Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a record high revenue of 7.79 billion yuan in Q4 2024, marking a year-on-year increase of 5.43% and a quarter-on-quarter increase of 17.99% [6][8] - The company continues to solidify its market share despite a challenging economic environment and increased competition, with a total revenue of 27.13 billion yuan for 2024, representing a year-on-year growth of 4.64% [7][11] - The company is focusing on accelerating project construction and expanding production capacity, particularly with the TianTai project, which is progressing steadily [10][11] Financial Performance - In 2024, the company reported a net profit attributable to shareholders of 1.54 billion yuan, a decrease of 36.49% year-on-year [5][7] - The sales gross margin for 2024 was 17.63%, down 3.12 percentage points year-on-year, while the net profit margin was 5.68%, down 3.72 percentage points year-on-year [5][6] - The company’s operating cash flow for 2024 was 0.75 billion yuan, a decline of 37.51% year-on-year, primarily due to increased cash payments to employees [7] Future Projections - The company’s revenue is projected to reach 32.00 billion yuan in 2025, 38.80 billion yuan in 2026, and 45.13 billion yuan in 2027, with corresponding net profits of 2.41 billion yuan, 3.57 billion yuan, and 4.17 billion yuan respectively [11][13] - The expected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 10.9, 7.4, and 6.3 times respectively, indicating a favorable growth outlook [11][13]

插播 ：TOP10花落谁家？2024-2025用户侧储能项目TOP10榜单征集进行时，点击 上方二维码 进行申报 近日，又有3大储能相关产能项目更新进度，总产能达 16GWh ，涉及储能电芯和储能柜。 另据行家说储能不完全统计，2025年以来已有18个项目总计超120GWh储能相关产能类项目投产，产能类项目或将迎来集中投产期。 又有3个项目将投产 ■ 鹏辉能源：12GWh储能产线将投产 近日，位于城阳区河套街道的鹏辉能源储能电池生产项目自年后自复工以来，建设稳步推进，力争4月份实现试生产。该项目是青岛储能产业第一个 百亿级项目，目前即将投产的一期项目布局了四条产线，亩均投资强度达1450万元，年产能为 12GWh ，年产值为50亿元。 鹏辉能源储能电池生产项目一期项目建设共有三栋建筑，分别是电芯厂房、PACK厂和综合楼。其中电芯厂房面积9.3万平方米，是鹏辉集团规模最 大、产能最高的单体厂房。据负责人介绍，项目一期的电芯厂房已于2024年5月底主体封顶，同年9月主体完工。目前整体的设备进场工作已经完 成，正在进行设备调试及安装，预计4月初完成试生产。 据悉，鹏辉能源储能电池生产项目计划 总投资130亿元 ，占 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 44 yuan [2]. Core Views - The company reported a revenue of 15.197 billion yuan for 2024, representing a year-on-year increase of 11.86%. The net profit attributable to shareholders was 1.325 billion yuan, up 4.07% year-on-year [2]. - The fourth quarter (Q4) showed stable performance with a revenue of 4.285 billion yuan, an increase of 8.98% year-on-year, and a net profit of 371 million yuan, up 3.68% year-on-year [2]. - The company is actively divesting its sugar trading business, which has impacted overall revenue performance, while the yeast and deep processing segments continue to show strong growth [2][6]. Summary by Sections Financial Performance - In Q4, the revenue breakdown by product showed yeast at 3.143 billion yuan (up 20.84%), sugar at 368 million yuan (down 40.40%), packaging at 103 million yuan (up 1.35%), and other businesses at 679 million yuan (up 18.25%) [6]. - The gross margin for Q4 was 24.15%, an increase of 1.14 percentage points year-on-year, attributed to lower sugar molasses costs and reduced shipping expenses [6]. - The company plans to distribute a cash dividend of 0.55 yuan per share, totaling 477 million yuan, which is 36.05% of the net profit [2]. Market Outlook - The company aims for a revenue growth target of over 10% for 2025, with overseas markets becoming the core growth engine, supported by capacity expansion [6]. - The report indicates that the domestic market is currently facing weak demand, but the medium-term operational outlook remains positive [6]. Earnings Forecast - The earnings per share (EPS) forecasts for 2025, 2026, and 2027 are 1.75 yuan, 2.16 yuan, and 2.51 yuan respectively, with corresponding price-to-earnings (PE) ratios of 20, 16, and 14 [7]. - The projected net profit for 2025 is 1.519 billion yuan, reflecting a year-on-year growth of 14.7% [7]. Valuation - The current market capitalization is approximately 30.368 billion yuan, with a circulating market value of 29.873 billion yuan [3]. - The report suggests that the recent market cap decline provides a good opportunity for investment, maintaining the target price of 44 yuan, which corresponds to a PE of about 25 for 2025 [6].

点击注册小程序 特别申明： 2024年公司期间费用率为9.92%，处于2018年以来次低水平 其中研发费用率、管理费用率、销售费用率、财务费用率分别为5.99%、1.92%、2.37%、-0.35%，分别同比 +0.60pct、+0.06pct、-0.60pct、-0.14pct。 2024年公司非晶产能达到10.5万吨，且预计2027年产能达到12万吨 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 2024年公司实现营收19.00亿元，同比+7.24%；归母净利润3.61亿元，同比+8.73%；扣非净利润3.44亿元，同 比+12.59%。其中，公司Q4实现营收5.12亿元，同比+9.16%，环比+7.22%；归母净利润0.98亿元，同比 +4.65%，环比+2.33%。 全年公司非晶、纳米晶、磁性粉末 ...

Financial Performance - In 2024, the company achieved a revenue of CNY 2.45 billion, a decrease of 2.69% year-on-year [2] - Net profit attributable to shareholders was CNY 741 million, down 15.12% year-on-year [2] - The return on equity (ROE) was 13.50%, a decline of 3.50 percentage points compared to the previous year [2] Segment Performance - Carbon fiber segment revenue was CNY 1.45 billion, down 12.91% year-on-year [3] - General new materials segment revenue was CNY 234 million, down 12.86% year-on-year [3] - Energy new materials segment revenue increased by 25.81% to CNY 537 million [3] - Composite technology segment revenue grew by 15.60% to CNY 107 million [3] - Precision machinery segment revenue rose by 161.20% to CNY 89 million [3] - Light technology segment revenue increased by 28.27% to CNY 25 million [3] Market Challenges - The decline in performance was primarily due to a downturn in the carbon fiber and prepreg sectors, with a notable drop in demand for T300 grade fibers [3] - The T300 fiber segment saw a revenue decrease of 39.4%, totaling CNY 516 million [3] - The market price for high-performance industrial carbon fibers dropped significantly, impacting revenue [3] Strategic Initiatives - The company is focusing on high-end applications and continuous product innovation to meet emerging market needs [2] - A total of 169 new patents were achieved in 2024, reflecting ongoing R&D efforts [3] - The company is expanding its applications in various sectors, including aerospace, automotive, and renewable energy [6] Future Outlook - The carbon beam business is expected to see a recovery in 2025, driven by existing orders [11] - The company anticipates stable demand for T300 grade products in the coming years [7] - The Bagou project is projected to incur losses in 2025 due to high fixed costs from initial investments [12] Customer and Contract Insights - The company is actively negotiating contracts for the CCF700G product, with ongoing supply [4] - The delivery pace for traditional products is expected to improve in 2025 [4] - The company has secured contracts for T800 grade fibers, with a focus on stable supply for large aircraft applications [5]

证券代码：688353 证券简称：华盛锂电 公告编号：2025-016 二、监事会会议审议情况 建设年产 6 万吨碳酸亚乙烯酯项目（一期 3 万吨）的议案》； 监事会认为：公司控股子公司湖北华盛祥和新能源材料有限公司投资新建年 产 6 万吨碳酸亚乙烯酯项目（一期 3 万吨）项目符合公司的战略发展规划，此举 紧密契合公司的长远战略规划。该项目的实施，将显著增强公司核心产品的产能， 进一步满足市场对产品产能配套的高要求，从而有力提升公司的综合竞争力。监 事会一致同意该议案。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 具 体 内 容 详 见 公 司 于 2025 年 4 月 3 日 在 上 海 证 券 交 易 所 网 站 （http://www.sse.com.cn）披露的《江苏华盛锂电材料股份有限公司关于子公司 对外投资的公告》（公告编号：2025-017）。 江苏华盛锂电材料股份有限公司 第二届监事会第十六次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 江苏华盛锂电材料股份 ...

星标 ★ IPO日报 精彩文章第一时间推送 3月21日，深圳市路维光电股份有限公司（证券代码：688401，下称"路维光电"）发行可转债即将上会。 据悉，路维光电本次发行可转换公司债券拟募集资金总规模不超过6.15亿元，具体使用情况为3.19亿元投向半导体及高精度平板显示掩 膜版扩产项目、2.18亿元用于收购成都路维少数股东股权项目、7800万元用于补流及偿还银行贷款。 IPO日报发现，路维光电上市不足三年，就要再次扩大产能和补充流动资金，这是否合理？ 制图：佘诗婕 上市不足三年 资料显示，路维光电于2022年8月上市，主营业务为掩膜版的研发、生产和销售，产品主要用于平板显示、半导体等行业。目前，公司 已具有 G2.5-G11 全世代掩膜版生产能力，可以配套平板显示厂商所有世代产线；实现了 180nm 制程节点半导体掩膜版量产， 并掌握 了 150nm/130nm 制程节点半导体掩膜版制造核心技术，满足先进半导体芯片封装和器件等应用需求。 近年来，路维光电业绩稳定增长。 2021年—2023年，公司实现的营业收入分别为49359.17万元、64001.37万元、67239.44万元，净利润分别为2848.09 ...

宁德时代再获超级储能大单 3月6日，专注能源转型基础设施投资的Quinbrook Infrastructure Partners宣布：与全球电池储能系统(BESS)领军企业宁德时代达成技术合作， 将在澳大利亚率先部署规模为3GW/24GWh的全球首个商业化8小时长时储能系统EnerQB。 新能安签订2GWh储能大单 近日，新能安与深圳市海梁科技有限公司正式签署战略合作协议，双方将围绕工商业储能安全技术、交通能源基础设施等领域展开深度协同。 规划目标3年交付2GWh储能系统，可满足超10万辆电动车的充能需求，计划首批试点将在海梁科技的VERTI-X项目中落地。 宁德时代锂钠混合电池上"新车" 近日，领克汽车官方宣布，领克900同级首搭宁德时代骁遥超级增混电池，实现三个第一，即电池能量第一（52.38kWh），同级性能第一（百 公里加速4秒级），同级充电第一（20~80% 快充 17min）。 目前官方还未透露新车的正式上市时间和价格，业内推测新车将会对标理想L8、腾势N9，价格区间或许会在30-40万元间。新车预计将在2025 年第二季度正式上市，首批展车已在全国35个城市116家门店到店。 国轩高科装机星纪元 ...

3月13日上午，安徽钢电科技超级电容微型钢壳锂电池项目投产仪式在安徽省濉溪县成功举行。 安徽钢电科技有限公司是国研新能（深圳）公司的全资子公司，是濉溪县新兴产业基金投资的科技型企业。本次投产的项目位于濉溪经济开发 区，总投资约1亿元人民币，项目用厂房4000平方米，将建设四条年产1500万pcs/微型扣式二次电池生产线。项目达产后，预计年产值可达2亿 元，新增就业岗位50个，年缴纳税收400万元，将有力推动产业链补链强链。 （ 来源：看濉溪 ） 1、 行业回暖！新一轮锂电产能扩张周期来临！ 2、 预镀镍材料国产化进程"提速" 3、 宁德时代2024爆单！ 4、 磷酸铁锂龙头2024净利下降62.45% 第七届起点钠电论坛 暨钠电行业50强排行榜发布会 技术成实赋 市场爆发元年 演讲反赞助单位 隐I力科技 V & 金钠科技 L T = = 立方新能源 KING SODIUM TECH 易事符 Dower Komaro 科迈罗 始于1989年 | 股票代码:300376 JNİON +加勒 瑞扬新能源 E if 灰美 CARMERY Ul 大 ill in ■ ROOT GROUP 3 身体育区域经济合作局 两新 ...

天眼查App显示，近日， 亳州国轩新能源有限公司成立 ，法定代表人为孙爱明，注册资本3亿元人民币，经营范围含电池制造、电池销售、新 能源原动设备制造、新能源原动设备销售、新能源汽车生产测试设备销售、太阳能发电技术服务、太阳能热利用装备销售、新兴能源技术研发 等。 股权全景穿透图显示，该公司由合肥国轩高科动力能源有限公司全资持股，后者为国轩高科（002074）全资子公司。 起点锂电注意到，除了成立新公司扩大业务布局外，国轩高科动力领域也迎来新进展。 3月10日，奇瑞旗下高端品牌星途汽车宣布，全新增程式混动车型星纪元ES增程版正式上市。 据悉，国轩高科是该车型的核心动力电池供应商，与星途深度合作打造的"鲲鹏电池"，实现了卓越性能与超高性价比等七大核心优势。 具体来看， 充得快 ，支持快速补能，17.5分钟从20%补电达80%，实现同级最快补能效率； 跑得远 ，1645km超长续航，同级混动续航第 一； 宽温域， 支持-35℃极寒环境下正常工作； 不怕水 ，电池包防水为国标96倍； 不怕热 ，电池包无热扩散； 不怕撞 ，电池包底部由 1300MPa超高强度热成型钢保护，通过31项远超行业标准的安全测试，整包防撞水平 ...