Macro Strategy - The March PMI data indicates three characteristics of economic recovery: the pre-positioning of work due to the Spring Festival, better recovery of manufacturing demand compared to supply, and weak consumer service consumption [1][30]. - The manufacturing PMI for March is 50.5%, showing a slight increase of 0.3 percentage points from the previous month, while the service PMI is at 50.3%, also up by 0.3 percentage points [1][30]. - The new order index for manufacturing increased by 0.7 points to 51.8%, indicating stronger demand recovery compared to supply [1][30]. Industry Insights - The report highlights the need for macro policies to be adjusted in response to potential economic pressures in the second quarter, particularly in exports and real estate [1][30]. - The construction industry PMI rose to 53.4%, reflecting seasonal recovery, but remains at a historically low level for this time of year [1][30]. - The report emphasizes the importance of monitoring the impact of tariff increases on exports and the ongoing trends in the real estate market [1][30]. Company Analysis - The report provides insights into various companies, including their performance forecasts and investment ratings, such as the significant growth in sales for Lao Pu Gold and the strategic partnerships for Jianghuai Automobile [9][15]. - Companies like Yubiquitous and Geli Pharmaceutical are noted for their innovative product developments and market potential, with investment ratings maintained at "buy" [11][12]. - Shanghai Pharmaceuticals reported a revenue of 275.25 billion yuan, reflecting a 5.75% year-on-year increase, with a net profit of 4.553 billion yuan, up 20.82% [14]. Financial Performance - The report indicates that the overall financial performance of companies is under scrutiny, with adjustments made to profit forecasts for several firms based on market conditions and operational challenges [15][19]. - Companies such as China Communications Construction Company and Orient Securities are highlighted for their revenue growth and strategic adjustments in response to market dynamics [22][23]. - The report also notes the importance of cash flow management and cost control in maintaining profitability amid fluctuating market conditions [22][24].

Financial Performance - In 2024, the company achieved revenue of 7.593 billion CNY and a net profit of 472 million CNY, despite facing challenges in the lithium battery industry [3] - The company's positive performance compared to peers indicates strong resilience in profitability [3] Product Development and Sales - The company’s cathode material shipments exceeded 100,000 tons in 2024, marking a year-on-year increase of 60.53% [3] - The phosphate (manganese) lithium business saw significant growth, with monthly shipments nearing 10,000 tons, establishing the company as a strategic supplier for major domestic battery manufacturers [3] - Solid-state lithium battery materials achieved nearly 1,000 tons in shipments in 2024, with multiple products gaining recognition from leading battery manufacturers [5][15] Market Position and Client Development - The company has established deep partnerships with major lithium battery players such as LG and SK, enhancing its global market share [3][14] - The company’s high-nickel and ultra-high-nickel products are widely supplied to renowned battery manufacturers and high-end electric vehicle markets, becoming a primary supplier for some clients [8][9] Production Capacity Expansion - The company is advancing its European new materials industrial base project, which is set to enter the construction phase in 2025, aiming to establish a high-end production base overseas [4] - The company plans to expand its phosphate (manganese) lithium production capacity to 120,000 tons, supporting future business growth and market share expansion [4] Strategic Response to Market Trends - The company is actively addressing the rising prices of cobalt raw materials by optimizing procurement costs and establishing long-term agreements with suppliers [13] - The company is positioned to leverage its technological advancements and client development strategies to enhance competitiveness and navigate industry cycles [15]

此外，当升科技应收账款达23.29亿元，占全年归母净利润的493%，相比2024年中报的134.92%大幅提 升。 值得注意的是，2024年，当升科技锂电材料业务产能利用率80.16%，较上年下降约12个百分点，其中 常州基地二期项目产能释放后，多元材料实际产量仅占设计产能的58.9%。 尽管年报显示产能利用率下滑，公司仍在筹划通过定向增发募资8亿-10亿元补充流动资金，同时计划推 进欧洲芬兰基地一期6万吨产能建设，并在2025年继续新增8万吨磷酸（锰）铁锂产能。 全球锂电材料产能扩张潮下，行业已出现结构性过剩，公司新增产能若无法匹配客户需求，可能导致折 旧成本攀升，进一步削弱盈利能力，并引发市场对公司产能过剩风险的担忧。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 当升科技于3月31日发布2024年年报，全年实现营业收入75.93亿元，同比下滑49.80%；归母净利润4.72 亿元，同比下降75.48%。公司年报数据暴露出的业绩大幅下滑、产能利用率与扩产矛盾、应收账款风 险等多重潜在风险，需引起关注。 2024年，当升科技营收与净利润同比近乎"腰斩"，核心原因在于海外新能源汽车 ...

2025年4月1日，当升科技(300073.SZ)发布2024年年度报告。截至2025年3月31日，共有238个机构投资 者披露持有当升科技A股股份，合计持股量达1.99亿股，占当升科技总股本的39.36%。其中，前十大机 构投资者包括矿冶科技集团有限公司、国新投资有限公司、中国工商银行股份有限公司-易方达创业板 交易型开放式指数证券投资基金、中国农业银行股份有限公司-中证500交易型开放式指数证券投资基 金、中国建设银行股份有限公司-华安创业板50交易型开放式指数证券投资基金、香港中央结算有限公 司、嘉兴聚力展业伍号股权投资合伙企业(有限合伙)、中国工商银行股份有限公司-汇添富中证新能源汽 车产业指数型发起式证券投资基金(LOF)、中国工商银行股份有限公司-农银汇理新能源主题灵活配置混 合型证券投资基金、富国中证新能源汽车指数A，前十大机构投资者合计持股比例达33.56%。相较于上 一季度，前十大机构持股比例合计下跌了0.93个百分点。 外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达0.52%。 公募基金方面，本期较上一期持股增加的公募基金共计1个，即华安创 ...

Summary of the Conference Call for 当升科技 Company Overview - **Company**: 当升科技 (Dangsheng Technology) - **Industry**: Lithium Battery Industry Key Points and Arguments 2024 Performance and Challenges - The lithium battery industry is undergoing a deep adjustment period, with overall industry growth slowing, raw material prices fluctuating, intensified market competition, and changes in industry models impacting performance [3][4] - Revenue for 2024 was 7.593 billion yuan, a year-on-year decrease of 49.8%, while net profit attributable to shareholders was 472 million yuan, down 75.48% [3][4] - Despite the decline, 当升科技's profitability remains superior to peers, indicating resilience [3][4] Product and Sales Achievements - The company achieved a record shipment of over 100,000 tons of cathode materials, a year-on-year increase of 60.53%, with ternary materials accounting for approximately 40,000 tons and lithium iron phosphate for about 60,000 tons [5][6] - The company has a stable customer structure, with domestic and international clients each accounting for half, including major global electronics giants [6] Strategic Partnerships and Agreements - A strategic supply agreement with LGSK was announced, with plans to supply 200,000 tons of ternary cathode materials over the next 3-4 years, solidifying its position as a global leader [6] Technological Advancements - High-density ultra-high-end product technology breakthroughs have been made, with mass supply to high-end battery customers for applications in drones and other markets [7] - The company is advancing solid-state lithium battery cathode materials using a new generation of bidirectional composite processes, achieving batch applications in drones and low-altitude aircraft [7] Capacity Expansion and Future Plans - The European new materials industrial base has been approved by the National Development and Reform Commission, with the first phase of the Panzhihua Yinchuan lithium iron project completed, producing 40,000 tons annually [8] - Plans for 2025 include starting construction of the European base and expanding the Panzhihua base to reach a total capacity of 120,000 tons of lithium iron phosphate/manganese iron phosphate [8] 2025 Business Outlook - Significant improvement in business production and sales is expected in 2025, with ternary materials projected to grow by 40%-50% and lithium iron phosphate expected to double to nearly 20,000 tons per month [9] - The international order ratio may increase to 70%, with lithium iron phosphate primarily targeting the domestic market [9] Market Dynamics and Competitive Strategies - The rapid growth of lithium iron phosphate batteries in 2024 was driven by increased demand in the energy storage market, which requires higher battery life and energy efficiency [10] - The company is implementing cost reduction and efficiency enhancement measures to cope with price competition, including signing long-term large orders to ensure production planning [18] Impact of Cobalt Prices - Short-term cobalt price increases positively impact sales and profitability, but long-term high prices may reduce competitiveness [19][21] - The company can successfully pass on cobalt price increases to downstream customers, particularly international clients [19][21] Future Product Development - The company is focusing on sodium-ion batteries and solid-state batteries, with ongoing projects in energy storage and small electric transportation tools [15][16] - Significant advancements in high-nickel and high-manganese materials are being pursued to enhance product performance [22] Overall Industry Position - The company maintains a strong position in the cathode materials sector, with significant potential for growth in solid-state and new materials [36][37] Additional Important Information - The company is actively exploring opportunities in new materials and solid-state battery technologies, indicating a commitment to innovation and market leadership [36][37] - The competitive landscape is characterized by aggressive pricing strategies and the need for continuous technological advancements to maintain market share [18][24]

Core Viewpoint - The company is experiencing significant challenges in the lithium battery cathode materials industry due to slower-than-expected growth in the overseas electric vehicle market and intensified competition in both domestic and international markets [1][3]. Financial Performance - In 2024, the company reported operating revenue of 7.593 billion yuan, a decrease of 49.8% compared to 2023 [3]. - The net profit attributable to shareholders was 471.83 million yuan, down 75.48% year-on-year [3]. - The net profit excluding non-recurring gains and losses was 272.69 million yuan, reflecting an 86.23% decline from the previous year [1][3]. - Cash flow from operating activities increased by 30.74% to 1.598 billion yuan [1]. Strategic Focus - The company is committed to a strategic approach of "increasing volume domestically while expanding externally, optimizing resource capacity, and achieving breakthroughs in cobalt, manganese, and sodium solid materials" [1]. - The focus is on enhancing quality and efficiency in core business areas, including technological innovation, customer development, and sustainable practices [1]. Product Development - The company maintains an innovation-driven development philosophy, continuously creating new materials, technologies, and battery routes [2]. - A comprehensive product layout has been established in high nickel, medium nickel high voltage, lithium cobalt oxide, lithium iron phosphate (manganese), and next-generation battery materials [3]. Market Expansion - The company is accelerating the marketization of next-generation battery materials, leading the industry in the commercialization of solid-state lithium battery materials [4]. - During the reporting period, nearly 1,000 tons of solid-state lithium battery materials were shipped, representing several-fold growth year-on-year [4]. - Collaborations with key customers in various applications, including drones and eVTOL low-altitude aircraft, have resulted in significant orders [4].

证券研究报告 当升科技 (300073 CH) 24 年业绩承压，25 年铁锂三元均改善 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 01 日│中国内地 | 电力设备与新能源 | 公司 2024 年收入 75.93 亿元，同比-49.80%，归母净利润 4.72 亿元，同比 -75.48%，扣非 2.73 亿元，同比-86.23%，归母低于我们此前 5.44 亿的预 测，主要系海外三元订单下滑及三元加工费下行。考虑公司海外三元订单出 现回暖，铁锂产能快速释放并实现盈利，我们认为公司 25 年出货量有望快 速增长，维持"增持"评级。 24Q4 三元正极盈利韧性强，海外订单回暖支撑 25 年需求 我们推测公司 24Q4 三元正极出货量 1 万吨，环比基本持平，盈利能力方面， 虽 24Q4 正极材料加工费整体下行，我们推算公司三元锂单吨净利仍保持 1 万元左右，盈利韧性较强。公司 24 年受三元海外订单下滑影响导致营收承 压，25 年 3 月公司相继公告与海外客户的长协，与 LG 达成 25-27 年供应 11 万吨的协议，与 SK ...

证券研究报告·公司点评报告·电池 当升科技（300073） 2024 年年报点评：Q4 减值导致三元亏损，铁 锂放量盈利转正 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） | 15127 | 7593 | 10806 | 12793 | 15159 | | 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 | 600.22 | 728.58 | 1,018.64 | | 同比（%） | (14.80) | (75.48) | 27.21 | 21.39 | 39.81 | | EPS-最新摊薄（元/股） | 3.80 | 0.93 | 1.19 | 1.44 | 2.01 | | P/E（现价&最新摊薄） | 10.93 | 44.57 | 35.04 | 28.86 | 20.65 | [Tab ...

Core Viewpoint - The annual report of Beijing Dongsheng Material Technology Co., Ltd. (Dongsheng Technology) reveals a significant decline in revenue and net profit for 2024, attributed to multiple challenges including market fluctuations and intensified competition in the lithium battery materials sector [2][3]. Financial Performance - Dongsheng Technology reported a total revenue of 7.593 billion yuan in 2024, a sharp decrease of 49.8% year-on-year, and a net profit of 472 million yuan, down 75.48% compared to the previous year [2][3]. - The company's revenue and net profit figures for 2024 nearly halved compared to 2023, where revenue was 15.127 billion yuan and net profit was 1.924 billion yuan [3]. - The main factors contributing to the decline include a slowdown in the overseas electric vehicle market, bankruptcy of a key customer (Northvolt Ett AB), and intensified price competition in the domestic lithium iron phosphate materials market [3]. Business Segments - The demand for Dongsheng Technology's main products, including high-nickel ternary materials and lithium iron phosphate materials, has shrunk in 2024 [3]. - The international market, previously a growth driver, has seen a significant drop in sales due to reduced subsidies for electric vehicles in Europe and inventory reduction by automakers [3]. - The domestic battery industry is facing overcapacity, leading to continuous price declines for cathode materials and increased pressure on profit margins [3]. Cost and Expenses - The total operating cost for 2024 was 7.203 billion yuan, a decrease of 43.76% year-on-year, but the gross profit margin fell from 16.82% in 2023 to 12.38% in 2024 [3]. - Sales and management expenses were reported at 37.6089 million yuan and 210 million yuan, respectively, indicating challenges in market expansion and rising internal management costs [3]. Management Response - Chairman Chen Yanbin is leading a PhD-level management team to accelerate technological innovation and adjust the customer structure [4]. - The company has made breakthroughs in cutting-edge fields such as ultra-high nickel materials and solid-state battery electrolytes, maintaining a leading position in patent applications [4]. - Dongsheng Technology is diversifying its customer base beyond the reliance on the power battery market to include energy storage and small power applications [4]. Production and Cash Flow - The company is optimizing production schedules through subsidiaries, resulting in a 12% year-on-year increase in inventory turnover [5]. - Operating cash flow net amount reached 1.598 billion yuan, a year-on-year increase of 30.7%, indicating strong resilience against risks [5]. Future Strategy - For 2025, Dongsheng Technology plans to enhance research and development of solid-state battery materials and has developed nano-level solid-state electrolyte materials [5]. - The company aims to strengthen upstream resource collaboration, with plans to establish an integrated supply chain from mining to materials by 2025, mitigating the impact of raw material price fluctuations on profitability [5]. Dividend Announcement - Dongsheng Technology announced a cash dividend of 2 yuan per 10 shares, totaling 101 million yuan, which accounts for 21.47% of net profit, reflecting management's confidence in long-term development [6].

北京当升材料科技股份有限公司 2024 年度述职报告 尊敬的各位股东及股东代表： 在报告期内，本人严格按照《中华人民共和国公司法》 （以下称"《公司法》"） 《中华人民共和国证券法》（以下称"《证券法》"）《上市公司独立董事管理 办法》以及《公司章程》《公司独立董事工作制度》等规定和要求，本着对全体 股东负责的态度，积极参与公司各项重大决策并审慎发表独立意见，积极维护公 司及全体股东的合法权益。现将本人 2024 年度履职情况报告如下： （夏定国） 北京当升材料科技股份有限公司 独立董事 2024 年度述职报告 一、出席会议情况 本人自2024年4月担任公司独立董事以来，出席公司董事会会议、董事会战 略和可持续发展委员会会议、提名委员会会议、股东大会、半年度经营总结会等 重要会议共16次，不存在委托他人、缺席或连续两次未出席董事会会议的情况。 对于公司董事会讨论的议案，本人会提前主动获取会议资料，并进行认真审议， 结合自身专业知识，在市场开发、技术研发、产业布局等领域为公司提出专业意 见和建议。对于各项议案，本人能够明确地表达自己的看法，并审慎地提出自己 的独立意见，切实保护了全体股东尤其是中小股东的权益。本 ...