4 月9 日，美国总统特朗普以"中国未撤回 34% 报复关税"为由，宣布对华加征 50% 关税，叠加此前税率，对华商品总税率飙升至 104% 。这标志着中美贸易冲突从"摩擦"演变为"核战级对抗"。 就锂电产业而言，加上美国目前对中国电池产品征收 3.4% 的基础关税，以及其计划在 2026 年对来自中国的储能电池施加 25% 的 301 条 款关税 ( 该税率已适用于动力电池 ) ， 将使得动力电池与储能电池对应的关税从 82.4%/64.9% 进一步升级至 132.4%/114.9% 。 | 关税政策 | 动力电池 | 備能电池 | 生效时间 | | --- | --- | --- | --- | | 电池基础关税 | 3. 4% | 3. 4% | 已生效 | | 301条款关税 | 25% | 7.5% | 2024年9月 | | | | 25% | 2026年 | | 对中国商品额外关税 | 10% | 10% | 2025年2月1日 | | 对中国商品额外关税 | 10% ---- | 10% | 2025年3月4日 | | "对等关税" | 34W STARTING POINT | 34% | 2 ...

维持"增持" 评级。看好宏观环境逐步复苏背景下龙头确定性提升，看好AI 换机周期对公司未来业绩的 提振。考虑出口退税对锂电池行业的影响，下修公司公司2025-2026 年EPS 为0.78 元（-0.16）、1.02 元 （-0.12），新增2027 年EPS 为1.32 元，参考行业可比公司给予2025 年25.05XPE，下修公司目标价为 19.54 元。 业绩基本符合预期。公司2024 年实现营收115.41 亿元，同比增长0.8%，实现归母净利润4.3 亿元，同比 增长25.0%，扣非归母净利润3.49 亿元，同比增长51.0%；其中，公司24Q4 实现营收30.24 亿元，同比 增长4.0%，环比下降4.6%，实现归母净利润1.62 亿元，同比增长197.5%，环比下降2.3%，扣非归母净 利润1.69 亿元，同比14 倍，环比增长9.5%。 消费需求增长快于行业，AI 或开启量价齐升。根据Canalys 数据，2024 年全球笔记本电脑出货量约2.02 亿台，同比增长4%；全球智能手机出货量约12.2 亿台，同比增长7%；同期，公司笔电类锂电池销售量 同增13.28%，手机类锂电池销售量同增7.9 ...

招商证券股份有限公司 关于珠海冠宇电池股份有限公司 2024 年度持续督导跟踪报告 招商证券股份有限公司（以下简称"招商证券"、"保荐机构"）作为珠海冠宇 电池股份有限公司（以下简称"珠海冠宇"、"上市公司"、"公司"）首次公开发行 股票和向不特定对象发行可转换公司债券的保荐机构，根据《证券发行上市保荐 业务管理办法》《上海证券交易所科创板股票上市规则》《上海证券交易所上市公 司自律监管指引第 11 号——持续督导》等有关规定，负责珠海冠宇上市后持续 督导工作，并出具本持续督导年度报告书。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | | 建立健全并有效执行持续督导工作制度，并针 | 保荐机构已建立健全并有效执行了持续 | | 1 | 对具体的持续督导工作计划制定相应的工作计 | | | | 划 | 督导制度，并制定了相应的工作计划 | | | 根据中国证监会相关规定，在持续督导工作开 | 保荐机构已与珠海冠宇签订承销及保荐 | | | 始前，与上市公司签署持续督导协议，明确双方 | 协议，明确了双方在持续督导期间的权 | | 2 | 在持续督导期间的权利义务，并报 ...

珠海冠宇电池股份有限公司 持续督导保荐总结报告书 关于珠海冠宇电池股份有限公司 持续督导保荐总结报告书 招商证券股份有限公司（以下简称"招商证券"、"保荐机构"）作为珠海冠 宇电池股份有限公司（以下简称"珠海冠宇"、"上市公司"、"公司"）首次公开 发行股票和向不特定对象发行可转换公司债券的保荐机构，根据《证券发行上市 保荐业务管理办法》《上海证券交易所上市公司自律监管指引第 11 号——持续督 导》等有关规定，对珠海冠宇首次公开发行股票和向不特定对象发行可转换公司 债券进行尽职推荐和持续督导，持续督导期限截至 2024 年 12 月 31 日。目前， 持续督导期限已经届满，保荐机构根据《证券发行上市保荐业务管理办法》等有 关规定对珠海冠宇出具保荐总结报告书，具体情况如下： 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、保荐机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行的 任何质询和调查。 3、保荐机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理 办法》 ...

Core Viewpoint - The recent announcement by the U.S. to impose "reciprocal tariffs" has led to a decline in Apple’s stock price and affected the A-share consumer electronics sector, with Apple being one of the most impacted importers due to its reliance on Chinese suppliers [1][5]. Group 1: Impact on Supply Chain Companies - Luxshare Precision (立讯精密) stated that it has limited exposure to the new tariffs due to its FOB pricing model, where the importer (customer) bears the tariff costs [1][3]. - Lens Technology (蓝思科技) reported that the tariff changes would have a minimal impact on its overall operations, as 58.63% of its revenue comes from overseas, with most exports routed through bonded zones to avoid tariff fluctuations [2][4]. - Lianyi Intelligent Manufacturing (领益智造) emphasized its global production layout to mitigate international trade uncertainties, stating that its products do not directly export from China to the U.S. [3][4]. - Zhuhai Coslight (珠海冠宇) indicated that its direct exports to the U.S. are minimal, and it is actively working on establishing overseas production bases to further reduce tariff impacts [4]. Group 2: Apple's Strategic Challenges - Apple faces a difficult decision regarding how to handle the increased costs from tariffs, whether to absorb them, pass them on to consumers, or distribute them across the supply chain [5][6]. - Morgan Stanley estimates that the tariffs could increase Apple's annual costs by approximately $8.5 billion, which may lead to price hikes for products like the iPhone [5][6]. - The reliance on Chinese and Indian assembly for iPhones means that Apple may struggle to significantly expand production in other regions in the short term, potentially leading to price increases for the iPhone 17 series [6].

Group 1 - The core viewpoint of the report indicates steady revenue growth in the main business of the company, with a focus on flexible sensors to create a second growth curve [4][5][6] - The company achieved a revenue of 2.54 billion yuan in 2024, a year-on-year increase of 19.23%, and a net profit of 139 million yuan, up 98.42% year-on-year [4][5] - The company is transitioning from a single coating material provider to an integrated solution provider, enhancing revenue across various business segments [5][6] Group 2 - The report highlights that Lululemon's North American market growth is weak, with a revenue of 3.6 billion USD in FY2024Q4, a year-on-year increase of 13% [9][10] - The company expects a low to mid-single-digit revenue growth in North America for FY2025, with challenges from economic concerns affecting consumer traffic [11][12] - In contrast, the Chinese market showed strong growth, with a revenue increase of 48% year-on-year, indicating a robust performance in that region [11][12] Group 3 - The report on Tongyi Zhong indicates that the company achieved a revenue of 649 million yuan in 2024, a year-on-year increase of 1.4%, but net profit decreased by 15.2% [15][16] - The company reported a significant increase in production and sales volumes, with historical highs in major product categories [17][18] - The company is expanding into the aramid fiber sector, aiming to create dual growth drivers [15][21] Group 4 - Xiamen International Trade's report emphasizes its focus on supply chain management, with a strategy to navigate through commodity cycles [28][29] - The company has divested from real estate and financial services to concentrate on its core supply chain business, which includes metals, energy, and agriculture [29][30] - The report projects revenue for 2024 to 2026 at 389.05 billion yuan, 404.61 billion yuan, and 418.84 billion yuan, respectively, with a focus on maintaining a high dividend yield [32] Group 5 - The report on Bawang Tea indicates that it leads the high-end tea beverage market with 6,440 stores, achieving a GMV of 10.8 billion yuan in 2023 [33][34] - The company is benefiting from a growing market for high-end tea beverages, with a projected market size increase from 4.748 trillion yuan in 2019 to 8.189 trillion yuan in 2024 [34][35] - Bawang Tea's strategy focuses on a limited number of new products while optimizing supply chain efficiency, resulting in a gross margin of 51.5% [35] Group 6 - Aikodi's report shows a revenue of 6.746 billion yuan in 2024, a year-on-year increase of 13.24%, with a net profit of 940 million yuan [36][37] - The company is expanding its global footprint with new production bases in Malaysia and Mexico, enhancing its supply chain stability [39][40] - The report anticipates continued revenue growth driven by new product lines and market expansion, projecting revenues of 7.9 billion yuan in 2025 [40] Group 7 - Longxing Technology's report indicates a revenue of 4.355 billion yuan in 2024, with a net profit increase of 28.7% [41][42] - The company is expanding its production capacity with new projects and acquisitions, aiming to increase its market share in the carbon black industry [46] - The report highlights a significant improvement in gross margin, reaching 13.01% in Q4 2024, driven by operational efficiencies [45][46]

宁德时代携手中国石化，启动换电万站新基建 近日，宁德时代与中国石化在北京签署合作框架协议。根据协议， 双方将全面深化长期战略合作关系，共同建设覆盖全国的换电生 态网络， 今年将建设不少于500座换电站，长期目标是扩展至10000座 。 弗迪电池22GWh项目获批 3月27日，仙居县人民政府发布 拟对建设项目环评文件作出审批意见的公示，其中包括 台州弗迪新能源动力电池项目。该项目 计划总投资 100.2亿 元，新建厂房及配套设施，购置配料、涂布、辊压、装配等生产设备，建设动力电池生产线及配套铝壳线、电解液线、 NMP 精馏系 统等，主要生产工艺涉及混料、涂布、焊接、烘烤、注液、化成、组装、 NMP 精馏回收等，项目建成后形成年产 22GWh 新能源汽车动力电 池的生产能力。 赣锋推出长续航全地形机器人电池 近日，赣锋旗下新余赣锋电子研发的智能全地形机器人电池解决方案正式推出，方案搭载赣锋在机器人动力技术领域的多项创新应用。赣锋机 器人电池采用高能量密度电芯，并具备7C高倍率放电能力，可持续放电3小时以上，续航里程达15km。在兼具能量密度和功率输出的同时， 亦可精准匹配四足机器人续航和动力需求。 瑞浦兰钧202 ...

Investment Rating - The report assigns an "Accumulate" rating for Zhuhai Guanyu (688772) as it initiates coverage [2][9]. Core Insights - The report highlights that the consumer battery sector is experiencing a downturn due to falling raw material prices, while the company's self-supply rate for PACK continues to improve, leading to enhanced gross margins. The global demand for consumer electronics is recovering, driven by the emergence of AI applications in laptops and smartphones, which is expected to elevate battery performance requirements [5][6]. - The company achieved a revenue of 11.541 billion yuan in 2024, a year-on-year increase of 0.83%, with a net profit attributable to shareholders of 430 million yuan, up 25.03% year-on-year [4][8]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 3.024 billion yuan, a year-on-year increase of 4.07%, and a net profit of 162 million yuan, a significant rise of 197.47% year-on-year [4][8]. - The overall gross margin for 2024 was 25.69%, with a net profit margin of 3.73%, reflecting a year-on-year improvement [8]. Business Segments - Consumer Battery: Revenue from consumer batteries was 10.265 billion yuan, down 2.05% year-on-year, with a gross margin of 28.68%, up 1.08 percentage points [5]. - Power and Energy Storage: Revenue from power batteries reached 917 million yuan, a year-on-year increase of 67.54%, although the gross margin was negative at -4.16% [6]. Market Position - The company ranks first in global shipments of laptop batteries and second in tablet batteries, with significant partnerships with major clients like HP, Lenovo, Dell, and Apple [5]. - In the smartphone segment, the company is among the top five in global shipments, serving high-profile clients such as Apple, Xiaomi, and Huawei [5]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 14.427 billion yuan, 16.678 billion yuan, and 19.064 billion yuan, respectively, with growth rates of 25%, 16%, and 14% [7][9]. - Net profit projections for the same years are 903 million yuan, 1.203 billion yuan, and 1.502 billion yuan, with respective growth rates of 110%, 33%, and 25% [7][9].

Core Viewpoint - Zhuhai Guanyu (688772) has shown a positive performance in both stock price and financial results, indicating growth potential in the battery sector [1][2]. Financial Performance - For the fiscal year 2024, Zhuhai Guanyu achieved a total revenue of CNY 11,541,072,032.26, representing a year-on-year increase of 0.83% [2]. - The net profit attributable to shareholders reached CNY 430,354,744.97, marking a significant increase of 25.03% compared to the previous year, driven by enhanced customer share, cost control, and favorable exchange rate effects [2][7]. Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.30 per share (including tax) for the fiscal year 2024, totaling CNY 336,314,908.20, which accounts for 78.15% of the net profit attributable to shareholders [4][7]. Guarantees and Financing - The company and its subsidiaries intend to provide guarantees for domestic and foreign subsidiaries, with a total guarantee limit of up to CNY 138 billion for financing activities and CNY 20 billion for performance guarantees [3][7]. Convertible Bonds - As of March 31, 2025, a total of CNY 81,000 of the "Guanyu Convertible Bonds" has been converted into shares, with a conversion rate of 0.0003% of the total shares before conversion [5].

Group 1: Market Overview - The bond market has experienced fluctuations since December 2024, with liquidity pressures easing marginally, indicating a shift in the central bank's target function [10] - The first quarter of 2025 is expected to see a high overall economic sentiment, driven by domestic demand, while external pressures may arise from trade policies [10] - The second quarter may witness a return to monetary and fiscal cooperation, with potential for bond purchases and interest rate cuts [10] Group 2: Gold Market Insights - Gold has the highest risk-reward ratio among domestic asset classes, with its low correlation to other asset categories making it an attractive option for institutional investors [9][11] - The correlation between gold prices and U.S. Treasury yields has evolved, with recent trends indicating a weak correlation, suggesting gold's role as a hedge against market volatility [11] Group 3: Convertible Bond Market - The median price of convertible bonds fell to 121 yuan in March, with high-priced bonds declining by 2% while low-priced bonds remained stable [14] - The convertible bond market is facing a unique environment, with strong demand from fixed-income investors despite supply constraints [14] - The first quarter of 2025 may see an increase in the number of companies receiving attention from rating agencies due to performance issues, impacting bond prices [14] Group 4: Company-Specific Performance - Laopu Gold (6181.HK) reported a significant revenue increase of 167.5% year-on-year, reaching 8.51 billion yuan, with net profit soaring by 253.9% [13][15] - The brand's recognition has improved, leading to a substantial increase in store revenue, with an average sales figure of 328 million yuan per store [15] - The company plans to expand its presence internationally, with a new store opening in Singapore, enhancing its global brand strategy [15] Group 5: Industry Trends - The consumer battery sector is experiencing a golden development phase, with significant growth in both consumer and energy storage applications [21][23] - The insulated cup market remains robust, with exports to the U.S. increasing by 20.3% year-on-year, indicating sustained demand [24][26] - The company is focusing on diversifying its supply chain and enhancing production efficiency to mitigate tariff impacts and improve profitability [26]