Core Insights - The electric vehicle sector showed a recovery in Q1 2025 after a decline in Q4 2024, with significant improvements in revenue and net profit [1][2][4] Group 1: Financial Performance - In Q1 2025, the sector's revenue reached 790.2 billion yuan, reflecting a 9% increase year-on-year but a 26% decrease quarter-on-quarter [1][2] - The net profit attributable to shareholders in Q1 2025 was 40.9 billion yuan, marking a 38% increase year-on-year and a 41% increase quarter-on-quarter [1][2] - The gross margin in Q1 2025 was 17%, a slight decrease of 1 percentage point year-on-year but an increase of 4 percentage points quarter-on-quarter [4] Group 2: Profit Contribution by Segment - In Q1 2025, the profit contribution from batteries was 38%, down 4 percentage points year-on-year, while the contribution from complete vehicles was 37%, down 7 percentage points [1][2] - The profit share from midstream materials remained stable at 8%, while lithium carbonate saw a 10% increase in profit contribution to 4% [1][2] Group 3: Market Trends and Outlook - The overall market for electric vehicles remained robust, with global sales reaching 5.82 million units in Q4 2024, a 33% increase year-on-year [2] - The industry is expected to grow by 25% in 2025, driven by a 25% increase in domestic electric vehicle sales and more than double growth in emerging markets and Europe for energy storage [4][5] - The report highlights a positive outlook for leading battery manufacturers and material suppliers, with specific recommendations for companies like CATL, BYD, and others [5]

Core Viewpoints - The segmented fields show differentiated growth: semiconductor materials grow at 50%, new energy materials at 52%, and biomedical materials at 87%, while traditional structural materials maintain a stable growth of 8-10% [2] - Emerging fields are rapidly rising: AI servers with high-frequency materials grow at 60%, new energy vehicles with MLCC at 100%, foldable screens with UTG glass at 30%, and hydrogen energy with a 60% localization rate for proton exchange membranes [2] - The industrial chain is changing: semiconductor materials are developed in a bundled manner with "wafer factories + material factories," while new energy materials involve a three-in-one integration of car manufacturers, battery factories, and material suppliers [2] Market Analysis - The Chinese innovative materials market has formed a diversified tiered structure, reaching a total scale of 6 trillion yuan in 2024, with a forecast to exceed 10 trillion yuan in 2025. The segmented fields show differentiated growth: semiconductor materials (50% growth), new energy materials (52%), and biomedical materials (87%) constitute three major growth poles, while traditional structural materials grow steadily at 8-10% [10][11] - The application field is being restructured, with traditional applications (aerospace, automotive manufacturing) dropping from 65% in 2019 to 48% in 2023, while emerging fields like AI servers (CCL usage growth of 60%), new energy vehicles (MLCC demand growth of 100%), and foldable screens (UTG glass demand growth of 30%) are rapidly rising [10] Competitive Landscape and Industrial Chain Evolution - The industry concentration is accelerating, showing a dual-track pattern of "national teams leading + private specialization." China National Building Material Group, as a representative of "national materials," has achieved breakthroughs in carbon fiber and silicon nitride ceramics, with R&D investment exceeding 10 billion yuan in 2023 [12] - The collaborative model in the industrial chain is innovating significantly. In the semiconductor materials field, a "wafer factory + material factory" bundled development model has formed, while new energy materials show a three-in-one R&D model involving car manufacturers, battery factories, and material suppliers [12] Future Market Space - The innovative materials market in China is expected to reach 10 trillion yuan by 2025 and exceed 30 trillion yuan by 2030, maintaining a CAGR of 18%. The growth engines come from deepening domestic substitution, technological iteration dividends, and the expansion of emerging applications [19] - Key areas to focus on include high-end photoresists, aerospace engine materials, solid-state batteries, high-temperature superconducting materials, perovskite photovoltaic materials, high-frequency materials, MLCC, UTG glass, silicon-carbon anodes, AI + new materials, and biodegradable materials [10][19] Policy Environment and Institutional Innovation - The national strategic layout provides strong support, with the Ministry of Industry and Information Technology clarifying key development directions for frontier materials, and local governments increasing support, such as Guangdong Province establishing a 10 billion yuan new materials industry fund [15] - The policy combination has shown significant effects, with the first application insurance compensation mechanism covering 80% of key materials, reducing R&D risks for enterprises by 30% [15] Technological Innovation and Industry Upgrade - The materials genome engineering is revolutionizing the R&D model, significantly shortening the development cycle of new materials [16] - Breakthroughs in production processes are reshaping cost curves, with significant reductions in unit costs and improvements in yield rates for various materials [16] Investment Strategy Recommendations - Focus on three major tracks: high-end semiconductor materials, new energy materials, and biomedical materials. Risk control should pay attention to technological route risks and the competitive landscape of leading enterprises [25][26] - The certainty of domestic substitution is high, with significant opportunities in solid-state electrolytes and superconducting materials [26]

致：香港交易及結算所有限公司 公司名稱: 江西贛鋒鋰業集團股份有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 FF301 呈交日期: 2025年5月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 002460 | 說明 | A股 (深圳證券交易所) | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,613,593,699 | RMB | | | 1 RMB | | 1,613,593,699 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 1,613,593,699 | RMB | | | 1 RMB | | ...

Core Viewpoint - The lithium industry is experiencing significant fluctuations, with Tianqi Lithium achieving a turnaround in Q1 2024 while Ganfeng Lithium continues to face losses, highlighting divergent strategies in a challenging market environment [1][2][10][11]. Group 1: Company Performance - Tianqi Lithium reported Q1 2024 revenue of 2.584 billion yuan, a slight decrease of 0.02% year-on-year, and a net profit of 104 million yuan, marking a turnaround from a loss of 3.897 billion yuan in the same period last year [1]. - Ganfeng Lithium's Q1 2024 revenue was 3.772 billion yuan, down 25.43% year-on-year, with a net loss of 356 million yuan, although the loss narrowed from 439 million yuan in the previous year [1][5]. - In 2023, Tianqi Lithium faced a significant revenue drop of 67.75%, with a net loss of 7.905 billion yuan, while Ganfeng Lithium's revenue decreased by 42.66%, resulting in a net loss of 2.074 billion yuan, marking its first annual loss since 2010 [2]. Group 2: Factors Influencing Performance - Tianqi Lithium's Q1 2024 performance improvement is attributed to the resolution of several adverse factors affecting its 2024 results, including better pricing mechanisms for lithium concentrate and reduced production costs [3][4]. - The company also benefited from increased investment income from its associate SQM, which is expected to show year-on-year growth [4]. - Ganfeng Lithium did not disclose specific reasons for its continued losses in Q1 2024, but it indicated that the current lithium prices are likely at a relatively low point [5][6]. Group 3: Market Conditions - The lithium market is currently facing oversupply issues, with lithium prices continuing to decline, impacting the financial health of lithium salt manufacturers [7][9]. - As of April 30, 2024, the average price of battery-grade lithium carbonate fell to 67,900 yuan per ton, a drop of over 9% since the beginning of the year, which has affected cash flow for companies like Ganfeng Lithium [8]. - The industry is expected to see continued oversupply, with significant production increases anticipated in 2025, further pressuring prices [9]. Group 4: Strategic Directions - Tianqi Lithium is focusing on a long-term strategy of strengthening its upstream resources and expanding its midstream production capabilities, aiming for vertical integration in the lithium supply chain [10]. - Ganfeng Lithium is shifting its revenue focus towards lithium battery manufacturing, with a notable increase in the contribution of battery products to its overall revenue [11]. - The company is currently emphasizing its energy storage segment, which faces challenges due to significant overcapacity in the market [12].

Industry Background - The innovative materials sector is a cornerstone for China's manufacturing transformation, evolving from strategic support to a key pillar of national competitiveness. By 2024, the industry scale is projected to exceed 60 trillion yuan, maintaining a 20% annual growth rate, making it the fastest-growing new materials market globally [2] - The "14th Five-Year Plan" identifies innovative materials as a core area of strategic emerging industries, with the release of the "Guidance Directory for the First Batch of Key New Materials Application Demonstration (2024 Edition)" covering 299 new materials, providing clear guidance for industry development [2] - The industry is entering a quality upgrade phase, with the localization rate of semiconductor materials increasing from 15% in 2020 to 25% in 2024, while lithium iron phosphate cathode materials in the new energy sector have reached a 95% localization rate, supporting companies like CATL and BYD with over 60% global market share [2] Market Status Analysis - The Chinese innovative materials market has formed a diversified tiered structure, with an overall scale reaching 60 trillion yuan in 2024 and expected to surpass 100 trillion yuan by 2025. Key growth areas include semiconductor materials (50% growth), new energy materials (52%), and biomedical materials (87%), while traditional structural materials grow steadily at 8-10% [4] - The regional distribution shows the Yangtze River Delta (45% share in semiconductor materials), the Pearl River Delta (leading in new energy materials), and the Beijing-Tianjin-Hebei region (cluster advantage in biomedical materials) [4] Competitive Landscape and Industry Chain Evolution - The industry concentration is accelerating, characterized by a dual-track model of "national teams leading + specialized private enterprises." China National Building Material Group has made breakthroughs in carbon fiber and silicon nitride ceramics, with R&D investment exceeding 10 billion yuan in 2023 [7] - The semiconductor materials sector has developed a "wafer factory + material factory" collaborative development model, while new energy materials show a "vehicle manufacturers + battery factories + material suppliers" integrated R&D approach [7] Policy Environment and Institutional Innovation - National strategic layouts provide strong support, with the Ministry of Industry and Information Technology outlining key development directions for frontier materials, including superconductors and graphene [9] - The establishment of a standard system that aligns with international standards is accelerating, with China National Building Material Group participating in the formulation of 52 ISO international standards [9] Future Forecast Analysis - The Chinese innovative materials market is expected to experience structural growth, reaching 100 trillion yuan by 2025 and exceeding 300 trillion yuan by 2030, with a CAGR of 18%. Growth drivers include deepening domestic substitution, technological iteration benefits, and the expansion of emerging applications [14] - The future five years will focus on four major technological breakthroughs: extreme performance, intelligent upgrades, green manufacturing, and cross-border integration [15] Investment Strategy Recommendations - Key investment areas include semiconductor materials, new energy materials, and biomedical materials, with a focus on technological breakthroughs and capacity releases [20]

2025年4月30日，赣锋锂业(002460.SZ)发布2025年第一季报。截至2025年4月30日，共有64个机构投资 者披露持有赣锋锂业A股股份，合计持股量达1.74亿股，占赣锋锂业总股本的8.64%。其中，前十大机 构投资者包括香港中央结算有限公司、中国工商银行股份有限公司-华泰柏瑞沪深300交易型开放式指数 证券投资基金、中国建设银行股份有限公司-易方达沪深300交易型开放式指数发起式证券投资基金、中 国工商银行股份有限公司-华夏沪深300交易型开放式指数证券投资基金、中国银行股份有限公司-嘉实 沪深300交易型开放式指数证券投资基金、江西赣锋锂业集团股份有限公司-2023年员工持股计划、汇添 富中证新能源汽车产业指数(LOF)A、富国中证新能源汽车指数A、南方中证申万有色金属ETF、广发国 证新能源车电池ETF，前十大机构投资者合计持股比例达7.34%。相较于上一季度，前十大机构持股比 例合计下跌了0.52个百分点。 外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达0.41%。 公募基金方面，本期较上一期持股增加的公募基金共计17个，主要包括南方中证申 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance met expectations, with revenue of 3.77 billion yuan, a decrease of 25.4% year-on-year and 24.3% quarter-on-quarter. The net profit attributable to shareholders was a loss of 360 million yuan, but showed a year-on-year increase of 75.2% [7] - The lithium battery shipments are expected to grow significantly in 2025, contributing an estimated profit of around 500 million yuan [7] - The company is expected to achieve a net profit of 813.22 million yuan in 2025, a year-on-year increase of 139.21% [1][7] Financial Summary - Total revenue forecast for 2025 is 20.8 billion yuan, with a year-on-year growth of 10.03% [1] - The company's net profit for 2025 is projected to be 813.22 million yuan, with a corresponding EPS of 0.40 yuan per share [1][8] - The company's gross margin is expected to improve to 16.93% by 2025, up from 10.82% in 2024 [8]

Lithium Production and Supply Chain - The company is a leading lithium ecological enterprise with over 40 lithium compounds and lithium metal products, providing a comprehensive product offering to meet diverse customer needs[6]. - The company has established a stable and high-quality raw materials supply system through long-term procurement agreements for lithium resources, primarily sourced from the Mount Marion Project in Australia[10][12]. - The lithium compounds business segment includes battery-grade lithium hydroxide and lithium carbonate, widely used in electric vehicles and portable electronics, serving global leaders in battery manufacturing[13]. - The company's lithium metals production capacity ranks first globally, producing various forms of lithium metals for battery anode materials and pharmaceutical applications[14]. - The company has a vertically integrated business model covering upstream lithium resource development, midstream processing, and downstream battery production and recycling[6]. - The company has direct or indirect interests in lithium resources globally, enhancing its upstream supply chain[163]. - The Mount Marion spodumene project has a nominal designed production capacity of 900,000 tons/year of mixed-grade spodumene concentrate, with the company holding a 50% equity interest[165]. - The Cauchari-Olaroz project has a total lithium resource of approximately 24.58 million tons of LCE and a nominal designed production capacity of 40,000 tons of LCE per year, with the company holding 46.67% equity interest[167][168]. Research and Development - The company is actively advancing the research and development of solid-state lithium batteries, which demonstrate higher energy density and improved safety performance[16]. - The Company has developed self-produced oxide electrolyte materials and sulfide powder materials for solid-state batteries, demonstrating higher ionic conductivity and enhanced engineering capabilities[17]. - The company is focusing on developing high-energy density and high-power battery cells and power systems to meet diverse market demands[16]. - The company is focusing on the development of solid-state batteries and has established a collaborative innovation platform for this purpose[150]. - The Solid-state Battery Industry Innovation Consortium was established on December 18, 2023, comprising 27 entities including major automotive manufacturers[150]. - The company is developing a dual-wheel drive energy storage business model, focusing on user-side distributed energy storage and grid-side centralized energy storage[195]. Financial Performance - Revenue for the year ended December 31, 2024, decreased by 42.9% to RMB 18,726,175 thousand[30]. - Gross profit for the same period fell by 53.2% to RMB 2,127,125 thousand[30]. - Loss attributable to owners of the parent increased by 141.5% to RMB 2,068,512 thousand, resulting in a loss per share of RMB 1.03[30]. - Total assets increased from RMB 91,697,901 thousand in 2023 to RMB 100,832,297 thousand in 2024, representing a growth rate of 10.0%[151]. - Net assets decreased from RMB 52,315,862 thousand in 2023 to RMB 47,587,897 thousand in 2024, representing a decrease of 9.0%[151]. Market Trends and Demand - The market for lithium battery recycling is expanding, driven by the increasing demand for retired battery processing, providing sustainable solutions for battery manufacturers and electric vehicle producers[16]. - The global demand for lithium resources is anticipated to reach 1,190,000 tons of LCE in 2024, with new energy vehicles accounting for 61% and energy storage for 17%[82]. - The cumulative output of motive power batteries and other batteries in China is expected to be 1,096.8 GWh in 2024, representing a year-on-year increase of 41.0%[90]. - The global sales volume of new energy vehicles is expected to reach 23.50 million units in 2025, indicating a significant growth opportunity in the market[125][127]. - The overall market sentiment regarding supply and demand remains cautious, with lithium prices fluctuating within a fixed range after failing to sustain upward momentum[75]. Production Capacity and Expansion - The company achieved a production target of 25,000 tons of lithium carbonate annually at the Exar Salt Lake Project in Argentina[44]. - The lithium hydroxide project in Fengcheng Ganfeng has reached an annual production capacity of 25,000 tons, marking the successful construction of the company's first smart chemical plant[159]. - The company has a total designed production capacity of 81,000 tons/year for lithium hydroxide and 15,000 tons/year for lithium carbonate at its Xinyu production base[161]. - The company plans to enhance its ESG governance capabilities and increase support for local communities in resource sectors[50]. - The company is expanding production capacity through technical transformation and new production lines to meet the fast-growing demand for lithium products[153]. Recycling and Sustainability - The lithium battery recycling business is expected to meet the escalating demand for retired lithium battery treatment, providing sustainable value-added solutions to battery manufacturers and electric vehicle producers[18]. - The comprehensive recycling of metals such as lithium, nickel, cobalt, and manganese will enrich the diversified supplies of lithium raw materials[18]. - The recycling sector is focusing on building a battery recycling network and enhancing automatic dismantling efficiency to create a low-carbon production line[60]. - By 2025, the total lithium recovery from retired power batteries is estimated to reach approximately 50,000 tons LCE, highlighting the importance of battery recycling[137]. Government Policies and Support - The Ministry of Finance and other departments launched a pilot program offering rewards of up to RMB 45 million for PV-Storage-Charging Integration projects to promote the development of new energy and energy storage[104]. - The Chinese government is promoting the cascade utilization and standardized recycling of waste motive power batteries to support the sustainable development of the energy storage industry[102]. - New policies are expected to boost the export of new energy vehicles and promote the upgrading of the automotive industry in China[102]. - The government aims to increase the new energy storage installation target from 30GW to over 40GW as part of the "14th Five-Year Plan"[108]. Product Development and Innovation - Ganfeng LiEnergy has mass-produced lithium motive power batteries with capacities from 10 to 130 kWh, supporting ultra-fast charging at up to 1000 kW, allowing 100 kWh to be charged in just 6 minutes[180]. - The energy density of the company's high-energy-density battery cells ranges from 320Wh/kg to 500Wh/kg, with a continuous discharge rate exceeding 5C[191]. - Ganfeng has mass production capabilities for ultra-thin lithium strips, with a width of 300mm and lithium foil thickness reaching 3μm, enabling energy densities exceeding 500Wh/kg for its solid-state batteries[192]. - The newly launched 5MWh container energy storage system achieves over 95% system efficiency and has participated in energy projects exceeding 500 MWh individually, with a total application scale of over 11,000 MWh[184].

赣锋锂业（ [Table_StockNameRptType] 002460） 公司点评 全球布局提升自给率，产能建设持续推进 | | | | [Table_BaseData] 收盘价（元） | 30.18 | | --- | --- | | 近 12 个月最高/最低（元） | 45.30/24.90 | | 总股本（百万股） | 2,017 | | 流通股本（百万股） | 1,209 | | 流通股比例（%） | 59.92 | | 总市值（亿元） | 609 | | 流通市值（亿元） | 365 | [公司价格与沪深 Table_Chart] 300 走势比较 -36% -17% 2% 21% 40% 4/24 7/24 10/24 1/25 赣锋锂业 沪深300 [Table_Author] 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuqy@hazq.com 分析师：牛义杰 执业证书号：S0010524050005 邮箱：niuyj@hazq.com 1、《赣锋锂业 24 年 Q3 点评： Q3 业绩超预期，一体化布局持续推进》 2024-11-6 主要观点： ⚫[Table_Su ...

Core Insights - The large-scale production of solid-state batteries is expected to accelerate despite existing technical and cost challenges, driven by rapid advancements in low-altitude aircraft and humanoid robots, which demand high safety and energy density [1][2] Industry Development - The solid-state battery industry is anticipated to progress significantly, with experts predicting mass production by 2027, as discussed at the second China Solid-State Battery Innovation Development Summit [2] - The Chinese government has outlined a key task in its 2024-2030 plan to promote the mass production of 400Wh/kg aviation lithium battery products and validate the application of 500Wh/kg aviation lithium battery products [2] Technology Overview - Solid-state batteries utilize solid electrolytes instead of liquid electrolytes found in traditional lithium-ion batteries, offering significant advantages in safety and energy density [3] - Mainstream solid-state battery technologies can be categorized into three types based on the solid electrolyte: polymer, oxide, and sulfide, with oxide electrolytes showing the fastest progress [4] - The core challenges for solid-state batteries include the multi-dimensional conflicts of material performance, interface stability, and process costs [4] Key Parameters - Semi-solid batteries typically achieve an energy density of around 360 Wh/kg, with limited applications in vehicles [6]