后大部分产能将用于海外供应链。 天鹏电源表示， 马来西亚基地 不仅仅是一家海外工厂，更是天鹏电源全球业务的一个副中心。 官网资料显示， 天鹏电源 是蔚蓝锂芯（002245）的全资子公司，专注于圆柱电池研发、生产及销售， 形成了兼具 NCM、NCA 及 LFP的 锂电池技术与产品体系 目前，其研发的多款全极耳电池已陆续投产。 产品广泛应用于动力工具、电动微出行、智能家电、数据中心备电等多个领域。 产能方面， 天鹏电源拥有4大基地。3大国内基地分别位于 江苏省张家港市 锦丰镇新兴产业园区、 江苏省张家港市经济技术开发区、 江苏省 淮安市清江浦工业园区；海外 马来西亚基地计划 投资2.8亿美元，于2022年开启建设， 2024年5月完成厂房封顶。 据 蔚蓝锂芯2024年年度报告披露，去年锂电池业务呈现同比大幅增长态势，实现营业收入25.87亿元，同比增长57.99%；毛利率 21.94%，较上年同期增长13.51个百分点。其 ...

Summary of Zhuhai Guanyu Conference Call Company Overview - **Company**: Zhuhai Guanyu - **Industry**: Battery manufacturing, focusing on consumer and power battery segments Key Points Financial Performance - In Q1 2025, Zhuhai Guanyu reported revenue of 2.498 billion yuan, a slight decline year-on-year. The net profit attributable to shareholders was a loss of 24 million yuan, compared to a profit of 9 million yuan in the same period last year [4][5][42] - The overall performance was impacted by a seasonal downturn in consumer electronics and a decrease in prices due to falling upstream material costs [5][42] Business Segments - **Consumer Battery Segment**: - Q1 2025 consumer battery shipments were approximately 80 million units, flat year-on-year, with a self-supply rate of about 40% [5] - The company expects Q2 shipments to grow by 40%-50% quarter-on-quarter, with an annual target of 120 million units [6] - **Power Battery Segment**: - Revenue in Q1 2025 was around 400 million yuan, more than doubling year-on-year, driven primarily by the Zhikang and drone businesses [5][6] - The power segment is expected to generate 600 million yuan in Q2, with annual revenue projected to be double that of the first half [6][29] Growth Drivers - The start-stop battery business is anticipated to continue its rapid growth, with significant orders from domestic and international clients [7] - The drone business, primarily serving DJI, is expected to exceed 1 billion yuan in total revenue this year, also doubling year-on-year [7][33] Technological Advancements - The company is making progress in smart wearable devices and robotics, leveraging its soft-pack technology and small battery solutions for advantages in energy density and weight [8] - The company aims to capture 30% of the smartphone battery market, up from the current 8%-10%, through technological iterations [3][35] Margin and Cost Management - Q1 gross margin declined due to seasonal factors, increased contribution from lower-margin businesses, and lagging cost pass-through from export tax adjustments [11][12] - The company expects improvement in margins in Q2 as production ramps up and costs stabilize [11] International Expansion - The construction of a factory in Malaysia is progressing well, expected to be operational within 1 to 1.5 years, which will help mitigate export costs to the U.S. due to lower tariffs [9][13][14] - The company is also exploring opportunities in Mexico and India, although these facilities are smaller in scale [13] Market Trends and Customer Demand - The company is well-positioned to meet domestic demand despite trade tensions, with a focus on local suppliers [10][9] - The demand for high-capacity batteries is increasing, with a trend towards larger batteries (6,000 to 7,000 mAh) in the market [36] Future Outlook - The company maintains a positive outlook for Q2 and the full year, expecting significant growth driven by domestic demand and new product launches [6][43] - The focus will remain on enhancing market share in both consumer and power battery segments while managing costs effectively [46] Challenges and Risks - The company faces challenges from fluctuating material prices and the impact of export tax policies, which it is addressing through strategic cost management and communication with clients [24][25] Conclusion - Zhuhai Guanyu is navigating a challenging market environment with a focus on growth in both consumer and power battery segments, leveraging technological advancements and international expansion to enhance its competitive position. The outlook for the upcoming quarters remains optimistic, supported by strong demand and strategic initiatives.

一、回购股份的基本情况 2025 年 4 月 13 日，公司召开第二届董事会第二十七次会议，审议通过了《关 于第二期以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金 以集中竞价交易方式回购公司股份。本次回购资金总额不低于人民币 10,000 万元 （含）且不超过人民币 20,000 万元（含），回购价格不超过人民币 23 元/股（含）。 回购期限为自董事会审议通过本次回购股份方案之日起不超过 12 个月。本次回购 的股份将用于可转换公司债券转股，或用于员工持股计划/股权激励。具体内容详 见公司于 2025 年 4 月 15 日在上海证券交易所网站（www.sse.com.cn）披露的《关 于第二期以集中竞价交易方式回购公司股份方案的公告》以及 2025 年 4 月 17 日 披露的《关于第二期以集中竞价交易方式回购股份的回购报告书》。 二、回购股份的进展情况 | 证券代码：688772 | 证券简称：珠海冠宇 公告编号：2025-043 | | --- | --- | | 转债代码：118024 | 转债简称：冠宇转债 | 珠海冠宇电池股份有限公司 关于第二期以集中竞价交易方式首次回购公司股份 ...

| 证券代码：688772 | 证券简称：珠海冠宇 | 公告编号：2025-042 | | --- | --- | --- | | 转债代码：118024 | 转债简称：冠宇转债 | | 珠海冠宇电池股份有限公司 关于不向下修正"冠宇转债"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。 特别提示： ● 截至 2025 年 4 月 29 日，珠海冠宇电池股份有限公司（以下简称"公司"） 股价已触发"冠宇转债"转股价格向下修正条件。 ● 经公司第二届董事会第二十九次会议审议，公司董事会决定本次不向下修 正"冠宇转债"转股价格，同时在未来六个月内（即 2025 年 4 月 30 日至 2025 年 10 月 29 日），如再次触发"冠宇转债"转股价格向下修正条件，亦不提出向 下修正方案。 一、可转债发行上市概况 经中国证券监督管理委员会证监许可〔2022〕2139 号文同意注册，珠海冠 宇电池股份有限公司（以下简称"公司"）于 2022 年 10 月 24 日向不特定对象发 行了 30,890,430 张可转换公 ...