Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in the first half of 2025 met market expectations, with significant growth in overseas revenue contributing to improved profitability [2][8] - The overseas revenue increased by 89% year-on-year, accounting for 34% of total revenue, driven by strong demand and rising market prices [8] - Domestic revenue also showed a solid growth of 21% year-on-year, although domestic gross margin experienced a slight decline due to increased competition and changes in the market [8] Financial Summary - Total revenue is projected to grow from 12,460 million RMB in 2023 to 29,631 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 23% [1] - Net profit attributable to shareholders is expected to rise from 1,559 million RMB in 2023 to 5,003 million RMB in 2027, indicating a CAGR of around 31% [1] - The earnings per share (EPS) is forecasted to increase from 2.00 RMB in 2023 to 6.43 RMB in 2027, with a corresponding decrease in price-to-earnings (P/E) ratio from 43.46 to 13.54 [1] Market and Operational Insights - The company has increased its investment in market and sales, leading to a significant rise in sales expenses by 52% year-on-year [8] - Inventory and contract liabilities have also grown substantially, indicating a strong order backlog and a solid foundation for future growth [8] - The company is expected to maintain steady growth in domestic operations, with the delivery of new products anticipated to improve gross margins in the second half of 2025 [8]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - Supply - side: Mine shutdowns have led to a significant increase in lithium salt and lithium ore prices. Australian suppliers are reluctant to sell and are holding up prices, with the latest auction price reaching $1005 per ton, equivalent to a lithium salt price of 85,000 yuan per ton. Although the output of spodumene processing has increased significantly, the inventory of imported ore is being digested quickly, and there may be a short - term supply gap in September. [6] - Demand - side: Energy storage orders remain strong, and power orders are also stronger than expected. The monthly sequential growth rate of demand from August to October exceeds 3% each month. The proportion of cathode factories' customer - supplied materials has decreased, forcing them to purchase in the spot market. Based on the expectation of price increases, there may be hoarding demand during price corrections. [6] - Market: The basis has strengthened to par or a slight discount. When the futures market rises sharply, it provides certain arbitrage opportunities between futures and spot, which also provides the motivation to register warehouse receipts and reduces the spot liquidity. [6] - Strategy: For single - side trading, it is recommended to buy on dips as the upward elasticity and driving force of lithium prices are in place, and the upward trend is maintained. For arbitrage, it is recommended to wait and see. For options, sell out - of - the - money put options of the 2511 contract. [6] 3. Summary According to Relevant Catalogs 3.1 Demand Analysis - **New Energy Vehicles** - In China, from January to July, the production and sales of new energy vehicles reached 6.968 million and 6.937 million units respectively, with year - on - year growth of 41.4% and 40.3%. However, the sales in July decreased sequentially. The expected wholesale volume of new energy passenger vehicles in 2025 is 15.48 million units, with a growth of 27%. The power cell output in July also declined following the vehicle sales. [20][21] - Globally, from January to June 2025, the cumulative sales of new energy vehicles increased by 30.8% year - on - year to 9.55 million units. In the US, the cumulative sales from January to June 2025 increased by 0.6% year - on - year to 828,000 units. In Europe, the cumulative sales from January to June 2025 increased by 22.4% year - on - year to 1.756 million units. China's new energy vehicle exports from January to July 2025 increased by 81% year - on - year to 1.281 million units. [22][25] - **Energy Storage Market** - In June 2025, the newly commissioned installed capacity of domestic new energy storage projects was 2.33GW/5.63GWh, with year - on - year and sequential declines. In the first half of 2025, the national new energy storage installed capacity increased by about 29%/32% compared to the end of 2024. The main reason for the good performance of domestic energy storage orders is the "rush to export" demand. From January to July, China's energy storage cell production reached 208GWh, with a year - on - year increase of 61%. [26][30] - **Battery and Cathode Production Scheduling in August** - The production scheduling of 6 battery enterprises in August was 110.3GWh, with a year - on - year increase of 43% and a sequential increase of 1%. The production scheduling of 6 cathode enterprises was 147,000 tons, with a year - on - year increase of 16% and a sequential increase of 3%. It is expected that the orders will increase by more than 3% sequentially each month from September to November. [31][34] 3.2 Supply Analysis - **Carbonate Lithium Zhoudu Production** - Affected by the shutdown of the Jianxiawo mine, Jiangxi smelters have reduced production. High prices have stimulated an increase in processing output and imports. This week's output increased slightly sequentially, but the inventory has started to decline. It is expected that the weekly output will start to decrease next week. The price of ore has risen following the lithium salt price, and mines are taking the opportunity to hold up prices. The latest SQM auction price of SC6 lithium ore has reached $1005 per ton. [35][38] - **Monthly Production of Carbonate Lithium by Raw Material in China** - The production of carbonate lithium from different raw materials such as salt lakes, spodumene, lepidolite, and recycling shows different trends over time. [39] - **Supply Growth of Carbonate Lithium in July and Slight Sequential Increase in August** - From January to June 2025, China's carbonate lithium import volume was 1.17 million tons, with a year - on - year increase of 11%. From January to July, Chile's lithium salt exports to China increased by 3% year - on - year to 1.34 million tons. It is expected that the domestic lithium salt import volume will also increase sequentially from August to September. [42][48] 3.3 Supply - Demand Balance and Inventory - **Supply - Demand Balance Estimation of Carbonate Lithium** - The report analyzes the supply - demand balance of carbonate lithium, but specific data and trends are presented in relevant charts and descriptions. [49] - **Carbonate Lithium Inventory Turned to De - stocking This Week** - The inventory of carbonate lithium has started to decline this week. The proportion of customer - supplied materials has decreased, and spot purchases have increased significantly. The inventory in smelters has been transferred to downstream. The Guangzhou Futures Exchange warehouse receipts have increased recently, but far behind the growth of positions. [51][56]

Group 1 - The company has developed its own electronic water pumps, which are applied in various fields including new energy vehicles, energy storage, and data centers [2] - The company responded to an investor inquiry regarding the presence of a water pump business and its potential applications in data centers or liquid-cooled servers [2] - The company is actively exploring opportunities in the data center sector with its water pump technology [2]

Core Viewpoint - The company reported strong financial performance for 1H25, with revenue and net profit growth exceeding expectations, indicating robust operational momentum and market demand [1][2]. Financial Performance - In 1H25, the company achieved revenue of 8.45 billion yuan, a year-on-year increase of 37.8%, and a net profit attributable to shareholders of 1.29 billion yuan, up 45.7% year-on-year [1]. - For Q2 2025, revenue reached 5.27 billion yuan, reflecting a 50.2% year-on-year growth, while net profit was 850 million yuan, marking a 61.5% increase year-on-year [1]. Revenue Breakdown - The overseas revenue surged by 89.0% to 2.86 billion yuan, accounting for 33.7% of total revenue, an increase of 9.1 percentage points [2]. - Domestic revenue grew by 21.1% to 5.63 billion yuan [2]. - The GIS subsidiary's revenue increased by 9.0% to 2.40 billion yuan, while the revenue from circuit breakers and isolators rose by 31.1% to 1.14 billion yuan [2]. Order Growth and Market Trends - The company anticipates continued high growth in new orders, projecting a 25% increase in new contract orders for 2025, amounting to 26.8 billion yuan [4]. - The first three batches of bidding for power transmission and transformation equipment by the State Grid in 2025 are expected to increase by 25% year-on-year [4]. - Strong demand in both domestic and overseas markets is supported by significant investments in power grid infrastructure and renewable energy installations [2][4]. Profitability - The company's overall gross margin remained stable at 31.7%, with overseas gross margin increasing by 1.9 percentage points to 35.7%, while domestic gross margin decreased by 1.3 percentage points to 29.7% [3]. - The net profit margin for 1H25 was 15.2%, reflecting an increase of 0.8 percentage points year-on-year [3]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged at 2.55 billion yuan and 3.08 billion yuan, respectively [5]. - The current stock price corresponds to a P/E ratio of 27x for 2025 and 22x for 2026, with a target price increase of 19.5% to 98 yuan, indicating a potential upside of 12.6% from the current price [5].

Core Viewpoint - Delong Energy's stock price has shown a slight increase, reflecting market interest in the company's performance and potential growth in the gas supply sector [1] Company Performance - Delong Energy's latest stock price is reported at 6.63 yuan, with an increase of 0.13 yuan from the previous trading day [1] - The stock reached a high of 6.70 yuan and a low of 6.46 yuan during the trading session, with a total transaction amount of 0.71 billion yuan [1] - The company reported a revenue of 889 million yuan for the first half of 2025, representing a year-on-year growth of 4.49% [1] - The net profit attributable to shareholders was 24.71 million yuan, which is a decline of 20.25% compared to the previous year [1] - Basic earnings per share are reported at 0.07 yuan [1] Industry Overview - Delong Energy operates primarily in the gas supply and service sector, with additional involvement in energy storage [1] - The company is positioned as a regional urban gas operator based in Sichuan [1]

Core Viewpoint - The company, Zhongzi Technology, has been recognized as a supplier of exhaust purification catalysts for new energy vehicles by a state-owned automotive group, which is expected to positively impact its business expansion and future performance [1] Group 1: Business Development - Zhongzi Technology has received a notification for designated development of exhaust purification catalysts, indicating client recognition of its R&D capabilities, supply chain efficiency, and product quality [1] - The company has achieved significant sales milestones, with gasoline vehicle exhaust purification catalyst sales surpassing one million sets for the first time in 2024 [2] - The company has successfully won bids for industrial catalysts and has entered multiple overseas project orders in the energy storage sector, indicating the effectiveness of its globalization strategy [2] Group 2: Financial Performance - The internal combustion engine exhaust purification catalyst segment is projected to generate revenue of 1.453 billion yuan in 2024, accounting for approximately 93% of total revenue [1] - Other business segments, while smaller in revenue, are experiencing substantial growth, with the industrial catalyst segment expected to reach 13.88 million yuan in 2024, a year-on-year increase of 65.73% [1] - The energy storage and storage+ business is anticipated to generate 80.17 million yuan in revenue, reflecting a remarkable year-on-year growth of 309.47% [1] Group 3: Product Innovation - The company has launched seven core technologies covering various advanced fields, including environmental catalysts and hydrogen fuel cell catalysts, during its 20th anniversary celebration [2] - New products aimed at meeting the next stage of emission standards have been introduced, including catalysts for natural gas vehicles, diesel vehicles, and industrial waste gas purification [2]

Group 1 - As of August 15, 2025, Sega Technology's stock price closed at 13.86 yuan, down 1.07% from the previous trading day, with a trading volume of 244 million yuan [1] - The stock price fluctuated between 13.58 yuan and 14.18 yuan on that day, with a volatility of 4.28% [1] - Sega Technology's main business includes specialized equipment manufacturing, covering low-altitude economy, energy storage, and 5G sectors [1] Group 2 - The company is registered in Jiangsu, with a total market capitalization of approximately 3.499 billion yuan [1] - On the evening of August 15, Sega Technology announced that neither the company nor its controlling subsidiaries had any violations regarding guarantees or overdue guarantees [1] - On August 15, the net outflow of main funds was 30.36 million yuan, with a cumulative net outflow of 133 million yuan over the past five trading days [1]

Battery Industry - Funeng Technology has received project designation from a leading domestic new energy commercial vehicle client, with the project expected to use a lithium iron phosphate battery solution starting in 2026 [2] - Nandu Power announced plans to launch semi-solid lithium battery products for civilian use in the second half of the year, focusing on battery swapping and vehicle distribution [3] - TBL New Energy's solid-state battery project has been selected for the National Key R&D Program, aiming to develop high energy density and long cycle life batteries for low-altitude aircraft applications [5] - The implementation of the new mandatory product certification rules for lithium-ion batteries and power banks has begun, prohibiting the production, import, and sale of non-compliant products [5] Material Supply - The first batch of recycled black powder raw materials for lithium-ion batteries has successfully cleared customs in Ningbo, marking a significant step in the management of imported materials [7] Overseas Developments - Wildcat Resources confirmed the economic viability of the Tabba-Tabba lithium mine project in Western Australia, with an internal rate of return of 26.6% and a tax-free cash flow projection of AUD 4.57 billion [9] - UK battery developer Harmony Energy plans to raise £300 million (approximately USD 400 million) to expand into emerging European markets, driven by increasing storage demand due to rising wind and solar energy generation [12]

Core Viewpoint - The company, Kelu Electronics (002121.SZ), currently does not engage in the production of solid-state transformer products, focusing instead on its smart grid and energy storage business lines [1] Group 1: Smart Grid Business - The company's main products in the smart grid sector include standard instruments, smart meters, electricity information collection systems, and both primary and secondary products and equipment for smart distribution networks [1] Group 2: Energy Storage Business - The energy storage products offered by the company consist of energy-type storage systems, power-type storage systems, integrated commercial and industrial storage units, centralized storage systems, bidirectional inverters for storage, solar-storage integrated inverters, medium-voltage inverter systems, battery management systems (BMS), and energy management systems (EMS) [1]

Core Viewpoint - The company is focusing on developing a "three-dimensional virtual power plant" system to enhance operational efficiency and reliability while also engaging in carbon trading and energy storage projects [2][3]. Company Overview - Zhejiang Xinhong Port Thermal Power Co., Ltd. was established on October 17, 1997, and listed on July 7, 2021. The company primarily engages in the production and supply of thermal and electric power through cogeneration [7]. - The main revenue composition includes steam (71.77%), electric power (cogeneration) (16.60%), compressed air (6.89%), coal (2.48%), electric power (energy storage) (2.03%), and others (0.16%) [7]. Financial Performance - For the period from January to March 2025, the company reported operating revenue of 174 million yuan, a year-on-year decrease of 20.46%, and a net profit attributable to shareholders of 15.45 million yuan, down 39.20% year-on-year [8]. Investment Projects - The company plans to construct a "three-dimensional virtual power plant" system to monitor and analyze power plant operations, which will improve efficiency and safety [2]. - The company has also announced plans to invest in energy storage projects through its wholly-owned subsidiary, Zhejiang Yuesheng Energy Storage Technology Co., Ltd. [2]. Carbon Emission Management - As of April 10, 2022, the company had a total carbon emission quota of 2.6483 million tons for 2019 and 2020, with actual emissions of 2.1483 million tons, resulting in a surplus of 500,100 tons, representing a surplus ratio of 18.88% [2]. - The company aims to become a regional comprehensive energy supply center and carbon neutrality center, focusing on improving efficiency and coupling carbon reduction through new unit expansions and technology upgrades [3].