欣旺达：消费业务表现亮眼，看好动储市场潜力

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [7]. Core Insights - The company has a solid leading position in the consumer battery sector, with expectations of benefiting from the recovery of traditional markets and the AI wave. The increase in self-supply rate of battery cells is anticipated to enhance profits. The power business is seeing a continuous influx of new orders, with market share steadily increasing, and the gradual rise in utilization rates is expected to dilute costs, leading the company towards profitability [10][11][13]. Company Development - The company has established a comprehensive layout in 3C consumer, power, and energy storage lithium-ion batteries. Founded in 1997 and listed in 2011, it has become a leading global player in lithium-ion batteries. The company began its foray into power batteries in 2008 and has since captured significant market opportunities [19][21]. Consumer Battery Sector - The consumer battery segment remains the core business, contributing over 55% of total revenue from 2018 to 2023. The self-supply rate of consumer battery cells has been increasing, which is expected to further enhance profit margins [31][28]. Power Battery Sector - The power battery business is maturing, with revenue and gross profit steadily increasing. In 2023, the power battery segment accounted for 23% of total revenue, reaching 10.8 billion yuan [31][28]. Energy Storage Sector - The energy storage business has started to gain traction since 2022, contributing to the company's revenue and gross profit, with a 2.3% share of total revenue in 2023 [31]. Industry Overview - The consumer battery market is experiencing a recovery, driven by the resurgence of global smartphone sales and the AI wave, which is expected to accelerate the replacement cycle of consumer electronics. The demand for power and energy storage batteries is also robust, with significant growth anticipated in the coming years [10][34]. Market Trends - Global smartphone shipments are projected to recover, with an expected increase in demand for PCs and tablets in 2024, marking the beginning of a new replacement cycle [34][39].