Group 1 - Fulin Precision Industry's subsidiary Jiangxi Shenghua signed a supplementary agreement with CATL, involving a prepayment of 500 million yuan to support the construction of production bases in Jiangxi and Sichuan [1] - Jiangxi Shenghua commits to complete the Jiangxi base by April 30, 2025, and achieve an annual production capacity of 80,000 tons of lithium iron phosphate cathode materials by June 30, 2025 [1] - The agreement ensures that 100% of Jiangxi Shenghua's capacity from 2025 to 2029 will prioritize materials meeting CATL's requirements, with CATL committing to purchase no less than 80% of the promised capacity annually [1] Group 2 - ST Lingda announced the resignation of Chairman and CEO Wang Mingsheng due to personal reasons, with Jin Yongfeng elected as the new Chairman and Yang Xusheng appointed as the new CEO [2] - The impact of this management change on the company's operations remains to be seen, with market focus on the new management's ability to improve the company's performance [2] Group 3 - Nanshan Aluminum plans to invest approximately 1.868 billion yuan to establish a joint venture in Indonesia for the production of 200,000 tons of caustic soda and 165,000 tons of epoxy chloropropane [3] - This investment reflects the company's internationalization strategy and intention to extend its industrial chain, potentially enhancing its global competitiveness [3]

Core Viewpoint - The signing of a supplementary agreement between Fulin Precision and CATL allows for the early locking of additional lithium iron phosphate (LFP) production capacity, indicating a strategic move to strengthen long-term cooperation in the LFP sector [2][10]. Group 1: Agreement Details - The supplementary agreement revises the original business cooperation agreement, increasing the production capacity supported by CATL from 7.5 million tons per year to 16 million tons per year at the Jiangxi base and 20 million tons per year at the Sichuan Phase III [2][6]. - CATL will make a one-time prepayment of 500 million yuan to support the construction of the expanded production capacity [6][7]. - The agreement ensures that the production lines at Jiangxi Shenghua will prioritize the production of LFP required by CATL, with a commitment to meet CATL's production requirements by June 30 [7][10]. Group 2: Financial Performance - Jiangxi Shenghua's revenue for 2022, 2023, and 2024 was 4.879 billion yuan, 2.808 billion yuan, and 4.829 billion yuan, respectively, with net profits of 288 million yuan, -1.053 billion yuan, and -283.6 million yuan [10]. - As of June 5, Fulin Precision's stock price was 12.88 yuan per share, with a total market capitalization of 22.02 billion yuan [8]. Group 3: Market Dynamics - The LFP market is experiencing a reshaping of its competitive landscape, with CATL signing long-term agreements with multiple leading LFP companies, which is expected to accelerate the industry's "elimination race" [2][10]. - The traditional LFP market is becoming increasingly competitive, with some outdated capacities likely to be phased out, while high-density LFP materials are gaining traction among leading companies [16][10].

证券代码：300432 证券简称：富临精工 公告编号：2025-038 富临精工股份有限公司 关于子公司与宁德时代签订《业务合作协议》之补充协议的公告 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。 一、协议签订的基本情况 鉴于富临精工股份有限公司（以下简称"公司"）控股子公司江西升华新材 料有限公司（以下简称"江西升华"）已与宁德时代新能源科技股份有限公司（以 下简称"宁德时代"）签订《业务合作协议》。根据双方战略合作规划及未来市 场需求，双方同意在锂电磷酸铁锂材料验证、生产方面建立长期合作的机制,共 同开拓新能源市场。具体内容详见公司于2024年8月12日披露的《关于子公司与 宁德时代签订<业务合作协议>的公告》（公告编号：2024-045）。 2025年3月，公司及控股子公司江西升华以增资扩股方式引入战略投资者宁 德时代，公司与宁德时代在磷酸铁锂材料产品研发、产能投建、国际化拓展、供 应链及资本等方面开展长期可持续的深度合作，并以此达成战略伙伴关系。具体 内容详见公司于2025年3月10日披露的《关于与宁德时代新能源科技股份有限公 司签署战略合作协议的公 ...

Core Viewpoint - The lithium iron phosphate (LFP) industry is experiencing a significant downturn, with many companies halting or terminating projects due to oversupply, while leading firms are securing large orders, indicating a bifurcation in the market dynamics [2][3][4]. Group 1: Industry Dynamics - The LFP industry is currently in a down cycle, with companies like Zhongke Titanium White announcing the termination of their LFP projects due to severe oversupply conditions [2][3]. - The price of lithium iron phosphate has plummeted from 166,000 yuan/ton at the beginning of the year to 46,000 yuan/ton by year-end, reflecting a drastic decline in market conditions [3]. - Despite many companies pausing expansion, some capacity is still being released, leading to continued price declines, with current market prices for power-type LFP ranging from 31,750 to 34,750 yuan/ton [4]. Group 2: Major Contracts and Market Trends - Leading companies like Longpan Technology and Wanrun New Energy have recently signed significant contracts, with Longpan securing agreements worth over 5 billion yuan for LFP sales to major battery manufacturers [6][8]. - The demand for LFP is increasing, with a projected shipment of 2.46 million tons in 2024, representing a 49% year-on-year growth, capturing nearly 74% of the total cathode material shipments [9]. - The utilization rate of LFP production capacity is currently around 55%-60%, with improvements expected due to strong demand in energy storage and favorable policies [9]. Group 3: Technological Advancements - The industry is shifting towards high-pressure dense LFP products, which are becoming the mainstream due to their superior performance and efficiency [12][13]. - Only a few companies, such as Hunan Youneng and Fulin Precision, have mastered the technology for fourth-generation high-pressure dense LFP, indicating a significant technological barrier in the market [12]. - The market is expected to see a further concentration of production capacity among leading and low-cost firms, as traditional LFP competition remains intense [13]. Group 4: Supply and Demand Outlook - The overall capacity in the LFP market has reached 5.2985 million tons, with a projected demand of 3.1867 million tons by 2025, indicating a significant oversupply situation [14]. - Analysts predict that supply and demand will reach a balance by 2027, with a gradual recovery in capacity utilization rates expected thereafter [14]. - The price of LFP is anticipated to remain under pressure in the short term, primarily influenced by the declining prices of lithium carbonate [15].

Investment Rating - The report maintains a "Recommendation" rating for the electric vehicle industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [18]. Core Insights - In May 2025, new energy vehicle deliveries from various manufacturers totaled 311,797 units, representing a year-on-year increase of 53% and a month-on-month increase of 41%. Zeekr led the sales with 46,538 units, showing a year-on-year increase of 150% and a month-on-month increase of 239% [5]. - Cumulative deliveries of new energy vehicles from domestic manufacturers reached 1,143,627 units by May 2025, reflecting a year-on-year increase of 327% [5]. - The report highlights that battery components are the most valuable parts of electric vehicles, suggesting a focus on upstream supply chains due to stable delivery growth from new energy vehicle manufacturers [5]. Summary by Sections Industry Basic Data - The electric vehicle industry comprises 300 listed companies with a total market capitalization of 48,588.68 billion and a circulating market capitalization of 42,362.62 billion [2]. Relative Index Performance - The absolute performance of the industry over the past month is 2.5%, with a 6-month performance of -8.5% and a 12-month performance of 3.3%. The relative performance shows a 0.6% increase over the past month, a -6.5% decrease over 6 months, and a -3.5% decrease over 12 months [3]. Delivery Performance - The report details the delivery performance of various new energy vehicle manufacturers in May 2025, with significant year-on-year growth for brands like Xiaopeng (230%), Li Auto (17%), and others, indicating a robust market demand [5].

证券代码：300432 证券简称：富临精工 公告编号：2025-037 富临精工股份有限公司 关于控股股东部分股权质押的公告 1、本次股东股份质押基本情况 注：1、富临集团持有公司 371,244,012 股股份，其中 44,000,000 股股份存放于招商证 | 股东名称 | 是否为控 股股东及 | 本次质押股 | 占其所 | 占公 司总 | 是否 | 是否 为补 | 质押起始日 | 质押到期日 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 其一致行 | 份数量（股） | 持股份 | 股本 | 为限 | 充质 | | | 质权人 | 质押用途 | | | 动人 | | 比例 | 比例 | 售股 | 押 | | | | | | 四川富临实 | | | | | | | 2025 年 5 月 27 | 富临集团解除 | 中信证券 | 生产经营资 | | 业集团有限 公司 | 是 | 7,920,000 | 2.13% | 0.65% | 否 | 否 | 日 | 质押时止 | 股份有限 公司 | 金需要 | ...

Core Viewpoint - The company has approved its 2024 annual profit distribution and capital reserve conversion plan, which includes cash dividends and stock increases for shareholders [1][5][10]. Summary by Sections Profit Distribution and Capital Reserve Conversion Plan - The company will distribute a cash dividend of RMB 1.00 per 10 shares (including tax), totaling approximately RMB 122.13 million, based on a total share count of 1,221,257,316 shares as of December 31, 2024 [1][5]. - Additionally, the company will convert capital reserves into shares, issuing 4 new shares for every 10 shares held, resulting in an increase of 488,502,926 shares, bringing the total share count to 1,709,760,242 shares [1][6]. Implementation Details - The profit distribution plan will be executed on June 4, 2025, with the record date set for June 3, 2025 [7]. - The cash dividends will be directly credited to shareholders' accounts on the execution date [9]. Taxation Information - Different tax rates will apply based on the type of shares held, with specific provisions for foreign investors and domestic funds [5][6]. Financial Impact - Post-distribution, the earnings per share for the 2024 fiscal year is projected to be RMB 0.2321, calculated on the new total share count [10].

证券代码：300432 证券简称：富临精工 公告编号：2025-036 富临精工股份有限公司 关于2024年年度权益分派实施公告 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。 富临精工股份有限公司（以下简称"公司"或"本公司"）2024年年度权益分派 方案已获2025年5月19日召开的公司2024年年度股东大会审议通过。现将权益分 派事宜公告如下： 一、股东大会审议通过的利润分配及资本公积金转增股本方案 1、公司于2025年5月19日召开2024年年度股东大会，审议通过了《关于2024 年度利润分配及资本公积金转增股本预案的议案》，公司2024年度利润分配及资 本公积金转增股本方案为：以公司2024年12月31日总股本1,221,257,316股为基数 （实际股数以股权登记日股份数为准），向全体股东每10股派发现金股利人民币 1.00元（含税），预计派发现金股利人民币122,125,731.60元（含税），剩余未分 配利润结转至以后年度；同时以资本公积金向全体股东每10股转增4股，合计转 增488,502,926股，转增后公司总股本将增加至1,709,760 ...

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [4]. Core Insights - The recent passage of the "One, Big, Beautiful Bill" in the U.S. House of Representatives is expected to significantly impact the new energy sector, particularly electric vehicles and solar storage, with stricter requirements for "foreign restricted entities" [4]. - The electric vehicle market is projected to face short-term demand challenges due to the cancellation of a $7,500 subsidy by the end of 2025, while the domestic lithium battery industry maintains a comparative advantage [4]. - The report highlights that the new bill introduces a transition period of 1-2 years for compliance with the "foreign restricted entity" requirements, which may lead to a rush in installations in the short term [4]. Summary by Sections Electric Vehicles - The cancellation of the $7,500 subsidy by the end of 2025 is expected to negatively affect U.S. electric vehicle demand in the short term, but the impact on Chinese companies is limited due to their low export ratio to the U.S. [4]. - The report notes that the U.S. electric vehicle penetration rate is currently low at 9.8%, with projected sales of 1.56 million units in 2024 [4]. Solar Storage - The report discusses the gradual reduction of ITC and PTC subsidies, with the new bill implementing a phased reduction starting in 2029 [4]. - The ITC subsidy is set to decrease from 30% to 0% by 2032, while the PTC subsidy will also see significant reductions [4]. Investment Recommendations - The report suggests focusing on four main investment themes for 2025: 1. True Growth: Companies like CATL, EVE Energy, and LONGi Green Energy [4]. 2. Cycle Recovery: Companies such as Hunan Youneng and Fulin Precision [4]. 3. New Technologies: Firms like Xiamen Tungsten and Rongbai Technology [4]. 4. Supply-side Reform: Companies including Tongwei and GCL-Poly [4]. Valuation Table - A valuation table is provided for key companies in the power equipment sector, detailing their market capitalization, earnings per share (EPS) forecasts, and price-to-earnings (PE) ratios for 2025-2027 [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company is expected to achieve revenue of 8.47 billion yuan in 2024, representing a year-on-year growth of 47.0%, with a net profit attributable to shareholders of 397 million yuan, up 173.1% [2][4] - In Q1 2025, the company reported revenue of 2.697 billion yuan, a year-on-year increase of 80.3%, and a net profit attributable to shareholders of 124 million yuan, reflecting a growth of 211.9% [2][4] - The lithium iron phosphate (LiFePO4) business is projected to see significant growth, with shipments expected to reach 126,200 tons in 2024, a year-on-year increase of 178.79% [9] - The automotive parts business is also expected to grow, with revenue projected at 3.64 billion yuan in 2024, a year-on-year increase of 23.3% [9] Summary by Sections Financial Performance - The company is forecasted to achieve total revenue of 13.13 billion yuan in 2025, with a net profit of 1.017 billion yuan [14] - The gross profit margin for the automotive parts business is expected to be 23.7% in 2024, down 2.8 percentage points year-on-year [9] - The company anticipates a net profit of 1 billion yuan in 2025, corresponding to a price-to-earnings ratio of approximately 23 times [9] Business Segments - The LiFePO4 segment is expected to maintain high operating rates due to strong demand from major clients, with profitability expected to improve in 2025 [9] - The automotive parts segment is projected to continue rapid growth, particularly in the new energy vehicle sector, with significant increases in production capacity [9] - The robotics business is focusing on joint modules, with expectations for increased production capacity and profitability as domestic demand grows [9]