Core Viewpoint - The global cylindrical battery market is undergoing a structural transformation driven by technological advancements and increased manufacturing efficiency, leading to a competitive landscape focused on diverse application scenarios [3][26]. Group 1: Industry Events - The 2025 High-Performance Sodium Battery Industry Summit is scheduled for June 9, 2025, in Suzhou, organized by GGII and sponsored by Zhongna Energy [2]. - The 2025 High-Performance Solid-State Battery Technology and Application Summit will take place on June 10, 2025, also in Suzhou, organized by GGII and sponsored by Liyuanheng [2]. Group 2: Market Dynamics - The cylindrical battery market is experiencing a shift, with a decline in shipments for power applications, particularly influenced by changes in Tesla's 21700 model sales, while electric two-wheelers and power tools see significant growth [9][10]. - Chinese companies have increased their share in the global cylindrical battery market to over 40% in 2024, while Japanese and Korean manufacturers have seen a decline in shipments [10][11]. Group 3: Technological Advancements - The adoption of full-tab technology has improved manufacturing control, precision, and yield, enabling large cylindrical batteries to achieve rapid charging capabilities, meeting market demands for ultra-fast charging since 2024 [5][6]. - The cylindrical battery production efficiency is at least 50% higher than that of prismatic or pouch batteries, with leading manufacturers achieving production speeds of over 300 PPM [6][7]. Group 4: Application Trends - Large cylindrical batteries are increasingly being adopted in mid-to-high-end electric vehicles, with BMW confirming their use in next-generation models, marking a significant milestone for this technology [4][6]. - The market for cylindrical batteries is diversifying, with companies like EVE Energy and Tianpeng Power expanding into new markets such as eVTOL and humanoid robots, indicating a competitive landscape focused on specific application scenarios [8][11]. Group 5: Safety and Material Trends - The introduction of lithium iron phosphate (LFP) and lithium manganese iron phosphate (LMFP) chemistries is accelerating in the cylindrical battery market, particularly in small cylindrical batteries, driven by new safety regulations in China [18][20]. - The combination of LFP with large cylindrical batteries is opening new application spaces, especially in cost-sensitive sectors like public transportation and energy storage [21][24]. Group 6: Future Outlook - The competition in the cylindrical battery market is shifting towards specific application scenarios, with companies strategically positioning themselves across various sectors, including electric vehicles, flying vehicles, and energy storage [26]. - The expected shipment scale of large cylindrical batteries in China is projected to exceed 2.5 GWh in 2024, with a forecasted transition from small cylindrical batteries to large cylindrical batteries in the electric two-wheeler market [24].

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 ...

二○二五年四月三十日 江苏蔚蓝锂芯集团股份有限公司（以下简称"公司"）于 2025 年 3 月 7 日 召开第六届董事会第二十一次会议、第六届监事会第十六次会议，审议通过了《关 于注销部分股票期权的议案》，同意根据公司股权激励计划相关规定，对三名离 职激励对象持有的尚未获准行权的股票期权 66,000 份进行注销处理。详见刊登 于 2025 年 3 月 11 日《证券时报》和巨潮资讯网（www.cninfo.com.cn）上的 2025-021 号《关于注销部分股票期权的公告》。 经中国证券登记结算有限责任公司深圳分公司审核确认，公司上述股票期权 注销事宜已于2025年4月29日办理完成。本次注销的股票期权尚未行权，注销后 不会对公司股本造成影响。 特此公告！ 江苏蔚蓝锂芯集团股份有限公司董事会 股票代码：002245 股票简称：蔚蓝锂芯 编号：2025-031 江苏蔚蓝锂芯集团股份有限公司 关于部分股票期权注销完成的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 ...

Investment Rating - The report maintains a "Positive" investment rating for the power supply industry [4] Core Viewpoints - The rapid development of artificial intelligence (AI) is driving the demand for intelligent computing data centers (AIDC), which are expected to enhance the efficiency of computing resources and provide a solid foundation for the digital economy [9][11] - The power supply architecture is anticipated to evolve from UPS to HVDC, with a focus on improving power supply efficiency and reliability [4][66] - The market for AI servers and power supplies is expected to see significant growth, driven by increasing power density and the need for high-performance computing [41][56] Summary by Sections 1. AI Trends and Power Supply Demand - The construction of intelligent computing centers is expected to accelerate due to the AI wave, with a focus on enhancing computing power and efficiency [9] - The power supply infrastructure is likely to undergo iterative upgrades to meet the growing demands of data centers [19] 2. AI Server Power Supply Upgrades - The global AI market reached approximately 1,187.9 billion yuan in 2023, with expectations of a compound annual growth rate exceeding 35% from 2023 to 2030 [41] - AI server power supply performance is expected to improve, leading to increased value and demand for high-power solutions [41][56] - The transition from UPS to HVDC systems is anticipated to enhance efficiency and reliability in data centers [66][82] 3. Investment Recommendations - The report suggests focusing on several areas within the power supply sector, including: 1. Increased power density in server power supplies, with recommendations to monitor companies like Megmeet and EATON [4] 2. The shift from UPS to HVDC systems, with a focus on companies such as Zhongheng Electric and Hezhong Electric [4] 3. Backup power solutions, particularly BBU and diesel generators, with recommendations to observe companies like Yiwei Lithium Energy and KOTAI Power [4]

Investment Rating - The report maintains a "Positive" investment rating for the power supply industry [4]. Core Viewpoints - The rapid development of artificial intelligence (AI) is driving the demand for intelligent computing data centers (AIDC), which require enhanced power supply and distribution infrastructure [4][9]. - The performance of AI chips is significantly improving, leading to an expected increase in both volume and price for server power supplies [4]. - The power supply architecture is anticipated to evolve from UPS to HVDC systems, enhancing efficiency and reliability [4]. - Investment suggestions include focusing on companies involved in server power supply, HVDC technology, and backup power solutions [4]. Summary by Sections 1. AI Trends and Power Supply Demand - The construction of intelligent computing centers is expected to accelerate due to the AI wave, enhancing the efficiency of data centers [9]. - The power supply infrastructure is likely to undergo iterative upgrades to meet the growing demands of AI applications [19]. 2. AI Server Power Supply Upgrades - The global AI market reached approximately 1,187.9 billion yuan in 2023, with a projected compound annual growth rate (CAGR) of over 35% until 2030 [41]. - AI server power supply performance is expected to improve, leading to increased demand for high-power solutions [41][56]. - The transition from UPS to HVDC systems is anticipated to enhance efficiency and reliability in data centers [66][82]. 3. Investment Recommendations - Companies to watch include: 1. Server power supply manufacturers like Megmeet and Euron. 2. HVDC technology providers such as Zhongheng Electric and Hewei Electric. 3. Backup power solution providers like Yiwei Lithium Energy and Weilan Lithium Core [4].

股票代码：002245 股票简称：蔚蓝锂芯 编号：2025-030 江苏蔚蓝锂芯集团股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 江苏蔚蓝锂芯集团股份有限公司（以下简称"公司"）于 2024 年 7 月 19 日召开第六届董事会第十六次会议、第六届监事会第十四次会议，2024 年 8 月 8 日召开 2024 年第二次临时股东大会，审议通过了《关于使用部分闲置募集资金 进行现金管理的议案》，同意公司（含子公司）在不影响募集资金投资项目建设 和正常生产经营的前提下，使用不超过人民币 8 亿元的闲置募集资金进行现金管 理，投资安全性高、流动性好的保本型投资产品，在上述额度内可循环使用，并 授权公司管理层负责办理相关事宜。上述具体内容详见公司在巨潮资讯网 （http://www.cninfo.com.cn）及《证券时报》披露的 2024-045 号《关于使用 部分闲置募集资金进行现金管理的公告》。 根据上述决议授权，公司就近日使用募集资金进行现金管理事宜公告如下： 一、部分理财产品到期赎回情况 2024 ...

◆ 电池 ◆ 蔚蓝锂芯一季度净利润同比增101% 01 近蔚蓝锂芯(002245.SZ)公告称，2025年第一季度营业收入为17.28亿元，同比增长20.90%； 归属于上市公司股东的净利润为1.42亿元，同比增长100.56%。 上海市与丰田汽车公司签署战略合作协议 02 4月22日，上海市与丰田汽车公司签署合作协议。协议的签署标志着由丰田汽车独资设立的雷克萨 斯纯电动汽车及电池的研发生产公司在上海市金山区正式落地。 ◆ 材料 ◆ 6000吨高纯硫化锂项目落地山东 01 日前，潍坊市生态环境局发布《2025年4月份建设项目环境影响评价文件受理公示名单 （三）》。公示的项目包括了年产26000吨高性能硫化锌、6000吨高纯硫化锂固态电池储能材料 项目（年产26000吨高性能硫化锌）等。项目分为两期，一期、二期建设期各24个月。一期计划 于2025年5月份开工建设，预计2027年4月工程竣工；二期计划于2027年5月份开工建设，预计 2029年4月工程竣工。 ◆ 设备 ◆ 01 逸飞激光子公司签1.54亿元大单 逸飞激光公告称，公司控股子公司无锡新聚力科技有限公司与国内某锂电头部企业签订了 《购销合同》，总金额 ...

Battery - Recently, Weilan Lithium (002245.SZ) announced that its revenue for Q1 2025 reached 1.728 billion yuan, representing a year-on-year increase of 20.90%, while the net profit attributable to shareholders was 142 million yuan, showing a remarkable growth of 100.56% [2] - On April 22, Shanghai signed a strategic cooperation agreement with Toyota Motor Corporation, marking the establishment of a research and production company for Lexus electric vehicles and batteries in Jinshan District, Shanghai [3] Materials - A project for the production of 6,000 tons of high-purity lithium sulfide has been launched in Shandong. The project includes the production of 26,000 tons of high-performance zinc sulfide and is planned to be completed in two phases, with the first phase expected to start construction in May 2025 and be completed by April 2027 [5] Equipment - Yifei Laser announced that its subsidiary, Wuxi New聚力 Technology Co., Ltd., signed a purchase and sales contract worth 154 million yuan (including tax) with a leading domestic lithium battery company, accounting for 22.06% of the company's audited revenue for 2023 [7] Overseas - A new nickel tax regulation signed by the Indonesian president will take effect on April 26, adjusting the royalties for nickel ore, nickel matte, nickel pig iron, and nickel iron products based on the HMA benchmark price. The tax rates for nickel ore will increase from a fixed 10% to 14%-19%, nickel matte from 2% to 3.5%-5.5%, nickel pig iron from a fixed 2% to 4%-6%, and nickel iron from a fixed 5% to 5%-7% [10] - On April 21, Idemitsu Kosan announced the completion of its solid-state electrolyte factory expansion, which increased the sample production capacity from several tons per year to a scale of over ten tons [10]

此前，蔚蓝锂芯披露的2024年年度报告显示，公司实现的营业收入、归母净利润分别为67.56亿元、4.88 亿元，同比增长29.38%、246.43%，归母净利润也实现倍增。 长江商报奔腾新闻记者 沈右荣 市场需求复苏，蔚蓝锂芯（002245.SZ）大幅增长。 4月21日晚，蔚蓝锂芯披露了2025年第一季度报告。公司实现营业收入17.28亿元，同比增长20.90%；归 属母公司股东的净利润（以下简称"归母净利润"）1.42亿元，同比增长100.56%；扣除非经常性损益的 净利润（简称"扣非净利润"）1.48亿元，同比增长204.48%。 对于归母净利润、扣非净利润倍增，蔚蓝锂芯简要解释，主要因公司锂电池、LED业务盈利较上年同期 增长。 2024年一季度，蔚蓝锂芯实现的营业收入、归母净利润分别为14.29亿元、7066.51万元，同比增长 46.77%、663.09%。 如此来看，蔚蓝锂芯的归母净利润已经出现了连续倍增。 2024年以来，蔚蓝锂芯的综合毛利率、净利率均有明显上升。2024年，公司综合毛利率、净利率分别为 17.63%、8.05%，同比上升4.83个百分点、4.22个百分点。今年第一季度，公司综合 ...

业绩简评 4 月 21 日，蔚蓝锂芯发布 25Q1 业绩。25Q1 公司收入 17.3 亿元， 同比+21%，环比-10%，扣非归母净利润 1.48 亿元，同比+205%，环 比-25%。业绩超预期。 经营分析 1、费率环比提升较多。25Q1 公司毛利率 20.4%，同比+6.1pct，环 比-0.2pct，四费率 9.9%，同比+0.5pct，环比+2.6pct，其他收益 0.2 亿元，环比+5000 万，扣非归母净利率 8.5%，同比+5.1pct， 环比-1.7pct。 2、后续展望：工具电池处于景气上行，叠加补库、抢装等因素， 25 年 Q1 淡季不淡，Q2 电池销量有望进一步提高，预计全年出货 超 6 亿颗，伴随稼动率提升，单颗盈利预计保持同比上行，持续看 好 25 年公司业绩量利齐升。 盈利预测、估值与评级 看好公司 25 年锂电池量利齐升，及 BBU、机器人等新场景应用逐 步放量带动第二增长曲线，持续推荐。我们预计 25-27 年公司归 母净利润 7.1、8.4、10.1 亿元，增速分别为 46%、18%、20%，对 应 PE 分别 21、18、15X，维持"买入"评级，持续推荐。 风险提示 工 ...