Investment Rating - The report maintains a rating of "Buy" for the company [1][5] Core Views - The company's performance is under pressure due to market competition and the bankruptcy of Northvolt, but the acceleration of new lithium battery materials' marketization is expected to improve future performance [3][8] - The company reported a net profit of 472 million RMB for 2024, a decrease of 75.48% year-on-year, with total revenue of 7.593 billion RMB, down 49.80% year-on-year [8][9] Financial Summary - The company’s revenue is projected to recover from 7.593 billion RMB in 2024 to 10.159 billion RMB in 2025, reflecting a growth rate of 33.8% [7] - The adjusted earnings per share (EPS) forecasts for 2025, 2026, and 2027 are 1.35 RMB, 1.68 RMB, and 2.06 RMB respectively, with corresponding price-to-earnings ratios of 27.0, 21.6, and 17.6 [5][10] - The company’s EBITDA is expected to increase from 571 million RMB in 2024 to 993 million RMB in 2025 [7][10] Market Performance - The company's stock has underperformed, with a year-to-date absolute return of -6.4% and a 12-month return of -30.5% [2] - The total market capitalization of the company is approximately 18.45 billion RMB [2]

-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：当升科技 3月30日，由北京市科委、中关村管委会举办的中关村国际技术交易大会成功召开，发布《百项新技术新 产品榜单》。 当升科技"固态电池专用双相复合超高镍正极材料"项目成功入选，体现了公司在新能源材 料领域的技术领先优势。 随着新能源汽车市场的不断扩大和消费者对高性能电池需求的日益增长，固态电池等新一代电池加速发 展。正极材料作为电池的关键材料在其中发挥着至关重要的作用。 当升科技开发了具有自主知识产权的固 态电池专用双相复合超高镍正极材料。 该正极材料采用超稳定快离子导体修饰技术，解决了固态电解质与正极材料界面阻抗大、副反应严重等瓶 颈难题；采用新一代双相复合工艺，解决了超高镍正极材料安全性差、产气严重等实用化问题。该产品具 有 安全性好、能量密度高、循环寿命长、高低温存储性能优等特点， 综合性能处于国际水平，获得多家 先进固态电池企业的广泛认可和批量订单，应用于电动汽车、无人机、电动垂直起降飞行器（EVTOL）等 高安全、长续航锂电池领域，具有广阔的市场前景。 进固态电池群 ，加小编微信：13 ...

报告要点 [Table_Summary] 公司发布 2024 年年报，实现营业收入 75.9 亿元，同比-49.8%，实现归母净利润 4.7 亿元，同 比-75.48%，实现扣非净利润 2.7 亿元，同比-86.23%；拆至 2024Q4，公司实现营业收入 20.7 亿元，同比下降 19.96%，归母净利润 0.1 亿元，同比下降 98.26%，环比下降 95.75%，实现 扣非净利润-0.5 亿元，同比下降 114.26%，环比下降 146.56%。 分析师及联系人 [Table_Author] 丨证券研究报告丨 公司研究丨点评报告丨当升科技（300073.SZ） [Table_Title] 减值计提拖累业绩，看好新技术&海外成长性 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 当升科技（300073.SZ） cjzqdt11111 公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 公 ...

其他化学制品Ⅱ 分析师：牟国洪 登记编码：S0730513030002 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-01) | 收盘价(元) | 40.85 | | --- | --- | | 一年内最高/最低(元) | 54.10/27.15 | | 沪深 300 指数 | 3,887.68 | | 市净率(倍) | 1.57 | | 流通市值(亿元) | 206.36 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 26.00 | | 每股经营现金流(元) | 3.15 | | 毛利率(%) | 12.38 | | 净资产收益率_摊薄(%) | 3.58 | | 资产负债率(%) | 20.03 | | 总股本/流通股(万股) | 50,650.08/50,516.07 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -36% -27% -18% -9% 1% 10% 19% 28% 2024.04 2024.08 2024.11 2025.03 当升科技 沪深300 资料来源：中原证券研究所 地址： 上海浦东新区 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase in stock price relative to the CSI 300 index over the next six months [1][11]. Core Views - The company's performance is under short-term pressure, with a significant decline in revenue and profits for 2024, but there are expectations for recovery in 2025 driven by increasing demand for lithium battery materials [5][6][8]. - The report highlights the growth in China's new energy vehicle sales and battery production, which is expected to boost the demand for cathode materials [6][8]. - The company has established long-term supply agreements with major clients, which are anticipated to positively impact future performance [9][11]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 7.593 billion yuan, a decrease of 49.80% year-on-year, with a net profit of 472 million yuan, down 75.48% [6][12]. - The operating cash flow increased by 30.74% to 1.598 billion yuan, indicating improved cash generation despite declining profits [6]. - The company plans to distribute a cash dividend of 2.0 yuan per 10 shares [6]. Market Trends - In 2024, China's new energy vehicle sales reached 12.859 million units, a year-on-year increase of 36.10%, contributing to a growing demand for cathode materials [6][8]. - The production of power batteries in China grew by 40.96% in 2024, with expectations for continued growth in 2025 [6][8]. Product and Capacity Development - The company achieved a sales volume of 10.07 million tons of lithium battery materials in 2024, a significant increase of 60.53% year-on-year [8]. - The company is expanding its production capacity, with a total capacity of 129,000 tons by the end of 2024, and plans to add 80,000 tons of high-end capacity in 2025 [8][9]. Strategic Partnerships - The company has signed long-term supply agreements with SK On and LGES, which are expected to secure significant sales volumes and enhance market position [9][11]. - A strategic cooperation framework was established with Zhongwei Co., focusing on resource development and product supply [9]. Future Outlook - The company anticipates a recovery in performance in 2025, driven by increasing demand for lithium battery materials and stabilization of raw material prices [8][9]. - The projected earnings per share for 2025 and 2026 are 1.34 yuan and 1.85 yuan, respectively, with corresponding price-to-earnings ratios of 30.45 and 22.04 [11][12].

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]