Investment Rating - The report maintains a "Buy" rating for Ningde Times, indicating an expected return exceeding 15% over the next 6-12 months [1][8]. Core Insights - Ningde Times leads in technological breakthroughs with new battery products, including sodium batteries and the Xiaoyao dual-core battery, showcasing its advanced R&D capabilities and commercial strength [1]. - The report highlights the growing trend of range-extended electric vehicles (REEVs), which are expected to become a dominant force in the electrification of the automotive market, particularly in scenarios where charging infrastructure is lacking [2][3]. - The electrification of commercial vehicles, especially heavy trucks, is accelerating, with battery companies focusing on developing solutions tailored for this segment [4]. Summary by Sections Section 1: Technological Advancements - Ningde Times has introduced three groundbreaking battery products, including sodium batteries and the second-generation supercharging battery, which demonstrate significant advancements in energy density and charging capabilities [1]. - The new self-generating lithium/sodium anode technology is expected to enhance the performance of related electrolyte additives and lithium supplementation agents [1]. Section 2: Market Trends - Range-extended vehicles are projected to capture 30% of the domestic electric vehicle market, with sales expected to reach 1.167 million units in 2024, reflecting a year-on-year growth of 78.7% [2]. - The market share of range-extended vehicles in China is anticipated to increase from 3.6% to 9.1% between 2022 and 2024 [2]. Section 3: Commercial Vehicle Electrification - The report notes that commercial vehicles account for 12% of the total vehicle population but contribute to 56% of carbon emissions in the transportation sector [4]. - Battery companies are increasingly targeting the commercial vehicle market, with innovations in battery technology aimed at meeting the operational demands of heavy-duty vehicles [4]. Section 4: Investment Recommendations - The report suggests focusing on companies such as Ningde Times, Rongbai Technology, and others that are well-positioned to benefit from the trends in large-capacity range-extended vehicles and commercial vehicle electrification [4].

Financial Performance - The basic earnings per share for Q1 2025 is 0.6400 CNY, a decrease of 1.54% compared to Q1 2024, which was 0.6500 CNY [1] - The net profit for Q1 2025 is 0.52 billion CNY, showing a slight increase of 1.96% from 0.51 billion CNY in Q1 2024 [1] - The operating revenue for Q1 2025 is 3.32 billion CNY, down by 5.14% from 3.5 billion CNY in Q1 2024 [1] - The return on equity for Q1 2025 is 3.11%, a decrease of 3.42% from 3.22% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 11.2012 million shares, accounting for 25.25% of the circulating shares, with an increase of 3.1678 million shares compared to the previous period [1] - New entrants among the top shareholders include the Penghua Carbon Neutral Theme Mixed Securities Investment Fund, holding 3.8604 million shares (8.70%) [2] - Significant changes in holdings include Fu Weiping increasing his stake by 46.32% to 1.5615 million shares, while Tang Weiguo reduced his holdings by 58.05% to 1.1005 million shares [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

Investment Rating - The report maintains a "Buy" rating for the industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [6]. Core Insights - CATL leads in technological breakthroughs with the introduction of three disruptive battery products: sodium batteries, Xiaoyao dual-core batteries, and the second-generation Shenxing ultra-fast charging batteries. The application of self-generating negative electrode technology exceeds expectations, showcasing CATL's advanced R&D capabilities and commercial strength [1]. - Range-extended vehicles are expected to become the mainstay of electrification in the second half of the market. These vehicles combine the driving performance of pure electric vehicles with the range extender to alleviate long-distance range anxiety, making them suitable for global market expansion [2]. - The trend of large-capacity range-extended vehicles is emerging, with new models achieving over 400 km of pure electric range. The development trajectory of battery capacity may involve an initial increase followed by a decrease [3]. - The electrification of commercial vehicles, particularly heavy trucks, is accelerating. In 2024, the penetration rate of new energy commercial vehicles is projected to be 17.9%, with battery companies focusing on this sector to explore the full lifecycle value of batteries [4]. Summary by Sections Section 1: Technological Advancements - CATL's new products include sodium batteries and the Xiaoyao dual-core battery, which adapt to various scenarios and are positioned as a significant advancement before the commercialization of solid-state batteries [1]. - The second-generation Shenxing ultra-fast charging battery achieves a peak charging power of 12C with a range of 800 km, indicating a narrowing gap in fast-charging capabilities among battery brands [1]. Section 2: Market Trends - The sales volume of range-extended vehicles is expected to reach 1.167 million units in 2024, representing a year-on-year growth of 78.7%, outpacing the growth rates of pure electric and plug-in hybrid vehicles [2]. - The market share of range-extended vehicles in China is projected to increase from 3.6% to 9.1% between 2022 and 2024, indicating a growing acceptance of this technology [2]. Section 3: Commercial Vehicle Electrification - The report highlights the significant carbon emissions from commercial vehicles, which account for 56% of transportation emissions, and the need for effective electrification solutions [3]. - Companies like Huawei, BYD, and CATL are developing battery and charging solutions tailored for commercial vehicles, focusing on the entire lifecycle cost [4].

| -T | イレディアームヘテ | | K | -- | F | 列マゴ | | --- | --- | --- | --- | --- | --- | --- | | 25 | 中国农业大学 | 传播学 | 50304 | 文学 | 二年 | 二学位 | | 26 | 中国农业大学 食品营养与健康 082710T | | | 工学 | 二年 | 二学位 | | 27 | 北京林业大学 | 功能材料 | 080412T | 工学 | 四年 | | | 28 | 北京林业大学 | 人工智能 | 080717T | 工学 | 四年 | | | 29 | | | 081508T | 工学 | | | | | | 北京林业大学 碳储科学与工程 | K | | 四年 | | | 30 | 北京林业大学 | 大数据管理与应 | 120108T | 管理学 | 四年 | | | | | 用 | | | | | | 31 | 北京师范大学 马克思主义理论 030504T | | | 法学 | 四年 | | | 32 | | 北京师范大学 人工智能教育 | 040117T | 教育学 | 四年 | 新专业 | | | | | ...

Core Viewpoint - The 2025 Shanghai International Auto Show showcases diverse technological paths in the new energy vehicle sector, highlighting Geely's innovative "liquid sunshine" methanol ecosystem as a significant breakthrough in China's energy revolution [1][3]. Group 1: Methanol Hydrogen Electric Technology - Methanol hydrogen electric technology offers a viable "Chinese solution" for new energy, addressing the country's energy needs and the limitations of pure electric and hydrogen fuel cell technologies in commercial vehicles [3][4]. - Methanol is recognized as a low-carbon, efficient, and clean-burning fuel, making it an ideal renewable energy source for transportation [3][4]. - Geely has established a comprehensive green ecosystem covering CO2 capture, methanol production, transportation, refueling, and vehicle integration, promoting a closed-loop carbon-neutral solution [3][4]. Group 2: Product Development and Market Position - Geely's Long-distance New Energy Commercial Vehicle Group has developed methanol-hydrogen electric vehicles, addressing key pain points in fuel efficiency, range, and cost compared to traditional fuel and pure electric vehicles [4][6]. - The Long-distance Starry H methanol-hydrogen electric heavy truck debuted at the auto show, boasting a 10-minute refueling time and a range of over 1500 kilometers, challenging existing perceptions of new energy vehicles in the commercial sector [9][11]. - The Starry H truck is designed to meet diverse transportation needs, including logistics and hazardous materials transport, with advanced features like a heat pump system for energy efficiency [11][15]. Group 3: Infrastructure and Ecosystem Development - The establishment of the "Yuanchun" brand for methanol refueling aims to create a comprehensive service system, with over 600 methanol refueling stations already built and plans for 4,000 stations by the end of 2027 [18][20]. - The development of a methanol production project in Alxa is expected to utilize local renewable energy resources and significantly reduce carbon emissions [16][20]. - The integration of technology, products, and refueling infrastructure forms a three-in-one methanol-hydrogen ecosystem, showcasing the potential of green methanol in the context of global carbon neutrality [20].

Core Insights - The company achieved steady growth in 2024, focusing on its core businesses of connectors and photovoltaic brackets, resulting in revenue and net profit increases [1] - Annual revenue reached 6.097 billion yuan, a year-on-year increase of 20.51%, while net profit was 124 million yuan, a slight increase of 1.63% [1] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 19.4 million yuan, with a dividend rate of approximately 15.63% [1] Business Segments - The photovoltaic bracket business generated revenue of 3.453 billion yuan, a year-on-year increase of 10.07%, accounting for 56.64% of total revenue [2] - The connector business saw significant growth, with revenue of 2.464 billion yuan, a year-on-year increase of 38.10%, driven by demand from 5G and data centers [2] - Overseas revenue accounted for 52.13% of total revenue, reflecting a year-on-year increase of 5.18 percentage points, indicating the effectiveness of the company's globalization strategy [2] Research and Development - The company invested 198 million yuan in R&D, representing 3.25% of total revenue, with 707 R&D personnel, making up 10% of the total workforce [2] - Ongoing development of high-tech products, such as the NGSFP-DD400G high-speed IO port connector and 2.4 series fixed brackets, enhances the product line and market competitiveness [2] Competitive Position - The company is one of the few in China with complete capabilities in precision die-casting, thermal components, and electroplating for connector production, which is a core competitive advantage [3] - The company has successfully developed 5GSFP and SFP+ series products, achieving industry-leading levels in technology R&D and lean production [3] - The company has received multiple patents, including 77 invention patents, showcasing its commitment to innovation and maintaining a leading position in the industry [3] Long-term Strategy - A restricted stock incentive plan was launched to attract and retain core talent, granting 6.8097 million shares at a price of 18.52 yuan per share [4] - The company’s subsidiary, Leqing Yihua New Energy Technology Co., focuses on manufacturing and selling core components for photovoltaic tracking brackets, establishing a strong position in the international market [4] - Future plans include deepening the connector business, expanding market share, and enhancing the brand image while increasing R&D efforts for high-tech products [5]

站在 "十四五"收官与"十五五"谋篇的交汇点，中国能源革命正从"规模扩张"步入"精耕细作"。 正值《巴黎协定》十周年之际， 4月23日，国家主席习近平向气候和公正转型领导人视频峰会发表致辞。 习近平强调，人与自然和谐共生是中国式现代化的鲜明特点。中国是世界绿色发展的坚定行动派、重要贡献者，自 5年前我宣布碳达峰碳中和 目标以来， 中国构建了全球最大、发展最快的可再生能源体系，建成了全球最大、最完整的新能源产业链，贡献了全球四分之一的新增绿色 面积。 具体来看，中国构建了全球最系统完备的碳减排政策体系，能源转型成效明显，风电、太阳能发电总装机规模提前 6年多实现向国际承诺的目 标；新型储能装机量爆发式增长，2024年累计达74.66GW；新能源汽车产销量均居世界第一，产量已突破1000万辆。 进一步以电池产业链为例，随着 "碳达峰、碳中和"目标的加速落地以及碳排放双控目标的实施，众多下游应用市场对电池需求量带来爆发式 增长。在这场零碳经济浪潮中，电池产业扮演着碳中和革命先锋的角色，加速向绿色化、低碳化、智能化方向转型。 而 中国 已成为 全球最大的锂电池制造中心和最大的锂电池市场，同时也是全球最大的锂电池生产和 ...

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals [6]. Core Insights - The automotive and industrial sectors are expected to see a significant recovery, with Q1 2025 being identified as a low point for revenue [3][19]. - The report highlights a notable increase in automotive orders, driven by the Asia region, which is contributing to an overall improvement in industrial inventory levels [3][19]. - The company is focusing on optimizing its manufacturing layout and has set a target for cost savings of several hundred million dollars by the end of 2027 [26][29]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of $2.52 billion, a year-over-year decline of 27.3% and a quarter-over-quarter decline of 24.2%, but it exceeded the midpoint of guidance [1][15]. - Gross margin was reported at 33.4%, down 8.3 percentage points year-over-year and 4.3 percentage points quarter-over-quarter, primarily due to product mix effects [1][15]. - The inventory level reached $3.01 billion, with inventory turnover days increasing to 167 days, up 45 days from the previous quarter [1][15]. Business Segment Performance - Revenue from the automotive sector was $980 million, down 39% year-over-year and 34% quarter-over-quarter, but the order-to-shipment ratio was greater than 1, indicating significant order growth [2][16]. - The industrial segment saw revenue of $530 million, down 32% year-over-year and 18% quarter-over-quarter, with an improvement in order levels compared to Q4 2024 [2][22]. - The personal electronics segment reported revenue of $600 million, down 11% year-over-year and 17% quarter-over-quarter [2][16]. Market Outlook - The guidance for Q2 2025 anticipates revenue of $2.71 billion, representing a year-over-year decline of 16.2% but a quarter-over-quarter increase of 7.7% [4][28]. - The report emphasizes that the automotive and industrial sectors are expected to improve, with a focus on electric vehicle strategies and advancements in power management solutions [19][20]. - The company plans to maintain capital expenditures between $2 billion and $2.3 billion in 2025, primarily for optimizing manufacturing layouts [4][28]. Strategic Initiatives - The company is investing in advanced manufacturing technologies, including 300mm silicon wafers and 200mm silicon carbide production lines, to enhance production efficiency [26][29]. - A partnership with Innoscience for GaN technology development is expected to accelerate advancements in power technology [22][26]. - The report highlights ongoing efforts in sustainability, with a commitment to achieving carbon neutrality by 2027 [27].

全球首份生物基创新案例征集中 DT产业研究院 联合 生物基能源与材料 将发布全球首份 《Bio-based 100+生物基材料创 新应用案例集》 （以下简称： Bio-based 100+案例集）。 征集范围 ： 应用于包装、纺织、汽车、农业、建筑、交通、消费电子医美等领域的生物 基材料与化学品，关注创新的、量产的生物基解决方案的产品品类。 如果您对我们的案例征集感兴趣，欢迎添加文末联系方式，进一步交流、申报加入（案例 需审核）。 在全球碳中和浪潮下，不可否认，生物基材料因其可持续性和低碳性，正在重塑和冲击着包装、纺织、汽 车、农业、建筑、交通、消费电子医美等行业的供应链。作为生物基产业过去10年的亲历者 ，DT新材料 旗下产业研究院见证和经历了生物基产业从实验室到工厂，从书架到货架的蓬勃发展。 在过去的一段时间里， 有哪些创新生物基产品具备巨大潜力 ？ 哪些创新生物基产品推动着下游 领域的 迅猛发展 ？ 有哪些生物基化学品和材料实现了自主开发、打破垄断 ？ 这些企业的产业化进程如何 ？ 在 可持续赛道上，他们 以科技为茅，信念为盾，他们致力于重塑行业，他们是谁 ？ 面向未来3-5年， DT产业研究院发起 《 ...

数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 27966.28万股，累计占流通股比： 64.33%，较上期变化： 25.40万股。 | 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 南山集团有限公司 | 24300.00 | 55.90 | 不变 | | 烟台盛坤投资合伙企业(有限合伙) | 1012.50 | 2.33 | 不变 | | 烟台南晟投资合伙企业(有限合伙) | 1012.50 | 2.33 | 不变 | | 鹏华碳中和主题混合A | 294.91 | 0.68 | 新进 | | 基本养老保险基金一二零二组合 | 292.66 | 0.67 | 新进 | | 华夏行业景气混合 | 258.12 | 0.59 | 新进 | | UBS AG | 210.57 | 0.48 | 新进 | | 中航趋势领航混合发起A | 207.12 | 0.48 | 新进 | | MORGAN STANLEY & CO. INTERNATIONAL PL ...