Group 1 - Renowned private equity firm Zhengyuan Investment recently conducted research on five listed companies [1][2][3] - Kuaihua Pharmaceutical signed a cooperation intention letter with Peking University Medical Department to establish a joint laboratory for enzyme sources and innovative drugs in 2024 [1] - Qingda Environmental Protection provides energy-saving and environmental protection solutions for various industries including power, chemicals, and waste treatment [1] - Zhongjian Technology invested in 1X Holding AS, entering the artificial intelligence robotics sector [2] - Jinyang Co., Ltd. reported a main revenue of 324 million yuan in Q1 2025, a year-on-year increase of 26.59%, but a net profit decline of 14.49% [2] - Dongsheng Technology holds a 2.54% stake in Bluestar Wisdom, involved in battery recycling and utilization, and is a leader in lithium battery cathode materials [3] Group 2 - Zhengyuan Investment was established in 2015 in Shenzhen Qianhai Free Trade Zone and has a private securities investment fund license [4] - The firm focuses on China's economic transformation and aims to connect social capital with quality industries, enhancing asset value for clients [4]

Investment Rating - The report maintains a "Recommended" rating for the company, considering its international expansion and product premiumization to enhance profitability [4][6]. Core Insights - The company reported a revenue of 1.908 billion yuan for Q1 2025, representing a year-on-year increase of 25.80%, and a net profit attributable to shareholders of 111 million yuan, up 0.22% year-on-year, while the net profit after deducting non-recurring items decreased by 36.13% year-on-year [1]. - The company has a rich product matrix, focusing on high-nickel and ultra-high-nickel products, which are being supplied to global high-end battery customers and are applied in markets such as drones and eVTOL [1][2]. - The company is the first in China to export high-end power lithium battery cathode materials in bulk to international customers, integrating deeply into the supply chains of major global electric vehicle manufacturers [2]. - The company is making significant progress in solid-state batteries, with its semi-solid lithium battery cathode materials achieving essential safety and excellent performance in low and high-temperature conditions [3]. Financial Forecast - The company is expected to achieve revenues of 9.245 billion yuan, 11.291 billion yuan, and 13.825 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 21.8%, 22.1%, and 22.4% [4][5]. - The net profit attributable to shareholders is projected to be 635 million yuan, 755 million yuan, and 1.021 billion yuan for the same years, with year-on-year growth rates of 34.5%, 19.0%, and 35.2% [4][5]. - The current stock price corresponds to price-to-earnings ratios of 30, 25, and 19 for the years 2025, 2026, and 2027, respectively [4].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 48.05 RMB [6][9]. Core Views - The company reported a revenue of 1.908 billion RMB in Q1 2025, showing a year-on-year increase of 25.80% but a quarter-on-quarter decrease of 7.73%. The net profit attributable to shareholders was 111 million RMB, reflecting a year-on-year increase of 0.22% and a significant quarter-on-quarter increase of 1365.53% [1]. - The company expects a recovery in overseas ternary orders in 2025, with a projected increase in ternary shipments by 40%-50% due to improved profitability from international clients and rising metal prices [3]. - The company is actively developing sodium battery technology and anticipates a significant increase in lithium iron phosphate (LFP) shipments, with production capacity expected to reach 80,000 tons by mid-2025, leading to a turnaround in profitability for LFP products [4][5]. Summary by Sections Financial Performance - In Q1 2025, the ternary cathode shipment volume was estimated at 10,000 tons, remaining stable quarter-on-quarter, with a net profit per ton exceeding 10,000 RMB. The LFP shipment volume was estimated at 24,000 tons, experiencing a decline due to seasonal factors, with net profit per ton remaining stable [2]. - The company forecasts a net profit of 784.27 million RMB in 2025, with a projected growth in net profit for 2026 and 2027 [8]. Market Position and Strategy - The company is focusing on emerging technologies, including a 60%-70% increase in lithium acid output in the small digital market and initial shipments in the sodium battery market for electric two-wheelers in 2025 [5]. - The company is also advancing solid-state battery technology, which is currently in the pilot testing phase [5]. Valuation Metrics - The report estimates the company's net profit for 2025-2027 at 784.27 million RMB, 920.14 million RMB, and 1.018 billion RMB respectively, with a target PE ratio of 31 times for 2025 [6][8].

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 1.908 billion CNY, a year-on-year increase of 25.80% [3] - The net profit attributable to shareholders was 1.11 billion CNY, reflecting a slight year-on-year growth of 0.22% [3] - The company reported a stable recovery in performance, with continuous growth in both revenue and net profit [3] Group 2: Product Development and Market Position - The company has made significant breakthroughs in high-nickel and ultra-high-nickel products, which are now being supplied to global high-end battery customers [3] - The company has established long-term supply agreements with major global battery manufacturers like LG and SK, which are expected to positively impact future performance [3] - The company’s lithium iron phosphate (LFP) products have been upgraded to cover various applications, achieving profitability in Q1 2025 after a turnaround from losses [4] Group 3: International Market Engagement - The company has a broad and stable customer base, supplying high-quality lithium battery materials to regions including China, Japan, Korea, and Europe [5] - The company’s high-nickel materials are recognized by major international battery manufacturers, enhancing its reputation in the global market [6] Group 4: R&D and Future Directions - The company is actively developing sodium battery materials, achieving industry-leading performance levels [9] - The company has successfully developed high-capacity and long-cycle lithium manganese oxide materials, which have received positive evaluations from customers [10] - The company is exploring solid-state battery materials, with successful applications in UAVs and eVTOL markets [8]

证券研究报告·公司点评报告·电池 当升科技（300073） 2025 年一季报点评：Q1 三元盈利恢复，铁锂 盈利持续好转 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 15,127 | 7,593 | 10,806 | 12,793 | 15,159 | | 同比（%） | (28.86) | (49.80) | 42.32 | 18.39 | 18.49 | | 归母净利润（百万元） | 1,924.27 | 471.83 | 603.42 | 732.36 | 1,023.21 | | 同比（%） | (14.80) | (75.48) | 27.89 | 21.37 | 39.71 | | EPS-最新摊薄（元/股） | 3.80 | 0.93 | 1.19 | 1.45 | 2.02 | | P/E（现价&最新摊薄） | 9.85 | 40.19 | 31.43 | 25.89 | 18.53 | [ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 performance shows recovery in ternary profits and continued improvement in lithium iron phosphate profitability [1] - Q1 revenue was 1.91 billion yuan, with a year-on-year decrease of 28.86% and a quarter-on-quarter increase of 25.8% [8] - The company expects significant growth in both ternary and lithium iron phosphate segments, with ternary shipments projected to increase by 40-50% in 2025 [8] Financial Forecasts - Total revenue forecast for 2025 is 10.806 billion yuan, with a year-on-year growth of 42.32% [1] - Net profit attributable to shareholders is expected to be 603.42 million yuan in 2025, reflecting a year-on-year increase of 27.89% [1] - The earnings per share (EPS) for 2025 is projected at 1.19 yuan, with a price-to-earnings (P/E) ratio of 31.43 [1] Market Data - The closing price of the stock is 37.44 yuan, with a market capitalization of approximately 18.96 billion yuan [5] - The company has a price-to-book (P/B) ratio of 1.43 [5] Operational Insights - The company signed long-term supply agreements with LGES and SK On, expecting to ship 110,000 tons and 17,000 tons of positive materials respectively from 2025 to 2027 [8] - The company anticipates that overseas orders will increase from 50% in 2024 to 60% in 2025 [8]

当升科技 20250424 摘要 • 公司一季度磷酸铁锂正极材料出货量约为 2.4 万吨，同比大幅增长，但三 元正极材料出货量约为 1 万吨，基本持平。预计全年三元正极材料业务受 益于国际订单，增速可达 40%-50%，主要来自 LG 和 SK 的订单放量。 • 美国关税对公司直接供应美国客户的影响较小，公司正积极寻求通过海外 产能布局等方式满足美国本土客户需求。同时，公司关注钠电池技术发展， 并积极评估其在储能和电动两轮车领域的应用前景，预计 2025 年会有一 定出货量。 • 一季度铁锂正极材料毛利与去年四季度基本持平，攀枝花子公司因研发费 用导致净利润略降，但整体单吨盈利预期向好。预计二季度销量增加及二 期项目放量将持续改善盈利，丰水期后盈利情况有望进一步提升。 • 一季度三元正极材料国内外销量占比约为五五开，国际市场盈利优于国内 市场，预计全年国际销量占比将上升。美国关税对三元正极材料间接出口 美国没有明显影响，未出现提前拿货现象。 • 公司在 24、25 年逐步进行芬兰工厂设备选型等准备工作，总投资预算约 8 亿欧元。铁岭工厂一期第二阶段预计二季度末或三季度投产，自产磷酸 铁锂将贡献更多毛利。攀枝花 ...

北京当升材料科技股份有限公司 关于 2024 年年度股东大会增加临时提案暨股东大会补充通知的公告 证券代码：300073 证券简称：当升科技 公告编号：2025-040 北京当升材料科技股份有限公司 关于 2024 年年度股东大会增加临时提案 暨股东大会补充通知的公告 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。 北京当升材料科技股份有限公司（以下称"当升科技"或"公司"）第六届 董事会第十一次会议决定于2025年5月9日下午2:00召开公司2024年年度股东大 会，具体内容详见公司2025年4月1日披露于巨潮资讯网的《关于召开2024年年度 股东大会通知的公告》。 2025年4月24日，公司召开第六届董事会第十二次会议，审议通过了《关于 选举公司第六届董事会非独立董事的议案》，该议案尚需提交股东大会审议，具 体内容详见公司于巨潮资讯网（www.cninfo.com.cn）上披露的相关公告。 同日，公司董事会收到股东国新投资有限公司提交的《关于提议增加2024年 年度股东大会临时提案的函》，提议公司董事会将《关于选举公司第六届董事会 非独立董事的议案》增补到 ...

证券代码：300073 证券简称：当升科技 公告编号：2025-037 北京当升材料科技股份有限公司 第六届监事会第十次会议决议公告 北京当升材料科技股份有限公司 第六届监事会第十次会议决议公告 本公司及监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。 一、监事会会议召开情况 特此公告。 二、监事会会议审议情况 审议通过了《2025 年第一季度报告》 监事会经审核后认为，董事会编制的《2025 年第一季度报告》的程序符合法 律法规和中国证券监督管理委员会的规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在虚假记载、误导性陈述或者重大遗漏。 《2025年第一季度报告》的具体内容详见巨潮资讯网（www.cninfo.com.cn）。 经表决：同意 5 票；反对 0 票；弃权 0 票。 三、备查文件 1 1、第六届监事会第十次会议决议； 北京当升材料科技股份有限公司（以下称"公司"）第六届监事会第十次会 议于 2025 年 4 月 24 日以通讯表决的方式召开。会议通知已于 2025 年 4 月 18 日 以邮件的方式发出。本次会议应出席监事 5 名，实际出席监事 ...

证券代码：300073 证券简称：当升科技 公告编号：2025-036 北京当升材料科技股份有限公司 第六届董事会第十二次会议决议公告 北京当升材料科技股份有限公司 第六届董事会第十二次会议决议公告 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。 一、董事会会议召开情况 北京当升材料科技股份有限公司（以下称"公司"）第六届董事会第十二次 会议于 2025 年 4 月 24 日以通讯表决的方式召开。会议通知已于 2025 年 4 月 18 日以邮件的方式发出。本次会议应出席董事 8 名，实际出席董事 8 名，公司董事 长陈彦彬先生主持会议，公司监事及高级管理人员列席了本次会议。本次会议的 召集、召开程序符合《中华人民共和国公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 1、审议通过了《2025 年第一季度报告》 董事会经审核后认为，公司《2025年第一季度报告》的内容真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏。相关财务信息也已经公司董事 会审计委员会审议通过，并同意将该报告提交公司董事会审议。 《2025年第一季度报告》的具体内容详见 ...