Core Viewpoint - The lithium industry is experiencing significant fluctuations, with Tianqi Lithium achieving a turnaround in Q1 2024 while Ganfeng Lithium continues to face losses, highlighting divergent strategies in a challenging market environment [1][2][10][11]. Group 1: Company Performance - Tianqi Lithium reported Q1 2024 revenue of 2.584 billion yuan, a slight decrease of 0.02% year-on-year, and a net profit of 104 million yuan, marking a turnaround from a loss of 3.897 billion yuan in the same period last year [1]. - Ganfeng Lithium's Q1 2024 revenue was 3.772 billion yuan, down 25.43% year-on-year, with a net loss of 356 million yuan, although the loss narrowed from 439 million yuan in the previous year [1][5]. - In 2023, Tianqi Lithium faced a significant revenue drop of 67.75%, with a net loss of 7.905 billion yuan, while Ganfeng Lithium's revenue decreased by 42.66%, resulting in a net loss of 2.074 billion yuan, marking its first annual loss since 2010 [2]. Group 2: Factors Influencing Performance - Tianqi Lithium's Q1 2024 performance improvement is attributed to the resolution of several adverse factors affecting its 2024 results, including better pricing mechanisms for lithium concentrate and reduced production costs [3][4]. - The company also benefited from increased investment income from its associate SQM, which is expected to show year-on-year growth [4]. - Ganfeng Lithium did not disclose specific reasons for its continued losses in Q1 2024, but it indicated that the current lithium prices are likely at a relatively low point [5][6]. Group 3: Market Conditions - The lithium market is currently facing oversupply issues, with lithium prices continuing to decline, impacting the financial health of lithium salt manufacturers [7][9]. - As of April 30, 2024, the average price of battery-grade lithium carbonate fell to 67,900 yuan per ton, a drop of over 9% since the beginning of the year, which has affected cash flow for companies like Ganfeng Lithium [8]. - The industry is expected to see continued oversupply, with significant production increases anticipated in 2025, further pressuring prices [9]. Group 4: Strategic Directions - Tianqi Lithium is focusing on a long-term strategy of strengthening its upstream resources and expanding its midstream production capabilities, aiming for vertical integration in the lithium supply chain [10]. - Ganfeng Lithium is shifting its revenue focus towards lithium battery manufacturing, with a notable increase in the contribution of battery products to its overall revenue [11]. - The company is currently emphasizing its energy storage segment, which faces challenges due to significant overcapacity in the market [12].

2025 年 5 月 6 日 公司研究 25Q1 归母净利润同环比改善，产能建设稳步推进 ——多氟多（002407.SZ）2024 年年报及 2025 年一季报点评 要点 事件：公司发布 2024 年年度报告及 2025 年一季报。24 年公司实现营业收入 82.07 亿元，同比-31.25%，实现归母净利润-3.08 亿元，同比减少 8.18 亿元。 25Q1 公司实现营业收入 20.98 亿元，同比-2.09%，环比+57.68%；实现归母净 利润 0.65 亿元，同比+69.24%，环比增加 3.98 亿元。 公司 24 年归母净利润同比下降，25Q1 归母净利润同环比均改善明显。24 年公 司氟基新材料、电子信息材料、新能源材料、新能源电池分别实现营业收入 26.93、9.35、25.93、16.11 亿元，同比分别变动+20.42%、-24.52%、-45.93%、 -38.33%。24 年，公司归母净利润同比下滑，主要系公司对新能源电池板块中 部分产线进行了减值测试，叠加部分存货减值因素影响，减值总金额 3.67 亿元； 主要产品六氟磷酸锂、新能源电池等销售均价同比大幅下降，毛利不达预期所致。 2 ...

电动车 24 年及 25Q1 财报总结：筑底完成，龙头率先复 苏 20250505 摘要 • 锂电行业维持高景气度，2025 年预计增长 25%，未来几年复合增速 15%-20%。尽管受关税冲击，增长确定性依然强劲，各环节头部公司优 势显著，海外扩张能力突出，推动第二增长曲线。 • 电池环节盈利稳健，材料端涨价后龙头盈利强劲，结构件环节类似。中游 材料中铁锂正极产品差异性和盈利恢复弹性较好，快充等环节表现出明显 差异性。三元正极因需求偏弱整体稍逊色，隔膜周期较慢。 • 电动车市场国内销量占全球 70%，增速高于全球平均水平。2024 年国内 增长 36%，Q4 达 43%，2025 年 Q1 同比增约 47%。全球储能市场 2024 年出货量超 320GWh，同比增长 50%-60%，2025 年 Q1 增长约 140%。 • 2024 年 Q4 电动车和储能利润分化，板块利润同比下降 6%，环比下降近 30%。2025 年 Q1 情况好转，板块利润同比增长近 100%，环比增长约 40%，毛利率和净利率分别提升 1-2 和 2-3 个百分点。 • 碳酸锂板块最差时期已过，一季度扭亏，但资金状况恶化导致资本开 ...

Group 1: Industry Overview - The electrolyte additive industry can be divided into conventional additives and new additives, with the latter emerging to meet the evolving performance demands of lithium batteries [4] - Conventional additives like VC and FEC were initially used in consumer electronics but have gradually been applied in power and energy storage batteries to enhance performance [5] - New additives, represented by compounds such as MMDS and DTD, are primarily used in power batteries to improve high voltage, low temperature cycling, and rate performance [6] Group 2: Market Trends - The proportion of new additive shipments in China's lithium battery electrolyte market increased from 12.7% in 2020 to 14.5% in 2022, with projections of approximately 18%, 22%, and 25% from 2023 to 2025 [6] - In 2022, China's new electrolyte additive shipments reached 0.7 million tons, a year-on-year increase of 75%, with expectations for global shipments to reach 4.9 million tons by 2025 [7][14] - The demand for new functional additives is expected to grow due to increasing requirements for battery safety, energy density, and performance [7] Group 3: Technological Advancements - New additives are becoming core materials for enhancing lithium battery performance, characterized by their ability to significantly improve certain battery properties while maintaining compatibility with other materials [8] - The production of new additives requires high technical standards, including purity and moisture control, leading to a high barrier for entry in the market [9] - The variety of new additives is expanding to meet diverse battery system requirements, with ongoing research and development in various chemical compounds [10] Group 4: Competitive Landscape - The domestic market for lithium battery electrolyte additives is seeing increased competition, with several companies like Saintai Materials and Suzhou Qitian actively expanding their production capacities [19] - The market concentration is rising, with the top five domestic companies holding approximately 53.5% market share in 2022, driven by technological advancements and scale [15] - Chinese manufacturers are increasingly replacing foreign suppliers, with projections indicating a rise in domestic market share from 50.8% in 2023 to 67.4% by 2025 [14] Group 5: Key Players - Major players in the industry include Korean company Chemtros, Japanese Mitsubishi Chemical, and Ube Industries, which have historically dominated the market [20][21][22] - Domestic companies such as Suzhou Qitian and Zhejiang Tianshu are also significant contributors, focusing on the development and production of various lithium battery electrolyte additives [23][24] - Saintai Materials has established itself as a key player with a strong patent portfolio and ongoing expansion plans [26][27]

[Table_Title] 研究报告 Research Report 5 May 2025 康鹏科技 Shanghai Chemspec (688602 CH) 康鹏科技 (688602 CH): 归母净利润同比下降 143.95%，ETO 产线扩产 2027 年落地 Shanghai Chemspec: NPAtS Down 143.95% YOY, ETO Production Line Expansion to Be Implemented in 2027 孙小涵 Xiaohan Sun 2024 年归母净利润-0.50 亿元，同比下降 143.95%。公司 2024 年实现营业收入 6.75 亿元，同比下降 31.11%，实 现归母净利润-0.50 亿元同比下降 143.95%。其中 2024 年四季度实现营业收入 1.51 亿元，同比下降 18.32%，环 比下降 17.46%，实现归母净利润-0.32 亿元，同比下降 1881.03%，环比下降 23.64%。2024 年地缘政治影响日益 加深，国际贸易面临的外部不确定性持续上升，整体市场表现疲弱。在此背景下，公司新材料产品产销量分别 为 3786 ...

查看完整报告 特别申明： 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： 公司发布2024年年度报告及2025年一季报。公司2024全年实现营业收入27.11亿元，同比增长9.87%；实现 归母净利润1.31亿元，同比增长3.37%。2025年一季度营业收入6.39亿元，同比下降0.46%；实现归母净利 润0.45亿元，同比下降18.12%。公司拟向全体股东每10股派发现金红利0.5元（含税）。 电子新材料板块成长显著，高分子复合材料板块盈利能力提升 点击注册小程序 公司靶材业务技术壁垒较高，ITO靶材项目正式投产 2024年，丰联科光电靶材业务市场占有率逐步扩大，核心竞争力日渐强劲。其中，应用于AMOLED领域的 新产品银合金靶材出货较2023年大幅增长，AMOLED钼宽靶海内外市场占有率持续提升。在I ...

延续去年下半年态势， 2025 一季度动力、储能企业 处于高排产与满交货状态 。 一季度中国锂电池出货量 314GWh ，同比增长 55% ，其中动力、储能电池出货量分别为 210GWh 、 90GWh ，同比增长分别为 41% 、 120% ，预计 4 月锂电排产 总体环比提升 。 下游市场景气度带动头部电池企业掀起新一轮扩产潮。宁德时代、亿纬锂能、国轩高科、赣锋锂电等扩产动作提振了整个行业信心。 仅 1-3 月，宁德时代分别在福建、山东、河南等地新增了 6 个产能项目，包括两个设计年产能达 40GWh 项目，两个设计年产能达 60GWh 项目。 更直观的体现在于，从 1-4 月行业订单动态来看，从正负极、电解液、隔膜到设备再到电芯领域， 中国锂电企业斩获多个百亿大单。 | | | 1-4月锂电行业订单汇资 | | | | --- | --- | --- | --- | --- | | 企业 | 时间 | 金额 | 订单内容 | 领域 | | | 1月19日 | 1 | 与阿联酋马斯达尔(Masdar)签署了一项19GWh的储能系统 订单。总投资超过60亿美元,包括总容量达19GWh的电池储 能项目以及5. ...

点评： 全场景锂电平台公司，各业务持续向好。亿纬锂能已经深耕锂电领域超过20 年，现已成长为全球领先 的全场景锂电池平台企业，目前储能业务已经做到全球第二。从2024 年数据看，公司储能电池出货 50.45GWh（+91.9%），营收占比39.14%；动力电池出货30.29GWh（+7.87%），营收占比39.43%；消 费电池营收103 亿元，同比稳健增长。 事件：1）近期，亿纬锂能发布2024 年报，2024 年公司营收486.15 亿元，同比微降0.35%；但四季度营 收环比增长17.56%至145.7亿元；2024 年归母净利润40.76 亿元，同比增长0.63%；扣非净利润31.62亿 元，同比增长14.76%，核心业务盈利能力显著提升。 2）近期，亿纬锂能发布2025 年一季报，2025 年一季报公司营收127.96 亿元，同比+37.34%；扣非净利 润8.18 亿元，同比+16.60%。 投资评级： 我们预计公司2025-2027 归母净利分别为50.70/69.37/96.48 亿元；公司储能业务已经做到全球龙头，未 来锂电平台价值凸显，新型全球化背景下业务成长空间广阔；维持"买入"评级。 ...

Core Viewpoint - Nandu Power has reported its largest loss in history, struggling with a significant decline in revenue and a shift from lead-acid to lithium batteries amid intense market competition [2][3]. Financial Performance - In 2024, Nandu Power achieved revenue of 7.984 billion yuan, a year-on-year decrease of 45.56%, and incurred a loss of 1.497 billion yuan, a 4260.62% decline compared to a profit of 35.976 million yuan in 2023 [2]. - In Q1 2025, the company reported revenue of 1.139 billion yuan, down 61.81% year-on-year, with a loss of 266 million yuan, contrasting with a profit of 82.586 million yuan in Q1 2024, marking a 422.47% decrease in net profit [2]. Business Transition - Nandu Power has been transitioning from lead-acid to lithium batteries since its establishment in 1994, but has faced challenges, including a significant drop in new energy storage shipments and underutilization of production capacity [3][4]. - The company has chosen to abandon some low-price competitive orders to ensure product quality and cash flow, leading to a substantial decrease in new energy storage shipments [3][6]. Product Revenue Breakdown - The revenue from Nandu Power's four main product categories—recycled lead products, lithium battery products, lead-acid battery products, and lithium battery materials—was 42.31%, 29.44%, 19.62%, and 8.63% respectively, all experiencing contraction in 2024 [4]. - Sales of lithium batteries fell to 2.81 GWh, a decrease of 1.78 GWh or 38.78% year-on-year, while lead-acid battery sales dropped to 2.62 GWh, down 0.96 GWh or 26.82% [4]. Profitability Challenges - The recycled lead products, which are the largest revenue source, are currently operating at a loss, with a gross margin of -3.11% in 2024, despite a slight improvement from the previous year [5]. - The gross margin for lithium battery products plummeted to -8.12% in 2024, a decrease of 26.44 percentage points year-on-year, due to intense competition and falling sales prices [6][7]. Asset and Debt Management - Nandu Power's asset impairment losses reached 588 million yuan in 2024, accounting for 36.78% of total profit, primarily due to inventory write-downs and goodwill impairment [7]. - The company's debt ratio has been increasing, reaching 81.14% by Q1 2025, indicating a high-risk financial position [8]. Future Outlook - Nandu Power aims to optimize its customer structure and improve cash flow while pursuing a listing on the Hong Kong Stock Exchange to enhance its international market presence and alleviate debt pressure [8].

韩系电池企业继续拓展美国电动汽车市场！ 4月25日，据财联社等多方媒体报道，韩系三大电池企业之一SK On宣布，已 被选定为美国电动汽车初创公司Slate的电池供应商。 根据协议， SK On将在2026年至2031年期间（6年时间）向Slate供应20GWh的电池 ，并可以选择随着生产规模的扩大而增加数量。 据悉，合同的财务条款没有披露，但业界估计价值约为4万亿韩元（约合 202.8亿人民币）， 这些电池足以为大约30万辆中型电动汽车提供 动力。 01 Slate： 来自 贝佐斯的"秘密武器" 资本方面， Slate已经完成多轮融资，包括 2023年完成的A轮融资，筹集资金至少达1.11亿美元以及2024年年底完成的 B轮融资，据悉 Slate 已授权发行将近5亿股B轮优先股，每股发行价格为2.37美元。 02 美初创车企频频"下定"韩系电池厂 事实上，作为昔日燃油汽车大国的美国， 在电动汽车领域一直致力于打造自己的品牌，并试图追赶中国以领先行业。可以看到，近几年诸如 Slate一般的电动汽车新势力层出不穷。但综合来看，目前进展和市场占有率较高的只有特斯拉一家。 此外，由于电动汽车配套产业和技术的成熟度较低 ...