中信证券股份有限公司 关于广州鹏辉能源科技股份有限公司 2024年度跟踪报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：鹏辉能源 | | --- | --- | | 保荐代表人姓名：梁勇 | 联系电话：010- 6083 8888 | | 保荐代表人姓名：徐焕杰 | 联系电话：010- 6083 8888 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | 是 | | 管理制度、内控制度、内部审计制度、关联交易 | | | 制度） | | | | 是，根据公司内控自我评价报告及会计师出具 | | （2）公司是否有效执行相关规章制度 | 的年度内部控制审计报告，发行人有效执行了 | | | 相关规章制度。 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户 ...

中信证券股份有限公司 关于广州鹏辉能源科技股份有限公司 2024 年度持续督导定期现场检查报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：鹏辉能源 | | --- | --- | | （以下简称"中信证券"或"保荐人"） | | | 保荐代表人姓名：梁勇 | 联系电话：010-60833012 | | 保荐代表人姓名：徐焕杰 | 联系电话：010-60838007 | | 现场检查人员姓名：徐焕杰 | | | 现场检查对应期间：2024 年 月 日-2024 1 1 | 年 月 日 12 31 | | 现场检查时间：2025 年 4 月 28 日至 2025 | 年 4 月 30 日 | | 一、现场检查事项 | 现场检查意见 | | （一）公司治理 | 是 否 不适用 | | 现场检查手段： | | | （1）查阅公司股东大会、董事会、监事会议事规则等公司基本制度，查阅历次股 | | | 东大会、董事会及监事会决议及记录； | | （2）访谈公司相关部门人员，了解公司基本制度的执行情况，了解公司董事、监 事和高级管理人员履行职务勤勉尽责情况及变动情况，了解控股股东持有公司股 份的变化情况及控 ...

中信证券股份有限公司 关于广州鹏辉能源科技股份有限公司2024年持续督导工作现场 检查结果及提请公司注意事项 广州鹏辉能源科技股份有限公司： 中信证券股份有限公司（以下简称"本保荐人"）作为对贵公司进行持续督 导的保荐人，按照《深圳证券交易所上市公司自律监管指引第 13 号——保荐业 务》的有关要求，对贵公司认真履行了持续督导职责。 根据本次现场检查的情况，本保荐人特提请关注公司经营业绩情况：2024 年 度，由于上游材料碳酸锂价格有较大幅度下跌，再加上电池产业竞争加剧，虽部 分低效市场产能加速出清，但仍无法遏制价格内卷狂潮，电芯价格已经逼近甚至 跌破企业生产成本，公司储能锂电产品单位售价降幅较大，从而影响了毛利；产 品降价也导致期末计提了较大金额存货跌价准备，从而影响盈利；由于个别客户 信用问题，计提了较大金额坏账准备，影响盈利。受上述多个因素影响，2024 年 度，尽管公司取得营收 79.61 亿元，较上年同期上升 14.83%，但同期归属于上市 公司股东的净利润为-25,245.57 万元，同比下降 685.72%。保荐人提请投资者关 注公司因行业持续低迷、下游应用需求不振、行业竞争加剧等因素导致业绩下 ...

Core Viewpoint - The article discusses the recent focus on new national standards for electric vehicle power batteries and the development of 500Ah+ large storage cells, highlighting the importance of industry dialogue and technological exploration [1][2]. Group 1: New National Standards for Power Batteries - The roundtable discussion will address the impacts of the new national standards on the battery industry [2]. - Key topics include the challenges of achieving non-flammability and non-explosiveness from both product and technical perspectives [2]. - The discussion will explore the technological pathways and solutions that comply with the new standards [2]. - Participants in this segment include companies such as Guoxuan High-Tech, Funeng Technology, and Dofluor [2]. Group 2: 500Ah+ Large Storage Cells - The roundtable will investigate the underlying logic behind the rapid development of large storage cells [2]. - It will also cover the challenges related to materials and processes posed by 500Ah+ large storage cells [2]. - The value that 500Ah+ large storage cells bring to customers will be a focal point of discussion [2]. - Companies involved in this dialogue include Ganfeng Lithium, Penghui Energy, and Xinnengda [4]. Group 3: Event Details - The event will take place on May 16, 2025, at the CIBF exhibition in Shenzhen, with live streaming on the Qidian Lithium Battery video account [3]. - The format includes a roundtable forum, host questions, and online live streaming [3]. - The event aims to focus on new technologies and explore new boundaries within the industry [3].

Financial Performance - In 2024, the company achieved a revenue of 7.961 billion CNY, an increase of 14.83% compared to the previous year [3] - The net profit attributable to shareholders was -252.46 million CNY, a decline of 685.72% year-on-year [3][5] Market Drivers - The demand for batteries is driven by carbon neutrality goals, leading to growth in energy storage, consumer, and power batteries [3] - Technological advancements have led to breakthroughs in battery platforms, including high energy density technology (>400Wh/kg) and low-temperature technology (-40℃) [3][4] Industry Trends - The global energy storage battery market is expected to see explosive growth, with a shipment scale of 314.7 GWh in 2024, a 60% increase year-on-year [6] - The consumer battery market is projected to grow at a compound annual growth rate (CAGR) of 6.24% from 2024 to 2032 [6] - The power battery market is anticipated to reach 894.4 GWh in installed capacity in 2024, a 27.2% increase year-on-year [6] Sector Performance - The lithium primary battery business generated revenue of 299.52 million CNY in 2024, a growth of 9.91% year-on-year [4] - The electric vehicle market is expanding, with sales of pure electric heavy trucks increasing by 139.4% to over 82,700 units [7]

证券代码：300438 证券简称：鹏辉能源 公告编号：2025-019 广州鹏辉能源科技股份有限公司 关于控股股东一致行动人的基金管理人变更的公告 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。 广州鹏辉能源科技股份有限公司（以下简称"公司"）于 2025 年 5 月 7 日收到控 股股东夏信德先生出具的《关于一致行动人的基金管理人变更的告知函》。具体情况公 告如下： 一、一致行动人情况概述 公司于 2023 年 1 月 6 日披露了《关于控股股东增加一致行动人及持股在一致行动 人之间内部转让计划的提示性公告》（公告编号：2023-001），因个人资产规划需要， 夏信德先生计划于 2023 年 1 月 7 日-2023 年 4 月 6 日期间，拟通过大宗交易方式转让 不超过公司总股本的 0.5579%（含本数），即不超过 2,573,748 股（含本数）的公司股 份给广州民投私募证券投资基金管理有限公司-广州民投鹏信翊能私募证券投资基金 （以下简称"鹏信翊能私募基金"），并与鹏信翊能私募基金签署《一致行动人协议》。 夏信德先生为鹏信翊能私募基金委托人且持有该私 ...

Group 1: Wind Power Industry - The wind power industry in China is experiencing a recovery in performance from Q4 2024 to Q1 2025, with some companies exceeding expectations [3] - In 2024, 23 A-share wind power companies reported a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan, showing a revenue increase of 4.39% but a net profit decline of 12.70% year-on-year [3] - In Q1 2025, these companies achieved a total revenue of 47.58 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [3] - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a 35.72% increase year-on-year, and a net profit of 568 million yuan, up 70.84% [4] - The recovery in wind turbine prices and expansion into overseas markets have positively impacted the performance of wind power manufacturers [4][6] Group 2: Solar Power Industry - The solar power industry faced significant challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a decrease of 17.96% year-on-year, and a net profit of approximately -363 million yuan, a decline of 100.25% [8] - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 4.74 billion yuan, indicating a significant drop compared to Q1 2024 [8] - Major integrated solar companies like TCL Zhonghuan, Longi Green Energy, and Tongwei reported substantial losses, with net profits of -9.82 billion yuan, -8.62 billion yuan, and -7.04 billion yuan respectively [8] - Despite the overall downturn, companies involved in solar energy storage have shown resilience, with notable performances from companies like Sungrow Power and Canadian Solar [9] Group 3: Energy Storage Industry - The energy storage industry saw a decline in overall performance in 2024, with 21 A-share companies reporting a total revenue of 682.1 billion yuan, a decrease of 3.59%, and a net profit of 74.54 billion yuan, down 21.4% year-on-year [12] - In Q1 2025, these companies reported a total revenue of 158.07 billion yuan, a year-on-year increase of 12.39%, and a net profit of 21.03 billion yuan, up 34% [13] - The profitability in the energy storage sector is increasingly concentrated among leading companies like CATL and Sungrow, which have reported significant profit increases [13] - The energy storage market is undergoing transformation, with a shift in focus from domestic to overseas markets for higher profit margins [14][15]

Core Viewpoint - The lithium battery industry is transitioning from a rapid growth phase to a saturation phase in 2023, and is expected to enter an adjustment phase in 2024, characterized by intense competition and significant price wars, leading to widening gaps between leading and smaller companies. However, a recovery is anticipated in 2025, bringing new opportunities [1]. Group 1: Company Performance - CATL is projected to have a revenue of approximately 362 billion yuan in 2024, a year-on-year decline of about 10%, but a net profit of 50.7 billion yuan, an increase of about 15%. Battery sales are expected to reach around 475 GWh, a growth of approximately 21.8% [3]. - Guoxuan High-Tech is expected to achieve a revenue of about 35.39 billion yuan in 2024, a year-on-year increase of about 12%, with a net profit of approximately 1.2 billion yuan, up about 28.5% [5]. - EVE Energy anticipates a revenue of around 48.6 billion yuan in 2024, a slight decline of about 0.35%, with a net profit of approximately 4.07 billion yuan, an increase of about 0.63% [7]. - Penghui Energy is projected to have a revenue of about 7.96 billion yuan in 2024, a year-on-year increase of approximately 14.8%, but a net loss of 252 million yuan, a decline of about 685.7% [8]. - Ruipu Lanjun expects a revenue of approximately 17.8 billion yuan in 2024, a year-on-year increase of about 29%, but a loss of about 1.35 billion yuan, although this loss is a reduction of about 30% compared to the previous year [10]. - Zhongchuang Innovation anticipates a revenue of about 27.75 billion yuan in 2024, a year-on-year increase of about 2.76%, with a profit of approximately 840 million yuan, up about 93% [11]. - Xinwanda is projected to achieve a revenue of around 56 billion yuan in 2024, a year-on-year increase of about 17%, with a net profit of approximately 1.46 billion yuan, an increase of about 36.4% [12]. Group 2: Market Trends and Insights - The lithium battery market in 2024 is described as facing significant challenges, with slowing demand growth, frequent product iterations, and continuous capacity expansion, leading to persistent price declines. The performance gap between leading and smaller companies is widening, with top companies like CATL and BYD maintaining growth despite the price wars [15]. - The industry is experiencing a shift from a diverse market to a more concentrated one, with many weaker players being eliminated or acquired, leading to a "80/20" market distribution [17]. - Looking ahead to 2025, key trends will include technological breakthroughs, safety improvements, supply chain optimization, and international expansion. Emerging markets such as two-wheeled vehicles and robotics are expected to drive growth, while safety concerns will prompt stricter regulations [18].

Core Viewpoint - The company reported a decline in net profit for 2024 and a challenging start to 2025, but it is focusing on expanding its energy storage business and developing new technologies to improve future profitability [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 7.961 billion yuan, a year-on-year increase of 14.83%, but reported a net loss attributable to shareholders of 0.252 billion yuan, a year-on-year decrease of 685.72% [1]. - For Q1 2025, the company generated revenue of 1.690 billion yuan, with a quarter-on-quarter increase of 5.83% but a year-on-year decrease of 26.92%. The net loss attributable to shareholders was 0.045 billion yuan, with a quarter-on-quarter decrease of 375.01% and a year-on-year increase of 85.63% [1]. - The gross profit margin for Q1 2025 was 14.19%, with a quarter-on-quarter increase of 2.35 percentage points [1]. Business Development - The company is advancing in the energy storage sector, focusing on large-scale, commercial, residential, and portable storage solutions, and has established strong partnerships with key clients in the renewable energy space [2]. - The company is involved in the largest independent shared energy storage project in China, located in Gansu, with a capacity of 105MW/420MWh [2]. - The company has made significant progress in developing solid-state battery technology, which is expected to reduce manufacturing costs significantly in the next 3-5 years [2]. Investment Outlook - The company is expected to see gradual improvement in its energy storage business, with projected net profits of 0.205 billion yuan, 0.300 billion yuan, and 0.362 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 181.3%, 46.4%, and 20.5% [3].

Company Overview - Penghui Energy reported a total revenue of 7.961 billion yuan in 2024, a year-on-year increase of 14.83%, but faced a net loss of 252 million yuan, a significant decline of 685.72% compared to the previous year [1][3] - In Q1 2025, the company continued to incur losses with total revenue of 1.690 billion yuan, a year-on-year growth of 5.83%, but a net loss of 45 million yuan, a decrease of 375.01% year-on-year [1][3] - The company's lithium battery business accounted for 92.5% of its main revenue in 2024, with a revenue growth of 15.11% [3] Financial Performance - The gross profit margin for lithium batteries in 2024 was 11.4%, down 4.35 percentage points from 2023 [3][5] - Asset impairment losses increased from 207 million yuan in 2023 to 412 million yuan in 2024, significantly impacting overall profitability [3][5] - The cost of lithium batteries rose by 21.05% year-on-year in 2024, primarily due to inventory impairment and raw material price fluctuations [1][3] Market Dynamics - The global energy storage battery market experienced explosive growth in 2024, with a shipment scale of 314.7 GWh, a year-on-year increase of 60% [7] - The competitive landscape is intense, with the top ten companies holding a market share of 90.9%, making it challenging for new entrants [7] - The price of battery-grade lithium carbonate decreased from 96,900 yuan per ton at the beginning of 2024 to 75,000 yuan per ton by year-end, a decline of 23% [5][6] Industry Challenges - The first quarter of 2025 saw a rare decline in new energy storage project installations, with a year-on-year decrease of 1.5% in capacity [9] - The competitive pressure on pricing is evident, as companies are forced to lower prices to win bids, impacting their profit margins [8][9] - Seasonal factors may have contributed to the decline in new installations, as the first quarter typically sees fewer bids compared to the fourth quarter [9]