CNGR(SZ:300919) Zheng Quan Shi Bao Wang·2025-04-23 12:27Core Viewpoint - Zhongwei Co., Ltd. has officially submitted its H-share listing application to the Hong Kong Stock Exchange, aiming to enhance its international strategy and establish a global equity financing platform [1] Group 1: Company Performance - In 2024, Zhongwei achieved a revenue of 40.22 billion yuan, representing a year-on-year growth of 17.4% [1] - The company's overseas revenue reached 17.88 billion yuan, accounting for 44.5% of total revenue, with a year-on-year increase of 27.1% [1] - Zhongwei maintained its leading position in the new energy battery materials sector, with a market share of 20.3% in ternary precursors and 28% in cobalt-based materials, both for five consecutive years [1] Group 2: Market Trends - A trend of A+H dual-platform listings is emerging among leading companies in the new energy sector, reflecting a desire for international market expansion and enhanced shareholder structure [2] - UBS predicts that by 2025, over 30 A-share companies will list in Hong Kong, with more than 30% from the new energy sector [2] Group 3: Strategic Motivations - The H-share listing is intended to support Zhongwei's deepening global layout, with overseas revenue increasing significantly from 202 million yuan in 2017 to 17.884 billion yuan in 2024 [4] - The listing will help the company address domestic overcapacity and competition by accelerating R&D in advanced technologies like high-nickel and solid-state battery materials [4] Group 4: Global Market Opportunities - The global new energy vehicle market is rapidly expanding, with sales expected to reach 18.236 million units in 2024, a year-on-year growth of 24.4% [6] - Zhongwei has established a comprehensive global capability in the new energy materials sector, ensuring supply chain security through strategic resource investments and a network of production bases [6][7] Group 5: Future Outlook - The H-share listing will provide strong capital support for Zhongwei's global strategy, enhancing its position in the global new energy materials market [7]