2 1 Shi Ji Jing Ji Bao Dao·2025-10-04 00:40Core Viewpoint - The strategic partnership between Fulin Precision (300432.SZ) and CATL (300750.SZ; 3750.HK) has entered a critical turning point, with CATL increasing its stake in Fulin's subsidiary, Jiangxi Shenghua, to 51% through a capital increase of 2.563 billion yuan, marking a significant shift in control and collaboration [2][5]. Group 1: Financial and Operational Highlights - Fulin Precision's core business includes lithium battery cathode materials, automotive engine and transmission precision components, and has expanded into robotic intelligent joint modules and components [5]. - In 2024, Fulin Precision is projected to achieve revenue of 8.47 billion yuan, with Jiangxi Shenghua contributing 4.83 billion yuan and Mianyang Fulin Precision New Energy contributing 1.68 billion yuan, alongside a net profit of 402 million yuan [5]. - Jiangxi Shenghua's total assets reached 7 billion yuan by mid-2025, with net assets increasing from 725 million yuan at the end of the previous year to 1.189 billion yuan [7]. Group 2: Strategic Developments - The partnership between Fulin Precision and CATL dates back to 2021, with CATL initially investing 20 million yuan and subsequently increasing its stake to 20% by 2022 [5]. - A business cooperation agreement signed on August 12, 2024, commits CATL to purchase at least 140,000 tons of lithium iron phosphate annually from Jiangxi Shenghua from 2025 to 2027, with the procurement volume expected to be no less than 80% of Jiangxi Shenghua's production capacity [6]. - The recent capital increase and shareholding change signify a deeper integration of operations and management, with CATL appointing four out of seven directors on Jiangxi Shenghua's board [6]. Group 3: Market Position and Product Development - Jiangxi Shenghua specializes in high-density lithium iron phosphate materials, which are critical for enhancing battery performance and are recognized as a key competitive advantage in the lithium battery industry [9]. - The demand for high-density lithium iron phosphate is expected to surge, particularly with the anticipated growth in fast-charging battery technologies, positioning Jiangxi Shenghua as a leader in this niche market [9]. - The production capacity for high-density lithium iron phosphate at Fulin Precision is currently at 300,000 tons, which is crucial for meeting the increasing market demand [9].