CNGR(SZ:300919) Zhong Zheng Wang·2025-10-09 12:28Core Viewpoint - Zhongwei Co., Ltd. has established itself as a leading player in the new energy battery materials sector, achieving significant growth and market leadership in the production of nickel and cobalt lithium-ion battery precursors, while also preparing for the commercialization of solid-state battery technology by 2026-2027 [1][3][6]. Company Growth and Market Position - Zhongwei's total assets increased from 2.029 billion yuan in 2017 to 74.694 billion yuan by mid-2025, with operating revenue rising from 1.861 billion yuan in 2017 to 40.223 billion yuan in 2024, and net profit increasing from 12 million yuan to 1.281 billion yuan over the same period [3]. - The company has established ten major production bases globally, with over 16,000 employees expected by the end of 2024 [3]. Strategic Initiatives - Zhongwei has taken proactive steps by predicting the high nickel trend, being the first to mass-produce high-nickel precursors, and targeting overseas markets early, establishing partnerships with companies like LG in 2016 [3][4]. - The company has initiated "industrial overseas" strategies, building four production bases in Indonesia to secure nickel resources, thus mitigating risks associated with Indonesia's nickel export bans [3][4]. Technological Advancements - Zhongwei has developed customized precursor products suitable for solid-state batteries and has shipped nearly 50 tons of solid-state battery materials [7]. - The company holds a 31.7% market share in high-nickel ternary precursors and an impressive 89.5% share in ultra-high nickel ternary precursors globally [7]. Future Outlook - The company views its recent slowdown in growth as a "gear shift" rather than a loss of momentum, with expectations of a rebound in growth driven by increasing demand in the new energy vehicle and energy storage markets [6]. - Zhongwei plans to enhance its competitive edge through continuous investment in R&D, focusing on high-nickel, solid-state, and sodium-ion battery technologies [6][8]. Value Enhancement Strategies - Zhongwei aims to anchor its value enhancement through three main paths: deepening technological innovation, improving profitability, and solidifying its ecological foundation [8]. - The company is committed to a diversified technology approach, covering various materials and establishing a comprehensive industrial ecosystem [8][9]. Recycling and Sustainability Efforts - Zhongwei has developed a robust battery recycling business, with plans to process over 50,000 tons of retired batteries and waste materials in 2024, significantly reducing carbon emissions [9]. - The company collaborates with international partners, such as CRONIMET in Germany, to enhance its recycling capabilities and expand its market reach [9][10].