Core Viewpoint - The company, through its subsidiary Guangdong Haishida Sodium Star Technology Co., Ltd., has signed a strategic supply agreement for sodium-ion battery modules with an overseas customer, committing to a minimum procurement of 1GWh over the next four years [1] Group 1 - The agreement involves the delivery of sodium-ion battery modules primarily for residential, commercial, and telecommunications applications, with expected phased deliveries from July 2025 to December 2029 [1] - The sodium-ion batteries will utilize the company's poly-anion system, indicating a technological advancement in their product offerings [1] - This contract signifies a transition to a normalized phase of large-scale order acquisition and product supply for the company's sodium-ion batteries, enhancing its market position in the industry [1] Group 2 - The agreement is anticipated to have a positive impact on the company's performance in the new energy sector, contributing to overall revenue growth [1]

证券代码：002324 证券简称：普利特 公告编号：2025-032 上海普利特复合材料股份有限公司 上海普利特复合材料股份有限公司（以下简称"公司"）控股孙公司广东海四达钠星技术 有限公司（以下简称"海四达钠星"）近期收到了海外某客户（以下简称"客户"）的钠离子电 池采购订单，双方本着互惠互利原则，就海四达钠星的钠离子电池系列产品与客户达成战略供 应协议。 一、钠电池订单概况 随着新能源产业高速发展的背景下，新型电池的研发和产业化是重要的发展路径，钠离子 电池因其资源丰富、安全性高、宽温域、成本优势等优点，有望在储能系统、启停电源、数据 中心、功能车、基站备电等领域进行全面的应用推广。 海四达钠星是一家领先的钠离子电芯和电池包生产制造商，客户是一家专门为海外市场的 住宅、工商业以及电信应用提供能源解决方案的公司。双方寻求在钠离子电池及系统供应方面 建立长期战略合作供应关系。 客户签署本协议并承诺未来四年内，与海四达钠星采购总量不低于1GWh的钠离子电池模块， 主要用于住宅、工商业和电信应用。预计在2025年7月至2029年12月内进行分批交付。 本次订单的钠离子电池采用公司的聚阴离子体系，该产品体系具有结构 ...

Group 1 - Shanghai Pulit Composite Materials Co., Ltd. has applied for a patent for a high-transparency polypropylene composition with controllable light transmission and color properties, indicating innovation in material science [1] - The patent application includes a composition made of 50-90 parts of PP resin, 0-30 parts of reinforcing filler, and other additives, aiming for a light transmittance of no less than 65% for a 3.2mm thick board [1] - The new material shows potential applications in automotive light transmission components due to its excellent light transmission and color control capabilities [1] Group 2 - Shanghai Pulit Composite Materials Co., Ltd. was established in 1999 with a registered capital of approximately 1.11 billion RMB and has invested in 21 companies [2] - Zhejiang Pulit New Materials Co., Ltd. was founded in 2010 with a registered capital of 700 million RMB, focusing on electronic equipment manufacturing and has participated in 55 bidding projects [2] - Chongqing Pulit New Materials Co., Ltd. was established in 2011 with a registered capital of 200 million RMB, primarily engaged in chemical raw materials manufacturing and has 588 patent records [2][3] Group 3 - Shanghai Pulit Chemical New Materials Co., Ltd. was founded in 2010 with a registered capital of approximately 95.79 million RMB, focusing on chemical products and has 431 patent records [3]

Group 1 - The PEEK materials concept saw a significant increase of 5.60%, leading the sector in gains, with 25 stocks rising, including notable performers like Juxailong and Xinhang New Materials, which hit the 20% limit up [1] - The top gainers in the PEEK materials sector included Zhongxin Fluorine Materials with a limit up, and other stocks like Fuheng New Materials and Zhongyan Co., which rose by 15.07%, 9.55%, and 7.92% respectively [1] - Conversely, the stocks that experienced the largest declines included China General Nuclear Power Technology, Shuanglin Co., and Brothers Technology, which fell by 2.96%, 0.92%, and 0.21% respectively [1] Group 2 - The PEEK materials sector attracted a net inflow of 400 million yuan from main funds, with 19 stocks receiving net inflows, and 5 stocks seeing inflows exceeding 30 million yuan [1] - Zhongxin Fluorine Materials led the net inflow with 171 million yuan, followed by Water Co., Xinhang New Materials, and Juxailong with net inflows of 159 million yuan, 129 million yuan, and 52.82 million yuan respectively [1] - The top three stocks by net inflow ratio were Zhongxin Fluorine Materials at 23.56%, Juxailong at 19.87%, and Water Co. at 17.38% [2]

Core Viewpoint - The company is focusing on expanding its presence in the energy storage and new energy battery materials sectors, with a comprehensive product matrix and plans for international market expansion [1][2] Group 1: Business Strategy - The company has established a full industry chain model for energy storage batteries, covering square cells to modules (PACK) and systems, providing integrated solutions from design to maintenance [1] - The company aims to enhance its overseas business by leveraging existing customer bases and expanding into Southeast Asia, Europe, America, and Africa [1] Group 2: Product Development - The company is committed to technological innovation, focusing on sodium-ion battery research and aiming for leadership in solid-state batteries and large cylindrical technologies [1] - The company plans to diversify its product offerings to include emerging fields such as robotics, low-altitude flight, data centers, and low-speed vehicles [1]

Core Insights - The company reported a consolidated operating revenue of 831.35 million yuan and a net profit attributable to shareholders of 141.15 million yuan for the fiscal year 2024 [1] - The company expressed confidence in its operational performance for 2025, citing a recovery and growth trend in its new energy business segment [1] Group 1: Financial Performance - For the fiscal year 2024, the company achieved an operating profit of 143.34 million yuan [1] - The net profit for the same period was 141.15 million yuan [1] Group 2: Future Growth Drivers - The company plans to enhance its capacity for modified materials to 710,000 tons to meet downstream customer demand [2] - The company aims to accelerate its entry into emerging markets such as robotics and low-altitude flight [2] - The company is strategically adjusting its new energy business to focus on sodium batteries and solid-state batteries as a second growth curve [2]

Group 1: Company Overview and Production Capacity - Shanghai Pulite Composite Materials Co., Ltd. has 11 major new material production bases globally, with 5 under construction, expected to reach an annual capacity of 710,000 tons [1][4][18]. - The Tianjin new materials factory, with a capacity of 150,000 tons, is expected to be operational by the end of 2025 [1][8]. - The company’s current annual production capacity for lithium-ion batteries is 15.32 GWh, with cylindrical capacity at 2.83 GWh and square capacity at 12.49 GWh [2][18]. Group 2: Market Demand and Opportunities - The demand for modified plastics in the new energy vehicle sector is rapidly increasing, with significant supply shortages anticipated due to rising penetration rates [1][4]. - The company aims to capture opportunities in the domestic substitution of modified materials and special materials, targeting an increase in market share [3][18]. - The modified materials are primarily used in automotive parts, electronics, aerospace, and emerging markets like robotics and low-altitude flight [4][18]. Group 3: Product Development and Innovations - The company is actively developing sodium-ion batteries, with several products certified by UL, TUV, and IEC, and is in the pilot testing phase [6][18]. - The sodium-ion battery has a current energy density of 115 Wh/kg, with a cycle life of 8,000 to 10,000 cycles, making it suitable for various applications [7][18]. - The company is also focusing on solid-state battery technology and aims to achieve mass production in the future [7][18]. Group 4: Financial Performance and Future Outlook - In 2024, the company reported a total revenue of 831.35 million yuan, a decrease of 4.54% year-on-year, with a net profit of 141.15 million yuan, down 69.86% [16][18]. - The company has committed to distributing at least 30% of its average net profit as cash dividends over the past three years, with recent distributions amounting to 67.59% of the average net profit [12][18]. - The company is optimistic about its performance in 2025, expecting growth in both new materials and new energy sectors [16][18].

Group 1 - The core viewpoint of the articles indicates a significant growth in various financial metrics for the year 2024 compared to 2023, with notable increases in percentages and absolute values [1][2]. - The financial data shows a projected increase in revenue from 19.08 billion in 2023 to 19.47 billion in 2024, reflecting a slight decrease of 0.67% [1]. - The net income is expected to rise from 1.04 billion in 2023 to 1.09 billion in 2024, marking a substantial increase of 39.74% [1]. Group 2 - The total assets of the company are projected to reach 21176.19 million in 2024, representing a growth of 27.29% compared to the previous year [2]. - The operating income is expected to increase from 4400.70 million in 2023 to 1237.84 million in 2024, showing a remarkable growth of 213.58% [2]. - The company's financial performance metrics indicate a strong upward trend, with various segments showing positive growth rates, particularly in operating income and net income [2].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,934,080,448.42, a decrease of 0.68% compared to CNY 1,947,417,871.06 in the same period last year[2] - Net profit attributable to shareholders increased by 38.95% to CNY 109,013,299.43 from CNY 78,452,590.45 year-on-year[2] - Basic and diluted earnings per share rose by 42.86% to CNY 0.10 from CNY 0.07 in the same period last year[3] - Total operating profit increased to ¥132,054,422.10, up from ¥99,754,089.06, representing a growth of approximately 32.3% year-over-year[21] - Net profit reached ¥108,566,674.08, compared to ¥74,519,231.57 in the previous period, marking an increase of about 45.7%[21] - Total comprehensive income amounted to ¥107,636,497.53, compared to ¥75,280,308.03, showing an increase of approximately 42.9%[22] Cash Flow - The net cash flow from operating activities surged by 308.68% to CNY 260,304,222.46, compared to CNY 63,694,375.86 in the previous year[2] - Cash flow from operating activities generated ¥260,304,222.46, significantly higher than the previous period's ¥63,694,375.86, reflecting a year-over-year increase of over 308%[24] - The company reported a net cash outflow from investing activities of ¥94,031,884.16, an improvement from a net outflow of ¥236,977,268.85 in the previous period[24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 11,515,785,536.43, a decrease of 1.65% from CNY 11,708,942,758.93 at the end of the previous year[3] - Current cash and cash equivalents amount to CNY 778,192,698.17, down from CNY 953,474,801.16 at the beginning of the period, indicating a decrease of about 18.4%[14] - Accounts receivable decreased to CNY 2,512,097,327.07 from CNY 2,923,677,137.51, representing a reduction of approximately 14.1%[14] - Inventory increased to CNY 1,856,190,217.72 from CNY 1,751,406,898.50, showing an increase of about 6.0%[15] - Total current liabilities decreased to CNY 5,720,846,083.70 from CNY 6,006,685,024.35, a decline of approximately 4.8%[16] - Total liabilities decreased to CNY 6,767,236,388.56 from CNY 7,076,624,282.65, reflecting a decline of approximately 4.4%[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 36,167, with the largest shareholder holding 40.14% of the shares[9] - The company's equity attributable to shareholders increased by 2.71% to CNY 4,426,868,886.46 from CNY 4,310,191,589.52 at the end of the previous year[3] - The company's equity attributable to shareholders increased to CNY 4,426,868,886.46 from CNY 4,310,191,589.52, an increase of about 2.7%[17] Investment and Expenses - The company reported a significant increase in cash flow from investment activities, up 60.32% to CNY 14,294,540.00, due to reduced cash payments for fixed assets and other long-term assets[10] - The company experienced a 304.46% increase in taxes and surcharges, primarily due to an increase in value-added tax surcharges[7] - The company’s investment income decreased by 94.42% to CNY 301,860.00, attributed to reduced earnings from joint ventures and fluctuations in raw material prices[7] - Research and development expenses rose to ¥107,614,170.59, up from ¥96,314,132.59, indicating an increase of approximately 11.9%[20] - Total operating costs were ¥1,866,955,065.53, slightly up from ¥1,863,760,535.22, indicating a marginal increase of about 0.1%[20] - The company experienced a significant increase in sales revenue from services, totaling ¥1,824,546,514.85, compared to ¥1,646,770,086.72 in the prior period, reflecting a growth of approximately 10.8%[23]

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses **海思达 (Haisida)**, a company involved in the **sodium-ion battery** industry, and its strategic developments in the **energy storage** sector. The company is also linked to **普利特 (Pulite)**, which is involved in various technological advancements and market expansions. Key Points and Arguments 1. **Financial Performance and Future Outlook** - Haisida reported an operating loss due to industry-wide impacts and historical inventory impairments, but expects a rebound in performance in 2025 with new capacity releases and sodium-ion battery developments, projecting over 10% growth in main business and significant profit improvement [1][2][28] - The company anticipates a profit close to 500 million yuan for 2024, despite challenges in the new energy sector, including a historical inventory impairment of approximately 160 million yuan and a goodwill impairment of about 40 million yuan [2] 2. **Sodium-Ion Battery Development** - Haisida has partnered with 中科海钠 (Zhongke Haina) to develop sodium-ion products, focusing on the energy storage sector, with orders exceeding gigawatt-hours in various applications [1][4] - The sodium-ion battery technology shows significant advantages in high-rate performance, temperature resilience, and safety compared to lead-acid and some lithium batteries, with collaborations established with major companies like 沃尔德 (Wald), 风帆 (Fengfan), and others [1][3][5] 3. **Market Applications and Collaborations** - Sodium-ion batteries are being applied in various sectors, including start-stop systems, communication backup, and special vehicles, with a global demand for start-stop systems estimated at around 115 million units annually [5][6][7] - Haisida's collaboration with 小松 (Komatsu) in Japan is expected to lead to large-scale applications in industrial vehicles, with positive customer feedback received [3][15] 4. **Production and Cost Structure** - The company is accelerating the industrialization of sodium-ion batteries, launching various product types, including large cylindrical and square batteries, with a focus on a 160 Ah 2VPP system that emphasizes safety and longevity [1][11] - The cost structure of sodium-ion batteries is being optimized, with expectations that prices will decrease significantly, potentially reaching parity with lithium-ion and lead-acid batteries within three years [12][24][26] 5. **Strategic Initiatives and Future Goals** - Haisida aims to achieve revenues of 1.5 to 2 billion yuan by 2027, corresponding to approximately 6 GWh of sodium-ion capacity, with a focus on expanding production lines and product development [3][25][27] - The company is also establishing a new subsidiary, 广东海思达钠新技术有限公司 (Guangdong Haisida Sodium New Technology Co., Ltd.), to independently develop sodium-ion technology and enhance market competitiveness [21] Additional Important Insights - The sodium-ion battery market is expected to grow significantly, with applications in energy storage systems and backup power systems being prioritized [8][19][27] - Haisida's sodium-ion technology is particularly suited for data center backup needs due to its high safety and rapid response characteristics [18][20] - The company is addressing the challenges posed by U.S. tariffs through the establishment of production bases in Malaysia and Thailand, which helps mitigate export impacts [17] This summary encapsulates the critical insights from the conference call, highlighting the company's strategic direction, market positioning, and future growth potential in the sodium-ion battery sector.