公司报告 | 季报点评 天赐材料（002709） 证券研究报告 电解液格局有望出清，新品类加大投入 公司 2024 年年度和 2025 年第一季度经营情况如下： 2024Y 实现营收 125.2 亿元，YOY-18.74%；归母净利润 4.8 亿元，YOY-74.4%； 扣非归母净利润 3.8 亿元，YOY-79.08%。 2025Q1 实现营收 34.9 亿元，YOY+41.64% ；归母净利润 1.5 亿元， YOY+30.8%；扣非归母净利润 1.34 亿元，YOY+33.35%。 电解液业务竞争仍然激烈，市场有望持续出清。中国新能源汽车渗透率突 破 50%，锂电池材料行业需求进入平稳时期，电解液市场整体增速放缓， 整个锂电池上下游产业链以消化库存和减缓资本开支为主；并且随着未来 市场供大于求的趋势逐渐演变，预计未来一到两年行业仍然维持较为激烈 的竞争关系，落后产能将持续出清。 公司在高能量密度、高电压、超充、高功率、高安全、低成本及长寿命电 解液的开发上展现出显著的研发优势，并且同时具备较大的市场产能和与 下游头部客户的深度绑定关系，预计在行业出清后集中度将持续提升，竞 争力进一步加强。 产品迭代新品 ...

公司报告 | 季报点评 天赐材料（002709） 证券研究报告 电解液格局有望出清，新品类加大投入 公司 2024 年年度和 2025 年第一季度经营情况如下： 2024Y 实现营收 125.2 亿元，YOY-18.74%；归母净利润 4.8 亿元，YOY-74.4%； 扣非归母净利润 3.8 亿元，YOY-79.08%。 2025Q1 实现营收 34.9 亿元，YOY+41.64% ；归母净利润 1.5 亿元， YOY+30.8%；扣非归母净利润 1.34 亿元，YOY+33.35%。 电解液业务竞争仍然激烈，市场有望持续出清。中国新能源汽车渗透率突 破 50%，锂电池材料行业需求进入平稳时期，电解液市场整体增速放缓， 整个锂电池上下游产业链以消化库存和减缓资本开支为主；并且随着未来 市场供大于求的趋势逐渐演变，预计未来一到两年行业仍然维持较为激烈 的竞争关系，落后产能将持续出清。 公司在高能量密度、高电压、超充、高功率、高安全、低成本及长寿命电 解液的开发上展现出显著的研发优势，并且同时具备较大的市场产能和与 下游头部客户的深度绑定关系，预计在行业出清后集中度将持续提升，竞 争力进一步加强。 产品迭代新品 ...

骆驼集团股份有限公司 会议资料 中国 · 襄阳 二〇二五年五月 目 录 议案四：关于骆驼集团股份有限公司 2024 年度财务决算报告及 2025 年度财务预算报告的议案 议案十七：关于修订《董事会议事规则》《股东大会议事规则》等七项公司治理制度的议案 .. 41 骆驼集团股份有限公司2024年年度股东大会 会议须知 各位股东及股东代表： 为维护投资者的合法权益，确保股东大会的正常秩序和议事效率，根据《公 司法》《骆驼集团股份有限公司章程》的有关规定，特制定本次股东大会会议须 知： 出席本次股东大会的相关人员准时签到参会，参会资格未得到确认的人员不得进 入会场。 义务和遵守有关规定，对于扰乱股东大会秩序和侵犯其他股东合法权益的，将报 告有关部门处理。 大会主持人许可后，方可发言或提出问题，股东要求发言时不得打断会议报告人 的报告或其他股东的发言，不得提出与本次股东大会议案无关的问题。 报告，之后股东对各项报告进行审议讨论，股东在审议过程中提出的建议、意见 或问题，由大会主持人或其指定的有关人员予以回答，最后股东对各项议案进行 表决。 的质询，大会主持人或相关负责人有权拒绝回答。 每一份股份享有一份表决权，特请各 ...

Core Viewpoint - The article highlights the significant advancements made by the company in the production of lithium hexafluorophosphate, a critical material for lithium-ion batteries, showcasing the journey from reliance on imports to achieving world-leading production capabilities [1][4]. Group 1: Development Journey - The company faced numerous challenges in the initial stages of developing lithium hexafluorophosphate, including a lack of domestic technology and the need for innovative solutions [2]. - After extensive experimentation and overcoming safety risks, the team successfully synthesized 2 grams of lithium hexafluorophosphate in early 2009, marking a pivotal achievement [2]. - The production process evolved from 2 grams to 2 tons, and eventually to a thousand-ton production line, demonstrating significant technological advancements [3]. Group 2: Technological Innovations - The introduction of the "double kettle method" for synthesizing lithium hexafluorophosphate improved raw material utilization and significantly increased production capacity [3]. - The company replaced traditional mechanical stirring with a method that uses high-pressure gas to rotate the liquid, addressing leakage issues and enhancing safety in industrial production [3]. Group 3: Current Achievements and Future Goals - The company has transformed from a "follower" to a "leader" in lithium battery technology, with its lithium hexafluorophosphate being used in one out of every four lithium batteries globally [4]. - The team is currently optimizing production equipment to enhance automation and continuous production, aiming to reduce investment costs by 40% and unit costs by 15% [4]. - The company emphasizes the importance of aligning research and development with industry needs, committing to producing innovative materials that enhance China's manufacturing reputation globally [4].

一、研究观点 点 评 1. 昨日碳酸锂期货 2505 合约跌 0.96%至 64120 元/吨。现货价格方面，电池级碳酸锂平均上涨 100 元/ 吨至 64800 元/吨，工业级碳酸锂上涨 100 元/吨至 63150 元/吨，电池级氢氧化锂（粗颗粒）下跌 100 元/吨至 65840 元/吨，电池级氢氧化锂（微粉）下跌 100 元/吨至 70985 元/吨。仓单方面，昨日 仓单库减少 52 吨至 36664 吨。 2. 昨日广州期货交易所发布关于征集碳酸锂期货注册品牌的通知，详见链接： （http://www.gfex.com.cn/gfex/tzts/202505/deea23df0856405bb111e43efa4d328b.shtml）。 3. 供应端，周度产量环比增加 575 吨至 16055 吨，5 月总供应量较预期下调；需求端，5 月三元+磷 酸铁锂消耗碳酸锂量预计环比小幅增加，磷酸铁锂正极材料库存周转天数连续下降，三元材料有 小幅抬升迹象；电芯端依旧保持景气。库存端，周度库存重回累库，周度环比增加 351 吨至 131920 吨，其中下游和其他环节去库，冶炼厂累库。 4. 需求缺乏明显增量的 ...

Group 1: Investor Relations Activity Overview - The company held an annual performance briefing on May 14, 2025, via online platform [3] - Attendees included the chairman, general manager, financial director, board secretary, and sponsor representative [3] Group 2: Key Questions and Responses - **New Capacity Projects**: The new capacity project is progressing well and is expected to commence production in the second half of 2025. Current lithium battery capacity remains tight, with a focus on lithium manganese and lithium iron batteries for future development [4] - **Stock Price and Dividends**: The company's stock price is influenced by macro policies and market conditions. The company emphasizes investor returns and will continue to consider cash dividends based on profitability and future plans [5] - **Employee Changes**: The company experienced a significant increase in employee numbers due to rising sales orders, which is a normal hiring demand without risks of technology leakage [5] - **Lithium Carbonate Prices**: The decline in lithium carbonate prices does not directly correlate with lithium metal prices, which are influenced by market supply and demand. The company typically procures raw materials 2-3 months in advance and is not currently hedging in the secondary market [6][7] - **Gross Margin Decline**: The gross margin in Q1 2025 decreased due to changes in export tax rebate policies [8]

Group 1 - The rise of boundary-less lawn mowers is leading to an influx of domestic players in the market, significantly increasing industry penetration [1] - According to Tianfeng Securities, global sales of lawn mowers are nearing 1.8 million units, with a penetration rate of less than 10%, indicating the industry is still in its early stages [1] - The development of lithium battery technology and smart features is driving innovation in lawn mower products, transforming lawn maintenance and garden management [2] Group 2 - The lawn mower market can be divided into traditional and boundary-less types, with the latter utilizing technologies like UWB or RTK for boundary definition [2] - Companies like Ubiquiti, Anker Innovation, and LeDong are set to launch their first boundary-less products in 2024 and 2025, presenting opportunities for domestic brands [2] - The average lawn area in Europe is 300-400 square meters, while in the U.S. it is 600-1000 square meters, with the U.S. market becoming increasingly significant for lawn mowers [3] Group 3 - Companies like Zhongjian Technology and Daye Co. are investing in the lawn mower sector, with plans to develop various configurations to meet different market needs [3] - The competitive landscape is shifting, with companies needing to optimize hardware and software to meet the demands of larger and more complex lawns [5] - The integration of hardware and software is crucial for reducing costs and improving performance, as seen in the innovations by companies like Ninebot and Chasing Technology [5]

| 投资者关系活动 | 分析师会议 □特定对象调研 □ | | --- | --- | | 类别 | □ 媒体采访 √ 业绩说明会 | | | □ 新闻发布会 □ 路演活动 | | | □ 现场参观 | | | 其他 （请文字说明其他活动内容） □ | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 年 月 日（星期四）下午 2025 5 15 15:00~16:30 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采 | | | 用网络远程的方式召开业绩说明会。 | | 上市公司接待人 | 董事会秘书赵子阳；财务总监许曰玲 | | 员姓名 | | | | 投资者提出的问题及公司回复情况 1、请问公司的黑磷研发目前是什么情况，何时有具体的产 | | | 品出产？ | | | 你好！公司的控股子公司瑞丰玥能正按照原计划有序推进黑 | | | 磷低成本产业化的相关工作，目前尚处于吨级中试装置的搭建阶 | | 投资者关系活动 | 段。谢谢关注。 | | 主要内容介绍 | 2、公司的 2024 年报中讲公司自主研发的锂离子电池负极粘 | | ...

Core Viewpoint - The tracking rating report indicates that Jiangsu Baichuan High-tech New Materials Co., Ltd. maintains a credit rating of A+ with a stable outlook, reflecting no substantial changes in credit quality during the tracking period [6][7]. Company Overview - Jiangsu Baichuan High-tech New Materials Co., Ltd. issued convertible bonds amounting to 978 million yuan with a six-year term, aimed at funding projects in the lithium battery materials sector [9]. - The company has established a comprehensive industrial chain from raw materials to lithium-ion batteries, enhancing its competitive edge in the new materials sector [6][9]. Financial Performance - The company's total assets increased from 100.70 billion yuan in 2022 to 116.61 billion yuan in 2024, while total liabilities rose from 70.83 billion yuan to 93.54 billion yuan during the same period [7]. - The operating income for 2024 is projected to reach 55.56 billion yuan, a significant increase from 41.31 billion yuan in 2022, driven primarily by the fine chemical segment [20][21]. - The gross profit margin improved by 8.36 percentage points, recovering to 10.14% in 2024, largely due to price increases in certain chemical products [21][26]. Business Segments - The company operates in three main segments: fine chemicals, new materials, and renewable energy, with fine chemicals contributing the largest share of revenue [20][21]. - The fine chemicals segment includes products such as acetate esters and polyols, while the new materials segment focuses on needle coke and negative electrode materials for lithium batteries [20][21][27]. Market Conditions - The global lithium-ion battery market is expected to see significant growth, with projected shipments reaching 1,899.3 GWh by 2025, driven by demand in electric vehicles and energy storage [18][19]. - The fine chemical products, particularly acetate esters, are facing price pressures due to declining demand in the real estate sector, impacting overall profitability [16][21]. Risks and Challenges - The company faces liquidity pressures as its rigid debt continues to rise, with a declining current ratio indicating potential challenges in meeting short-term obligations [6][7]. - The performance of the new materials and renewable energy segments is subject to market competition and price volatility, which could affect revenue and profitability [6][7][21].

碳酸锂日报 碳酸锂日报（2025 年 5 月 15 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2507 合约涨 3%至 65200 元/吨。现货价格方面，电池级碳酸锂平均上涨 100 元/吨 至 64700 元/吨，工业级碳酸锂平均价上涨 100 元/吨至 63050 元/吨，电池级氢氧化锂（粗颗粒）下 跌 50 元/吨至 65940 元/吨，电池级氢氧化锂（微粉）下跌 50 元/吨至 71085 元/吨。仓单方面，昨 日仓单库存增加 272 吨至 36716 吨。 2. 供应端，周度减产依旧，5 月总供应量较预期下调；需求端，5 月三元+磷酸铁锂消耗碳酸锂量预计 环比小幅增加，磷酸铁锂正极材料库存周转天数连续下降，三元材料有小幅抬升迹象；电芯端依旧 保持景气。库存端，周内出现小幅去库状态，但整体库存水平仍维持高位，特别是下游库存处于较 高水平。 3. 宏观情绪回暖，碳酸锂期货减仓促使价格上行，但基本面来看，需求缺乏明显增量的背景下，锂矿 价格下跌和供应上减量仍然较低，警惕短期低估值下的资金扰动。 碳酸锂日报 二、日度数据监测 ...