中伟股份分析师会议-20260128

Group 1: Research Basic Information - The research object is Zhongwei Co., Ltd., belonging to the battery industry, and the reception time is January 27, 2026. The listed company's reception staff includes Wang Jianqiang, the representative of the securities affairs, Tang Boya, the person - in - charge of investor relations, Wei Mingze, the deputy general manager of the capital center, and Xue Zhao, the deputy director of the board of directors' office [16] Group 2: Detailed Research Institutions - The research institutions include insurance asset management companies like Ping An Asset, fund management companies such as Xingquan Fund, Ruiyuan Fund, Boshi Fund, Penghua Fund, Dacheng Fund, and ICBC Credit Suisse, an asset management company named Dunhe Asset, others like Lingzhan Capital, and a securities company called Huachuang Securities [17] Group 3: Company Overview - The company has horizontally expanded from nickel - based materials (ternary precursors) and cobalt - based materials (cobalt tetroxide) to phosphorus - based materials (iron phosphate, lithium iron phosphate) and sodium - based materials, and vertically integrated the complete industrial chain from upstream resources, mid - stream smelting to downstream materials and recycling, constructing an ecological layout. It has also strengthened the autonomy of the industrial chain by deploying key resources such as nickel, lithium, and phosphorus in Indonesia, Argentina and other places [20][21] Group 4: Responses to Investor Questions - Nickel ore resource control: The company has locked in the supply of 600 million wet tons of nickel ore resources through investment, shareholding, long - term cooperation agreements, and off - take agreements, and has established a nickel raw material industrial base in Indonesia, integrating the vertical industrial chain of resources - smelting - materials [21] - Nickel smelting capacity: The company has built a nickel resource smelting capacity of 195,000 metal tons, with an equity volume of about 120,000 metal tons, expected to reach full production in 2026, and the products are mainly nickel matte, ferronickel, and electrolytic nickel [22] - Impact of nickel price increase on profit: The company's strategic layout of upstream nickel, phosphorus, lithium and other mineral resources globally will benefit from the increase in nickel ore price due to the tightening of export quotas. The increase in LME nickel price will have a positive impact on the company's operating profit [22] - Smelting technology route advantage: The company uses multiple technology routes such as oxygen - enriched side - blowing and RKEF to form a combined smelting process advantage, enabling flexible production scheduling among different products (electrolytic nickel, high - grade nickel matte, ferronickel) to respond to nickel price and downstream demand changes. The oxygen - enriched side - blowing technology developed independently since 2021 can adapt to laterite nickel ore with a grade of over 1.2% [22] - Future smelting expansion plan: Currently, the company has no plan to add new smelting capacity in Indonesia, and will focus on strengthening the resource - end layout and promoting the release of material - end capacity [23] - Matching of smelting capacity and product structure: The company's current total smelting capacity is about 195,000 metal tons per year, with an equity capacity of about 120,000 metal tons per year. It can adjust the production scheduling dynamically among high - grade nickel matte, electrolytic nickel, and ferronickel according to profitability and switch flexibly based on the LME nickel price and discount coefficient [23][24] - Phosphorus ore or lithium iron phosphate capacity layout in Indonesia: Currently, the company's business layout in Indonesia focuses on the nickel industrial chain, and there is no large - scale construction of phosphorus ore or lithium iron phosphate production capacity. Phosphorus ore resources are mainly deployed in the Guizhou base in China to form an integrated supporting system with the lithium - battery material business [24] - Sustainability of terminal demand for nickel - based materials: In 2025, Zhongwei ranked first in the ternary precursor market in terms of shipments. The company is optimistic about the growth space of nickel - based materials due to the upgrade of the domestic terminal demand structure, the continuous increase in electric vehicle penetration in Europe driven by policy, and the commercialization of solid - state batteries promoting the growth of high - nickel ternary materials [24]