CORUN(SH:600478) Zheng Quan Zhi Xing·2025-05-19 12:22Core Viewpoint - The independent financial advisor, Shenzhen Tashan Consulting Co., Ltd., has conducted a thorough review of Hunan Keli Yuan New Energy Co., Ltd.'s stock option incentive plan for 2025, addressing the regulatory concerns raised by the Shanghai Stock Exchange regarding the feasibility and rationale behind the performance targets set for the incentive plan [1][21]. Group 1: Company Business Overview - The company primarily engages in battery and material businesses, focusing on the nickel-hydrogen battery supply chain while also expanding into the lithium battery upstream sector [2][3]. - Recent years have seen the company grow its revenue through steady development in the nickel-hydrogen battery sector and the construction of a lithium battery supply chain, despite facing challenges from a rapidly changing macro environment and intense industry competition [2][3]. Group 2: Historical Performance and Financials - The company's historical performance shows fluctuating revenues and net profits, with 2023 revenue at 3.711 billion and a net loss of 136 million [2][3]. - The company reported a revenue of 3.786 billion in 2022, with a slight increase to 3.938 billion in 2024, indicating a potential recovery trajectory [2][3]. Group 3: Future Revenue Projections - The company forecasts significant revenue growth across its three main business segments from 2025 to 2027, with total projected revenues reaching approximately 10.18 billion by 2027 [10]. - The battery materials segment is expected to generate revenues of 3.10715 billion in 2027, while the energy storage segment is projected to reach 5.25876 billion [10]. Group 4: Strategic Initiatives and Market Position - The company aims to leverage its differentiated execution strategies to overcome industry limitations and enhance its competitive position through the establishment of a large-scale energy storage ecosystem innovation consortium [7][27]. - The company is actively expanding its market presence in the energy storage sector, which is anticipated to become a key growth driver, with significant investments planned for the development of independent energy storage projects [5][9]. Group 5: Performance Targets and Incentive Plan - The performance targets for the incentive plan are set based on historical performance, business development plans, and current order situations, aiming to achieve net profits of 150 million, 225 million, and 350 million for the years 2025 to 2027 respectively [19][21]. - The company has established a high-performance target for the incentive plan to motivate and retain talent, ensuring alignment with its long-term growth strategy [30][31].