| 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-078 | | --- | --- | --- | | 债券代码：127066 | 债券简称：科利转债 | | 近日，公司完成了香港全资子公司的相关工商注册登记手续并取得了注册证 书，现将相关信息公告如下： 公司英文名称：KEDALI (HONG KONG) LIMITED 公司中文名称：科达利（香港）有限公司 注册证明书编号：79046257 公司类型：有限公司 注册地址：香港湾仔骆克道 54-62 号博汇大厦 16 楼 04-05 单元 深圳市科达利实业股份有限公司 关于香港全资子公司完成工商注册登记的公告 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 10 月 10 日召开了第五届董事会第二十三次（临时）会议，审议通过了《关于对外投资设 立香港全资子公司的议案》，同意公司以自有资金出资不超过 300 万港元（按公 告日汇率折合人民币约 275 万元），在中华人民共和国香港特别行政区设立全资 子公司。具体内容详见公司 ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment industry [1] Core Views - The energy storage sector continues to show high prosperity, with improvements in lithium battery supply and demand leading to better profitability [1] - The report highlights significant growth potential in energy storage, with expectations of a 40-50% increase in demand next year, driven by various market factors [3][4] - The report emphasizes the strong performance of lithium battery manufacturers and the anticipated price increases in battery materials, indicating a bullish outlook for the lithium battery sector [4] Industry Trends - The electric equipment sector has shown a 4.29% increase, outperforming the market, with solar energy and lithium batteries seeing significant price increases [3] - The report notes a robust demand for energy storage solutions, particularly in the U.S. and Europe, with substantial growth in installed capacity expected [7][15] - The report discusses the ongoing advancements in humanoid robots and the expected market expansion, with a projected market size exceeding 15 trillion yuan [6][12] Company Performance - Notable companies such as BYD, Sunshine Power, and CATL are highlighted for their strong revenue growth, with BYD reporting a revenue of 566.27 billion yuan for the first three quarters of 2025, a year-on-year increase of 12.7% [3][4] - The report provides detailed financial performance metrics for various companies, indicating a mix of growth and challenges across the sector [5] Investment Strategy - The report recommends several key companies for investment, including CATL, Sunshine Power, and BYD, citing their strong market positions and growth potential [4][5] - It suggests a focus on energy storage and lithium battery sectors, with specific emphasis on companies that are expected to benefit from rising demand and price increases [4][6]

Core Points - The company has established a U.S. subsidiary, Kedali America, LLC, to invest in a new energy power battery precision structural components project in the U.S. with a total investment not exceeding $49 million, where the company holds an 85% stake and its wholly-owned subsidiary in Hungary holds 15% [1] - The location of the U.S. project has been changed from Indiana to Wisconsin due to market and customer demand changes, while other investment details remain unchanged [2] - The company has completed the registration of Kedali America and obtained the registration certificate, with the main business focusing on the research, development, and manufacturing of battery structural components and their molds [3]

Core Points - The seventh "Shenzhen Entrepreneur Day" was held to promote the spirit of the 20th Central Committee of the Communist Party, recognizing 60 individuals and 30 companies for their contributions to the non-public economy in Shenzhen [1] - Shenzhen has over 2.7 million private enterprises as of June 2025, maintaining its position as the "first city of private economy" in China [1] - The city has implemented a series of reforms to optimize its business environment, which has contributed to significant economic contributions from the private sector [1] Business Environment - Shenzhen's business environment has been continuously optimized, leading to a significant increase in vitality among enterprises [2] - The city has been recognized for four consecutive years as having the best business environment in China [1] - Private enterprises contribute approximately 40% of fixed asset investment, over 50% of tax revenue, nearly 60% of GDP, over 70% of import and export volume, and over 80% of technological innovation [1] Company Innovations - Companies like Skyworth have seen substantial growth in home appliance exports and are expanding into the photovoltaic industry, leveraging Shenzhen's advantages in new energy [2] - Shenzhen-based Pudutech has maintained over 25% of its revenue in R&D investment, ranking first in the global commercial service robot industry with over 23% market share [2][3] - The focus on technological innovation is emphasized by local business leaders, who are encouraged to invest in key technologies and industries to support Shenzhen's goal of reaching a GDP of 4 trillion [3] Awards and Recognition - The "Shenzhen Outstanding Builders of Socialism with Chinese Characteristics" award was presented for the first time, highlighting the contributions of non-public economic figures [1][5] - A total of 30 companies received the "Shenzhen Contribution Award," recognizing their significant impact on the local economy [5][6]

Group 1 - The core viewpoint of the articles highlights the strong performance of the energy storage sector, particularly in the battery ETF market, which has seen significant gains this year [1][2] - The battery ETF (561910) opened with a nearly 4% increase, reaching a new annual high of 0.909, with major stocks like Enjie and Hunan Youneng experiencing substantial gains [1] - The performance of leading companies in the battery sector is impressive, with CATL reporting a net profit of 49 billion yuan for the first three quarters, and Gotion High-Tech showing a staggering 514% year-on-year growth in net profit [1] Group 2 - According to CITIC Securities, the domestic energy storage market is experiencing a significant economic turning point, with robust investment and increasing demand driven by data centers [2] - Lithium battery demand is expected to grow over 30% next year, creating investment opportunities across materials, batteries, and integration sectors [2] - Dongwu Securities notes that leading lithium material companies are at full capacity, indicating a price turning point is approaching, with expectations for price increases in lithium hexafluorophosphate and iron lithium [2]

Group 1 - The core point of the news is that Keda Li's stock price increased by 5.04%, reaching 185.53 CNY per share, with a trading volume of 550 million CNY and a turnover rate of 1.53%, resulting in a total market capitalization of 50.793 billion CNY [1] - Keda Li, established on September 20, 1996, and listed on March 2, 2017, is primarily engaged in the research and manufacturing of precision structural components, with lithium battery structural components accounting for 96.52% of its main business revenue [1] - The company is located in Shenzhen, Guangdong Province, specifically at 16 Keji South Road, Nanshan District, Shenzhen Bay Technology Ecological Park, Building 11, 27th Floor [1] Group 2 - From the perspective of fund holdings, Keda Li is a significant investment for the Xinyi Fund, with the Xinyi CSI 500 ETF (510570) holding 900 shares, representing 0.66% of the fund's net value, making it the eighth largest holding [2] - The Xinyi CSI 500 ETF was established on June 30, 2020, with a current scale of 26.8863 million CNY, achieving a year-to-date return of 30.25% and a one-year return of 27.68% [2] - The fund manager, Xu Chengcheng, has a tenure of 8 years and 273 days, with a total fund asset size of 1.135 billion CNY, while Zhang Shiyue has a tenure of 4 years and 302 days, managing assets of 765 million CNY [3]

Core Insights - The report highlights a significant increase in the performance of the electronic and TMT sectors, with a focus on the communication, media, and non-ferrous metals industries, indicating a strategic shift towards these areas by active equity funds [2][11] - The report notes that the electronic sector's holding ratio has reached a historical high of 25.7%, indicating a crowded market that may lead to volatility in future performance [11] - The analysis suggests that the market may experience a style shift influenced by the Producer Price Index (PPI) transitioning from negative to positive growth, which historically favors value stocks over growth stocks [11] Industry Configuration - Active equity funds have increased their positions in the ChiNext board and the technology sector, particularly in communication, media, non-ferrous metals, and power equipment [2][11] - The report indicates a reduction in positions in domestic consumption sectors, including home appliances, social services, and automotive industries [11] Performance Metrics - The report details that the electronic sector is projected to see a 54% year-on-year increase in net profit for 2025, with growth rates expected to remain high in subsequent years [11] - The EBITDA margin for a specific company reached approximately 51.7%, reflecting strong operational performance and cash generation capabilities [12] Company-Specific Insights - A specific company reported a revenue of 1.824 billion yuan for the first three quarters of 2025, marking a 15.3% increase year-on-year, with a net profit of 145 million yuan, up 37.3% [12] - Another company achieved a revenue of 428.3 billion yuan for the first three quarters of 2025, with a net profit of 1.629 billion yuan, indicating a 24% increase year-on-year [17] - A third company reported a revenue of 36.71 billion yuan for the first three quarters of 2025, reflecting a 246.01% increase, with a net profit of 3.47 billion yuan, up 299.36% [20] Future Outlook - The report emphasizes the importance of monitoring the PPI as a key indicator for potential market shifts, particularly in identifying opportunities in undervalued sectors during inflation recovery phases [11] - The report suggests that the financial sector, particularly non-bank financials, may see a slower recovery compared to banks, indicating a potential area for cautious investment [11]

Group 1 - The report highlights a significant increase in the performance of the electronic sector, with TMT (Technology, Media, and Telecommunications) sector holdings reaching a historical high of 40% [12][12][12] - The report indicates that the electronic sector's profit growth is expected to be robust, with a projected net profit growth of 54% in 2025, followed by 34% and 25% in 2026 and 2027 respectively [12][12][12] - The report emphasizes the importance of monitoring PPI (Producer Price Index) trends, as a shift from negative to positive growth could influence market style changes, favoring value stocks over growth stocks [12][12][12] Group 2 - The report on Aofei Data (300738) indicates that the company achieved a revenue of 1.824 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 15.3%, and a net profit of 145 million yuan, up 37.3% [13][13][13] - Aofei Data's gross margin improved to 35% in the first three quarters of 2025, reflecting a significant increase of 9.4 percentage points year-on-year, with a further increase to 37.6% in Q3 [13][13][13] - The report notes that Aofei Data's asset and liability structure shows strong delivery potential for data centers, with new fixed assets amounting to 3.161 billion yuan in the first three quarters of 2025 [13][13][13] Group 3 - The report on Jinlei Co., Ltd. (300443) states that the company achieved a gross margin of 24.63% in the first three quarters of 2025, an increase of 1.88 percentage points year-on-year, with Q3 gross margin reaching 26.41% [15][15][15] - The report indicates that the company is expanding its high-end transmission equipment market, with a focus on free forging products, which have seen a compound annual growth rate of 57% over the past three years [15][15][15] - The report maintains a "Buy" rating for Jinlei Co., Ltd., projecting net profits of 447 million yuan, 652 million yuan, and 758 million yuan for 2025-2027 [15][15][15] Group 4 - The report on Hisense Visual (600060) indicates that the company achieved a revenue of 42.83 billion yuan in the first three quarters of 2025, with a net profit of 1.629 billion yuan, reflecting a year-on-year growth of 24% [18][18][18] - Hisense Visual's market share in high-end televisions remains strong, with a 41.65% retail volume share in the 100-inch and above market [18][18][18] - The report maintains a profit forecast for Hisense Visual, expecting net profits of 2.5 billion yuan, 2.757 billion yuan, and 3.012 billion yuan for 2025-2027 [18][18][18] Group 5 - The report on Xinnengda (300207) highlights that the company achieved a revenue of 21.92 billion yuan in 2025, with a projected net profit of 3.516 billion yuan by 2027 [26][26][26] - The report notes that the demand for energy storage batteries is expected to remain strong, with the company investing in a new lithium battery project in Thailand [26][26][26] - The report maintains a "Buy" rating for Xinnengda, projecting a steady improvement in profitability due to the scale effect in the energy storage sector [26][26][26]

Core Points - The company announced the establishment of a U.S. subsidiary, KedaLi USA LLC, in collaboration with its wholly-owned subsidiary KedaLi Hungary LLC, to invest in a new energy power battery precision component project in the U.S. [2] - The total investment for the U.S. project is capped at $49 million, with the company contributing 85% and KedaLi Hungary contributing 15% [2] - The necessary business registration procedures for KedaLi USA have been completed, and the company has obtained the registration certificate [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - The company's main business of structural components is operating steadily, with Q3 2025 performance meeting expectations. The revenue for Q3 2025 reached 10.603 billion, a year-on-year increase of 23.41%, while the net profit attributable to shareholders was 1.185 billion, up 16.55% year-on-year [1][3]. - The demand for lithium battery structural components is expected to remain high due to the growth in installed capacity for power and energy storage batteries. The company is advancing its overseas projects and plans to further release capacity to meet local customer demands [2]. - The company is also developing lightweight reducers for humanoid robots, aiming to establish a second growth curve. It plans to achieve an annual production capacity of 200,000 specialized reducers within three years [2]. Financial Performance Summary - For Q3 2025, the company's single-quarter revenue grew by 25.8% year-on-year, with a gross margin of 23.65%, slightly up from 23.42% in the same period last year. However, the net profit margin decreased to 10.42% from 11.68% year-on-year due to increased tax payments [1]. - The company forecasts net profits of 1.840 billion, 2.234 billion, and 2.670 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of 6.72, 8.16, and 9.75 [3][4]. Financial Indicators Forecast - The company expects revenue to grow from 10.511 billion in 2023 to 20.775 billion in 2027, with a compound annual growth rate (CAGR) of approximately 18.27% [4]. - The net profit is projected to increase from 1.201 billion in 2023 to 2.670 billion in 2027, reflecting a CAGR of about 19.45% [4]. - The PE ratio is expected to decrease from 42.14 in 2023 to 18.95 in 2027, indicating an improving valuation over time [4].