Group 1 - As of April 28, 215 A-share companies have been newly held by social security funds in Q1 2023, with some companies having over 10% of their circulating shares held by these funds [1][2][3] - Notable companies include Andar Intelligent, which has 265.16 million shares held by the National Social Security Fund 103 portfolio, accounting for 12.15% of its circulating shares [1][3] - Industries such as metal smelting, chemical products, and communications are currently favored by social security fund portfolios, with companies like Baosteel, Cangge Mining, and Yiwei Lithium Energy being newly held [1][2][3] Group 2 - The National Social Security Fund 114 portfolio holds 158 million shares of Baosteel, with a market value of 1.14 billion yuan, making it the largest holding among newly acquired A-shares [2][8] - Cangge Mining and Yiwei Lithium Energy also show significant performance, with net profits of 447 million yuan (up 41.19%) and 1.1 billion yuan (up 3.32%) respectively in Q1 [2][8] - Other companies with strong Q1 performance include Baosteel, Cangge Mining, and Yiwei Lithium Energy, which are currently favored by social security funds [2][3] Group 3 - The QFII (Qualified Foreign Institutional Investor) also shows a diverse portfolio, with significant holdings in companies like Zijin Mining and Tonghuashun, indicating a broader industry focus compared to social security funds [9][10] - QFII has increased its holdings in various sectors, including finance and pharmaceuticals, while social security funds focus more on blue-chip and cyclical stocks [9][10] - The performance of different sectors in Q2 shows that public utilities, beauty care, agriculture, banking, and retail have seen increases, while basic chemicals, pharmaceuticals, and steel have declined [10]

Core Viewpoint - The company reported a slight decline in revenue for 2024, but a modest increase in net profit, indicating resilience in profitability despite revenue challenges [1] Financial Performance - Total revenue for 2024 was 48.615 billion yuan, a year-on-year decrease of 0.35% - Net profit attributable to shareholders was 4.076 billion yuan, a year-on-year increase of 0.63% - Non-recurring net profit reached 3.162 billion yuan, a year-on-year growth of 14.76% [1] - In Q4 2024, revenue was 14.565 billion yuan, a year-on-year increase of 9.89% and a quarter-on-quarter increase of 17.56% - Q4 net profit attributable to shareholders was 0.887 billion yuan, a year-on-year increase of 41.73% but a quarter-on-quarter decrease of 15.64% [1] Product Segmentation - The company achieved a sales volume of 30.29 GWh for power batteries, a year-on-year increase of 7.87% - Energy storage shipments reached 50.45 GWh, a significant year-on-year increase of 91.90%, outperforming industry growth rates [2] - Revenue from consumer batteries was 10.32 billion yuan, a year-on-year increase of 23.44%, with a gross margin of 27.6%, up 4 percentage points [2] Profitability Insights - The gross margin per Wh for both power and energy storage batteries declined year-on-year, primarily due to reduced overseas demand for ternary batteries and domestic price competition in energy storage [2] - In H2 2024, the gross margin per Wh for power batteries is expected to improve due to economies of scale and an increased share of commercial vehicles, which accounted for 12.15% of domestic battery sales [2] - Energy storage gross margin per Wh is also expected to improve due to better order structure [2] Future Outlook - Power battery shipments are anticipated to continue increasing, driven by the growth of commercial vehicles and Xiaopeng Motors [3] - The company aims to mitigate U.S. tariff impacts through its Malaysian energy storage base, with expectations for cylindrical battery shipments to enhance unit profitability [3] - Projected profits for 2025 and 2026 are 5.07 billion yuan and 7.11 billion yuan, respectively, with corresponding price-to-earnings ratios of 17 and 12 times [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total revenue of 48.615 billion yuan for 2024, a slight decrease of 0.35% year-on-year. The net profit attributable to shareholders was 4.076 billion yuan, reflecting a year-on-year increase of 0.63%. The non-recurring net profit reached 3.162 billion yuan, up 14.76% year-on-year. In Q4 2024, revenue was 14.565 billion yuan, showing a year-on-year growth of 9.89% and a quarter-on-quarter increase of 17.56%. The net profit attributable to shareholders for Q4 was 0.887 billion yuan, up 41.73% year-on-year but down 15.64% quarter-on-quarter [2][4]. Financial Performance - The company achieved a sales volume of 30.29 GWh for power batteries, a year-on-year increase of 7.87%. The energy storage shipments reached 50.45 GWh, marking a significant year-on-year growth of 91.90%, which is notably higher than the industry growth rate. The revenue from consumer batteries was 10.32 billion yuan, up 23.44% year-on-year, with a gross margin of 27.6%, an increase of 4 percentage points year-on-year [10]. Future Outlook - The company is expected to see continued growth in power battery shipments, driven by the increase in commercial vehicles and the ramp-up of Xiaopeng Motors. The gross profit per watt-hour for power batteries is anticipated to improve due to enhanced utilization rates. The energy storage shipments are expected to remain stable, with unit profitability projected to hold steady. The company aims to mitigate the impact of U.S. tariffs through its energy storage base in Malaysia, and the shipment of large cylindrical batteries is expected to further enhance unit profitability [10]. Financial Projections - For 2025 and 2026, the projected net profits are 5.07 billion yuan and 7.11 billion yuan, respectively, corresponding to price-to-earnings ratios of 17 and 12 times [10].

事件：公司发布24 年报及25 年一季报。24 年公司营业收入486.15 亿元，同比-0.35%，实现归母净利润 40.76 亿元，同比+0.63%，实现扣非归母净利润31.62 亿元，同比+14.76%。25Q1 公司实现营收127.96 亿元，同环比+37.34%/-12.15%，实现归母净利润11.01 亿元，同环比+3.32%/+24.15%，实现扣非归母净 利润8.18 亿元，同环比+16.60%/+23.60%。25Q1 公司销售毛利率17.16%，同环比-0.48/-0.32pct；销售净 利率9.10%，同环比-2.23/+2.60pct。 储能出货快速增长盈利能力维持较高水平，动力产能利用率快速提升。24年公司储能/动力出货量分别 为50.45/30.29GWh，同比+92%/+8%，25Q1公司储能/动力出货量分别为12.67/10.17GWh，同比 +81%/+58%，储能出货量维持高增，动力在25Q1 恢复高增长，主要受益于下游客户小鹏、零跑等客户 放量。我们预计2025 全年公司储能/动力出货量有望分别达81/52GWh，同比+60%/+72%，全年出货量 维持高增长。盈利能力方面 ...

-广告- 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源： #鑫椤锂电 " 2025 年以来全球储能市场波动较大，作为装机前二地区的中国和美国均有重大政策发布。 " 国内方面， 在 2 月发布了 136 号文，核心内容为从 6 月 1 号起取消强制配储，加速电力市场化改革。 美国方面， 由于中美贸易战，近期关税已经达到了 64.9% （ 3.4% 基础关税 +7.5%301 条款关税 +20% 对华普征关税 +34% 新增对等关税），预计 2026 年 1 月 1 日起 301 条款关税上升至 25% ， 届时储能出口美国产品将面临 82.4% 的关税。 尽管从政策面上看，下半年取消强配储以及加征关税会对储能造成一定影响，但从一季度全球储能的表现 来看，我们仍对今年储能装机维持较高增速的预测。 2024 年全球储能新增装机 184.95GWh, 我们预计 2025 年全球储能新增装机将达到 282.51GWh ，同比增长 52.7% 。 中国市场 I C C S I N O 自 136 号文发布以来，国内招投标市场始终保持高位状态。根据 # ICC 鑫椤储 ...

新京报贝壳财经讯（记者朱玥怡）"在固态电池技术方面，公司全固态电池已完成小软包电池组装工艺开发，百 MWh的中试线预计在2025年投入运行；公司计划于2026年推出主要应用于混合动力领域的高功率全固态电池，于 2028年逐步推出400Wh/kg的高比能全固态电池。"4月28日，亿纬锂能（300014.SZ）副总裁、董事会秘书兼财务 负责人江敏在公司业绩会上就固态电池进展进行了披露。 亿纬锂能数日前公布的2024年年报显示，公司全年实现营业收入486.15亿元，同比微降0.35%；归母净利润40.76 亿元，同比微增0.63%；扣除非经常性损益的净利润为31.62亿元，同比增长14.76%。 亿纬锂能提出的2024年主要经营目标包括满产满销、市占率提升等。公司去年产能利用率为86.56%，这一数据高 于行业龙头宁德时代（300750.SZ）的76.33%。 公司三大业务板块中，消费电池去年实现营收103.22亿元，占比21.23%；动力电池营收191.67亿元，占比 39.43%；储能电池营收190.27亿元，占比39.14%。 亿纬锂能过去两年营收构成 制图/新京报贝壳财经记者 朱玥怡 储能电池业务成为亿纬锂 ...

数据统计显示，中证全球电动车指数近一个月下跌3.63%，近三个月上涨1.35%，年至今上涨0.55%。 金融界4月28日消息，上证指数低开震荡，中证全球电动车指数 (全球电动车，932155)报3673.25点。 从指数持仓来看，中证全球电动车指数十大权重分别为：宁德时代（13.21%）、比亚迪股份 （12.74%）、比亚迪（9.38%）、Tesla Motors Inc（8.88%）、小鹏汽车-W（8.5%）、理想汽车-W （7.59%）、赛力斯（6.33%）、Rivian Automotive Inc.（4.33%）、Lucid Group Inc（3.23%）、亿纬锂 能（3.02%）。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 据了解，中证全球电动车指数从全球市场中选取业务涉及电动车整车制造、 ...

Core Viewpoint - EVE Energy has returned to growth in its performance, with significant increases in revenue and net profit in the first quarter of the year, driven by strategic shifts towards energy storage and a strong market position in the battery industry [1][2]. Financial Performance - In Q1, EVE Energy achieved revenue of 12.796 billion yuan, a year-on-year increase of 37.34% [1] - The net profit attributable to shareholders was 1.101 billion yuan, up 3.32% year-on-year [1] - The net profit excluding non-recurring items was 818 million yuan, reflecting a 16.60% increase year-on-year [1] Strategic Shifts - The founder and chairman, Liu Jincheng, has focused on energy storage, leading to a significant increase in the company's market share, with energy storage cell shipments ranking second globally [1][8] - Liu anticipates that 2025 will mark the "year of the large cylindrical battery," predicting a demand of 5 GWh for these batteries [1][9] Industry Position and Competition - EVE Energy's market share in the domestic power battery sector reached 4.45% in 2023, ranking fourth nationally, an improvement from the previous year [6] - The company has faced challenges in the competitive landscape dominated by CATL and BYD, with a notable decline in revenue from power batteries in 2024 [7] Growth in Energy Storage - In 2023, EVE Energy's revenue from energy storage batteries was 16.34 billion yuan, accounting for 33.5% of total revenue, and in 2024, this segment grew to 19.027 billion yuan, a 16.44% increase [7][8] - Energy storage battery shipments reached 50.45 GWh in 2024, marking a 91.90% year-on-year increase [8] Future Prospects - EVE Energy is actively exploring new opportunities in various battery technologies, showcasing products at the Shanghai Auto Show, including OMNI batteries and other innovative solutions [8][10]

Core Viewpoint - The 21st Shanghai International Automobile Industry Exhibition showcases EVE Energy's advanced battery technologies, emphasizing the capabilities of their large cylindrical battery design and its various applications in electric vehicles and other sectors [1]. Group 1: Technology Features - The large cylindrical battery has three main technical characteristics: standardized design enhances manufacturing efficiency, with a tenfold increase in standardization rate compared to square batteries [3]. - The "fixed size + diversified chemical system" technology allows compatibility with various battery chemistries, enabling flexible adjustments in capacity and range, and reducing the battery system development cycle to 3-6 months [3]. - The circular structure design achieves "zero expansion" throughout the battery's lifecycle, minimizing stress management requirements for the battery system [3]. Group 2: Key Innovations - EVE Energy has achieved breakthroughs in four critical technologies, including a low-temperature solution for fast charging in -30℃ environments within 25 minutes [5]. - The system assembly precision reaches 200μm in the vertical direction and 250μm in the horizontal direction, while welding depth precision is controlled at 80μm [5]. - The all-domain foaming technology enhances the battery pack's torsional rigidity to over 15,000 NM [5]. Group 3: Market Expansion and Sustainability - EVE Energy has introduced a layered energy solution for low-altitude flying vehicles, featuring high assembly efficiency products below 320Wh/kg and higher energy density soft-pack battery technology [6]. - The company launched a global lithium battery recycling network called the "Cradle Plan," establishing recycling points in over 30 countries across four continents, creating a closed-loop system from battery recycling to material regeneration, with over 32,000 units already transported [6]. - EVE Energy will continue to advance large cylindrical battery technology and deepen collaborations with global automotive companies to expand applications in new energy technologies [6].