Core Viewpoint - The company, Jiemai Technology, is experiencing high industry prosperity, with its core product, electronic packaging materials, operating at full production and sales capacity [1] Industry Summary - The utilization rate of electronic-grade film materials is gradually increasing, supported by the acceleration of global digitalization and policies such as "new infrastructure" and "old-for-new" in electronic products [1] - The demand from markets such as 5G networks, cloud computing, data center construction, new energy vehicles, AR/VR, industrial internet, AI terminals, and consumer electronics is continuously expanding, providing a solid foundation for the development of the electronic components industry [1] - This broad downstream demand offers a favorable industry environment for the sustained, healthy, and stable development of the company's business [1]

证券日报网讯1月20日，今飞凯达（002863）在互动平台回答投资者提问时表示，公司始终积极把握全 球市场机遇，汽轮售后产品覆盖北美、欧洲、日本、俄罗斯、东南亚等十几个国家和地区，目前在手订 单充足。在产能布局方面，泰国年产200万件新能源汽车轮毂新工厂已于2026年1月投产，后续进展请持 续关注公司披露的定期报告及相关公告。 ...

Group 1: Market Overview - The Chinese new energy vehicle (NEV) market continues to experience rapid growth, with a production volume of 16.524 million units in 2025, representing a year-on-year increase of 25.1% and a cumulative penetration rate of 47.5% [5][7] - The market is driven by policy support, product innovation, and export growth, contributing to a high-quality development direction [7] Group 2: Market Structure - By December 2025, the market share of cars (CAR) was 37.5%, down 6.1 percentage points year-on-year, while SUVs and MPVs accounted for 48.7% and 4.2%, respectively [11] - The truck market share increased to 6.0%, and the bus market share was 3.6%. The truck segment saw a significant year-on-year growth of 113.7% [11] Group 3: Battery Installation Trends - The installed capacity of NEV power batteries reached 92.0 GWh in December 2025, marking a year-on-year growth of 31.9% [17] - The average battery capacity per vehicle was 62.5 kWh, up 23.2% year-on-year, with BYD, Tesla, and Xiaomi being the main contributors to the installed capacity [17] Group 4: Battery Cell Structure - In 2025, square battery cells accounted for 98.1% of the market, while cylindrical and soft-pack cells made up 1.4% and 0.4%, respectively [18] - Lithium iron phosphate (LFP) batteries are becoming the mainstream choice in the NEV sector due to their cost, safety, and technological advantages [18] Group 5: Battery Supplier Market Share - By December 2025, the top three battery companies held a market share of 74.2%, with CATL leading at 49.8% [20] - Companies like Zhongxin Innovation and LG showed significant year-on-year growth rates of 83.7% and 104.4%, respectively [20] Group 6: Drive Motor Supplier Trends - The top ten drive motor suppliers accounted for 62.5% of the market share, with most companies experiencing a month-on-month increase in supply [22] Group 7: Fast Charging Battery Technology - Fast charging batteries represent a systemic engineering approach focused on ultra-high charging rates, impacting materials, structure, thermal management, and system integration [30] - The core value of fast charging technology lies in redefining the refueling experience for electric vehicles, extending beyond just fast charging [32] - Current challenges in scaling fast charging technology include various systemic issues [36] - Chinese battery companies have established a leading competitive position globally in the fast charging sector, with distinct technological paths [40]

Core Viewpoint - The company, Jie Mei Technology, indicated that it will adjust product prices based on industry conditions and raw material price fluctuations, driven by strong demand in emerging applications such as AI servers, new energy vehicles, robotics, drones, and smart wearable devices [2] Group 1 - The company will consider various factors, including industry prosperity and raw material price changes, when adjusting product prices [2] - There is a continuous growth in demand for electronic components due to the booming emerging application sectors [2] - Downstream customers have begun to increase prices for electronic component products, prompting the company to monitor market changes and customer price hikes for potential price adjustments [2]

Core Viewpoint - The company, Kaizhong Precision (002823.SZ), is investing 116 million RMB to expand its manufacturing capabilities for new energy precision connectors to meet the demand from leading automotive manufacturers and Tier 1 clients [1] Group 1: Investment Details - The investment will be made by the wholly-owned subsidiary, Heyuan Kaizhong Precision Manufacturing Technology Co., Ltd. [1] - The total investment amount is subject to actual investment, indicating flexibility in the final expenditure [1] - The company’s board has authorized the management team to handle all matters related to the investment agreement and project approvals [1] Group 2: Project Purpose - The expansion aims to satisfy the future capacity needs for new projects in the new energy sector and emerging industries [1] - The focus is on precision connectors for domestic and international first-line automotive companies [1]

Core Viewpoint - The company, Kaizhong Precision (002823.SZ), is investing 116 million RMB to expand its manufacturing capabilities for new energy precision connectors to meet the demand from leading automotive manufacturers and Tier 1 clients [1]. Group 1: Investment Details - The investment will be made by the wholly-owned subsidiary, Heyuan Kaizhong Precision Manufacturing Technology Co., Ltd. [1] - The total investment amount is subject to actual investment, indicating flexibility in financial planning [1]. - The company’s board has authorized the management to handle all matters related to the investment agreement and project approvals [1]. Group 2: Project Purpose - The expansion aims to fulfill future capacity needs for new products in emerging industries and precision connectors for new energy vehicles [1]. - The project is aligned with the growing demand from domestic and international first-line automotive companies [1].

Core Viewpoint - The company plans to invest 116 million RMB in the expansion and technological upgrade of its manufacturing base for new energy vehicle components in Heyuan, indicating a strategic move to enhance production capabilities in the growing electric vehicle market [1] Group 1 - The investment will be funded through the company's own funds and self-raised funds [1] - The construction period for the project is estimated to be approximately 18 months [1]

Group 1: Core Insights - The "14th Five-Year Plan" emphasizes promoting high-quality and full employment, as well as improving the social security system, with specific measures to be discussed at the Central Economic Work Conference in 2025 [1] - Investment in human resources is crucial for enhancing economic resilience and vitality, aligning with the goal of meeting high-quality living standards and fostering new economic growth points [2] - The employment situation remains stable, with a target of 12.67 million new urban jobs and an average urban survey unemployment rate of 5.2% for 2025 [3] Group 2: Employment Stability Measures - The government aims to establish an employment-friendly development model, coordinating policies across various sectors to support job creation and monitor employment trends [3][4] - Actions will include implementing policies to stabilize jobs, particularly in labor-intensive industries, and promoting entrepreneurship through various models [4] - Enhanced support for youth employment and migrant workers will be prioritized, with initiatives like job fairs and targeted training programs [4][5] Group 3: Skills Development - A large-scale vocational skills training initiative is underway, with over 11 million subsidized training sessions conducted, focusing on aligning training with market demands [6] - Training programs will be tailored to specific groups, such as recent graduates and migrant workers, addressing the skills mismatch in the labor market [6][7] - The upcoming World Skills Competition in Shanghai aims to inspire more individuals to pursue skill development and contribute to national growth [7] Group 4: Social Security System Enhancements - The government plans to expand social insurance coverage for flexible and new employment forms, ensuring better protection for these workers [8] - Key reforms will focus on improving the pension system, ensuring timely payments, and enhancing the social security framework for low-income groups [8][9] - Efforts will be made to streamline social security services, making them more accessible and efficient for the public [9]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The dehumidifier market has evolved from a single-function device to a diverse product that addresses various air quality needs, with significant growth in applications across multiple sectors [2][7] - The household dehumidifier segment dominates the market, accounting for over 80% of total market share, driven by consumer demand for improved living conditions, especially in high-humidity regions of southern China [7] - The industrial dehumidifier market, while smaller, shows stable demand in specific sectors such as new energy, pharmaceuticals, and data centers, with a smaller decline in sales compared to household units [7] Summary by Sections Dehumidifier Types and Applications - Compression condensation dehumidifiers are the mainstream technology for household and commercial use, suitable for typical indoor environments [2] - Rotary dehumidifiers are used in low-temperature environments, ideal for laboratories and archives, but have higher energy consumption [3] - Household dehumidifiers focus on comfort and convenience, often featuring additional functions like air purification [4] - Commercial dehumidifiers are designed for durability and can service multiple areas, suitable for larger spaces like offices and hotels [5] - Industrial dehumidifiers are essential for maintaining optimal humidity in production environments, characterized by high stability and corrosion resistance [6] Regional Market Demand - In 2024, China's domestic and export markets for household dehumidifiers are projected to reach 1.526 million and 10.953 million units, respectively, with growth rates of 27.7% and 39.7% [11] - The export market is significantly larger than the domestic market, driven by differences in consumer habits and climate conditions [11] - The domestic market shows a clear regional disparity, with southern and eastern China accounting for over 50% of total shipments due to their high humidity climate [12] Impact of Lithium Battery Production - The expansion of lithium battery production is expected to drive demand for high-performance industrial dehumidifiers, as strict humidity control is critical in battery manufacturing processes [19] - The production of lithium batteries, particularly lithium iron phosphate batteries, has seen a significant increase, with a 71% year-on-year growth in installed capacity in the first half of 2025 [20] - The shift towards larger, centralized production lines necessitates more efficient and customized dehumidification solutions [20] Pharmaceutical Industry Trends - The pharmaceutical industry in China is experiencing steady growth, with revenue from large-scale enterprises projected to stabilize in 2024 [26] - Strict temperature and humidity control standards in pharmaceutical production and storage create significant opportunities for dehumidifier applications [27] - Future trends indicate a move towards high-precision, energy-efficient, and multifunctional dehumidifiers in the pharmaceutical sector, driven by technological advancements and increased quality demands [27]

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Insights - The company is positioned as a "national brand" aiming for global expansion, leveraging its technological advancements and multi-brand strategy to drive growth [8]. - The company has established a comprehensive technology stack and a diverse brand matrix to cater to various consumer needs, focusing on both domestic and international markets [8]. - The financial outlook is strong, with significant revenue and profit growth projected over the next few years, supported by a robust international presence and innovative product offerings [8]. Financial Summary - The company’s revenue is projected to grow from RMB 163.21 billion in 2023 to RMB 454.24 billion by 2027, with growth rates of 76.2% in 2023 and 17.9% in 2027 [2]. - EBITDA is expected to increase from RMB 17.40 billion in 2023 to RMB 40.37 billion in 2027 [2]. - Net profit attributable to shareholders is forecasted to rise from RMB 11.95 billion in 2023 to RMB 24.96 billion in 2027, with a notable growth rate of 90.8% in 2023 [2]. - The earnings per share (EPS) is anticipated to grow from RMB 2.19 in 2023 to RMB 4.30 in 2027, with a price-to-earnings (P/E) ratio projected to decrease from 8.8 in 2025 to 6.4 in 2027 [2]. Business Model - The company operates primarily in the passenger vehicle sector, with a revenue share of 91.5% from passenger vehicles in 2024 [25]. - The brand matrix includes five major brands: Chery, Jietu, Xingtu, iCAR, and Zhijie, each targeting different market segments [25]. - The company has a strong international presence, with overseas revenue expected to reach RMB 1,008.97 billion by 2024, accounting for 46.3% of total revenue [32]. Future Outlook - The company aims to enhance its product offerings and expand its global footprint through strategic investments in R&D and international operations [54]. - The focus on new energy vehicles (NEVs) is expected to drive significant revenue growth, with NEV revenue projected to reach RMB 589.31 billion in 2024, representing a year-on-year increase of 644.8% [44]. - The company is committed to continuous innovation and technological advancement, positioning itself as a leader in the evolving automotive landscape [8].