证券代码：300207 证券简称：欣旺达 公告编号：<欣>2025-033 欣旺达电子股份有限公司 关于控股股东部分股份质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 注 2：本公告中占公司总股本比例均按 2025 年 4 月 23 日公司的总股本 1,845,806,346 股计算。 2、控股股东股份累计被质押的情况 1 截至2025年4月23日，上述股东及其一致行动人所持质押股份情况如下： 股东名 称 持股数量 持股比 例 本次质押以 及解除质押 前质押股份 数量 本次质押以 及解除质押 后质押股份 数量 占其所 持股份 比例 占公司 总股本 比例 已质押股份 情况 未质押股份 情况 已质押股份 限售和冻结 数量 占已质 押股份 比例 未质押股份 限售和冻结 数量 占未质 押股份 比例 王明旺 361,779,557 19.60% 127,544,000 129,244,000 35.72% 7.00% 0 0% 0 0% 欣旺达电子股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日接到公 司控股股东王明旺先生的函告，获悉其将所 ...

电池产业的"吸金"能力依旧，但随着新一轮竞争周期的到来，此时的扩产投资风向已经发生了较大的变化。 据起点锂电观察，自2020年开始的锂电产业扩产潮，从无序化正逐步转化为按需投资，随着竞争格局清晰，各领域的布局也更为谨慎。 从项目上来看，各赛道均有项目"喊停"，而这背后的原因与转变都有明显的特点。 01 多个锂电项目折戟 不完全统计，2025年以来已有多个锂电项目被撤回，其中4月份"撤单"数量明显增多。 电池端， 欣旺达4月22日发布公告叫停两大项目 ，分别为 欣旺达30GWh动力电池生产基地项目、 欣智旺智能硬件宁乡综合生产基地项目， 其中就包括百亿级别 动力电池生产项目。 据了解，欣旺达 原计划投资 120亿元，在 珠海市建设30GWh动力电池生产基地， 从事动力电芯、电池模组和电池系统的研发、设计、 生 产及销售。 材料端， 芳源股份4月17日公告宣布终止投资 电池级碳酸锂生产及废旧磷酸铁锂电池综合利用项目。 项目原计划 总投资金额不超过30亿元，分两期建设年产3万吨电池级碳酸锂及4.6万吨磷酸铁前驱体项目（一期）、年产4万吨磷酸铁锂正极 材料项目（二期）。 金浦钛业4月7日公告表示，将终止投资合资公 司 ...

Core Viewpoint - The article highlights the strong performance and growth prospects of XWANDA in the battery industry, showcasing significant revenue and profit increases, along with advancements in technology and global expansion efforts [4][7][34]. Group 1: Financial Performance - The total revenue for 2024 is projected to be 56.021 billion, representing a year-on-year growth of 17.05% compared to 2023 [7]. - The net profit attributable to shareholders is expected to reach 14.68 billion, showing a year-on-year increase of 36.43% [7]. - The net profit after deducting non-recurring gains and losses is forecasted at 16.05 billion, reflecting a substantial growth of 64.99% year-on-year [7]. Group 2: Business Segments Performance - The consumer battery segment generated revenue of 304.05 billion, accounting for 54.27% of total revenue, while the electric vehicle battery segment contributed 151.39 billion, representing 27.02% [9]. - The energy storage system segment reported revenue of 18.89 billion, making up 3.37% of total revenue [9]. - The shipment volume of power batteries reached 25.29 GWh, marking a year-on-year growth of 116.89% [9]. Group 3: Research and Development - The company has invested a total of 129.16 billion in R&D over the past five years, with a current R&D personnel count of 83,897, representing 15.45% of the workforce [11][12][14]. - The company holds over 7,400 cumulative patent applications, with more than 5,200 authorized patents [15][16]. Group 4: Technological Innovations - The silicon-carbon battery for consumer applications has achieved an anode capacity breakthrough of 420-480 mAh/g, with energy density reaching 900 Wh/L [19]. - The fast-charging battery for electric vehicles can charge up to 80% SOC in just 10 minutes, with a peak charging rate of 6C [20]. - The company has developed a 600+ Ah energy storage cell, enhancing energy density by 20% for large-scale storage projects [25]. Group 5: Market Position and Global Expansion - XWANDA ranks 17th among the top 500 global new energy companies and 258th among China's top 500 private enterprises [34]. - The company is expanding its global footprint with the opening of the Zhejiang Lithium Industry Park and several overseas facilities under construction [30]. - The first million HEV hybrid vehicle batteries have been produced, indicating strong market demand and successful partnerships [32].

【DT新材料】 获悉，4月22日， 欣旺达 发布公告， 终止 公司子公司深圳市欣智旺电子有限公司（以下简称"深圳欣智旺"）及欣旺达动力科技股份有 限公司（以下简称"欣旺达动力"） 的两项共 对外投资项目。 ①终止投资建设"欣智旺智能硬件宁乡综合生产基地项目" 2022年2月23日，深圳欣智旺与与宁乡经开委在宁乡经开委辖区内投资建设宁乡项目，总投资 20亿元 ，分为两期投入，其中项目一期总投资5亿元， 项目二期总投资15亿元。目前，深圳欣智旺已与宁乡经开委解除以上合同关系，该项目 未投入资金 。 ②终止投资建设" 欣旺达30GWh动力电池 生产基地项目（暂定）" 2022年2月28日，欣旺达动力于珠海市政府辖区内投资建设珠海项目。项目计划总投入约 120亿元 。目前，欣旺达动力拟与珠海市政府协商解除以上 合同关系，该项目 前期投入金额较小 ，后续未有资金持续投入。 关于终止这两个项目投资的 原因 ，欣旺达称，由于 市场环境、客户情况变化，项目至今仍未取得实质性进展 ，决定终止以上项目投资。 同日， 欣旺达 发布 2024年年报 ，公司2024实现营业收入560.2亿元，同比上升17.06%；归母净利润为14.6 ...

欣旺达（300207.SZ）2024 年年报点评 业绩符合预期，消费盈利能力稳健 2025 年 04 月 22 日 ➢ 事件。25 年 4 月 22 日，公司发布 2024 年年报。24 年全年实现营收 560.21 亿元，同比增长 17.05%；实现归母净利润 14.68 亿元，同比增长 36.43%；扣 非后归母净利润 16.05 亿元，同比增长 64.99%。 ➢ Q4 业绩拆分。营收和净利：公司 2024Q4 营收 177.42 亿元,同比+31.00%， 环比+23.55%；归母净利润为 2.56 亿元，同比-6.06%，环比-34.08%；扣非后 净利润为 4.42 亿元，同比+21.75%，环比+25.63%。毛利率：2024Q4 毛利率 为 13.36%，同比-1.66pcts，环比-1.71pcts。净利率：2024Q4 净利率为-0.19%， 同比-0.82pcts，环比-1.20pcts。费用率：公司 2024Q4 期间费用率为 11.63%， 同比-2.30pcts，其中销售、管理、研发、财务费用率分别为 0.76%、5.13%、 5.99%、-0.25%，同比变动-0.52pcts、 ...

动储营收大幅成长，大客户、AI 终端、机器人增量可期 ——欣旺达点评报告 投资要点 高。近年来，下游新能源车的细分赛道格局已经逐渐稳定，各个梯队之间逐渐转 为有序和良性的竞争，在此背景下，公司动力电池业务凭借"聚焦+差异化"的 策略，获得了国内外众多知名车企的认可，在国内市场方面，公司量产交付了多 个爆款车型，在国际市场方面，公司新获多个全球知名车企项目的定点，因此公 司动力电池业务收入呈现良好的上升趋势，进一步向盈亏平衡点靠近。 ❑ 锂威的整体利润贡献进一步成长 2024 年公司消费类电池实现营业收入 304 亿元，同比增长 6.52%，实现毛利率 17.65%，同比增加 2.74pcts，盈利提升的核心原因在于消费类电芯业务的生产规 模逐步扩大，电芯自供比例不断提升。2024 年浙江锂威和惠州锂威共实现营业 收入近 60 亿元，同比增长约 17%，合计净利润约为 10.9 亿元，同比增长约 69%，手机电芯业务市场份额稳步提升，行业地位进一步夯实，笔电应用领域作 为公司新增长点已进入头部客户供应链。随着锂威的成长，欣旺达在手机、平 板、PC 和可穿戴等市场的 cell+pack 一体化供应逐渐打开，特别是 ...

Core Viewpoint - The AI Fund Shenwan Lingxin New Energy Vehicle Theme Flexible Allocation Mixed A (001156) reported a profit of 48.76 million yuan in Q1 2025, with a net value growth rate of 2.83% for the period [2]. Fund Performance - As of April 21, the fund's net value growth rates were -3.44% over the past three months, -5.17% over the past six months, 9.50% over the past year, and -21.41% over the past three years, ranking 109/182, 98/182, 75/179, and 62/119 respectively among comparable funds [3]. - The fund's Sharpe ratio over the past three years was -0.0817, ranking 61/116 among comparable funds [7]. - The maximum drawdown over the past three years was 57.59%, with the largest single-quarter drawdown occurring in Q1 2020 at 28.78% [9]. Fund Holdings and Strategy - As of Q1 2025, the fund's scale was 1.544 billion yuan [14]. - The fund has a high concentration of holdings, with the top ten stocks including BYD, CATL, Xinwangda, Keda Li, Xiamen Tungsten, Weir Shares, Jianghuai Automobile, Seres, BAIC Blue Valley, and Jingfang Technology [18]. - The fund manager indicated a strategic shift in Q1 2025, reducing exposure in the wind and solar storage sectors and focusing investments on the automotive sector, particularly in battery and materials, smart vehicles, and automotive components [2].

Core Viewpoint - The company achieved "double growth" in revenue and net profit for 2024, with total revenue reaching 56.02 billion yuan, a year-on-year increase of 17.05%, and net profit attributable to shareholders of 1.468 billion yuan, up 36.43% [1] Group 1: Financial Performance - In 2024, the company reported total revenue of 56.02 billion yuan, a 17.05% increase year-on-year, and a net profit of 1.468 billion yuan, reflecting a 36.43% growth [1] - The company's net profit after deducting non-recurring gains and losses was 1.605 billion yuan, marking a 64.99% increase [1] - The revenue from the consumer battery business was 30.405 billion yuan, accounting for 54.27% of total revenue, while the revenue from the power battery business was 15.139 billion yuan, contributing 27.02% [1] Group 2: Business Segments - The consumer battery business saw revenue growth of 6.52% in 2024, driven by increased demand and improved product offerings [2] - The power battery segment achieved a shipment volume of 25.29 GWh, a 116.89% increase from 2023, with revenue of 15.139 billion yuan, up 40.24% [3] - The energy storage business reported a shipment volume of 8.88 GWh, a 107% increase, with revenue of 1.889 billion yuan, reflecting a 70.19% growth [4] Group 3: Market Trends and Innovations - The global electric vehicle battery installation volume reached 894.4 GWh in 2024, a 27.2% increase, indicating strong market demand [3] - The company is focusing on innovation, with significant R&D investments totaling over 3.3 billion yuan in 2024, and a cumulative investment exceeding 12.9 billion yuan over the past five years [6] - New product developments include high-energy density batteries and advancements in solid-state battery technology, positioning the company for future market demands [6] Group 4: Shareholder Returns - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, totaling approximately 275 million yuan, reflecting a commitment to shareholder returns [10] - In 2024, the total amount of cash dividends and share buybacks reached 723 million yuan, accounting for 49.25% of the net profit [10]

4月22日，欣旺达电子股份有限公司发布公告， 宣布终止两大项目投资。 一是欣智旺智能硬件宁乡综合生产基地项目。 欣旺达子公司深圳市欣智旺电子有限公司与宁乡经济技术开发区合作，原计划在宁乡建设一个智能硬件生产基地。总投资额为20亿元，分为 两期进行，其中一期投资5亿元，二期投资15亿元。 项目的初衷是利用宁乡的资源优势，打造一个涵盖智能家居、消费电子、物联网等领域的综合生产基地。 二是欣旺达30GWh动力电池生产基地项目。 欣旺达动力科技股份有限公司原计划在珠海市建设的30GWh动力电池生产基地，计划总投资约120亿元。计划建设总产能达30GWh的动力电 池项目，从事动力电芯、电池模组和电池系统的研发、设计、 生产及销售。 （ 来源：综合报道、欣旺达公告） 往 期 回 顾 01 ｜ 国内单体规模最大！2万吨磷酸锰铁锂产能点火投产 02 ｜ 锂电企业决战马来西亚！ 03 ｜ 56亿磷酸铁锂项目签约四川遂宁 04 ｜ 2025起点轻型动力及两轮车换电大会7月10-11日无锡 举办 点击阅读原文，即可报名参会！ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q4 performance of the company met market expectations, with a revenue of 177 million yuan in Q4, representing a 31% quarter-on-quarter increase and a 24% year-on-year increase. The net profit for Q4 was 26 million yuan, showing a 6% quarter-on-quarter decrease and a 34% year-on-year decrease [10] - The self-supply rate of battery cells has increased to 40%, with a target of over 50% in 2025. The company aims to achieve a revenue target of 70-80 billion yuan in 2025 [10] - The company is expanding its energy storage customer base, with energy storage battery revenue growing by 40% year-on-year to 151 billion yuan in 2024 [10] Financial Performance Summary - Total revenue for 2023 was 47.862 billion yuan, with a year-on-year decrease of 8.24%. The projected revenue for 2024 is 56.021 billion yuan, reflecting a year-on-year increase of 17.05% [1] - The net profit attributable to the parent company for 2023 was 1.076 billion yuan, with a year-on-year increase of 0.77%. The projected net profit for 2024 is 1.468 billion yuan, indicating a year-on-year increase of 36.43% [1] - The earnings per share (EPS) for 2023 was 0.58 yuan, with a projected EPS of 0.80 yuan for 2024 [1] Revenue and Profit Forecast - The company expects to achieve a net profit of 2.051 billion yuan in 2025, with a year-on-year growth of 39.68% [1] - The projected net profit for 2026 is 2.506 billion yuan, with a year-on-year growth of 22.18%, and for 2027, it is expected to reach 3.024 billion yuan, with a year-on-year growth of 20.68% [1] Valuation Metrics - The price-to-earnings (P/E) ratio for the current price and latest diluted EPS is projected to be 32.31 for 2023, decreasing to 23.68 for 2024, and further down to 11.50 by 2027 [1] - The target price for the company is set at 27.8 yuan, based on a 25x P/E for 2025 [10]