新股覆盖研究：中瑞股份

Investment Rating - The report does not explicitly state an investment rating for the company [5]. Core Viewpoints - The company, Zhongrui Co., Ltd. (301587.SZ), specializes in the research, manufacturing, and sales of precision structural components for cylindrical lithium batteries, primarily focusing on power and capacity battery combination caps [13][55]. - The company has established a leading position in the domestic market and is a global leader in the cylindrical lithium battery cap segment, with over 90% of its revenue derived from this core product [55]. - The company has a stable long-term partnership with LG Energy, which is its largest customer, supplying battery caps for Tesla's electric vehicles [55]. - The company is also developing structural components for the new 4680 cylindrical battery, being one of the few companies globally capable of producing these components [55][64]. Financial Performance Summary - The company reported revenues of 648 million yuan, 764 million yuan, and 689 million yuan for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of 40.81%, 17.92%, and -10.07% [3][26]. - The net profit for the same years was 137 million yuan, 184 million yuan, and 136 million yuan, with year-over-year growth rates of 108.17%, 34.26%, and -25.91% [3][26]. - The company expects Q1 2024 net profit to be between 33.6 million yuan and 37.9 million yuan, representing a year-over-year growth of 0.61% to 13.48% [5][69]. Industry Overview - The precision structural components market for lithium batteries in China has seen rapid growth, with market value increasing from 3.14 billion yuan in 2017 to 13.3 billion yuan in 2021, and projected to exceed 27 billion yuan by 2025 [46][47]. - The cylindrical lithium battery market is characterized by its high safety and production maturity, with increasing demand driven by applications in electric vehicles and other sectors [54][55]. - The report highlights that the company’s products are crucial for the safety and performance of lithium batteries, directly impacting their sealing, safety, and energy density [46][53].