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Core Viewpoint - The Civil Aviation Administration of Jiangxi has conducted a special inspection on the transportation safety of lithium batteries in the aviation sector, focusing on identifying risks and enhancing safety measures [1][2]. Group 1: Inspection and Findings - The Jiangxi Regulatory Bureau carried out a comprehensive assessment of local enterprises, emphasizing the need for airlines to inform passengers about dangerous goods and to check luggage properly [2]. - A site inspection was conducted at Nanchang Airport, where the overall situation regarding lithium battery transportation was found to be satisfactory, with a focus on various operational aspects such as check-in, security, and baggage sorting [2]. - Nanchang Airport has initiated a special rectification campaign for lithium battery transportation, addressing issues related to procedures, training, and knowledge dissemination [2]. Group 2: Regulatory Requirements - The regulatory bureau has mandated strict security checks to accurately identify lithium battery specifications, prohibiting oversized, unmarked, or damaged batteries from boarding [2]. - Enhanced information dissemination is required within the airport, including prominent warning signs and announcements regarding lithium battery safety [2]. - Comprehensive training for hazardous materials handling is essential to ensure that personnel meet regulatory qualifications [2]. - The bureau has called for improvements in emergency response plans to strengthen the ability to handle hazardous materials incidents [2]. Group 3: Future Oversight - The Jiangxi Regulatory Bureau will continue to monitor the implementation of emergency drills, personnel training, and the approval process for transporting large-capacity lithium batteries to ensure safety in hazardous materials aviation transport [3].

证券研究报告 叉车行业2024年报&2025年一季报总结 内外需求磨底，关注智慧物流打造第二成长曲线 证券分析师：周尔双 执业证书编号：S0600515110002 联系邮箱：zhouersh@dwzq.com.cn 证券研究员：韦译捷 执业证书编号：S0600122080061 联系邮箱：weiyj@dwzq.com.cn 二零二五年五月九日 请务必阅读正文之后的免责声明部分 1 核心观点：2024年板块业绩增速稳健，建议关注估值回落的国产龙头 我们选取四家公司安徽合力、杭叉集团、诺力股份、中力股份为分析对象。 投资逻辑 ⚫ 受益锂电产品出海，板块业绩增速稳健 2024年叉车板块业绩维持稳健增长。收入端，受国内制造业景气度下滑，大车需求减少，增速放缓，利润端，受益高毛利 率海外业务、电车占比提升，增速显著强于营收。2024年叉车板块实现营收473亿元，同比增长2% ，其中国内营收259亿元， 同比下降2%，海外营收215亿元，同比增长7%，海外营收占比提升2pct至45%，受到核心市场欧、美景气度下降，基数提 升影响，海外市场增速环比有所下降。2024年叉车板块实现归母净利润46亿元，同比增长9%，销售毛利 ...

Investment Rating - The report recommends focusing on companies with a complete product matrix and leading channel development, specifically highlighting Anhui Heli and Hangcha Group, while suggesting attention to Noli and Zhongli for their large vehicle strategies [3][45]. Core Insights - The forklift sector is expected to maintain steady growth in 2024, with revenues reaching 47.3 billion yuan, a 2% year-on-year increase. Domestic revenues are projected at 25.9 billion yuan, down 2%, while overseas revenues are expected to be 21.5 billion yuan, up 7% [3][17]. - The industry is experiencing a bottoming out of domestic and international demand, with the impact of tariffs being manageable. The tariff rate for exporting forklifts to the U.S. has reached 170%, making profitability challenging [4][71]. - There is significant potential for increasing lithium battery adoption in forklifts, with domestic and international lithium battery rates at 19% and 13% respectively, indicating room for growth [5][78]. - The trend towards smart logistics is anticipated to create a second growth curve for the industry, driven by labor shortages and rising labor costs [5][85]. Summary by Sections Section 1: Industry Performance - The forklift sector's revenue is projected to grow by 2% in 2024, with total revenue of 47.3 billion yuan. Domestic sales are expected to decline by 2%, while overseas sales are projected to increase by 7% [3][17]. - The sector's net profit is expected to reach 4.6 billion yuan, reflecting a 9% year-on-year increase, with sales gross margin and net margin improving to 24% and 11% respectively [33][26]. Section 2: Market Dynamics - The domestic forklift market is facing a downturn, with a 4% decline in balanced heavy forklift sales due to weak manufacturing demand. The overall market is primarily driven by stock replacement needs [59][55]. - Internationally, major players like Toyota and Kion are seeing a recovery in order volumes, indicating inventory digestion and marginal improvement in new orders [4][60]. Section 3: Technological Trends - The report highlights the increasing adoption of lithium battery technology in forklifts, with significant cost advantages over traditional lead-acid batteries. The domestic lithium battery adoption rate is expected to rise to 35% in 2024 [78][74]. - The shift towards smart logistics and automation is seen as a major trend, with the potential for unmanned forklifts to significantly reduce operational costs in logistics and manufacturing [85][87].

锂电池产业链 璞泰来（603659）2024 年及 2025Q1 业绩点评 买入（维持） 2025Q1 业绩同比增长，盈利能力回升 公 司 点 评 2025 年 5 月 8 日 投资要点： 分析师：黄秀瑜 SAC 执业证书编号： S0340512090001 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn | 2025 年 月 日 | 5 | 8 | | | | --- | --- | --- | --- | --- | | 收盘价(元) | | | 17.64 | | | 总市值（亿元） | | | 377.00 | | | 总股本(亿股) | | | 21.37 | | | 流通股本(亿股) | | | | 21.36 | | ROE（%,TTM） | | | 6.53 | | | 12 月最高价(元) | | | 21.85 | | | 12 月最低价(元) | | | 10.40 | | 资料来源：iFinD，东莞证券研究所 事件：公司发布了2024年度报告和2025年一季度报告。 点评： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建 ...

Core Viewpoint - The company demonstrates strong revenue growth and profitability, with strategic investments in both traditional and emerging markets, particularly in the smart robotics sector, indicating a positive outlook for future performance [1][2][3][4]. Financial Performance - In 2024, the company achieved operating revenue of 971 million yuan, a year-on-year increase of 45.64%, and a net profit attributable to shareholders of 65 million yuan, up 34.47% [1]. - For Q1 2025, the company reported operating revenue of 286 million yuan, reflecting a year-on-year growth of 4.96%, and a net profit attributable to shareholders of 42 million yuan, which is a 36.13% increase [1]. Strategic Initiatives - The company is actively expanding its market presence and optimizing personnel allocation, resulting in increased sales and market share through partnerships with major supermarkets [2]. - A planned private placement aims to raise up to 785 million yuan for investments in new products, including lithium-powered garden machinery and smart robotics, alongside the establishment of a research center in Shanghai [2]. - The company has significantly increased its R&D investment, reaching 72.68 million yuan in 2024, a 137.55% increase year-on-year, focusing on innovation in garden machinery and smart robotics [2]. Growth Opportunities - The company is positioning itself in the smart robotics sector, having invested in the overseas robotics leader 1X and established partnerships with major international firms like SoftBank and OPENAI [3]. - The establishment of subsidiaries and collaborations, such as with Huawei, indicates a commitment to developing intelligent robotics, which is expected to become a new growth driver for the company [3]. Profit Forecast and Investment Outlook - The projected net profits for 2025-2027 are 102 million, 147 million, and 187 million yuan, respectively, with corresponding price-to-earnings ratios of 136, 95, and 75 times [4]. - The company is expected to enhance its market share in the overseas garden machinery sector while simultaneously expanding its smart robotics initiatives, which are anticipated to contribute positively to overall performance [4].

偿债能力：龙头降杠杆，其余加杠杆 据同花顺数据，龙头企业24年、25Q1资产负债率同比下滑，24年：宁德时代(YOY-4.10pct);25Q1：宁德 时代(YOY-3.74pct)，其他公司加杠杆以缓解资金压力。新能源汽车产业链经营性现金持续流向电池龙 头，2024/2025Q1全产业链合计2874/420亿元，动力电池龙头宁德时代、比亚迪合计2304/414亿元，分 别占比80%/99%。 经营效率：全产业链承压 据同花顺数据，延续23年产业链趋势特征，24年全产业链96%企业固定资产周转率均下降，25Q1行业 资产周转率降速明显减弱，但仍有57%企业固定资产周转率同比下降。24年、25Q1全产业链存货周转 率整体平稳。24年产业链中约79%企业应收账款周转率下降，延续23年产业链整体账期拉长的趋势， 25Q1行业整体仍处于出清阶段，没有明显变化。 智通财经APP获悉，广发证券发布研报称，24年锂电产业链样本70%企业ROE同比下降，行业仍在出清 阶段;锂电产业链整体ROE有所修复，其中铜箔环节ROE改善明显。新能源汽车产业链利润结构持续分 化，电池环节仍为主导，龙头企业凭借稳定盈利能力在下行周期中占据优 ...

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 2025 年 05 月 07 日 人形机器人国内外共振，锂电储能龙头估 值低 证券分析师 曾朵红 增持（维持） 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn [Table_Summary] 投资要点 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 研究助理 许钧赫 执业证书：S0600123070121 xujunhe@dwzq.com.cn 行业走势 -19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 2024/5/7 2024/9/5 2025/1/4 2025/5/5 电力设备 沪深300 相关研究 东吴证券研究所 1 / 48 请务必阅读正文之后的免责声明部分 [Table_Tag] ◼ 电气设备 6482 下跌 0.54%，表现强于大盘。新能源汽车涨 1.24%，锂电池跌 0.06%，发电设备跌 0.12%，核 电涨 3.16%，光伏跌 0.50%，电气设备跌 0.54%，风电跌 ...

2025高工钠电 产业峰会 主办单位： 高工钠电、高工产业研究院（GGII） 总冠名： 众钠能源 会议时间： 6月9日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 2025高工固态电池 技术与应用峰会 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 利元亨 会议时间： 6月10日 6月会议预告 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 近期，印度尼西亚新能源市场迎来重要转折。 在韩国 LGES 正式宣布退出其在印尼的数百亿元大型项目之后，以华友钴业为代表的中国锂电企 业有望推进印尼锂电市场，华友钴业董事长陈雪华表示，或联合产业链伙伴共同推进（接手）该项 目。无独有偶，宁德时代也于近日传出消息，将寻求 10 亿美元（约 72 亿人民币）贷款用于印尼 的合资公司，该合资公司计划在印尼西爪哇省卡拉旺建设电池工厂。 不论从金额规模，还是产业链深度来看， 以中国锂电产业链集体取代韩国 LGES 大型锂电项目， 有望成为 2025 年国内锂电集体出海的一次"豪赌"。 据了解， LGES 在印尼的一揽子大型锂电项目涵盖镍矿加工、电池制造、回收利用等全产业链， 该项目总 ...

湖北襄阳 年产20万吨新能源材料磷酸铁全产业链配套项目加速推进中！ 4月19日，从南漳政府网获悉， 南漳龙蟒磷制品有限责任公司年产20万吨新能源材料磷酸铁全产业链配套堆渣场项目环境影响评价进行第二 次公示。 该项目为新建项目，地点位于 襄阳市南漳县 经济开发区循环经济产业园，将 以磷酸铁为核心，配套生产净化磷酸、饲料级磷酸二氢钙、复 合肥、无水氟化氢、硫酸、合成氨等。 据悉，该项目是南漳县迄今为止最大的工业投资项目， 2022年5月正式签约落地，总投资达110亿元。2023年5月 完成 环境影响评价 第一 次公示。 据观察，目前除了 川发 龙蟒以外，还有 贵州磷化集团等在内的多家磷化工企业布局了锂电正极材料领域，其目的大同小异，主要为了打造新 的业绩增长点。不过，在经历了2-3年的建设周期后，磷酸铁锂市场竞争风向已变。在起点锂电看来，随着市场环境的变化，企业推进高端产 能的同时，也要保持技术研发，警惕在周期空档中被人技术超车。 项目建设单位 南漳龙蟒磷制品有限责任公司，为 四川发展龙蟒股份有限公司全资子公司。 川发 龙蟒是一家国有磷化工企业， 成立于1997年，2009年在深圳证券交易所上市（截至今日收盘总市 ...