来源：智通财经 上市即巅峰，实控人分道扬镳 2022年4月，嘉戎技术登陆创业板。2021年公司营收6.75亿元，归母净利达1.49亿元，扣非净利润1.17亿 元。然而，上市成为公司发展的分水岭。 2022年至2024年，嘉戎技术营收为7.56亿元、5.55亿元、5.56亿元；同期归母净利润从1.07亿元腰斩至 0.50亿元；扣非净利润从0.55亿元萎缩至0.26亿元，2025年前三季度扣非净利润为0.41亿元。 与此同时，嘉戎技术的应收账款规模持续膨胀，从2019年的1.6亿元飙升至2024年末的6.16亿元。截至 2024年末，应收账款占总资产27.58%。 对此，嘉戎技术相关人士对智通财经解释称："原有业务中垃圾渗滤液处理占比较多，客户主要是市 政、国企央企。近两年地方财政存在压力，导致公司回款困难，应收账款压力大。上市后，公司主动调 整策略，筛选优质项目，不再盲目接单，这导致了短期内营收有所下滑。" 智通财经发现，嘉戎技术的IPO募投项目多次延期。 在创业板挂牌仅三年多，嘉戎技术（301148.SZ）原实控人就想脱身了。 嘉戎技术近日宣布，拟通过发行股份及支付现金的方式，购买杭州蓝然技术股份有限公司（下 ...

Core Viewpoint - The lithium battery industry is poised for a significant growth cycle starting in 2026, characterized by strong demand recovery, accelerated global expansion, and disruptive technological advancements, leading to a "dual increase in volume and price + technological leap" pattern [3]. Group 1: Market Outlook - By 2025, global lithium battery production is expected to reach 2250 GWh, with a growth rate of 30% in 2026, and the energy storage sector projected to grow at 48.3%, driven by both domestic and international demand [5]. - There is a notable supply gap in battery cells and various materials, necessitating a stable and efficient supply chain to capitalize on this growth opportunity [5]. Group 2: Conference Details - The 2026 Lithium Battery Key Materials and Applications Market Summit will be held on March 19-20, 2026, in Changzhou, Jiangsu, organized by Xinluo Information [4]. - The summit will focus on three core topics: in-depth discussions on cutting-edge technologies and market supply-demand dynamics, the release of the authoritative 2025 lithium battery brand rankings, and B2B procurement matchmaking [5][6][7]. Group 3: Key Topics and Participants - The main forum will cover lithium carbonate fundamentals and supply-demand outlook, advancements in solid-state battery key electrolyte materials, and high-performance in-situ polymer electrolytes [9]. - Notable participants include Tianqi Lithium Corporation, Liyang Zhongke Solid Energy New Technology Co., and various leading battery manufacturers and material suppliers [9][10]. Group 4: Participation and Sponsorship - The participation fee is set at 2800 yuan per person, with limited free attendance available for the first 200 registrants [16]. - Sponsorship opportunities are available for companies interested in participating in the event [16].

Asia Pacific Equity Research 04 December 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Battery & Materials 2026 target revised up; December production outlook: CATL the only manufacturer seeing m/m growth J.P. Morgan Securities (Asia Pacific) Li ...

Summary of Key Points from the Conference Call Industry Overview - **US-China Tech Rivalry**: The discussion focused on the ongoing technological competition between the US and China, particularly in the energy sector and its implications for industrialization and computing [1][2]. Core Insights - **China's Power Demand Management**: - China has successfully managed high power demand growth for approximately two decades, with installed capacity increasing about 7 times since 2005, from around 500 GW to 3,400 GW [3]. - Despite slower GDP growth, power demand has continued to grow at an annual rate of 5-7% [3]. - The expansion of coal capacity has been primarily for peaking purposes, while renewable energy sources have seen aggressive build-outs, with over 600 GW of solar and 200 GW of wind capacity added [3]. - **US Power Capacity Growth**: - The US has experienced significantly slower capacity growth, with only a 40% increase over the past 20 years [4]. - Recent growth has been linked to industrial policy and new manufacturing capacity, but challenges such as permitting delays and supply bottlenecks could hinder future growth [4]. - **Electrification and Renewable Energy**: - The increasing share of renewables in the power mix and rising electrification are expected to create unique opportunities in energy storage systems (ESS) [4]. - Global ESS installations are forecasted to grow at a compound annual growth rate (CAGR) of approximately 27% from 2025 to 2030, with China expected to account for about 50% of all utility-scale additions by 2030 [4]. - **Power Electronics Opportunities**: - The enabling solutions across power electronics and equipment suppliers are seen as second and third order beneficiaries of industrialization and electrification trends in both the US and China [4]. - Japanese and Korean firms, such as Hyundai Electric and Hyushong Electric, are expected to gain market share in this sector [4]. Company-Specific Insights - **Contemporary Amperex Technology Co., Ltd. (CATL)**: - Price target (PT) set based on 2026E EPS of RMB20.0 and a PEG of 1.0x, with an underlying EPS CAGR of 26% from 2025 to 2028 [9]. - Risks include weaker electric vehicle (EV) sales, higher production costs, and potential loss of market share [9]. - **Kehua Data Co., Ltd.**: - Valued at a PT of RMB86.07, implying a 40x 2026E P/E ratio [10]. - Risks include weaker-than-expected domestic AI capital expenditures and increased competition [10]. - **Shenzhen Senior Technology Material Co., Ltd.**: - Valuation based on a PEG of 0.75x, with an underlying EPS CAGR of 44% from 2025 to 2027 [11]. - Risks include fluctuations in EV demand and capacity expansion rates [11]. - **Sungrow Power Supply Co., Ltd.**: - Price target of RMB233.96 based on a 25x FY26E P/E [12]. - Risks include lower-than-expected solar installations and growth in energy storage systems [12]. - **Wuxi Lead Intelligent Equipment Co., Ltd.**: - Base-case price target of RMB76 based on a 2026E P/E of 50x [13]. - Risks include shifts in global power battery demand and geopolitical actions against Chinese battery companies [13]. Additional Important Information - The report emphasizes the importance of energy demand in driving technological leadership and innovation across various fields, including computing and manufacturing [2]. - The contrasting dynamics of the power sectors in the US and China highlight the strategic importance of energy management in the tech rivalry [2][4].

Accessible version Lithium turns into deficit in 2026E; price upside in 1H26 We turned positive on China lithium sector in Aug-2025 (see our report: CATL lithium mine suspension & peak season; upgrade Ganfeng/ Tianqi). Lithium demand has been stronger than expected, with over 10% deficit in Sep'25 and inventory dropped to below 40 days (Exhibit 16). Our global team sees (Exhibit 14) a small deficit for lithium in 2026, with strong ESS demand (c.0.4mnt LCE); and lithium price of US$16.2k/ton in 2026, equival ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the materials sector, specifically aluminum, copper, and the battery chain, with a cautious stance on anti-involution sectors [1][2][3]. Core Insights Aluminum - Aluminum is preferred over copper due to underappreciated supply risks, particularly regarding smelting capacity in Indonesia and potential over-optimism in Middle Eastern expansion plans [2]. - Chinese smelter utilization is reported at over 98%, with China being a net importer of aluminum, primarily from Russia [2]. - Apparent consumption and inventory levels for aluminum in China are healthier compared to copper [2]. - Top picks in aluminum include Hongqiao and Chalco H/A [2]. Copper - Demand for copper is weakening as of Q4 2025, with inventory stockpiling observed in both the US and China [3]. - Price expectations for copper may be influenced by anticipated rate cuts into 2026, with long-term bullish sentiment due to potential supply deficits in the next 3-5 years [3]. - Tight global power supply is contributing to positive sentiment for copper [3]. - Zijin Mining's copper and lithium assets are considered undervalued, with a Buy rating maintained [3]. - Among pure copper plays, MMG is preferred over CMOC for better valuation [3]. Battery Chain - The battery chain is viewed as more defensive, with a rally driven by strong expectations for energy storage systems (ESS) [4]. - Caution is advised before the Chinese New Year, as the rally may be mostly priced in [4]. - Defensive names like CATL are preferred into Q1 2026 due to uncertainties in production pipelines and weak EV demand [4]. - Key catalysts to watch include the production pipeline in March 2026, which could shift market sentiment towards companies with higher elasticity [4]. Cement and Steel - Cement and steel sectors are the least preferred, with steel demand supported by exports but facing weaker anti-involution enforcement [5]. - Production cuts in cement are not expected due to profitability among companies, leading to low prices and profits into H1 2026, with potential recovery in H2 2026 [6]. Additional Important Points - The report emphasizes the importance of monitoring the production pipeline and market conditions closely, particularly for aluminum and copper [2][3][4]. - The overall sector ranking is: Aluminum > Copper > Battery > Gold > Battery Materials > Coal > Cement > Steel [1]. - Cross-sector top picks include Hongqiao, Chalco H/A, Zijin Mining H/A, and CATL-A [1].

Core Viewpoint - The continuous emergence of "GWh-level" energy storage orders overseas demonstrates that leading Chinese energy storage companies are becoming a key force in changing the global energy storage landscape [2] Group 1: Overview of Energy Storage Orders - From 2025 to present, the top 10 energy storage giants have signed overseas orders totaling 166.26 GWh, which is 2.04 times the new installed capacity of the overseas energy storage market in 2024 (81.5 GWh) [2] - Australia leads with an order volume of 41.16 GWh, followed by the Middle East with 38 GWh, and Asia (excluding China) with 33.642 GWh [2] - All top 10 energy storage companies have overseas order volumes exceeding 4 GWh, with six companies surpassing 10 GWh. The top three are CATL (52.9 GWh), Hicharge (34.01 GWh), and BYD (19.7 GWh) [2][3] Group 2: Company-Specific Orders - CATL has secured 52.9 GWh of orders across Australia, Asia, the Middle East, and North America [3] - Hicharge has 34.01 GWh of orders in Asia, the Middle East, Australia, North America, and Europe [3] - BYD has 19.7 GWh of orders in the Middle East, South America, Europe, and North America [3] Group 3: Potential Risks and Market Dynamics - Many overseas orders are merely intention orders, with execution cycles lasting 2-3 years or longer. The global energy storage industry is facing unprecedented challenges, and the surge in overseas orders may mask underlying risks [5] - The bankruptcy of Powin, a former top 3 global energy storage system integrator, could impact the globalization efforts of many companies. Powin has built and is constructing energy storage systems exceeding 17 GWh globally [5][6] - The future of global industry development and policy may lead to more overseas projects being delayed or terminated, significantly affecting the globalization of the energy storage industry [5][6] Group 4: Financial Health and Industry Competition - Maintaining financial health is crucial as the industry faces intense competition. Historically, financially healthy companies are more likely to survive industry downturns, while financially weak companies may face severe challenges, including debt defaults or bankruptcy [7] - Companies must prioritize survival before expanding their global market influence and reach [7]

Core Viewpoint - The news highlights the IPOs of two companies, Nabichuan and Youxun, focusing on their business models, market positions, and financial metrics, indicating potential investment opportunities in the automotive and semiconductor sectors. Group 1: Nabichuan (301667.SZ) - Nabichuan, established in 2007, specializes in thermal management products for electric vehicle batteries, fuel vehicle power systems, and energy storage batteries, with key products including battery liquid cooling plates and engine radiators [1][3] - The IPO price is set at 22.63 CNY per share, with an institutional offering price of 23.01 CNY, and a market capitalization of 18.95 billion CNY [2] - The company has a significant reliance on CATL, with sales to CATL accounting for 53.73% of revenue in 2022, indicating a risk due to dependency on a single major customer [4] - Nabichuan's market share in battery liquid cooling plates is projected to reach approximately 12.16% by 2024, positioning it as a leader in this niche market [3] Group 2: Youxun (688807.SH) - Youxun focuses on the research, design, and sales of optical communication front-end transceiver chips, positioning itself upstream in the semiconductor supply chain [5] - The IPO price is set at 51.66 CNY per share, with an institutional offering price of 52.90 CNY, and a market capitalization of 31 billion CNY [6] - Youxun is recognized as a "national champion" in the optical communication sector, with its core products achieving significant market share, ranking first in China and second globally in the 10Gbps and below segment [9] - The company plans to allocate 4.68 billion CNY (57.82%) of its raised funds towards the development and industrialization of next-generation access network and high-speed data center chips [8]

纳百川成立于2007年，公司总部位于温州市泰顺县。公司专注从事新能源汽车动力电池热管理、燃油汽 车动力系统热管理及储能电池热管理相关产品的研发、生产和销售，主要产品包括电池液冷板、电池集 成箱体、燃油汽车发动机散热器、加热器暖风等。 12月8日，可申购创业板的纳百川（301667）(301667.SZ)与科创板的优迅股份(688807.SH)。 | 今日申购 | | | | | --- | --- | --- | --- | | 301667.SZ 纳百川 | | | | | 发行价(元/股) | 机构报价(元/股) | 市值(亿元) | 所属行业 | | 22.63 | 23.01 | 18.95 | 汽车制造业 | | 发行市盈率 | 行业市盈率 | 可比公司 | 可比公司动态市盈率 | | 28.70 | 28.71 | 三花智控 银轮股份 | 46.98 34.48 | | | | 方盛股份 | 89.01 | | 业绩情况 | | | | | 0 0 | | | COOL | | 募集资金投资方向 | 拟投入募集资金金额 (亿元) | 出 | | --- | --- | --- | | 纳百川（滁州 ...

招股书披露，纳百川专注从事新能源汽车动力电池热管理、燃油汽车动力系统热管理及储能电池热管理相关产品的研发、生 产和销售，主要产品包括电池液冷板、电池集成箱体、燃油汽车发动机散热器、加热器暖风等。 在新能源汽车动力电池热管理领域，公司于2012年起即与宁德时代开展合作研发，是宁德时代的战略供应商，产品配套供应 T公司、蔚来汽车、小鹏汽车、理想汽车、哪吒汽车、零跑汽车、吉利汽车、长安汽车、广汽集团、长城汽车、上汽荣威、 东风日产、奔驰、大众、奇瑞汽车、赛力斯等多家汽车品牌。 智通财经APP获悉，12月8日，纳百川(301667.SZ)开启申购，发行价格为22.63元/股，申购上限为0.65万股，市盈率28.7倍， 属于深交所，浙商证券为其保荐机构。 纳百川于招股书中提示经营活动现金流为负的风险。报告期各期，公司经营活动产生的现金流量净额分别为2,048.73万元、 11,131.50万元、3,877.05万元、-5,652.75万元，由于2024年第四季度以来，公司生产销售规模大幅增长、采购支出增长，受 开立银行承兑汇票支付保证金等短期因素影响，支付其他与经营活动有关的现金较高，导致2024年度经营活动产生的现金 ...