Core Viewpoint - Zhengli New Energy has emerged as a strong player in the battery industry, achieving significant revenue and profit growth in the first half of 2025, indicating potential undervaluation in the context of the overall market dynamics in the new energy vehicle sector [1]. Financial Performance - Zhengli New Energy reported revenue of 3.172 billion yuan, a year-on-year increase of 71.9%, with battery revenue reaching 2.985 billion yuan, up 81.9% [1]. - The gross profit margin improved from 9.9% to 17.9%, placing the company among the top tier in the industry [1]. - The net profit turned positive at 222 million yuan, marking a significant turnaround [1]. Industry Context - The battery industry has experienced a significant PE (Price-to-Earnings) adjustment since the end of 2021, influenced by rising raw material costs and slowing demand growth in the electric vehicle market [5][7]. - The average PE of leading companies like CATL increased dramatically from 39.49 in 2019 to 167.68 in 2021, reflecting the industry's rapid growth during that period [3]. Growth Drivers - Zhengli New Energy's production capacity is fully utilized, with a projected 50% increase in shipment volume year-on-year [11]. - The company has a diverse and high-quality customer base, including new energy vehicle manufacturers and state-owned enterprises, which reduces dependency on any single client and ensures stable orders [11]. - The company is advancing in technology, with products that meet high-performance standards, such as the exclusive supply of batteries for major automotive brands [13][14]. Future Outlook - The company is expected to maintain a revenue growth rate of around 50% for the full year of 2025, with profits potentially reaching 600 million yuan [16]. - The introduction of new production lines and the expansion of energy storage business are anticipated to contribute to revenue growth in the coming years [11][12]. - The ongoing development of solid-state battery technology is expected to enhance the company's competitive edge and open new revenue streams [15]. Investment Potential - Zhengli New Energy's high growth rate and strong profit elasticity suggest that its PE ratio can remain at a reasonable high level, indicating potential for market capitalization expansion [17]. - The company has a robust return on invested capital (ROIC) of 2.3% for the first half of the year, outperforming traditional savings rates, which highlights its ability to generate excess returns for investors [20].
正力新能(3677.HK)：业绩暴增、毛利净利率领跑行业，高增长未被定价的动力电池潜力股