2 1 Shi Ji Jing Ji Bao Dao·2025-10-04 00:47Core Viewpoint - The strategic cooperation between Fulin Precision (300432.SZ) and CATL (300750.SZ; 3750.HK) has entered a critical turning point, with CATL set to increase its stake in Fulin's subsidiary, Jiangxi Shenghua, to 51% through a capital increase of 2.563 billion yuan [2][5]. Group 1: Strategic Cooperation and Financial Impact - CATL will invest 2.563 billion yuan to gain controlling interest in Jiangxi Shenghua, leading to a significant increase in Fulin's stock price, which hit a 20% limit up, closing at 22.22 yuan per share, with a market capitalization of 38 billion yuan [2]. - In 2024, Fulin Precision's revenue is projected to be 8.47 billion yuan, with Jiangxi Shenghua contributing 4.829 billion yuan and Mianyang Fulin Precision New Energy contributing 1.684 billion yuan [4]. - The partnership has evolved since 2021, with CATL progressively increasing its investment and stake in Jiangxi Shenghua, culminating in a commitment to purchase at least 140,000 tons of lithium iron phosphate annually from 2025 to 2029 [5][6]. Group 2: Operational and Management Changes - The change in ownership of Jiangxi Shenghua signifies a deeper collaboration in terms of equity and capital, with CATL taking control of the management, appointing four out of seven board members [6]. - Jiangxi Shenghua's financial health has improved, with total assets reaching 7 billion yuan and net assets increasing from 725 million yuan to 1.189 billion yuan by the end of 2025 [7]. Group 3: Product Development and Market Position - Jiangxi Shenghua specializes in high-pressure lithium iron phosphate materials, which are crucial for the lithium battery industry, and has been recognized for its innovative production techniques [9]. - The demand for high-pressure lithium iron phosphate is expected to surge, with Fulin Precision having a production capacity of 300,000 tons, positioning it as a key player in the fast-charging battery market [10]. - The collaboration with CATL is anticipated to enhance Jiangxi Shenghua's product structure and profitability, with projections indicating a significant increase in the production of higher-generation products [11].