Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy industry [1] Core Insights - The lithium battery sector is experiencing a significant increase in sales for electric vehicles and energy storage, with lithium carbonate prices declining by 4.8% to 70,000 yuan per ton [1][5] - In March 2025, domestic wholesale sales of new energy passenger vehicles reached 1.13 million units, a year-on-year increase of 35.5% [1][20] - The transition from lead-acid to lithium batteries in the start-stop battery market is becoming clearer, driven by performance improvements and cost reductions in sodium batteries [3][12] Summary by Sections Monthly Insights - In April 2025, the lithium battery-related sectors, except for new energy vehicles, experienced varying degrees of decline, with significant drops in the phosphate iron lithium positive electrode and lithium battery copper foil sectors [2] - The monthly transaction volume for most sectors decreased significantly, while the new energy vehicle sector saw a slight increase in transaction volume [2] Research Topic - The start-stop battery market is in a growth phase, with lead-acid batteries currently dominating but facing competition from lithium and sodium batteries [3][12] - The market for start-stop batteries is expected to grow significantly, with a projected compound annual growth rate of 14.5% from 2024 to 2032 [14] Industry Insights - In March 2025, new energy vehicle sales in China and Europe were strong, with sales of 1.128 million and 304,000 units respectively, reflecting a year-on-year increase of 36% and 26% [4][20] - Energy storage installations in China and the US saw significant growth, with domestic installations reaching 3.4 GWh in March, a year-on-year increase of 57% [24][27] Lithium Battery Production Tracking - In May 2025, lithium battery production is expected to fluctuate between -5% and 13% month-on-month, with year-on-year growth ranging from -1% to 41% [5][30] - The report indicates that the lithium battery sector is entering a seasonal low period, with production adjustments anticipated [30] Investment Recommendations - The report suggests that the lithium battery sector is poised for a BETA-level market driven by both industry demand and technological advancements, recommending key players such as CATL and EVE Energy [6][39]

中国国际金融股份有限公司 关于深圳市科达利实业股份有限公司 2024 年度保荐工作报告 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 | | | 限于防止关联方占用公司资源的制度、募集资金 | 是 | | 管理制度、内控制度、内部审计制度、关联交易制 | | | 度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 次 2 | | （2）公司募集资金项目进展是否与信息披露文件 | | | 一致 | 是 | | 4.公司治理督导情况 | | | （1）列席公司股东大会次数 | 通过事前及事后审阅相关会议材料形式 | | | 进行督导 | | （2）列席公司董事会次数 | 通过事前及事后审阅相关会议材料形式 | | | 进行督导 | | （3）列席公司监事会次数 | ...

中国国际金融股份有限公司 关于深圳市科达利实业股份有限公司 向特定对象发行股票之保荐总结报告书 经中国证券监督管理委员会《关于同意深圳市科达利实业股份有限公司向特 定对象发行股票注册的批复》（证监许可〔2023〕1356号）同意注册，深圳市科 达利实业股份有限公司（以下简称"科达利"、"公司"或"发行人"）向特定 对象发行人民币普通股（A股）33,471,626股，每股面值为1.00元（人民币，币种 下同），发行价格为104.85元/股，募集资金总额为人民币3,509,499,986.10元，扣 除不含税的发行费用人民币29,382,955.91元，实际募集资金净额为人民币 3,480,117,030.19元。上述募集资金已全部到位，业经容诚会计师事务所（特殊普 通合伙）验证，并由其出具《验资报告》（诚验字[2023]518Z0108号）。 公司向特定对象发行新增股票已于2023年8月15日在深圳证券交易所上市， 持续督导期至2024年12月31日止。中国国际金融股份有限公司（以下简称"中金 公司"）作为本次发行的保荐机构、持续督导机构，在持续督导期内对科达利进 行持续督导，持续督导期至2024年12月31日 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - In 2025Q1, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A-shares turned positive from negative, and the year-on-year revenue growth rate slightly turned negative. After excluding finance and petroleum & petrochemicals, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A non-financial and non-petroleum & petrochemicals also turned positive from negative, while the year-on-year revenue growth rate slightly declined. In terms of size style, the year-on-year growth rates of CSI 500 and CSI 1000 in the single quarter of 2025Q1 turned significantly positive from negative. In terms of major sectors, the growth rates of net profit attributable to the parent of the consumer and growth sectors led in 2025Q1, those of the cyclical and financial sectors slightly turned positive, and the negative growth rate of the stable sector significantly narrowed. In terms of industries, the performance growth rates of the midstream cyclical, some consumer, and growth industries generally improved, with agriculture, forestry, animal husbandry, and fishery, household appliances, automobiles, electronics, and non-banking maintaining high-speed growth [3][19][21]. - The average negative growth of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed, and the revenue growth rate declined. After excluding some extreme values, the average growth rate of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed from -42.76% in 2024Q4 to -2.23%, and the average growth rate of single-quarter revenue in 2025Q1 decreased from 8.51% in 2024Q4 to 5.36% [3][33]. - Some convertible bonds are recommended for investment. In the cyclical sector, it is recommended to overweight convertible bonds such as Guocheng, Huayou, and Guangda. In the consumer sector, it is recommended to overweight convertible bonds in agriculture, forestry, animal husbandry, and fishery, as well as Zhongchongzhuan 2, Xinruzhuan, and Baolong. In the growth sector, it is recommended to overweight convertible bonds such as Weice, Haopeng, Guoli, and Weil [3][7][13]. Summary by Relevant Catalogs 1. 2025Q1 Performance Growth Convertible Bond Recommendations - Among the existing 472 convertible bonds, 372 achieved profitability in the single quarter of 2025Q1. After excluding those with a balance of less than 300 million yuan and a remaining term of less than 1 year, 109 convertible bonds remain. Some convertible bonds are recommended for investment based on factors such as the sustainability of the company's high performance growth and the current price and conversion premium rate of the convertible bonds [6]. - **Cyclical Sector**: It is recommended to overweight convertible bonds with mineral resource advantages such as Guocheng and Huayou, Guangda with a positive business trend, Dongcai, Dinglong, Anji, and Zhengfan that benefit from the domestic substitution of semiconductor materials, Keli and Bo 23 that benefit from the accelerated development of the robot and AI industries, and Polai that benefits from the recovery of consumer demand and domestic substitution [7]. - **Consumer Sector**: It is recommended to overweight convertible bonds in agriculture, forestry, animal husbandry, and fishery, including Muyuan, Juxing, Wenshi, Xiwangzhuan 2, and Hefeng. Also recommended are Zhongchongzhuan 2, the leading pet food company, Xinruzhuan, the leading regional dairy company, and Baolong, an automobile parts manufacturer [13]. - **Growth Sector**: It is recommended to overweight Weice, the leading domestic third-party integrated circuit testing service provider, Haopeng, a consumer battery manufacturer, Guoli, an electronic vacuum device manufacturer, and Weil, the global CIS leader [15]. 2. All A: Technology and Domestic Demand Lead, Midstream Cycle Warms Up - **Overall A-share Performance**: In 2025Q1, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A-shares turned positive from negative, and the year-on-year revenue growth rate slightly turned negative. After excluding finance and petroleum & petrochemicals, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A non-financial and non-petroleum & petrochemicals also turned positive from negative, while the year-on-year revenue growth rate slightly declined [19]. - **Size Style Performance**: In 2025Q1, the year-on-year growth rates of CSI 500 and CSI 1000 in the single quarter turned significantly positive from negative, while the year-on-year growth rate of net profit attributable to the parent of SSE 50 slightly turned negative from positive [20]. - **Sector Performance**: In 2025Q1, the growth rates of net profit attributable to the parent of the consumer and growth sectors led, those of the cyclical and financial sectors slightly turned positive, and the negative growth rate of the stable sector significantly narrowed. The revenue growth rate of the growth sector led among all sectors [21][23]. - **Industry Performance**: In 2025Q1, the performance growth rates of the midstream cyclical, some consumer, and growth industries generally improved, with agriculture, forestry, animal husbandry, and fishery, household appliances, automobiles, electronics, and non-banking maintaining high-speed growth. In terms of ROE and other aspects, the ROE levels of most downstream cyclical and consumer sectors declined, the gross profit margins of the optional consumer sector generally declined, and the net profit margins of the midstream cyclical sector generally recovered. The top 30 sub-industries in terms of single-quarter profit growth rate in 2025Q1 were mainly concentrated in the electronics, computer, and media industries [25][28][32]. 3. Convertible Bonds: Narrowing Negative Profit Growth, Declining Revenue Growth Rate - As of May 5, 2025, the existing 472 convertible bonds covered 27 out of 30 CITIC first-level industries, and 92% of the underlying stocks of the convertible bonds had a market value of less than 3 billion yuan. In terms of size style, the issuers of convertible bonds were generally closer to small and medium-cap stocks [33]. - The average negative growth of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed, and the revenue growth rate declined. After excluding some extreme values, the average growth rate of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed from -42.76% in 2024Q4 to -2.23%, and the average growth rate of single-quarter revenue in 2025Q1 decreased from 8.51% in 2024Q4 to 5.36% [33].

主办单位： 高工钠电、高工产业研究院（GGII） 总冠名： 众钠能源 会议时间： 6月9日 6月会议预告 2025高工钠电 产业峰会 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 2025高工固态电池 技术与应用峰会 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 利元亨 会议时间： 6月10日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 一季度，在下游超预期的市场需求下，包括磷酸铁锂材料在内的价格出现小幅反弹。但随着近期碳 酸锂价格快速下跌，磷酸铁锂材料价格也受到波及。 根据市场数据，仅 4 月份，碳酸锂价格下跌幅度就接近 10% ，其中 4 月 7 日遭受特朗普关税 危机影响，对于碳酸锂、磷酸铁锂在内主要材料冲击明显。 不过从价格波动幅度来看， 4 月份以来的价格冲击主要影响更上游的锂盐材料，磷酸铁锂价格影 响幅度相对较小，其降幅基本在 5% 以内。 这也展示出了，经过一季度的价格调整，磷酸铁锂厂商挺价情绪仍在。部分磷酸铁锂厂商为改变增 收不增利的情况下也迫切希望保持稳定的材料价格。 归根结底，磷酸铁锂厂商在维持材料价格稳定，其主要维持加工费的稳定。近年 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance met expectations, with revenue growth and profit increase. In 2024, the company achieved revenue of 12.03 billion yuan, a year-on-year increase of 14.44%, and a net profit attributable to shareholders of 1.472 billion yuan, up 22.55% year-on-year. For Q1 2025, revenue was 3.022 billion yuan, a year-on-year increase of 20.46%, while net profit was 387 million yuan, up 25.51% year-on-year [4][7] - The company is focusing on the humanoid robot sector, particularly in harmonic reducers and joint assemblies, which is expected to outline a second growth curve. Collaborations with Taiwanese companies aim to develop high-precision products and a complete joint solution [6][7] Financial Performance Summary - In 2024, the company achieved a gross margin of 24.36%, with a net profit margin of 12.23%. For Q1 2025, the gross margin was 27.26%, showing a year-on-year increase of 0.02 percentage points, but a quarter-on-quarter decrease of 5.06 percentage points. The net profit margin for Q1 2025 was 12.82%, up 0.52 percentage points year-on-year, but down 0.42 percentage points quarter-on-quarter [5] - The company is projected to achieve net profits of 1.817 billion yuan, 2.252 billion yuan, and 2.747 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 20, 16, and 13 [7][10] Business Outlook - The company is one of the largest suppliers of precision structural components for power batteries in China, with a high-quality customer base. As production capacity gradually releases, the humanoid robot business is expected to open new growth opportunities [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company has demonstrated strong performance with resilient profitability, benefiting from the continuous growth in electric vehicle sales and increasing demand for power batteries [5] - The company is a leading global manufacturer of precision structural components for batteries, with a significant increase in orders and effective cost control measures contributing to rapid revenue growth [5] - The company is expanding its production capacity both domestically and internationally, with plans to establish new production bases in the United States and Malaysia [5] Financial Performance - In Q1 2025, the company achieved revenue of 3.022 billion yuan, a year-on-year increase of 20.46% - The net profit attributable to shareholders was 387 million yuan, up 25.51% year-on-year, while the net profit after deducting non-recurring gains and losses was 353 million yuan, an increase of 19.54% year-on-year - The gross margin was 22.2%, up 0.02 percentage points year-on-year, and the net margin was 12.77%, up 0.47 percentage points year-on-year - Operating cash flow net amount reached 679 million yuan, a significant increase of 198.89% year-on-year [5][6] Business Development - The company is deepening its strategic partnerships with major clients such as CATL and ACC, securing a 100% supply share for battery structural components for the next five years [5] - The company is also venturing into the humanoid robotics sector, establishing joint ventures to focus on the development of joint components, which is expected to create new growth opportunities [5] Future Outlook - The company maintains a "Buy" rating with projected EPS of 6.70 yuan and 8.07 yuan for 2025 and 2026, respectively, corresponding to PE ratios of 19 times and 16 times [5][6]

Financial Performance - In Q1 2025, the company achieved revenue of 3.022 billion yuan, a year-on-year increase of 20% but a quarter-on-quarter decrease of 12% [1] - The net profit attributable to shareholders was 387 million yuan, up 26% year-on-year but down 15% quarter-on-quarter [1] - The non-recurring net profit was 353 million yuan, reflecting a year-on-year increase of 20% and a quarter-on-quarter decrease of 23% [1] - Gross margin and net margin were 22.20% and 12.77%, respectively, with year-on-year increases of 0.02 and 0.47 percentage points, but quarter-on-quarter declines of 5.06 and 0.44 percentage points [1] - The Q1 2025 performance slightly exceeded market expectations [1] Global Expansion - By the end of 2024, the company will have 16 production bases globally, including 13 in China and 3 in Europe [2] - The company has established production capacity in Sweden, Germany, and Hungary, and is expanding operations in the U.S. and Malaysia [2] - This expansion aims to provide nearby support services to multiple clients, reducing logistics costs and enhancing supply chain relationships, potentially increasing global market share [2] Customer Relationships - The company serves a diverse client base, including well-known battery manufacturers such as CATL, LG, Panasonic, and Tesla, strengthening long-term strategic partnerships [3] - In Q1 2025, the company signed a strategic cooperation agreement with Yinpai Battery, securing 100% supply share for power and energy storage battery structural components over the next five years [3] Robotics Business Development - The company has partnered with Taiwanese firms to develop humanoid robotics, focusing on the research and production of harmonic reducers [4] - The joint venture aims to create high-precision products, including core components like drivers and controllers, to establish a complete joint solution [4] - Expansion into the robotics sector is expected to inject new growth momentum into the company's long-term development [4] Revenue and Profit Forecast - Projected revenues for 2025-2027 are 14.4 billion, 17.28 billion, and 20.87 billion yuan, with year-on-year growth rates of 19.7%, 20.0%, and 20.7% respectively [5] - Expected net profits for the same period are 1.81 billion, 2.17 billion, and 2.66 billion yuan, with growth rates of 22.8%, 19.8%, and 22.8% respectively [5] - The three-year compound annual growth rate (CAGR) for revenue is estimated at 21.8% [5] - Earnings per share (EPS) are projected to be 6.6, 7.9, and 9.7 yuan, with price-to-earnings (PE) ratios of 19, 16, and 13 times [5]

Group 1 - The China Securities 500 Quality Growth Index (930939) has shown a slight increase of 0.22% as of April 30, 2025, with notable gains in constituent stocks such as Amlogic (688099) up 4.29% and Anker Innovations (300866) up 3.80% [1] - The 500 Quality Growth ETF (560500) has also risen by 0.22%, with the latest price reported at 0.92 yuan, and a significant increase in shares by 5 million this month, ranking it in the top third among comparable funds [1] - Huaxi Securities highlights the role of the Chinese version of the stabilization fund in supporting the A-share market, emphasizing a higher positioning for "stabilizing and activating the stock market" compared to previous times [1] Group 2 - The 500 Quality Growth ETF closely tracks the China Securities 500 Quality Growth Index, which selects 100 companies with high profitability, sustainable earnings, and strong cash flow from the broader 500 Index [2] - As of March 31, 2025, the top ten weighted stocks in the index include Chifeng Jilong Gold Mining (600988) and Ninebot (689009), with the top ten stocks accounting for a total weight of 24.26% [2]

Investment Rating - The report maintains an "Overweight" rating for the company [1][5] Core Views - The company has shown steady development in its main business and is expanding into the humanoid robot market, which is expected to gradually open up [3] - The company reported a net profit of 1.472 billion RMB for 2024, representing a year-on-year growth of 22.55% [8] - The company is focusing on high-end markets and strengthening relationships with major clients while actively exploring international markets [8] Financial Summary - The company’s revenue for 2024 is projected to be 12.03 billion RMB, with a growth rate of 14.4% [7] - The EBITDA for 2024 is estimated at 2.614 billion RMB, with a year-on-year increase of 24.5% [7] - The net profit for 2025 is expected to reach 1.805 billion RMB, reflecting a growth rate of 22.6% [7] - The earnings per share (EPS) for 2025 is projected to be 6.60 RMB, with a corresponding price-to-earnings (P/E) ratio of 19.3 [5][11] - The company is expanding its production capacity both domestically and internationally, with significant progress in its facilities in the US, Singapore, and Hungary [8]