Investment Rating - The report assigns an initial "Buy" rating for the company [7]. Core Views - The company is recognized as a leader in cobalt lithium materials, with future growth driven by its leading market share in cobalt lithium shipments, advancements in nickel-rich ternary materials, and a strong position in solid-state electrolyte technology [4][16]. - The company is expected to see steady revenue growth, with projected revenues of 133.0 billion, 155.9 billion, and 205.6 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year changes of -23.2%, +17.2%, and +31.9% [12][18]. Summary by Sections 1. Cobalt Lithium Leadership and Profitability Recovery - The company has been a pioneer in cobalt lithium production since 2004 and has expanded into ternary materials since 2012, establishing a strong foothold in both consumer electronics and power battery applications [25]. - The company has a significant market share in cobalt lithium, with a projected global market share of 44% by 2024, driven by increasing demand from the 3C electronics sector [11][16]. 2. Ternary Material Technology Advantages - The company’s nickel-rich high-voltage products are technologically advanced and have achieved mass production, with a focus on meeting the growing demand in the electric vehicle sector [11][12]. - The company is developing ultra-high nickel products and has a comprehensive product range covering all nickel series and voltage platforms, enhancing its competitive edge [16]. 3. Solid-State Electrolyte and NL Electrode Advancements - The NL electrode material shows significant advantages in energy density, cycle life, and cost-effectiveness compared to traditional materials, with plans for application in various sectors by 2025 [12][34]. - The company is strategically positioned in the solid-state electrolyte market, with promising results from pilot tests indicating substantial cost reduction potential [12][34]. 4. Financial Forecast and Valuation - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.18, 1.85, and 2.37 yuan respectively, with a compound annual growth rate (CAGR) of 23.64% over three years [12][18]. - The report estimates a fair value of 65.80 yuan per share based on discounted cash flow (DCF) analysis, with a target price of 66.6 yuan considering the company's leadership in cobalt lithium and ongoing product innovations [12][18].

Summary of Xiamen Tungsten New Energy Conference Call Company Overview - Xiamen Tungsten New Energy has established a joint venture with France's ARENA Group to accelerate overseas market expansion and is constructing a production line for 40,000 tons of ternary cathode materials in France [2][3] - The company is actively laying out upstream raw materials to mitigate raw material cost fluctuations [2] Key Financials and Growth Projections - Total shipment volume for 2024 is projected at 46,000 tons, with ternary shipments at 51,000 tons, expecting over 20% growth in 2025 for both ternary and other product areas [2][6] - Expected overall revenue for 2025 is 15.6 billion yuan, with a net profit of 780 million yuan, indicating significant future potential [4][20] Product Development and Market Trends - Lithium silicate cathode materials are widely used in the 3C electronics sector, particularly in smartphones, which account for 44% of the market share [7] - The demand for ternary cathode materials is benefiting from the growth of the new energy vehicle market, although facing competition from lithium iron phosphate batteries [2][10] - The company is focusing on mid-nickel high-voltage materials due to their cost and safety advantages [2][11] Technological Advancements - The company has made breakthroughs in new technologies, with NL cathodes outperforming traditional materials in energy density, rate capability, and cycle life [4][19] - The latest seven-series high-voltage ternary materials have been applied in lithium batteries with voltages ranging from 4.4V to 5V, achieving energy densities comparable to ultra-high nickel levels [2][12] Competitive Landscape - In 2024, the market share of 6-series and 8-series ternary materials is expected to increase, with the company’s five-series high-voltage products matching the energy density of 6-series products and exceeding 8-series products [12] - The company maintains a leading market share in lithium silicate and is the first in the country to mass-produce lithium silicate cathode materials with voltages above 4.5V [9][18] Future Directions - The company plans to continue upgrading new materials and technologies, accelerate overseas expansion, and deepen partnerships with quality customers to enhance market share and profitability [5][20] - The phosphoric iron lithium business is expected to reach a thousand-ton level in 2025, significantly reducing losses [4][20] Challenges and Considerations - The company faces challenges in the solid-state electrolyte market, including technical difficulties and high raw material costs [15] - The competitive landscape is evolving, with iron-lithium batteries gaining market share due to their cost-effectiveness [10] Conclusion - Xiamen Tungsten New Energy is positioned for significant growth with a strong focus on innovation, market expansion, and strategic partnerships, making it a compelling investment opportunity [20]

一、本次权益变动的基本情况 本次权益变动为厦门厦钨新能源材料股份有限公司（以下简称"公司"） 股东宁波海诚领尊创业投资合伙企业（有限合伙）（以下简称"宁波海 诚"）按照之前已披露的股份减持计划进行减持，不触及要约收购。 本次权益变动不会导致公司控股股东、实际控制人发生变化，不会对公 司治理结构及未来持续经营产生重大影响。 本次权益变动前，宁波海诚持有公司股份 30,920,634 股，占公司总股 本的 7.35%。本次权益变动后，宁波海诚持有公司股份 29,427,511 股， 占公司总股本的 7.00%。 证券代码：688778 证券简称：厦钨新能 公告编号：2025-011 厦门厦钨新能源材料股份有限公司 关于持股 5%以上股东权益变动触及 1%的提示性公告 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。 重要内容提示： 2025 年 3 月 5 日，公司收到股东宁波海诚出具的《股份减持进展告知函》， 自 2025 年 2 月 17 日至 2025 年 3 月 4 日期间，其通过集中竞价交易方式减持了 公司 ...

证券代码：688778 证券简称：厦钨新能 公告编号：2025-010 厦门厦钨新能源材料股份有限公司 关于股份回购实施结果暨股份变动的公告 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： | 回购方案首次披露日 | 2024/2/28，由董事会提议 | | | --- | --- | --- | | 回购方案实施期限 | 待第二届董事会第七次会议审议通过后 12 个月 | | | 预计回购金额 | 3,000 万元 | 万元~5,000 | | 回购价格上限 | 51.00 年年度权益分派实施调整为 | 元/股（2023 | | | 50.30 | 元/股） | | 回购用途 | | □减少注册资本 | | | √用于员工持股计划或股权激励 | | | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | | 实际回购股数 | 1,170,589 | 股 | | 实际回购股数占总股本比例 | 0.28% | | | 实际回购金额 | | 40,678,183.98 元 | | 实际回购 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The company is a leading player in the new energy materials sector, with a strong focus on lithium battery cathode materials and a robust product portfolio that includes lithium cobalt oxide, ternary materials, and hydrogen storage alloys. The company has maintained its market leadership with the highest global market share in lithium cobalt oxide and has seen a recovery in profitability with a 13% year-on-year increase in net profit in Q4 2024 after seven consecutive quarters of decline [3][10][17]. Summary by Sections Company Overview - The company, Xiamen Tungsten New Energy Materials Co., Ltd. (stock code: 688778), is recognized as a national high-tech enterprise and has a stable shareholding structure with Xiamen Tungsten as the controlling shareholder. The company has a comprehensive supply chain and a strong focus on R&D, holding over 100 patents [10][16]. New Cathode Materials - The NL cathode material is positioned to lead a revolution in lithium battery technology, offering significant advantages in energy density, fast charging, and cost-effectiveness compared to traditional materials. The company expects to begin small-scale shipments of NL materials in 2024, with a projected demand of 0.38 million tons by 2025 and a compound annual growth rate of 634% from 2024 to 2027 [3][34][40]. Lithium Cobalt Oxide Leadership - The demand for lithium cobalt oxide is anticipated to surge in 2025 due to the increasing battery capacity requirements driven by AI and foldable smartphones. The company has maintained its leading market share and is well-positioned to benefit from this demand growth [3][10][34]. Ternary Materials - The company is a leader in high-nickel ternary materials, with a 37.32% increase in shipments despite a 1.5% decline in global ternary production in 2024. The company is focusing on high-power differentiated products to capture new revenue streams in the automotive battery market [3][10][34]. Financial Forecast - The company is projected to achieve net profits of 4.97 billion, 8.11 billion, and 10.52 billion yuan for the years 2024, 2025, and 2026, respectively. The price-to-earnings ratios corresponding to these profits are 36.6, 22.5, and 17.3 [3][10][34].

证券代码：688778 证券简称：厦钨新能 公告编号：2025-009 厦门厦钨新能源材料股份有限公司 关于以集中竞价交易方式回购股份进展的公告 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： | 回购方案首次披露日 | 2024/2/28 | | --- | --- | | 回购方案实施期限 | 待第二届董事会第七次会议审议通过后 个月 12 | | 预计回购金额 | 元~50,000,000 元 30,000,000 | | 回购用途 | 用于员工持股计划或股权激励 | | 累计已回购股数 | 1,170,589 股 | | 累计已回购股数占总股本比例 | 0.28% | | 累计已回购金额 | 元 40,678,183.98 | | 实际回购价格区间 | 31.26 元/股~42.46 元/股 | （一）2024 年 3 月 1 日，公司以集中竞价交易方式实施了首次回购股份，具 体内容详见公司于 2024 年 3 月 2 日在上海证券交易所网站（www.sse.com.cn）刊 载披露的《厦门厦钨新能源材 ...

Financial Performance - Total revenue for 2024 was approximately RMB 1,329.68 million, a decrease of 23.19% compared to the previous year[4] - Net profit attributable to shareholders was approximately RMB 497.37 million, down 5.70% year-on-year[4] - Basic earnings per share decreased to RMB 1.18, down 5.60% from the previous year[4] - The company maintained a stable financial condition despite a decline in revenue and profits[6] Sales Performance - Sales volume of lithium cobalt oxide reached approximately 46,200 tons, an increase of 33.52% year-on-year, solidifying the company's leading position in the industry[6] - Sales volume of ternary materials was approximately 51,400 tons, up 37.32% year-on-year, significantly improving the company's industry ranking[6] - The hydrogen storage alloy sales volume was approximately 3,900 tons, a year-on-year increase of 3.73%[6] Assets and Equity - Total assets at the end of the period were RMB 1,469.53 million, an increase of 9.01% from the previous year[7] - Shareholders' equity attributable to the parent company was RMB 874.07 million, an increase of 1.85% year-on-year[7] Investor Awareness - The company emphasizes the importance of investor awareness regarding potential investment risks due to preliminary financial data[9]

证券代码：688778 证券简称：厦钨新能 公告编号：2025-006 厦门厦钨新能源材料股份有限公司 关于持股 5%以上股东股份减持计划公告 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。 重要内容提示： 股东持股的基本情况 截止本公告披露日，厦门厦钨新能源材料股份有限公司（以下简称"厦钨新 能"或"公司"）股东宁波海诚领尊创业投资合伙企业（有限合伙）（以下简称"宁 波海诚"）持有公司股份 30,920,634 股，占公司总股本比例的 7.35%，其中 22,086,167 股为公司首次公开发行股票前取得的股份、2023 年通过实施《2022 年度利润分配及资本公积金转增股本方案》获得 8,834,467 股，前述股份均已于 2024 年 8 月 5 日解除限售。 减持计划的主要内容 因自身资金需求，股东宁波海诚拟通过大宗交易或集中竞价的方式减持公 司股份合计不超过 8,146,828 股，即不超过公司总股本的 1.9362%，其中: （1）拟通过集中竞价方式减持的，自减持计划公告披露之日起 15 个交易 日 ...

Group 1 - The core point of the article is that Ningbo Haicheng Lingzun Venture Capital Partnership intends to reduce its stake in Xiamen Tungsten New Energy by selling up to 8.1468 million shares, which represents a maximum of 1.94% of the company's total share capital [1] Group 2 - The shareholder holds 7.35% of the company's shares prior to the planned reduction [1] - The reduction will be executed through block trading or centralized bidding methods due to the shareholder's funding needs [1]

证券代码：688778 证券简称：厦钨新能 公告编号：2025-004 厦门厦钨新能源材料股份有限公司 本次股东大会表决符合《公司法》及公司章程的规定，本次股东大会由董事 2025 年第一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 （一） 股东大会召开的时间：2025 年 1 月 13 日 （二） 股东大会召开的地点：福建省厦门市海沧区柯井社 300 号之一公司 105 会议室 （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 | 89 | | --- | --- | | 普通股股东人数 | 89 | | 2、出席会议的股东所持有的表决权数量 | 296,926,348 | | 普通股股东所持有表决权数量 | 296,926,348 | | 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 | 70.5672 | | 例（%） | | | ...