6月会议预告 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） 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： 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） 总冠名： 利元亨 会议时间： 6月10日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） ...

Group 1 - The 2025 High-Performance Sodium Battery Industry Summit is scheduled for June 9, 2025, at the Shangri-La Hotel in Suzhou [1][2] - The event is organized by GGII and sponsored by Zhongna Energy, focusing on advancements in sodium battery technology [1][2] - The 2025 High-Performance Solid-State Battery Technology and Application Summit will take place on June 10, 2025, at the same venue [3] Group 2 - The Solid-State Battery Summit is organized by GGII and sponsored by Liyuanheng, highlighting developments in solid-state battery applications [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5] Core Views - The company reported a revenue of 1.908 billion yuan for Q1 2025, representing a year-on-year increase of 25.8% but a quarter-on-quarter decrease of 7.7% [3][10] - The net profit attributable to the parent company was 111 million yuan, showing a slight year-on-year increase of 0.22% and a significant quarter-on-quarter growth [3][10] - The non-recurring net profit was 67 million yuan, reflecting a year-on-year decline of 36.13% but a quarter-on-quarter turnaround [3][10] - The gross margin for Q1 2025 was 10.93%, down by 3.96 percentage points year-on-year but up by 0.57 percentage points quarter-on-quarter [10] - The company expects continued growth in ternary cathode products, driven by overseas customer demand, and anticipates positive growth in lithium iron phosphate and lithium cobalt oxide sales [10] Financial Performance - The company’s total inventory at the end of Q1 2025 was 1.366 billion yuan, an increase of 47.4% year-on-year and 28.9% quarter-on-quarter [10] - The operating cash flow for Q1 2025 was 361 million yuan, showing a year-on-year improvement but a 19% decline from the previous quarter [10] - The company forecasts a net profit of 500 million yuan for the full year of 2025, supported by the growth of overseas customers and rising metal prices [10]

Core Viewpoint - The company reported a revenue of 1.908 billion yuan for Q1 2025, reflecting a year-on-year growth of 25.8% but a quarter-on-quarter decline of 7.7%. The net profit attributable to shareholders was 111 million yuan, showing a slight year-on-year increase of 0.22% and a significant quarter-on-quarter growth. However, the non-recurring net profit decreased by 36.13% year-on-year but turned profitable quarter-on-quarter [1][2]. Financial Performance - The gross margin for Q1 2025 was 10.93%, which represents a year-on-year decline of 3.96 percentage points but an increase of 0.57 percentage points quarter-on-quarter [2]. - The company's inventory at the end of Q1 2025 reached 1.366 billion yuan, marking a year-on-year increase of 47.4% and a quarter-on-quarter increase of 28.9% [3]. - The operating net cash flow for Q1 2025 was 361 million yuan, turning positive year-on-year but decreasing by 19.0% quarter-on-quarter [4]. Business Outlook - For 2025, the company expects continued rapid growth in ternary cathode products, driven by increased orders from overseas clients such as SK and LG. The iron-lithium business is also anticipated to grow positively as domestic and international energy storage clients ramp up [4]. - The company forecasts a net profit attributable to shareholders of 500 million yuan for 2025, supported by the expected growth in overseas customer orders and rising metal prices [4].

Core Viewpoint - The company ST Pava is focusing on the development of sodium battery precursors and solid-state battery materials, with significant increases in R&D investment and production capacity expected in the coming years [2][3][4]. Group 1: R&D Focus and Investment - The company plans to increase R&D expenses significantly in 2024, with a total investment of 83.94 million yuan, representing a year-on-year increase of 65.34% [3]. - Key areas of R&D include solid electrolyte materials, lithium battery high-voltage precursor materials, and sodium copper-based multi-element precursor materials [3]. - The company has applied for 18 invention patents in solid-state battery materials and collaborates with a professor team from Central South University for product development [4]. Group 2: Market Outlook and Production Capacity - The company is optimistic about the sodium battery industry's development, particularly in energy storage, two-wheeled vehicles, small power, engineering machinery, and heavy-duty vehicle battery swapping [4]. - Current production capacity for sodium battery precursors is 7,500 tons, with the ability to quickly switch production lines to meet increasing demand [4]. - The company anticipates that the cost of sodium battery cells will align with that of lithium iron phosphate cells this year and be on par next year, potentially leading to a cost advantage in the future [4]. Group 3: Governance and Operational Challenges - The company acknowledges challenges in market competition and aims to enhance operational efficiency and governance structures to improve profitability [5]. - The company is undergoing corrective measures due to a negative audit opinion on its internal controls for the 2024 financial report, including forming a special team to address deficiencies [6]. - The overall operational goal is to reduce costs and improve efficiency, with a focus on optimizing business structure and enhancing internal controls [6].

Group 1 - The article highlights the upcoming 2025 High-Performance Sodium Battery Industry Summit and the 2025 High-Performance Solid-State Battery Technology and Application Summit, both taking place in Suzhou in June [2][3] - Major domestic electric vehicle manufacturers have reported their April sales data, showing significant year-on-year growth, with BYD's sales at 373,000 units (up 19.4%), Geely at 126,000 units (up 144.2%), and XPeng at 35,000 units (up 273.1%) [3][4] - The overall performance of the new energy vehicle market in April indicates resilience, with new car manufacturers showing particularly strong growth due to new product launches and attractive pricing strategies [4] Group 2 - The increase in sales in April was somewhat anticipated, as battery companies had reported rising inventory levels in their Q1 reports, indicating preparation for strong downstream demand in Q2 [5] - There is a downward trend in prices within the industry, particularly in the upstream materials sector, with lithium carbonate prices dropping significantly, reported at 64,000 yuan per ton as of May 7 [6][7] - The decline in lithium salt material prices is more pronounced compared to other materials, which may pressure the profitability of lithium material companies in Q2, while cell manufacturers could benefit from stable cell prices and reduced material costs [8]

Core Viewpoint - Company has made significant progress in various battery material sectors, including ternary materials, manganese iron lithium, sodium battery materials, and solid-state batteries, while navigating challenges such as U.S. tariff policies and new national standards [1][2][3][4][5][6]. Group 1: Ternary Materials Business - Company is the only domestic enterprise with large-scale overseas production bases for positive electrode materials, with significant output from its Korean base and the initiation of the Poland project [3]. - In Q1 2025, the ternary business achieved a profit of approximately 47 million, although it saw a decline due to reduced sales and increased processing costs [7]. - The company aims to enhance its competitive advantage in ternary products to improve profitability as demand for high energy density products rises [3]. Group 2: Manganese Iron Lithium Business - The existing manganese iron lithium capacity has reached full production and sales, driven by increased orders from power customers and new national standards [4]. - The first-generation product has achieved mass production in the electric vehicle market, with significant orders for thousands of vehicles [4]. - The company anticipates that profitability will be achieved once sales exceed 10,000 tons, leveraging scale effects and cost advantages [8]. Group 3: Sodium Battery Materials Business - Company’s sodium battery positive electrode materials have gained a leading position among top domestic and international battery manufacturers [5]. - A 6,000-ton demonstration production line is set to be completed within the year, aiming for rapid development in the sodium battery sector by 2026-2027 [2][12]. Group 4: Solid-State Battery Business - The company has maintained stable cooperation with downstream customers for semi-solid battery materials and has begun bulk shipments [6]. - In the full solid-state battery sector, the company is focusing on the development of high-nickel ternary positive electrode materials and solid electrolytes, with ongoing construction of a pilot line [17]. Group 5: Impact of U.S. Tariff Policies - Due to U.S. tariff policies, products manufactured in China are no longer sold in the U.S. market, with exports primarily coming from the Korean factory, which is less affected by tariffs [10]. Group 6: New National Standards - The new national standards have raised the technical threshold for batteries, leading to differentiation among battery manufacturers, with stronger companies gaining advantages [19].

证券研究报告 非金融公司|公司点评|厦钨新能（688778） 2025Q1 业绩符合预期，固态/NL 优势明 显 请务必阅读报告末页的重要声明 glzqdatemark1 2025年04月30日 证券研究报告 |报告要点 公司发布 2024 年报及 2025 年一季报，2024 年实现营业收入 133.0 亿元，同比-23.2%。实现 归母净利润为 5.0 亿元，同比-6.3%，实现扣非净利润为 4.5 亿元，同比-4.1%。2025Q1 实现 营业收入 29.77 亿元，同比-9.8%，实现归母净利润 1.2 亿元，同比+4.8%.环比-7.8%；实现 扣非归母净利润 1.1 亿元，同比+8.5%，环比+5.6%。 |分析师及联系人 SAC：S0590524110005 请务必阅读报告末页的重要声明 1 / 5 张磊 瞿学迁 非金融公司|公司点评 glzqdatemark2 2025年04月30日 厦钨新能(688778) 2025Q1 业绩符合预期，固态/NL 优势明显 | 行 业： | 电力设备/电池 | | --- | --- | | 投资评级： | 买入（维持） | | 当前价格： | 47.69 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.20 CNY based on a 40x P/E ratio for 2025 [4][7]. Core Views - The profitability of the electrolyte segment is expected to improve, with the company positioned as a leader in advanced technology [2][10]. - The company has adjusted its earnings per share (EPS) forecasts for 2025 and 2026 down to 0.53 CNY and 0.81 CNY respectively, with a new forecast for 2027 at 1.15 CNY [4][10]. Financial Performance Summary - The company reported a revenue of 12,518 million CNY in 2024, a decrease of 18.7% year-on-year, with a net profit attributable to the parent company of 484 million CNY, down 74.4% [6][10]. - For 2025, the company expects a revenue increase to 15,489 million CNY, representing a growth of 23.7%, and a net profit of 1,023 million CNY, which is an increase of 111.4% [6][10]. - The gross margin is projected to recover from 18.9% in 2024 to 20.7% in 2025, while the net margin is expected to rise from 3.9% to 6.6% in the same period [6][10]. Market Position and Competitive Landscape - The company achieved an electrolyte sales volume of over 500,000 tons in 2024, marking a 26% increase year-on-year, despite facing challenges from raw material price fluctuations and intensified competition [10]. - The company is advancing its R&D efforts, launching new electrolyte products and maintaining technological leadership, with plans for multiple projects to enter trial production or mass production in 2025 [10].

Investment Rating - The report maintains a "Buy" rating for the industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [6]. Core Insights - CATL leads in technological breakthroughs with the introduction of three disruptive battery products: sodium batteries, Xiaoyao dual-core batteries, and the second-generation Shenxing ultra-fast charging batteries. The application of self-generating negative electrode technology exceeds expectations, showcasing CATL's advanced R&D capabilities and commercial strength [1]. - Range-extended vehicles are expected to become the mainstay of electrification in the second half of the market. These vehicles combine the driving performance of pure electric vehicles with the range extender to alleviate long-distance range anxiety, making them suitable for global market expansion [2]. - The trend of large-capacity range-extended vehicles is emerging, with new models achieving over 400 km of pure electric range. The development trajectory of battery capacity may involve an initial increase followed by a decrease [3]. - The electrification of commercial vehicles, particularly heavy trucks, is accelerating. In 2024, the penetration rate of new energy commercial vehicles is projected to be 17.9%, with battery companies focusing on this sector to explore the full lifecycle value of batteries [4]. Summary by Sections Section 1: Technological Advancements - CATL's new products include sodium batteries and the Xiaoyao dual-core battery, which adapt to various scenarios and are positioned as a significant advancement before the commercialization of solid-state batteries [1]. - The second-generation Shenxing ultra-fast charging battery achieves a peak charging power of 12C with a range of 800 km, indicating a narrowing gap in fast-charging capabilities among battery brands [1]. Section 2: Market Trends - The sales volume of range-extended vehicles is expected to reach 1.167 million units in 2024, representing a year-on-year growth of 78.7%, outpacing the growth rates of pure electric and plug-in hybrid vehicles [2]. - The market share of range-extended vehicles in China is projected to increase from 3.6% to 9.1% between 2022 and 2024, indicating a growing acceptance of this technology [2]. Section 3: Commercial Vehicle Electrification - The report highlights the significant carbon emissions from commercial vehicles, which account for 56% of transportation emissions, and the need for effective electrification solutions [3]. - Companies like Huawei, BYD, and CATL are developing battery and charging solutions tailored for commercial vehicles, focusing on the entire lifecycle cost [4].