abc 2025 年 01 月 13 日 Global Research 快评 国轩高科 2025瑞银大中华研讨会：出货量展望积极 近期经营情况更新 国轩出席了2025瑞银大中华研讨会。会上，管理层为我们更新了近期经营 情况：1）2 0 2 4年出货量同比增长约5 0 %至6 5 G W h，其中储能占 比35%-40%；2）1Q25公司排产超20GWh，在行业淡季的表现仍较为理 想；3）2024年底公司产能约100GWh，2025年规划产能150GWh，实际产 能或可达到120GWh。 2025年出货量目标：同比提升50% 公司指引其2025年有望实现接近100GWh的出货量，同比增长约50%。管 理层表示公司动力电池出货量同比增速或超60%，主要是得益于：1）此前 在国内承接的B级及以上车型的订单迎来落地，相较于A级车，这类车型的 单车带电量更大，公司预计2025年这类车型订单出货量占比将超20%；2） 凭借为A级车配套的丰富经验，公司在海外承接了较多A级车的订单，海外 出货量有望进一步提升。储能方面，公司海外业务拓展顺利，并积极在国内 拓展新的应用场景。 全球产能扩张有序推进 管理层在会上为我们分享了海 ...

Company Strategy - The company held its 14th Supplier Conference and 2025 Strategy Release on December 18, outlining its strategic focus for 2025 [1] - The company will focus on five major business segments: China, Asia-Pacific, Americas, Europe-Africa, and strategic sectors [1] - The company plans to implement the "863" market strategy, leveraging eight product lines and six platforms to achieve breakthroughs in passenger vehicles, commercial vehicles, and light vehicles [1] - The energy storage battery business will undergo a comprehensive product iteration, with a focus on customer development, power station layout, wind and solar resource development, and ToC market construction [1] Strategic Partnerships - The company announced five major strategies for 2025, covering market, quality, manufacturing, supply chain, and technology [1] - The company signed strategic cooperation agreements with 81 suppliers for 2025 [1] Market Focus - The company aims to achieve comprehensive breakthroughs in three markets: passenger vehicles, commercial vehicles, and light vehicles [1] - The energy storage battery business will focus on four key areas: customer development, power station layout, wind and solar resource development, and ToC market construction [1]

Company Expansion and Investment - The company plans to invest in the construction of high-performance lithium battery and supporting projects in Morocco and Slovakia, with a total investment not exceeding 25.14 billion euros (approximately 19.2 billion yuan) [1][3] - In Morocco, the company will invest in a project with an annual production capacity of 20GWh, with a total investment not exceeding 12.8 billion euros [3] - In Slovakia, the company will invest in a project with an annual production capacity of 20GWh, with a total investment not exceeding 12.34 billion euros [3] Market and Strategic Positioning - The investment aims to deepen the company's global strategic layout, promote overseas business development, and meet overseas market demand [3] - The projects will enhance the company's market share and comprehensive competitiveness in the power battery sector [3] - The projects will focus on battery manufacturing and aim to achieve local autonomous supply of power batteries, covering the EU market [3] Shareholder and Control Structure - The company's controlling shareholder, Nanjing Guoxuan Holding Group, along with Li Zhen and Li Chen, signed a supplementary agreement with strategic shareholder Volkswagen China [4] - Volkswagen China agreed to extend the period of relinquishing voting rights, maintaining a voting rights ratio at least 5% lower than that of the founding shareholders for at least 72 months [4][5] - Li Zhen remains the actual controller of the company [5]

Investor Relations Management Principles - Compliance with laws and regulations, ensuring activities align with legal and ethical standards [3] - Equal treatment of all investors, especially providing opportunities for small and medium investors [3] - Proactive engagement with investors, listening to their opinions and responding to their demands [3] - Honesty and integrity in all investor relations activities, maintaining a healthy market ecosystem [3] Prohibited Activities in Investor Relations - Disclosure of undisclosed major events or conflicting information [6] - Release of misleading, false, or exaggerated information [6] - Selective disclosure or omission of significant information [6] - Making predictions or promises about stock prices [6] - Unauthorized representation of the company [6] - Discriminatory treatment of small shareholders [6] - Violation of public order or social interests [6] - Other illegal activities affecting stock trading [6] Investor Relations Management Content and Methods - Communication with investors includes company strategy, legal disclosures, management information, ESG information, and cultural development [10] - Use of multiple channels such as company website, social media, phone, email, and investor education platforms [13] - Establishment of a major event communication mechanism with investors [13] - Avoidance of investor relations activities 30 days before annual or semi-annual reports to prevent leakage of undisclosed information [11] Investor Relations Management Channels - Company website, social media platforms, phone, fax, email, and investor education bases [13] - Utilization of platforms like China Investor Network and stock exchange infrastructure [13] - Methods include shareholder meetings, investor briefings, roadshows, analyst meetings, and site visits [13] Investor Relations Management Responsibilities - Board Secretary as the primary responsible person for investor relations [43] - Securities Affairs Center as the functional department managing investor relations [43] - Support from controlling shareholders, actual controllers, directors, supervisors, and senior management [43] - Regular training for relevant personnel on investor relations management [47] Investor Relations Management Disclosure - Timely disclosure of non-material information provided to specific parties to ensure equal access for all investors [49] - Disclosure of investor relations management system on stock exchange and company websites [49] Investor Relations Management System - Establishment and maintenance of investor relations management archives for at least 3 years [7] - Regular updates and announcements of changes in contact information [12] - Strengthening of online communication channels and timely response to investor inquiries [13] Investor Relations Management Activities - Site visits and communication with investors, ensuring no access to undisclosed information [14] - Roadshows and analyst meetings to communicate company status and answer questions [15] - Support for investor rights protection activities and resolution of disputes through negotiation, mediation, arbitration, or litigation [16] Investor Relations Management Records - Preparation of activity records after investor briefings, analyst meetings, and roadshows, including participant details, content, and Q&A [19] - Strict review of non-official announcements to prevent leakage of undisclosed information [20] Investor Relations Management Platform - Use of interactive platforms like "Interactive Easy" for communication with investors, ensuring timely and detailed responses [21] - Cautious and objective information release on interactive platforms, avoiding misleading language [23] Shareholder Meetings - Organization of shareholder meetings with both on-site and online voting options, ensuring convenience for shareholders [25] Investor Briefings - Active conduct of investor briefings to introduce company status, answer questions, and listen to suggestions [27] - Immediate holding of briefings in cases of cash dividend issues, termination of restructuring, stock price fluctuations, or high market attention [28] Company Research and Visits - Proper reception of research institutions and individuals, ensuring compliance with information disclosure obligations [33] - Prevention of market manipulation, insider trading, or other illegal activities during research visits [34] - Requirement for research institutions and individuals to provide identification and sign commitment letters [36] Investor Relations Management Training - Regular training for controlling shareholders, actual controllers, directors, supervisors, and senior management on investor relations management [47] - Participation in training organized by regulatory bodies and industry associations [47]

%% %% 丨证券研究报告丨 公司研究丨点评报告丨国轩高科（002074.SZ） [Table_Title] 出货结构调整扰动盈利，静待海外业务兑现 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 国轩高科发布 2024 年三季报， 2024Q3 实现收入 83.81 亿元，同比增长 28.16% ，环比下降 | | | 9.75% ；归母净利润 1.41 亿元，同比增长 69.82% ，环比下降 30.1% ；扣非净利润 0.08 亿元， 同比下降 47.31% ，环比下降 78.91% 。 | | | | | 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 S ...

e公司讯，11月13日，国轩高科与摩洛哥投资机构CDG集团签署谅解备忘录（MoU），CDG集团拟用3 亿欧元的投资组合助力国轩摩洛哥项目。 CDG集团是摩洛哥规模最大的公共金融投资机构。 根据协议，CDG集团拟用3亿欧元的投资组合用于国轩摩洛哥项目，为该项目在摩洛哥的持续运营提供 支持。 该项目涵盖动力电池、储能电池及正负极材料等配套项目，项目一期预计直接为当地创造超2000个就业 岗位。 ...

证券时报e公司讯，企查查APP显示，近日，合肥国轩动力能源销售有限公司成立，法定代表人为王启 岁，注册资本3000万元，经营范围包含：电池销售；储能技术服务；电池制造；电池零配件销售；新能 源汽车电附件销售；新能源汽车换电设施销售；蓄电池租赁等。 企查查股权穿透显示，该公司由国轩高科(002074)间接全资持股。 ...

证券时报e公司讯，据国轩高科发布消息，11月4日，斯洛伐克总理罗贝尔特·菲佐在来华正式访问期 间，专程到访合肥，考察国轩高科。 斯洛伐克副总理兼经济部部长丹妮萨·萨科娃，以及财政部、外交部、使领馆等主要官员随同考察。 参访临别之际，菲佐总理说，国轩之行令人印象深刻，不仅让访问团对中国新能源产业有了更深刻的认 识，也更进一步坚定了对国轩的信心。 斯洛伐克政府将举行专题会议，深入探讨并全力推进与国轩未来的项目合作，希望该项目成为中斯合作 的典范。 ...

编号：2024-005 证券代码：002074 证券简称：国轩高科 国轩高科股份有限公司 投资者关系活动记录表 | --- | --- | --- | |--------------------|---------------------------------------|-----------------------------------------------------------------------------------------------------------------------| | | □ 特定对象调研 | □ 分析师会议 | | 投 资 者 关 | □ 媒体采访 | □业绩说明会 | | 系 活 动 类 | □新闻发布会 | □路演活动 | | 别 | □ 现场参观 | □一对一沟通 | | | □券商策略会 | ■其他__投资者电话交流会 __ | | 参 与 单 位 | | | | 名 称 及 人 | 与会投资者约 430 人 | | | 员姓名 | | | | 时 间 | 2024 年 10 月 31 日 | 15:00-16:00 | | 地 点 | 电话交流会 | ...

Financial Performance - Revenue for the third quarter reached 8.38 billion yuan, a year-on-year increase of 28.16%[2] - Net profit attributable to shareholders of the listed company was 141.2 million yuan, up 69.82% year-on-year[2] - Operating income for the first nine months of 2024 was 25.17 billion yuan, a year-on-year increase of 15.60%[5] - Net profit attributable to parent company owners reached 4.698 billion yuan, up 5.04% from 4.473 billion yuan[17] - Net profit attributable to parent company shareholders was 412,341,982.84 RMB, a significant increase from the previous period[19] - Basic earnings per share increased to 0.23 RMB, up from 0.16 RMB in the previous period[20] - Total comprehensive income was -152,721,172.36 RMB, a significant decline compared to the previous period[20] Assets and Liabilities - Total assets as of the end of the reporting period were 103.2 billion yuan, an increase of 10.26% compared to the end of the previous year[2] - Total assets increased to 103.195 billion yuan from 93.593 billion yuan, a growth of 10.26%[17] - Total liabilities increased to 76.683 billion yuan from 67.297 billion yuan, a growth of 13.95%[17] - Accounts receivable increased by 274.36% to 483.22 million yuan, mainly due to increased bill collections[4] - Accounts receivable rose to 19.553 billion yuan from 12.911 billion yuan, an increase of 51.44%[15] - Inventory increased to 6.267 billion yuan from 5.679 billion yuan, a growth of 10.36%[15] - Short-term borrowings grew to 17.740 billion yuan from 16.237 billion yuan, an increase of 9.26%[16] - Long-term borrowings increased to 20.142 billion yuan from 18.160 billion yuan, a rise of 10.91%[17] - Cash and cash equivalents decreased to 14.220 billion yuan from 14.513 billion yuan, a decline of 2.02%[15] - Development expenditure increased to 538.705 million yuan from 396.375 million yuan, a growth of 35.91%[16] Cash Flow - Net cash flow from operating activities for the first nine months of 2024 was 243.55 million yuan, up 16.80% year-on-year[5] - Total operating cash inflow was 17,899,121,791.00 RMB, reflecting growth in cash flow from operations[21] - Total cash outflow from operating activities was RMB 17.66 billion, compared to RMB 15.44 billion in the previous period[22] - Net cash flow from operating activities increased to RMB 243.55 million, up from RMB 208.52 million[22] - Cash inflow from investment activities rose to RMB 8.29 billion, compared to RMB 4.16 billion in the previous period[22] - Net cash flow from investment activities improved to a negative RMB 3.79 billion, from a negative RMB 8.65 billion[22] - Cash inflow from financing activities reached RMB 19.76 billion, slightly higher than RMB 19.49 billion in the previous period[22] - Net cash flow from financing activities was RMB 4.08 billion, down from RMB 9.16 billion[22] - The company's cash and cash equivalents at the end of the period stood at RMB 11.84 billion, compared to RMB 12.15 billion in the previous period[22] - Cash received from investments surged to RMB 7.95 billion, compared to RMB 4.11 billion in the previous period[22] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets decreased to RMB 5.28 billion, from RMB 6.33 billion[22] - Taxes paid increased to RMB 658.07 million, up from RMB 552.00 million[22] - Cash received from tax refunds surged to 1,297,441,501.71 RMB, reflecting improved tax efficiency[21] Expenses and Income - Financial expenses surged by 297.98% to 762.20 million yuan, primarily due to reduced exchange gains[5] - Investment income decreased by 56.52% to 30.00 million yuan, mainly due to reduced income from joint ventures[5] - Interest expenses increased to 948,588,836.79 RMB, indicating higher borrowing costs[19] - Other income rose to 614,901,367.76 RMB, contributing positively to the financial performance[19] - Credit impairment losses increased to -596,619,132.26 RMB, indicating higher credit risk[19] - Government subsidies received during the reporting period amounted to 228.74 million yuan[3] Shareholder Information - The company's largest shareholder, Volkswagen (China) Investment Co., Ltd., holds a 24.57% stake[6] - The company's top 10 shareholders hold a significant portion of the company's shares, with Nanjing Guoxuan Holding Group Co., Ltd. holding 170,751,887 shares, accounting for 9.55% of the total share capital[7] - The company's top 10 shareholders include Hong Kong Securities Clearing Company Ltd., holding 107,289,521 shares, and Volkswagen (China) Investment Co., Ltd., holding 56,467,637 shares[7] - The company's top 10 shareholders also include Citibank, National Association, holding 21,280,100 shares, and Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 ETF, holding 20,561,694 shares[7] - The company's top 10 shareholders include China Construction Bank Corporation - E Fund CSI 300 ETF, holding 13,546,200 shares[9] - The company's top 10 shareholders include Foshan Electrical and Lighting Co., Ltd., holding 17,133,791 shares[7] Share Repurchase and Stock Options - The company completed the repurchase of 15,436,229 shares, accounting for 0.86% of the total share capital, with a total payment of 299,743,927.79 RMB[14] - The company completed the cancellation of 416,784 stock options for 438 incentive recipients under the 2022 stock option incentive plan[11] - The company completed the cancellation of 456,300 stock options for 56 incentive recipients under the 2021 stock option incentive plan[10] Debt and Financing - The company plans to issue medium-term notes and ultra-short-term commercial papers with a total amount not exceeding 3 billion RMB (20 billion for medium-term notes and 10 billion for ultra-short-term commercial papers)[12] - The company successfully issued a 400 million RMB short-term commercial paper as part of the 2023 Yangtze River Delta Advanced Manufacturing Collective Short-Term Commercial Paper, with a coupon rate of 2.98% and a maturity of 270 days[13] Sales and R&D - Sales revenue from goods and services reached 15,081,159,270.81 RMB, an increase compared to the previous period[21] - R&D expenses amounted to 1,370,664,032.22 RMB, showing a slight decrease from the previous period[19]