Key Points - The report highlights a selection of stocks for May, including companies such as SF Holding (顺丰控股) and Guizhou Moutai (贵州茅台) as part of the recommended investment portfolio [1] - The macroeconomic analysis discusses the implications of the US tariff policy, emphasizing that the long-term trade deficit is primarily due to the dollar's status as the world's reserve currency, which has led to structural economic issues in the US [2][4][5] - The tourism sector shows strong recovery during the May Day holiday, with domestic travel reaching 314 million trips, a year-on-year increase of 6.4%, and total spending of 180.27 billion yuan, up 8.0% [6][7][8] - The report on Zhongke Electric (中科电气) indicates significant growth in net profit, with a projected net profit of 303 million yuan for 2024, representing a 626.56% increase year-on-year, driven by the expansion of its negative electrode business [10][11]

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 Viewpoint - The acceleration of project developments by companies like EVE Energy, Fudi Battery, and Chuangneng New Energy reflects the market's trend of gravitating towards leading enterprises in the lithium battery sector [1][17]. Group 1: EVE Energy - EVE Energy's wholly-owned subsidiary in Shenyang has initiated a bidding process for a project with a budget of 22 million yuan [4]. - The Shenyang project, with a planned capacity of 40GWh, has a total investment of 10 billion yuan and is expected to supply batteries to BMW [6][7]. - The first phase of the Shenyang project is set to produce 10GWh of cylindrical batteries annually, with construction progressing to the decoration stage [6]. Group 2: Fudi Battery - Fudi Battery's expansion project in Changsha has received environmental approval, with a total investment of 1 billion yuan and an annual production capacity of 19GWh for battery packs [9]. - The Changsha facility is a key battery base for BYD, with a total investment of approximately 5 billion yuan and a designed capacity of 10GWh [10]. - Fudi Battery has consistently achieved over 10 billion yuan in annual output value from 2022 to 2024 [10]. Group 3: Chuangneng New Energy - Chuangneng New Energy is planning a 50GWh battery storage and logistics project in Wuhan, with a total investment of 10 billion yuan [12][13]. - The company has established three bases in Hubei with a combined effective capacity exceeding 110GWh [14]. - Chuangneng has launched its fourth-generation energy storage battery, which boasts a high energy density and long cycle life [15]. Group 4: Industry Trends - The majority of project advancements are driven by leading companies, with top enterprises like CATL, EVE Energy, and BYD accounting for over 75% of project capacity [17]. - The industry is witnessing a "order surge," particularly benefiting leading firms while smaller companies face prolonged project timelines [17]. - Key technological focuses include fast-charging battery technology and next-generation large storage cell technology, indicating a clear direction for future investments [17].

Core Insights - The report highlights a focus on various sectors including logistics, healthcare, technology, and machinery, with specific companies recommended for investment based on their recent performance and future potential [1][2][3] Macroeconomic Overview - The April PMI data indicates a decline in manufacturing sentiment, with the manufacturing PMI at 49.0%, down 1.5 percentage points from March, signaling a contraction in the sector [6][7] - High-tech manufacturing and equipment manufacturing have seen a notable drop in overseas demand, while the construction industry remains active [6][7] - The new orders index fell to 49.2%, a decrease of 2.6 percentage points, with export orders dropping significantly to 44.7%, the lowest since January 2023 [6][7] Healthcare Sector - JianKai Technology reported a revenue of 227 million yuan for 2024, a decline of 22.26%, with a net profit of 30 million yuan, down 74.22% [9][10] - In Q1 2025, the company achieved a revenue of 69 million yuan, a year-on-year increase of 6.66%, but the net profit decreased by 17.79% [9][10] - The company is advancing its innovative drug PEG-irinotecan into Phase III clinical trials, with other indications in Phase II, indicating potential future growth [11][12] Technology Sector - Boshi Software reported a revenue of 2.14 billion yuan for 2024, a growth of 4.79%, but a net profit decline of 7.44% [14][15] - The company is focusing on AI and electronic voucher businesses, expanding application scenarios to enhance revenue streams [16][17] - In Q1 2025, the company faced a revenue decline of 1.17%, with a net loss of 63 million yuan, indicating challenges in profitability [15][18] Machinery Sector - Bozhong Precision reported a revenue of 4.95 billion yuan for 2024, a growth of 2.36%, with a net profit of 398 million yuan, up 2.05% [19][20] - The company is expanding into new fields such as renewable energy, semiconductors, and robotics, which are expected to drive future growth [22][23] - In Q1 2025, the company experienced a revenue decline of 0.80%, with a net loss of 31 million yuan, attributed to upfront costs and equipment not yet accepted [21][23]

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]

Investment Rating - The report maintains a "Buy" recommendation for key companies in the electric new energy sector, including 宁德时代 (CATL), 科达利 (Kodali), and 中科电气 (Zhongke Electric) among others [3][24]. Core Insights - The overall fund holding ratio in the electric new energy sector has decreased, with a fund holding ratio of 9.20% as of Q1 2025, down by 1.35 percentage points quarter-on-quarter [1][7]. - The electric new energy sector's market capitalization accounted for 5.29% of the total market capitalization, reflecting a slight increase of 0.18 percentage points quarter-on-quarter [1][7]. - The report highlights a shift in fund holdings towards the electric vehicle and power equipment sectors, while the renewable energy generation sector has seen a deeper adjustment [2][14]. Summary by Sections Overall Sector Analysis - As of Q1 2025, the fund holding ratio for the electric new energy sector is 11.87%, down by 0.56 percentage points quarter-on-quarter [1][7]. - The market capitalization of electric new energy stocks in the A-share market is 7.78%, up by 0.61 percentage points quarter-on-quarter [1][7]. Subsector Analysis - The fund holding ratio for the electric vehicle sector is 8.65%, up by 0.11 percentage points quarter-on-quarter, while the renewable energy generation sector's holding ratio is 1.82%, down by 0.67 percentage points [2][14]. - The power equipment and industrial control sector has a fund holding ratio of 1.50%, up by 0.06 percentage points quarter-on-quarter [2][14]. Investment Recommendations - Recommended stocks in the electric vehicle sector include 宁德时代 (CATL), 科达利 (Kodali), and 中科电气 (Zhongke Electric) [2][24]. - For the power equipment and industrial control sector, recommended stocks include 许继电气 (XJ Electric), 平高电气 (Pinggao Electric), and 思源电气 (Siyuan Electric) [2][24]. - In the renewable energy sector, recommended stocks include 东方电缆 (Oriental Cable), 海力风电 (Haili Wind Power), and 阳光电源 (Sungrow Power) [2][24]. Key Company Forecasts - 宁德时代 (CATL) is projected to have an EPS of 11.58 yuan in 2024, with a PE ratio of 20, and is rated as a "Buy" [3][24]. - 科达利 (Kodali) is expected to have an EPS of 5.44 yuan in 2024, with a PE ratio of 24, and is also rated as a "Buy" [3][24]. - 中科电气 (Zhongke Electric) is forecasted to have an EPS of 0.44 yuan in 2024, with a PE ratio of 34, and is rated as a "Buy" [3][24].

关于惠州亿纬锂能股份有限公司 2024年度跟踪报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：亿纬锂能 | | --- | --- | | 保荐代表人姓名：史松祥 | 联系电话：0755-23835265 | | 保荐代表人姓名：邱斯晨 | 联系电话：0755-23835265 | 中信证券股份有限公司 一、保荐工作概述 | 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） | | | | 是，根据2024年度内部控制评价报告、2024年 | | （2）公司是否有效执行相关规章制度 | 度内部控制审计报告，发行人有效执行了相关 | | | 规章制度。 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次 ...

关于惠州亿纬锂能股份有限公司 2024 年度持续督导定期现场检查报告 | 保荐人名称：中信证券股份有限公司 被保荐公司简称：亿纬锂能 | | | --- | --- | | （以下简称"中信证券"或"保荐人"） | | | 保荐代表人姓名：史松祥 联系电话：0755-23835265 | | | 保荐代表人姓名：邱斯晨 联系电话：0755-23835265 | | | 现场检查人员姓名：史松祥 | | | 现场检查对应期间：2024 年 1 月 1 日-2024 年 12 月 31 日 | | | 现场检查时间：2025 年 月 日 4 18 | | | 一、现场检查事项 现场检查意见 | | | （一）公司治理 是 否 适 | 不 | | 用 | | | 现场检查手段： | | | 查阅了上市公司最新章程、三会议事规则及会议材料，取得上市公司董事、监事、 高级管理人员名单及其变化情况，取得上市公司关联方清单，查阅关于公司控股 股东、实际控制人、董事、监事、高级管理人员的信息披露文件及相关变更决策 | | | 文件，查看上市公司生产经营场所，对上市公司董事、高级管理人员进行访谈。 | | | 1.公司章程和公 ...

中信证券股份有限公司关于 惠州亿纬锂能股份有限公司 2022 年度向特定对象发行股票之 持续督导保荐总结报告书 保荐人编号：Z20374000 申报时间：2025 年 5 月 | 发行人名称 | 惠州亿纬锂能股份有限公司 | | --- | --- | | 法定代表人 | 刘金成 | | 证券简称 | 亿纬锂能 | | 证券代码 | 300014.SZ | | 上市交易所 | 深圳证券交易所 | | 股份总数 | 2,045,721,497.00股 | | 注册地址 | 广东省惠州市仲恺高新区惠风七路 38 号 | | 办公地址 | 广东省惠州市仲恺高新区惠风七路 38 号 | | 邮政编码 | 516006 | | 网址 | www.evebattery.com | | 电子信箱 | ir@evebattery.com | 一、发行人基本情况 二、本次发行情况概述 中国证券监督管理委员会于 2022 年 11 月 1 日出具的《关于同意惠州亿纬锂能 股份有限公司向特定对象发行股票注册的批复》（证监许可[2022]2617 号），同意惠 州亿纬锂能股份有限公司（以下简称"亿纬锂能""公司"）向特定对象发行股票 ...

延续去年下半年态势， 2025 一季度动力、储能企业 处于高排产与满交货状态 。 一季度中国锂电池出货量 314GWh ，同比增长 55% ，其中动力、储能电池出货量分别为 210GWh 、 90GWh ，同比增长分别为 41% 、 120% ，预计 4 月锂电排产 总体环比提升 。 下游市场景气度带动头部电池企业掀起新一轮扩产潮。宁德时代、亿纬锂能、国轩高科、赣锋锂电等扩产动作提振了整个行业信心。 仅 1-3 月，宁德时代分别在福建、山东、河南等地新增了 6 个产能项目，包括两个设计年产能达 40GWh 项目，两个设计年产能达 60GWh 项目。 更直观的体现在于，从 1-4 月行业订单动态来看，从正负极、电解液、隔膜到设备再到电芯领域， 中国锂电企业斩获多个百亿大单。 | | | 1-4月锂电行业订单汇资 | | | | --- | --- | --- | --- | --- | | 企业 | 时间 | 金额 | 订单内容 | 领域 | | | 1月19日 | 1 | 与阿联酋马斯达尔(Masdar)签署了一项19GWh的储能系统 订单。总投资超过60亿美元,包括总容量达19GWh的电池储 能项目以及5. ...