锂锰扣式电池“小巨人”，下游需求旺盛扩产稳健发展

Investment Rating - The report gives an "Accumulate" rating for the company, indicating a positive outlook for investment in the lithium primary battery sector [13]. Core Insights - The lithium primary battery industry has a broad market outlook, with global demand expected to grow steadily. The market size is projected to reach USD 3.84 billion by 2028, with a CAGR of 7% from 2021 to 2028 [2][90]. - The company has shown robust revenue growth, achieving an operating income of CNY 382 million in 2023, a 14% increase year-on-year, and a net profit of CNY 45 million, also up 14% [1][60]. Summary by Sections Company Overview - The company, established in 2004, is a national high-tech enterprise specializing in lithium micro-power sources. It has strengthened its market expansion and global strategy, leading to significant revenue growth [1][25]. - The company has a concentrated shareholding structure, with the largest shareholder holding 30.46% of the shares, and the top ten shareholders holding a combined 73.19% [52]. Market Outlook - The lithium primary battery market is expected to benefit from the post-pandemic demand surge, with new applications emerging in various sectors such as computing, smart monitoring, electronic price tags, and IoT [2][68]. - The global market for lithium primary batteries is projected to grow from USD 2.09 billion in 2021 to USD 3.84 billion by 2028, driven by increasing demand in various applications [69][90]. Product Development and Production Capacity - The company has a strong focus on R&D, with research expenses increasing from CNY 8.1 million in 2018 to CNY 18.6 million in 2023, reflecting a CAGR of 18.09% [13]. - New products, including lithium manganese soft-pack batteries, have been successfully mass-produced, and the company is expanding its production capacity to meet growing market demand [13]. Financial Performance - The company has shown a steady increase in revenue and net profit, with a CAGR of 15.05% in revenue from 2018 to 2023. The net profit CAGR during the same period was 16.37% [60]. - The net profit for the first half of 2024 is projected to be CNY 32 million, a 132% increase year-on-year, indicating a strong recovery in profitability [60]. Competitive Landscape - The lithium primary battery market has high entry barriers, with the company positioned as a leader in the lithium manganese battery segment, which accounted for 49% of the market share in 2022 [73]. - The report highlights the competitive advantages of lithium primary batteries, including high energy density and long lifespan, making them difficult to replace [68][88].