Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is a leading player in the domestic lithium battery precision structural components sector, achieving steady revenue and profit growth due to its strong technical foundation and scale advantages, solidifying its position as a cyclical leader. The company is proactively expanding into the robotics sector, focusing on harmonic reducers, modules, and dexterous hands to create a second growth curve [4][12][18]. Summary by Sections 1. Leading Position in Lithium Battery Structural Components - The company's structural components business continues to grow steadily, with a CAGR of 57.2% in precision structural component revenue from 2020 to 2024. The company benefits from economies of scale, with stable gross and net profit margins. With the ramp-up of production capacity in Europe and the establishment of factories in Malaysia and the USA, the company enhances its local supply capabilities, reducing logistics costs and strengthening supply chain relationships, which may lead to an increase in global market share [13][27][32]. 2. Robotics Sector Expansion - The company has initiated its robotics sector layout by establishing joint ventures focused on key components like harmonic reducers. The new harmonic reducers utilize lightweight PEEK materials, offering advantages such as high strength, high-temperature resistance (260℃), and wear resistance, significantly improving transmission accuracy and lifespan. This technology can also be applied in aerospace, medical devices, and semiconductor manufacturing, driving product upgrades towards higher value-added segments [14][21][62]. 3. Financial Forecast and Investment Recommendations - The company is expected to achieve revenues of 144.81 billion, 174.62 billion, and 211.69 billion yuan from 2025 to 2027, with year-on-year growth rates of 20%, 21%, and 21% respectively. The net profit attributable to shareholders is projected to be 18.01 billion, 21.50 billion, and 26.51 billion yuan, with growth rates of 22%, 19%, and 23%. The EPS is expected to be 6.58, 7.86, and 9.69 yuan per share, with a 3-year CAGR of 21.68%. The corresponding PE ratios are projected to be 17, 14, and 12 times [20][30][31].

东兴证券研报指出，科达利为锂电结构件龙头，拓展人形机器人第二曲线。公司坚持定位于高端市场、采取重点领域的大客户战略，已与CATL、LG、松下等国内外头部电池厂商建立长期稳定合 ...

东兴证券股份有限公司洪一,侯河清,吴征洋,曹泽宇近期对科达利（002850）进行研究并发布了研究报告《锂电结 构件龙头，拓展人形机器人第二曲线》，给予科达利买入评级。 科达利 布局人形机器人谐波减速器，轻量化新品有望解决行业痛点。2024年4月，科达利与台湾盟立、台湾盟英共同投 资设立深圳科盟，科达利持股40%拥有控股权。此次三方合作，科达利得以借助台湾盟立和盟英在机器人和谐波 减速机方面的技术优势，结合自身在精密结构件设计与制造的全球领先技术经验，实现优势互补。2025年4月， 科盟创新发布的多款产品，彰显了其在轻量化设计和模块化技术上的领先优势。首创的PEEK轻量化谐波减速 机，创新性地采用"弹性中空滚柱+高分子轴承"架构，实现了30%-50%的减重效果，极大地减轻了机器人关节等 部位的负载压力，使机器人在运行过程中更加灵活高效。随着人形机器人产业化加速，公司计划3年内实现年产 20万台专用减速器产能，将以谐波减速器为切入点，未来逐步延伸至关节模组等领域，人形机器人业务有望成为 公司第二成长曲线。 盈利预测与估值分析：预测公司25-27年营业收入148.40/175.65/207.75亿元，净利润18.4 ...

Core Viewpoint - The strategic cooperation agreement between Chuangneng New Energy and Keda Li signifies a long-term procurement partnership exceeding 10 billion yuan in battery precision structural components, enhancing both companies' strategic relationship and supply chain resilience [1][2]. Group 1: Strategic Cooperation Details - The agreement focuses on a comprehensive and in-depth collaboration in the field of battery precision structural components, moving beyond traditional procurement models [1]. - Both companies will establish a joint product research and development laboratory and specialized project teams to optimize product performance, improve manufacturing efficiency, and ensure quality and safety [1]. Group 2: Industry Outlook and Supply Chain Strategy - This partnership reflects Chuangneng's confidence in the long-term development prospects of the lithium battery industry and its commitment to building a stable, technology-driven, and value-sharing supply chain ecosystem [2]. - Chuangneng aims to continue collaborating with more supply chain partners to empower industrial innovation and shape a core paradigm for high-quality development in the new energy sector [2].

Group 1 - Changhua Group received a product purchase contract for carbon-ceramic brake discs, with a total sales amount expected to exceed 100 million yuan over a 5-year lifecycle, starting mass production in Q2 2026 [1] - Zhongke Environmental reported a net profit of 196 million yuan for the first half of 2025, a year-on-year increase of 19.83%, with revenue of 848 million yuan, up 4.48% [1] - WuXi AppTec's net profit for the first half of 2025 grew by 101.92% to 8.561 billion yuan, with revenue of 20.799 billion yuan, a 20.64% increase [1][2] - Sujiao Technology's net profit decreased by 39.54% to 95.39 million yuan, with revenue down 13.75% to 1.776 billion yuan [1] - Jucheng Co. reported a net profit of 205 million yuan, a significant increase of 43.5%, with revenue of 575 million yuan, up 11.69% [1] Group 2 - Sanxiang New Materials plans to invest up to 300 million yuan in a zirconium-hafnium separation project, with a production capacity of 20,000 tons [1] - Koweil received government subsidies totaling 4.9752 million yuan, accounting for 10.14% of its audited net profit [1] - Xinhua Medical obtained two Class II medical device registration certificates for digital X-ray machines [1] - Huanxu Electronics reported a net profit of 638 million yuan, down 18.66%, with total revenue of 27.214 billion yuan, a slight decrease of 0.63% [1] - Zhenhua Co.'s general manager was fined 100,000 yuan for violations related to stock trading by his child [1] Group 3 - Huafeng Aluminum signed a raw material purchase contract worth over 7.2 billion yuan for a five-year period, committing to purchase at least 360,000 tons of raw materials [1] - Hongxin Technology received a project designation letter and procurement contract from a major domestic automotive brand [1] - Meihe Co. obtained a patent for a device used in supporting automatic flipping on conveyor lines in the automotive manufacturing sector [1] - Xin Hongye's subsidiary won a bid for an electrical penetration project worth 40.8831 million yuan [1] - Fuan Pharmaceutical's subsidiary received a drug registration certificate for an injection used in liver disease treatment [1] Group 4 - Tianzhong Precision's subsidiary's bankruptcy liquidation application was accepted by the court due to insufficient assets to cover debts [1] - Zhonghong Medical's subsidiary received medical device registration for infusion pumps and information collection systems [1] - Keda Li's subsidiary completed a capital increase, raising its registered capital from 200 million yuan to 400 million yuan [1] - Xingye Technology applied for a credit limit of 372 million yuan from Guangfa Bank [1] - Hengrui Medicine signed a collaboration agreement with GSK, involving a potential total payment of approximately 12 billion USD based on project milestones [1]

Core Viewpoint - The PEEK materials sector has shown a significant increase of 3.03%, ranking fourth among concept sectors, with 29 stocks rising, led by Zhongxin Fluorine Materials which hit the daily limit, followed by Chaojie Co., Mingyang Technology, and Xinhang New Materials with increases of 12.54%, 12.00%, and 8.81% respectively [1][2]. Group 1: Sector Performance - The PEEK materials concept sector experienced a net inflow of 505 million yuan from main funds, with 21 stocks receiving net inflows, and 5 stocks exceeding 50 million yuan in net inflow [2][3]. - Zhongxin Fluorine Materials topped the net inflow list with 291 million yuan, followed by Guangqi Technology, Jinfat Technology, and Chaojie Co. with net inflows of 98.77 million yuan, 84.17 million yuan, and 59.86 million yuan respectively [2][3]. Group 2: Stock Performance - Zhongxin Fluorine Materials had a daily increase of 10.00% with a turnover rate of 11.50% and a net inflow ratio of 43.52% [3][4]. - Other notable performers include Guangqi Technology with a 4.42% increase and a net inflow ratio of 4.10%, and Jinfat Technology with a 6.61% increase and a net inflow ratio of 2.90% [3][4]. - Stocks with significant declines include Fuchun Dyeing and Weaving, Keda Li, and Jintian Co., with decreases of 3.02%, 1.46%, and 0.73% respectively [1][5].

统一社会信用代码：91350902MA2YC6C506 | 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-045 | | --- | --- | --- | | 债券代码：127066 | 债券简称：科利转债 | | 深圳市科达利实业股份有限公司 关于全资子公司福建科达利完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市科达利实业股份有限公司（以下简称"公司"）于 2025 年 6 月 30 日召开的第五届董事会第二十次（临时）会议审议通过了《关于全资子公司增加 注册资本的议案》，同意公司以自有资金人民币 20,000 万元向全资子公司福建 科达利精密工业有限公司（以下简称"福建科达利"）进行增资，增资方式为增 加注册资本。本次增资完成后，福建科达利的注册资本将由 20,000 万元增加至 40,000 万元，仍为公司的全资子公司。 近日，福建科达利完成了相关工商变更登记手续，变更后的登记信息如下： 名称：福建科达利精密工业有限公司 特此公告。 深圳市科达利实业股份有限公司 董 事 会 2025 年 7 月 ...

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1][2]. Core Insights - The report highlights the positive outlook for the new energy vehicle (NEV) sector, with a significant increase in production and sales, indicating a year-on-year growth of 41.4% and 40.3% respectively in the first half of 2025 [1]. - The introduction of solid-state batteries in vehicles, such as the MG4, marks a significant technological advancement, with expectations for increased demand for related materials and equipment [1]. - The photovoltaic (PV) sector is experiencing price increases, driven by government policies aimed at regulating competition and improving product quality, despite some weakness in terminal prices [1][2]. - The report projects an upward revision of domestic PV installation demand for 2025 to a range of 270-300 GW, reflecting a robust growth outlook [1][2]. Summary by Sections Industry Performance - The electric equipment and new energy sector saw a weekly increase of 3.03%, outperforming the Shanghai Composite Index, which rose by 1.67% [10][13]. - The nuclear power sector led the gains with a 3.98% increase, followed by power generation equipment and lithium battery indices [10][13]. Key Industry Information - The report notes a projected retail market for narrow passenger vehicles in July at approximately 1.85 million units, with NEV sales expected to reach 1.01 million units, achieving a penetration rate of about 54.6% [27]. - The National Energy Administration reported a total PV installation of 14.36 GW in June 2025, a year-on-year decrease of 38%, while the first half of 2025 saw a total installation of 212.21 GW, marking a 107% increase [27]. Company Updates - Companies such as Keda Li and Tongwei have announced significant profit forecasts and stock buyback plans, indicating positive financial health and management confidence [29]. - Notable corporate actions include shareholding adjustments and refinancing approvals, reflecting ongoing strategic maneuvers within the industry [29]. Price Observations - The report details price trends in the lithium battery and PV markets, with significant fluctuations noted in raw material costs, particularly silicon and battery components [14][15][24]. - The price of silicon materials has seen a notable increase, with dense silicon prices rising to approximately 50-52 RMB per kg, influenced by government policies and market dynamics [15][21]. Market Dynamics - The report emphasizes the importance of supply chain adjustments and regulatory measures in shaping market conditions, particularly in the PV sector, where price stability is being sought amid fluctuating demand [24][25]. - The ongoing adjustments in pricing strategies among manufacturers indicate a cautious yet optimistic approach to market recovery and growth [19][20].

Core Viewpoint - The strategic cooperation agreement between Chuangneng New Energy and Keda Li signifies a long-term procurement partnership exceeding 10 billion yuan in battery precision structural components, reflecting both companies' commitment to mutual benefits and resource integration [2][3]. Group 1 - The agreement aims to establish a comprehensive and in-depth strategic collaboration in the field of battery precision structural components, moving beyond traditional procurement models [2]. - Both companies will set up a joint product research and development laboratory and specialized project teams to focus on optimizing product performance, enhancing manufacturing efficiency, controlling costs, and upgrading quality and safety [2]. - This partnership is seen as a significant milestone in deepening mutual trust and securing future collaboration, providing Chuangneng with a stable supply of critical materials for capacity release [2]. Group 2 - The cooperation reflects Chuangneng's optimistic outlook on the long-term development of the lithium battery industry and its commitment to building a stable, technology-driven, and value-sharing supply chain ecosystem [3]. - Chuangneng plans to continue collaborating with more supply chain partners to empower industrial innovation and shape a core paradigm for high-quality development in the new energy sector [3].

Macro Strategy - In Q2 2025, the overall scale of fixed income + funds showed net subscriptions, with significant growth in primary and secondary bond funds, while convertible bond fund scale decreased noticeably [1][9] - The allocation of major asset classes indicates a reduction in the proportion of rights-bearing positions, with an increase in bond and cash assets, while flexible allocation funds increased their stock and convertible bond positions [1][9] - The overall position of public funds in convertible bonds slightly decreased by 0.08 percentage points, while fixed income + funds decreased by 0.54 percentage points, with only convertible bond funds increasing by 0.77 percentage points [1][9] - The concentration of holdings in fixed income + funds decreased, with overweights in basic chemicals, automobiles, non-ferrous metals, agriculture, forestry, animal husbandry, and transportation [1][9] - Fixed income + funds continued to overweight equity bonds, increasing allocations to balanced bonds and large-cap AAA-rated bonds [1][9] Fixed Income Engineering - Key factors influencing the growth rate of bond ETFs include yield, maximum drawdown, Sharpe ratio, market duration preference, and index tracking accuracy [2][10] - The correlation between bond ETF scale growth and yield is positive, indicating that higher yields generally lead to higher scale growth [10][12] - Maximum drawdown and Sharpe ratio also show significant correlations with bond ETF scale growth, suggesting that better risk management and performance lead to increased inflows [10][12] Company Analysis: 瑞鹄模具 (002997) - In H1 2025, the company reported revenue of 1.662 billion yuan, a year-on-year increase of 48.30%, and a net profit of 227 million yuan, up 40.33% [4][12] - The automotive manufacturing equipment business contributed significantly, with a backlog of orders amounting to 4.38 billion yuan, a 13.59% increase from the previous year [4][12] - The company plans to issue 880 million yuan in convertible bonds to expand its R&D and production capacity in lightweight components for new energy vehicles [4][12] Company Analysis: 中国汽研 (601965) - The company is a leading automotive technology research and service platform, with a projected revenue of 5.47 billion yuan in 2025, reflecting a 17% year-on-year growth [5][13] - The implementation of L2 national standards is expected to significantly expand the market for mandatory vehicle inspections, potentially increasing the market size by 50% [5][14] - The company has invested over 2.3 billion yuan in its headquarters and plans to enhance its testing capabilities to capture more market share in the third-party testing certification field [5][14] Company Analysis: 科达利 (002850) - The company anticipates a net profit of 1.8 to 2.1 billion yuan for 2025, reflecting a year-on-year growth of 22% to 20% [6][15] - The company is expanding its product line in robotics and has established a joint venture to produce harmonic reducers, which are expected to contribute significantly to future revenue [6][15] - The company maintains a "buy" rating based on its operational advantages and the potential growth of its robotics business [6][15] Company Analysis: 博瑞医药 (688166) - The company is focusing on the development of oral peptide formulations, with its BGM0504 injection showing promising results in clinical trials [7][16] - The company has extended the lock-up period for its major shareholder's capital increase to 48 months, indicating confidence in its future prospects [7][16] - The projected net profit for 2025 is 260 million yuan, with a strong emphasis on the potential of its oral formulations to capture market share [7][16]