Core Viewpoint - The company, Weike Technology, has received an inquiry letter regarding its 2024 annual report, highlighting a decline in revenue across its lithium-ion battery segments, despite an increase in overall gross margin [1]. Group 1: Business Performance - Revenue from lithium-ion batteries, small power batteries, and consumer aluminum shell lithium-ion batteries has decreased, while the overall gross margin increased by 4.91 percentage points to 13.95% [1]. - The company reported a net profit attributable to shareholders of -0.29 billion and -0.89 billion after deducting non-recurring gains and losses, with a debt restructuring gain of 0.13 billion included in non-recurring items [1]. Group 2: Business Segments - The main business segments include consumer batteries (polymer and aluminum shell batteries) and small power batteries (for two-wheelers and power tools), with over 80% of revenue derived from consumer lithium-ion battery sales [2][3]. - The company is gradually expanding its presence in the small power lithium-ion battery sector and is also exploring sodium-ion battery applications [2]. Group 3: Operational Model - The operational model consists of procurement, production, and sales, with procurement based on production plans and sales forecasts [3]. - The production strategy is customer-driven, primarily adopting a make-to-order approach, while sales are mainly direct, with a focus on customized products for end customers [3]. Group 4: Financial Data - The total sales revenue for small power batteries was 22,801.58 million, with a cost of sales of 20,809.02 million, resulting in a gross margin of 8.74% [4]. - The sales revenue for energy storage batteries was 6,811.00 million, with a cost of sales of 7,311.33 million, leading to a negative gross margin of -7.35% [5]. - Overall, the company experienced a slight decline in revenue due to falling prices of key raw materials and a shrinking market demand for consumer aluminum shell batteries [5].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][8]. Core Views - The company is a leading supplier of power and communication transmission equipment, benefiting from the resonance of domestic and international offshore wind developments [5][7]. - The company has a diversified business structure focusing on marine equipment, optical communication, and power transmission [7][21]. - The offshore wind power sector is expected to rebound after years of low activity, with multiple provinces in China announcing future offshore wind power plans [10][59]. - The company is positioned to capitalize on the growing demand for optical communication driven by 5G network construction and increasing computing power needs [7][10]. Summary by Sections Market Performance - The closing price is 13.85 CNY, with a total market capitalization of 47,269.35 million CNY and a circulating market capitalization of the same amount [3]. Financial Forecast and Valuation - Revenue projections for 2023 to 2027 are 45,065 million CNY, 48,055 million CNY, 53,352 million CNY, 58,609 million CNY, and 64,577 million CNY, respectively, with growth rates of 11.91%, 6.63%, 11.02%, 9.85%, and 10.18% [6][8]. - The forecasted net profit attributable to shareholders for the same period is 3,117 million CNY, 2,838 million CNY, 3,419 million CNY, 4,188 million CNY, and 5,020 million CNY, with growth rates of -3.03%, -8.94%, 20.46%, 22.51%, and 19.86% [6][8]. - The price-to-earnings (P/E) ratios for 2025 to 2027 are projected to be 13.83, 11.29, and 9.42, respectively [6][8]. Business Overview - The company has a strong presence in the power transmission sector, focusing on a full product chain of power equipment, including special conductors and various types of cables [21][25]. - In the marine equipment sector, the company emphasizes the development of new technologies and materials for offshore wind energy transmission [7][24]. - The optical communication segment includes a wide range of products and services, positioning the company as a global leader in this field [7][21]. Investment Logic - The offshore cable market is characterized by strong profitability and a favorable competitive landscape, particularly with the trend towards high voltage and flexible direct current [10][29]. - The company is actively expanding into the European market, which is experiencing a peak in offshore wind construction, creating opportunities for domestic manufacturers [10][59]. - The company’s early investments in energy storage and its comprehensive product offerings position it well to benefit from the ongoing energy transition [7][10].

碳酸锂期货日报 行业 日期 2025 年 6 月 19 日 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 有色金属研究团队 研究员：余菲菲 研究员：彭婧霖 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾与操作建议 数据来源：Wind，建信期货研究发展部 碳酸锂期货冲高回落，总持仓下降 7855 手，盘面近月合约 BACK 结构小幅扩大至 340，现货市场持平，现货电碳略低于盘面 07 价格，澳矿和锂云母矿价持平，磷 酸铁锂价格持平，而三元材料价格受镍钴价格下跌而下跌，上游矿价短期跌势放 缓，若矿价能止跌产业链降价潮将会缓解。当前高库存高供应压力是碳酸锂期货 价难反弹的主要原因，6 月以来锂价跌势放缓但总持仓居高不下，空头力量减弱， 同时在盘面交割利润持续为负的情况下，交易所 ...

长江商报消息 ●长江商报记者 江楚雅 雅化集团（002497.SZ）加速整合锂业务。 6月17日晚间，雅化集团公告，将以全资子公司四川雅化锂业科技有限公司为平台，更名为"雅化锂业集 团"，并将5家涉及锂业务的子公司股权无偿划转至该集团。此举旨在统筹锂产业资源，提升协同效率， 降低业务成本，推动锂产业高质量发展。 随着2024年锂价中枢筑底回升，以及公司产能的逐步释放，盈利能力显著回升。2024年，公司归母净利 润为2.57亿元，同比增长539.36%；扣非归母净利润为1.64亿元，同比增长176.55%。2025年一季度延续 增长趋势，公司净利润同比增长452.32%至8246.44万元。 拟组建雅化锂业集团 资料显示，2014年，雅化集团通过收购国理公司、兴晟锂业，大踏步进入锂业领域，并形成民爆与锂盐 双主业驱动运行格局。 自2022年起，公司便明确提出"加快发展布局锂产业"的目标，通过自主矿山开发、多渠道资源保供、产 能扩建等举措，逐步构建起覆盖锂矿勘探、采选、锂盐加工、市场销售的完整产业链。此次组建"雅化 锂业集团"，正是这一战略的落地。 6月17日晚间，雅化集团公告，将以全资子公司四川雅化锂业科技有限 ...

Group 1 - The company held its sixth meeting of the second board of directors on June 17, 2025, with all nine directors present, ensuring compliance with legal and regulatory requirements [2][4][5] - The board approved an external investment project related to a storage project, which will be detailed in a separate announcement [3][5] Group 2 - The investment project is named "Baotou Storage Power Station Project," with a total investment amount of approximately 1.31 billion yuan (131,000 million) [8][11] - The project involves the construction of a 300,000 kW/1,800,000 kWh independent storage demonstration project, including supporting facilities [13] - The project is located in Baotou City, Inner Mongolia, and is expected to start construction in June 2025 and be completed by December 31, 2025 [13] Group 3 - The investment aims to enhance the company's integration into the renewable energy sector and support sustainable development in the region [11][15] - The project is expected to improve the reliability of power supply, reduce the curtailment of wind and solar energy, and provide emergency power for critical facilities [15] - The company anticipates stable revenue from the project due to a subsidy standard of 0.35 yuan per kWh for new grid-side independent storage projects, with a compensation period of 10 years [15]

Group 1 - The core point of the article is that Sichuan Yahua Industrial Group Co., Ltd. plans to establish a new subsidiary named "Yahua Lithium Industry Group" to consolidate its lithium business and enhance operational efficiency [1] - The restructuring aims to integrate resources across five subsidiaries involved in lithium, focusing on high-quality development and reducing costs in the lithium industry [1] - The company has established itself as a major producer of lithium salt products, particularly battery-grade lithium hydroxide, and has gained recognition from leading global automotive and battery manufacturers [1] Group 2 - By the end of this year, Yahua Group's lithium salt production capacity is expected to reach nearly 130,000 tons, supported by a diversified lithium resource assurance system [2] - The company has developed a stable lithium resource supply chain through self-controlled and externally sourced lithium, including projects in Zimbabwe and partnerships with various international suppliers [2] - The demand for lithium is expected to grow due to the rapid development of electric vehicles and energy storage, although the industry faces challenges such as increased competition and price volatility [2]

Investment Overview - The company plans to invest approximately 1.31 billion yuan in the Baotou Energy Storage Project, which includes a 300,000 kW/1.8 million kWh grid-side independent energy storage demonstration project [1][2] - The project aims to support the sustainable development of the energy sector and ecological environment in Baotou, Inner Mongolia [1][2] Project Details - The Baotou Energy Storage Project will consist of a 300,000 kW/1.8 million kWh energy storage station and a 220kV booster station, with a total investment of about 1.31 billion yuan [2] - The project is located in the Kun District of Baotou City, covering an area of approximately 193 acres, and is expected to commence construction in June 2025 and be completed by December 31, 2025 [2][4] - The energy storage system will utilize a cluster management string-type lithium iron phosphate battery system, integrating liquid cooling temperature control and intelligent BMS [2][4] Company Background - The investment will be executed by Yongzhen Electric (Baotou) Co., Ltd., which was established on March 21, 2024, with a registered capital of 10 million yuan [3] - The company is wholly owned by Yongzhen Technology Co., Ltd. and is involved in various energy-related services, including power generation and transmission [3][4] Impact on the Company - The investment in the energy storage project is expected to enhance the company's integration into the photovoltaic industry chain and promote the development of its main business [4] - The project aims to efficiently utilize renewable energy sources in Baotou, reduce curtailment rates, and provide emergency power supply for critical facilities [4] - The project is expected to generate stable revenue for the company through a subsidy of 0.35 yuan per kWh for grid-side independent energy storage stations, with a compensation period of 10 years [4]

Group 1: Company Overview and Product Range - The company focuses on the research and development of modified rubber and plastic materials, emphasizing sealing and vibration reduction functions across various industries [1] - Key application areas include rail transportation, automotive, construction, and shipping, with specific products such as tunnel sealing rubber, vehicle sealing components, and marine vibration parts [1][2] Group 2: Future Business Outlook - The company aims to strengthen its market position in the automotive, rail transportation, construction, and shipping sectors while exploring new markets and products [2] - There is a strategic focus on emerging industries such as new energy vehicles, energy storage, wind power, photovoltaics, and hydrogen energy to gain a competitive edge [2] Group 3: Contract with Sailaf Energy - The company’s subsidiary, Haida New Energy, signed a procurement framework contract with Anhui Sailaf Energy, with an expected total procurement volume of 3.7GW of products by June 30, 2026 [2] - The newly developed short-frame products are designed to enhance safety and reliability, with features that improve light exposure and increase energy generation [2]

Core Viewpoint - Taihe Intelligent plans to acquire 100% equity of Anhui Sunshine Yuchu New Energy Co., Ltd. from its controlling shareholder Sunshine New Energy for no more than 50 million yuan, despite the target company facing high debt and significant losses [1][2]. Group 1: Acquisition Details - The acquisition involves a company that has a debt ratio exceeding 80% and a net loss of over 22 million yuan in the first quarter of this year [1]. - Taihe Intelligent reported a net profit of only 2.09 million yuan in the same period, indicating potential financial challenges due to the acquisition [1][3]. - The target company, Sunshine Yuchu, primarily engages in energy storage projects for commercial users, providing necessary services to save energy costs [2][3]. Group 2: Financial Impact - In 2024, Sunshine Yuchu is expected to generate revenue of 19.78 million yuan, accounting for 3.51% of Taihe Intelligent's total revenue, while in the first quarter of 2025, it is projected to contribute 15% [3]. - Sunshine Yuchu is anticipated to incur a net loss of 6.13 million yuan in 2024 and 22.66 million yuan in the first quarter of 2025, which may negatively impact Taihe Intelligent's financial performance [3]. Group 3: Business Risks and Competition - The company acknowledges significant cross-industry operational risks due to its lack of experience in energy storage, raising concerns about the integration of the new business [1][6]. - There are questions regarding potential competition between Taihe Intelligent and Sunshine New Energy, as both are involved in the energy sector, and the independence of Sunshine Yuchu's operations post-acquisition is uncertain [5][6]. - Sunshine New Energy has a broad investment portfolio in the renewable energy sector, which may complicate the competitive landscape following the acquisition [5][6].

| 后腹期货 | | | 碳 锌 8 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 交易日期(日) | 2025-06-16 | 2025-06-13 | 2025-06-10 | 较昨日变化 | 近两周走势 | | | 近月合约 | 收盘价 | 60000.00 | 59980.00 | 61000.00 | 20.00 | N | | | 连一合约 | 收盘价 | 60240.00 | 59940.00 | 60760.00 | 300.00 | | | | 连二合约 | 收盘价 | 59780.00 | 59800.00 | 60940.00 | -20.00 | | | | 连三合约 | 收盘价 | 59780.00 | 59800.00 | 60980.00 | -20.00 | | | | | 收盘价 | 59780.00 | 59940.00 | 60760.00 | -160.00 | | | 砖酸锂期货 | | 成交堂(手) | 218180.00 | 169471.00 | 204780.00 | 48, ...