Core Viewpoint - The company is actively engaging with various investment institutions and is focused on expanding its production capacity and addressing challenges in the cobalt and copper markets, particularly in light of recent regulatory changes in the Democratic Republic of Congo. Group 1: Production Capacity and Sales Structure - As of the end of Q1 2025, the company's production capacity includes 26,500 metric tons of cobalt products, 10,000 metric tons of nickel products, 10,000 metric tons of manganese products, 5,000 metric tons of lithium carbonate, and 60,000 metric tons of copper products [2] - The cobalt product sales structure for 2024 indicates that cobalt chloride accounts for approximately 50%, while cobalt sulfate makes up nearly 40%, with the company operating at near full capacity for electric cobalt [3] Group 2: Financial Performance and Challenges - The company's net profit in Q1 2025 decreased year-on-year primarily due to power shortages affecting copper production capacity in Congo, prompting the company to expedite the construction of its fourth phase project and diesel power generation to ensure adequate electricity supply [3] - A significant increase in contract liabilities in Q1 2025 was attributed to rising cobalt product prices, leading to higher prepayments from customers, particularly for copper [4] Group 3: Regulatory Impact and Market Response - The Congolese government's ban on cobalt ore exports, effective February 22, 2025, aims to boost the struggling cobalt market, resulting in an upward trend in cobalt prices. The company maintains a safety stock and plans to source raw materials through purchasing intermediates and recycled batteries [5] - Following the export ban, cobalt product prices have risen, and the company reports that sales remain normal, with pricing based on various market indicators [6] Group 4: Strategic Partnerships and Future Projects - The company is establishing a joint venture smelting plant in Congo with SAWA Group, aiming for an annual production capacity of 30,000 tons of copper and 2,000 tons of cobalt, with an investment of 980 million yuan (approximately 136.11 million USD) [7][8] - Key projects for 2025 include the rapid release of 5,000 tons of cobalt capacity, the production of 5,000 tons of electric cobalt, and the acceleration of a photovoltaic project to diversify power supply [9] Group 5: Market Outlook and Growth Opportunities - The company anticipates strong demand for copper driven by global economic growth, infrastructure development, and the rise of electric vehicles and renewable energy applications, maintaining a cautiously optimistic outlook on copper prices [10] - Future cobalt production capacity is expected to increase to 46,000 metric tons, with plans to prioritize the construction of a 5,000-ton electric cobalt project and additional projects in fine chemicals [11] - The company recognizes significant growth opportunities in solid-state batteries, energy storage, and the aerospace industry, with a focus on recycling and sustainable resource utilization [11]

Core Viewpoint - The company reported a revenue of 1.817 billion yuan for 2024, a year-on-year increase of 15.57%, while the net profit attributable to shareholders decreased by 20.91% to 202 million yuan, primarily due to increased R&D investments for new product testing and ramp-up [1] Group 1: Financial Performance - The company's revenue for 2024 reached 1.817 billion yuan, reflecting a 15.57% year-on-year growth [1] - The net profit attributable to shareholders was 202 million yuan, down 20.91% year-on-year [1] - The non-recurring net profit was 199 million yuan, a decline of 21.94% compared to the previous year [1] Group 2: Market Demand and Orders - The company experienced a steady recovery in order volume, driven by the growth of industries such as new energy, smart manufacturing, 5G commercial technology, and AI terminal applications [1] - Sales volume for 2024 reached 9.3898 million rolls, an increase of 19.39% year-on-year, with electronic-grade film materials sales volume growing by 45.9% [1] - Inventory levels decreased by 50.2% year-on-year [1] Group 3: Product Development and Expansion - The electronic-grade film materials generated revenue of 176 million yuan, a year-on-year increase of 35.38% [2] - The company has established stable mass supply to major clients in the MLCC sector and is entering the mass supply phase for Japanese and Korean clients [2] - The first phase of the Zhaoqing base for release films has begun production, and the Tianjin production base is progressing to the main construction phase [2] - The second phase of the BOPET film project has completed equipment installation and is expected to begin trial production in Q2 2025, with capacity expected to more than double upon completion [2] Group 4: Strategic Acquisitions - The company acquired a 56.83% stake in Youzhen Technology for 30 million yuan, enhancing its supply chain in the field of composite materials for new energy battery electrodes [3] - Youzhen Technology's products include composite aluminum foil and copper foil, which are essential for the performance of BOPET films [3] Group 5: Profit Forecast and Valuation - The company has adjusted its profit forecast for 2025-2026, lowering the net profit estimates to 290 million yuan and 400 million yuan, respectively, while introducing a new forecast of 510 million yuan for 2027 [3] - The current stock price corresponds to a PE ratio of 26, 19, and 15 for 2025-2027, which is relatively low compared to historical valuation levels [3]

Core Viewpoint - Zhejiang Jiemai Electronic Technology Co., Ltd. (Jiemai Technology) reported a revenue of 1.817 billion yuan for 2024, marking a year-on-year increase of 15.57%, with a net profit of 202 million yuan [1] Group 1: Financial Performance - The company achieved a revenue of 1.817 billion yuan, reflecting a growth of 15.57% year-on-year [1] - The net profit for the period was 202 million yuan [1] - R&D investment reached 171 million yuan, a significant increase of 85.5% year-on-year, primarily due to the development of high-end polyester films and other new materials [1] Group 2: Product Development and Market Expansion - Jiemai Technology has initiated the mass production of high-end release films, contributing 176 million yuan to revenue, which is a 35.38% increase [1] - The company has successfully started stable bulk supply of MLCC release films to major clients and has entered the bulk supply phase for Korean and Japanese clients [1] - The electronic packaging materials segment generated 1.571 billion yuan in revenue, up 13.09% year-on-year, with a focus on optimizing paper carrier tape products to meet the miniaturization trend in electronic components [2] Group 3: Strategic Investments - Jiemai Technology has extended its business into the field of new energy battery materials by acquiring control of Zhejiang Rouzhen Technology Co., Ltd. [3] - The company plans to invest 30 million yuan in Rouzhen Technology, acquiring a 5% stake, with an estimated valuation of approximately 600 million yuan [3] - Rouzhen Technology specializes in polymer composite metal membrane materials, which can replace traditional aluminum and copper foils in lithium-ion batteries, enhancing energy density and safety [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q4 performance showed a turnaround in its Korean factory, with significant improvement in profitability [1] - The company is expected to benefit from overseas customer growth, with a projected 20-30% increase in shipments in 2025 [8] - The average price of the company's positive electrode materials decreased by 50% in 2024, but profitability per ton improved significantly in Q4 due to the Korean factory reaching full production [8] - The company has achieved stable shipments of manganese iron lithium and sodium batteries, with plans for mass production and delivery in 2025 [8] - Operating cash flow improved significantly in Q4, with capital expenditures slowing down [8] Financial Projections - For 2024, total revenue is projected at 15.088 billion yuan, a decrease of 33.41% year-on-year, with a net profit of 295.91 million yuan, down 49.06% [1] - The company expects net profits of 805.19 million yuan in 2025, representing a year-on-year increase of 172.10% [1] - The projected earnings per share (EPS) for 2025 is 1.13 yuan, with a price-to-earnings (P/E) ratio of 16.53 [1] - The company's total assets are expected to reach 29.504 billion yuan by 2025, with a debt-to-equity ratio of 65.22% [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q4 performance showed a turnaround with the Korean factory achieving profitability and a significant improvement in profit levels [8] - The company is expected to benefit from overseas customer growth, with a projected 20-30% increase in shipments in 2025 [8] - The average price of ternary cathode materials decreased by 50% in 2024, but profitability per ton improved significantly in Q4 due to the Korean factory reaching full production [8] - The company has achieved stable shipments of manganese iron lithium and sodium batteries, with plans for mass production and delivery in 2025 [8] - Operating cash flow improved significantly in Q4, and capital expenditures have slowed down [8] - The profit forecast for 2025-2027 has been raised, with expected net profits of 8.1 billion, 10.4 billion, and 13.1 billion respectively, reflecting a year-on-year growth of 172%, 29%, and 27% [8] Financial Summary - Total revenue for 2024 is projected at 15.1 billion, a decrease of 33.41% year-on-year, with a net profit of 295.91 million, down 49.06% [1] - The earnings per share (EPS) for 2024 is expected to be 0.41 yuan, with a price-to-earnings (P/E) ratio of 44.97 [1] - The company's total assets are projected to reach 29.5 billion by 2025, with a debt-to-equity ratio of 65.22% [9]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the year 2024, primarily due to various market challenges and competitive pressures in the lithium battery sector [1][2]. Group 1: Financial Performance - In 2024, the company achieved an operating income of 401 million yuan, a decrease of 38.69% compared to the previous year [1]. - The net profit for 2024 was 19.38 million yuan, down 68.03% year-on-year, with basic earnings per share at 0.07 yuan [1]. - The main business revenue was 397 million yuan, with a cost of 280 million yuan, resulting in a gross margin of 29.57% for the lithium battery manufacturing segment [1]. Group 2: Business Operations - The company has transitioned from traditional garment processing and real estate development to focus on the research, production, and sales of new energy batteries, specifically lithium-ion and nickel-hydride batteries [1]. - The company operates through two main entities: Jiuyi Lithium Energy, which focuses on lithium-ion batteries, and Jiuyi Energy, which specializes in nickel-hydride batteries [1]. Group 3: Market Challenges - The lithium battery business faced multiple challenges in 2024, including economic cycle fluctuations, a downturn in downstream consumer markets, cautious customer ordering, and increased competition [2]. - The company proactively reduced supply to certain customers to mitigate accounts receivable risks, which impacted sales volume [2]. - Currency exchange rate fluctuations led to a decrease in foreign exchange gains, while falling raw material prices resulted in lower product prices, further compressing revenue [2]. Group 4: Strategic Initiatives - To address the challenges, the company implemented measures in product innovation, cost control, and market expansion [2]. - The company increased R&D efforts to develop high-performance products that meet market demands, particularly in the electric tool sector [2]. - Cost control was achieved through optimizing production processes and material substitutions, while market expansion efforts focused on securing existing partnerships and exploring new markets [2]. Group 5: Nickel-Hydride Battery Segment - The nickel-hydride battery segment maintained stable profitability through quality assurance, new material replacements, and supply chain security [3]. - The company is diversifying application scenarios for nickel-hydride batteries, targeting markets such as automotive T-BOX and medical devices [3]. - Despite a slow decline in traditional applications, the nickel-hydride battery market remains competitive due to its established technology and stable demand in various applications [3]. Group 6: Future Outlook - The company has set a cautious operating budget for 2025, targeting an operating income of 530 million yuan and an operating cost of 372 million yuan, with expected expenses of 135 million yuan [4]. - The company anticipates achieving operational profitability in 2025 [4].

are 全球领导 的电子 2 2 2 台 服 务 内 容 FT 品牌服务 研究咨询 资本服务 政府服务 品牌 论坛 研究 数据 融资 Ibo 规划 招商 宣传 报告 调研 咨询 报告 服务 展会 服务 雷 销 会员 品牌 旋滑 豐拔 国专 政府 投资 定位 顾问 顾问 合作咨询 邱先生 189 3802 3176 2 12 2 1 1 1 1 2 - 2 1 - 2 - 2 1 - 2 T-T-TRULE 点轻型动力电池技术高峰论 20 品 ILT 25 第五届起点两轮车换甲7 果 系统 上 - 拓展新兴应用市场 码上参会 * 点击阅读原文，即可报名参会！ 近日，北京星川 新能源电池科技有限公司（以下简称"北京星川"）超高倍率锂离子电池项目签约落地北京经开区（北京亦庄）。 该项目预计 将于明年6月开始量产。 北京星川董事长刘强表示：北京星川超高倍率锂离子电池项目总投资2.6亿元，我们将加快推进项目建设进展，预计今年四季度可以完成设备 导入，2026年将实现量产，投产后年产能可达到4万台。此外，我们位于合肥的基地将于今年6月量产。 （ 来源：北极星储能网） | 往 | 期 | 回 顾 | | --- | --- ...

插播 ：历时数月深度调研，行家说储能联合天合光能参编，工商业储能产业首份调研级报告发布！点击下方" 阅读原文 "订阅 近日，多个储能类项目启动。其中，产能类项目有1个，总投资为101亿元；应用类项目有4个，最大规模1GW/4GWh，总投资约113亿。 ■ 远景：沧州零碳智能产业园二期开工 2月28日，由远景科技集团投资的远景（沧州）零碳智能产业园二期项目在沧县开工。 该项目总投资101亿元，在产业园内的远景动力二期电池超级工厂规划年产能20GWh，生产高品质动力、储能零碳电池产品，打造北方最大的锂电 池产业基地。 预计2026年投产后，年产值可达130亿元，将有力带动产业链上下游集聚，助力沧州成为新能源电池产业发展的全球标杆。 ■ 超1GWh！天津首个超长时储能电站项目启动 2月28日，泰达电力智慧能源长时储能电站项目正式启动，该电站是天津市首个超长时储能电站。 项目由泰达控股所属泰达电力公司投资建设，总投资约16亿元，总功率156MW，装机容量达1115.562MWh，计划于2025年底投入运营。 ■ 1GW/2GWh！烟台储能中心项目开工 3月1日，烟台储能中心（西部）1GW/2GWh项目在莱州开工。 该 ...

全球最大储能项目启动！宁德时代成首选供应商 近日，全球可再生能源和可持续城市发展的领导者马斯达尔（Masdar）宣布，选择宁德时代作 为其在阿联酋RTC（round the clock）项目中的首选电池储能系统供应商。阿联酋RTC项目是 全球迄今为止最大的太阳能和电池联合储能项目，包括总容量达19GWh的电池储能项目，以及 5.2GW的光伏项目，总投资超60亿美元。该项目建成后，将成为全球首个全天候大型发电项 目，能实现每天24小时不间断清洁发电1GW，为绿色能源发展树立全球标杆。 宁德时代将在此次合作中为马斯达尔提供天恒电池储能系统。该系统具有高安全，长寿命，高 度集成等特点，在原本产品基础上提高了防护等级和储能系统的综合能量，可以适应一系列极 端天气和外部恶劣情况。此外，依托宁德时代的最新一体化液冷方案，该系统的安全可靠及调 试便捷程度，也得到进一步提高。 LG新能源中国总部公司成立 1月23日下午消息，天眼查App显示，近日，爱尔集新能源（中国）有限公司成立，法定代表人 为CHOI JI WOONG，注册资本1000万美元，经营范围包括新材料技术研发、企业总部管理、 信息咨询服务，由株式会社LG新能源全 ...

股票简称：双元科技 股票代码：688623 浙江双元科技股份有限公司 Zhejiang Shuangyuan Technology Co., Ltd. （杭州市莫干山路 1418 号标准厂房 2 号楼（上城科技工业基地）） 首次公开发行股票 科创板上市公告书 保荐人（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 二零二三年六月七日 特别提示 浙江双元科技股份有限公司（以下简称"双元科技"、"本公司"或"发行 人"、"公司"）股票将于 2023 年 6 月 8 日在上海证券交易所科创板上市。本 公司提醒投资者应充分了解股票市场风险以及本公司披露的风险因素，在新股上 市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 1 第一节 重要声明与提示 一、重要声明 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并依法 承担法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不 表明对本公司的任何保证。 本 公 司 提 醒 广 大 投 资 者 认 真 阅 读 刊 载 于 上 海 证 券 交 易 所 ...