Azure(SZ:002245) EBSCN·2024-10-27 08:42Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its future performance [2]. Core Insights - The company's lithium battery business is experiencing rapid growth, positioning it as a key supplier in the small power battery sector, particularly for global top electric tool brands [1]. - The LED business is enhancing its competitiveness with new high-power products and successful entry into major customer supply chains, including applications in automotive lighting and plant illumination [1]. - The company is actively pursuing a globalization strategy, with significant investments in lithium battery projects in Malaysia, which are progressing as planned [1]. Summary by Sections Lithium Battery Business - The company has a strong R&D and manufacturing capability in high-rate small power lithium batteries, leading to increased order volumes as major customers resume procurement [1]. - The business is diversifying into smart mobility markets beyond traditional applications, showing a year-on-year growth trend [1]. LED Business - The introduction of silver mirror high-power flip-chip products has gained customer favor, and the company has successfully entered the supply chains of leading global clients in the MiniLED backlight chip sector [1]. - The company is also focusing on automotive lighting applications and has begun mass shipments of high-power flip-chip products [1]. Competitive Positioning - The company is leading domestic industry innovations with the introduction of fully automated production lines, enhancing efficiency and quality control in the manufacturing process [1]. - Continuous R&D investments have resulted in industry-leading product performance in backlighting and high-efficiency lighting applications, establishing a competitive mid-to-high-end product system [1].