省政府新闻办举行"万千气象看四川·县域经济高质量发展"系列主题新闻发布会马尔康专场 发布会现场 2025年4月28日，省政府新闻办在四川新闻发布厅举行"万千气象看四川·县域经济高质量发展"系列主题 新闻发布会马尔康专场，马尔康市委副书记、市人民政府市长蒋刚围绕"抢抓'强州府・建名城'机遇 谱 写马尔康高质量发展新篇章"作介绍并答记者问，马尔康市委常委、市人民政府常务副市长潘勇，马尔 康市人民政府副市长阿南，马尔康市人民政府副市长泽仁机答记者问。 发布会由四川省新闻中心副主任王敏主持 主体发布＞＞ 马尔康，藏语意为"兴旺发达之地"，地处青藏高原东南缘、四川省西北部，是阿坝州唯一的县级市，是 阿坝州州府所在地，是阿坝州行政、文化、金融、信息中心。马尔康城区东西长13公里，南北宽300 米，长宽比例为40:1，像一条超长待机巨龙躺在梭磨河大峡谷之间。 马尔康 "川西最瘦一线城市" 精品"三线"邀约您 ▲马尔康市委副书记、市人民政府市长蒋刚： 马尔康被誉为长征"北上驿站"，红军在这里转战停留14个月，卓克基会议会址被列为100个红色旅游经 典景区之一，胡底革命烈士纪念广场是四川省首个全国"国家安全教育基地"。马尔康拥 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [5][7]. Core Insights - The company's energy storage business continues to show strong growth, contributing significantly to overall profitability stability. The revenue for 2024 is projected at 486.15 billion yuan, with a slight year-on-year decline of 0.35%, while the net profit attributable to shareholders is expected to reach 40.76 billion yuan, reflecting a year-on-year increase of 0.63% [4][5]. - The first quarter of 2025 shows rapid revenue growth, with a total of 127.96 billion yuan, marking a year-on-year increase of 37.34%. The net profit attributable to shareholders for this period is projected at 11.01 billion yuan, up 3.32% year-on-year [4][5]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 486.15 billion yuan, with a net profit of 40.76 billion yuan, and a non-recurring net profit of 31.62 billion yuan, which is a 14.76% increase year-on-year. The gross margin was 17.41%, up 0.37 percentage points, while the net margin was 8.68%, down 0.59 percentage points [4][6]. - For Q1 2025, the company reported a revenue of 127.96 billion yuan, a 37.34% increase year-on-year, with a net profit of 11.01 billion yuan, reflecting a 3.32% increase. The non-recurring net profit for this quarter was 8.18 billion yuan, up 16.6% year-on-year [4][6]. Business Segments - The energy storage battery segment generated revenue of 190.3 billion yuan in 2024, a 16.4% increase, accounting for 39% of total revenue. The company’s core product, the Mr.Big series 600Ah+ energy storage cell, is recognized as a technical benchmark in the industry. The energy storage battery shipment volume reached 50.45 GWh in 2024, a 91.9% increase year-on-year [4][5]. - The power battery segment reported a revenue of 191.7 billion yuan in 2024, a 20% decrease, while the shipment volume increased by 7.9% to 30.3 GWh. In Q1 2025, the shipment volume surged to 10.17 GWh, a 57.58% increase year-on-year [4][5]. - The consumer battery segment achieved a revenue of 103.2 billion yuan in 2024, a 23.4% increase, benefiting from the recovery in the consumer electronics market [4][5].

Core Viewpoint - 德方纳米's Q1 performance shows signs of improvement with a positive gross margin, indicating a potential turning point in operations [1][3]. Financial Performance - In 2024, the company expects revenue of 7.6 billion yuan, a year-on-year decrease of 55%, with a net profit loss of 1.34 billion yuan, showing a reduction in losses [1]. - Q1 2025 revenue is projected at 2 billion yuan, a quarter-on-quarter increase of 6% and a year-on-year increase of 85%, with a net profit loss of 170 million yuan, indicating a reduction in losses [1]. - The gross margin for Q1 2025 is 0.3%, a quarter-on-quarter increase of 0.3 percentage points [1]. Production and Sales - In 2024, the company anticipates a slight increase in shipment volume to 226,000 tons, a year-on-year increase of 6%, with expectations for Q1 2025 shipments to reach 60,000 to 65,000 tons, a quarter-on-quarter increase of 38% [2]. - The company has a total capacity of 450,000 tons, with effective capacity of 260,000 tons for lithium iron phosphate and 110,000 tons for manganese iron phosphate [2]. Pricing and Margins - The average price for lithium iron phosphate in 2024 is expected to be 37,000 yuan per ton, a year-on-year decrease of 59%, with a gross margin of -4.6% [3]. - In Q1 2025, the average price is expected to recover to 36,000 yuan per ton, with a gross margin turning positive at 0.3% [3]. Cost Management - The company has strengthened cost control, with operating expenses in 2024 amounting to 780 million yuan, a year-on-year decrease of 39.3% [4]. - Q1 2025 operating expenses are reported at 170 million yuan, a year-on-year decrease of 31.7% [4]. Investment Recommendations - The company has adjusted its net profit expectations for 2025-2026 to -150 million yuan and 270 million yuan, respectively, while projecting a net profit of 610 million yuan for 2027, indicating a recovery trend [4].

今日早参 2025 年 4 月 30 日 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 黄乐平 全球科技战略首席研究员 座机：14715372496 邮箱：huangleping@htsc.com 今日热点 固定收益：被夸大的美债到期冲击 近日美债市场波动较大，尤其是市场热议美债 6 月集中到期对金融市场的潜 在冲击。短期来看，6 月美债到期冲击或被市场高估，中长期美债到期与发 行压力均不大，从供给渠道对美债利率的影响或相对有限，关注债务上限上 调后的供给冲击，预计在今年三季度。中期看，美国基本面有较大下行压 力，若经济陷入衰退，美债或仍是高胜率品种。长期视角下，美债的海外需 求或面临趋势性下滑，而欧债、日债以及黄金可能成为潜在的替代品种。本 周配置建议方面，近两周关税尾部风险下降，市场或进入"关税疲劳期"， 全球风险偏好延续修复，欧股、日股已经收复关税公布以来大部分跌幅。不 过，随着不少资产价格已经接近 4 月 2 日关税公布前水平，亟待新的方向触 发剂。后续关注点转向实际经济数据变化和关税谈判进展，四月 PMI 数据或 大概率走弱。 风 ...

Core Viewpoint - Foshan Fospower Technology Co., Ltd. plans to acquire 100% of Jinyi Co., Ltd. through a combination of issuing shares and cash payment, aiming to expand its presence in the new energy lithium battery separator market [1][2]. Group 1: Acquisition Details - The total transaction price for the acquisition is 5.08 billion yuan, with 4.68 billion yuan paid through share issuance and 400 million yuan in cash [1]. - The company will also issue shares to its controlling shareholder, Guangxin Group, to raise up to 1 billion yuan for supporting funds [1]. - This transaction constitutes a major asset restructuring but does not result in a change of control for the listed company [1]. Group 2: Strategic Positioning - Fospower Technology is positioned as an important listed platform under Guangxin Group in the new materials sector, with a current focus on optical films, biaxially oriented films, and protective materials [2]. - The acquisition of Jinyi Co., Ltd. will enhance Fospower's product competitiveness through resource integration and industrial synergy [2]. Group 3: Jinyi Co., Ltd. Overview - Jinyi Co., Ltd. specializes in the research, production, and sales of lithium battery wet separators, holding an 18% market share in China's wet separator market, ranking second in the industry [2]. - The company has established strong partnerships with leading domestic battery manufacturers and supplies to overseas firms, indicating a robust competitive advantage in the wet separator field [3]. Group 4: Production Capacity and Technology - Jinyi Co., Ltd. has planned 46 production lines, with over 60% launched in 2023 and beyond, utilizing advanced wide-width equipment [3]. - By the end of 2024, Jinyi's operational production capacity is expected to reach approximately 5 billion square meters [3].

中国锂电池出海行业市场规模测算 逻辑模型 头豹词条报告系列 付淑芳 锂电池出海行业规模 | 1. 中国锂电池出口额 (结论图) | P3 | 14. 出口越南锂电池金额 | P16 | | --- | --- | --- | --- | | 2. 中国锂电池出口额 | P4 | 15. 出口印度锂电池数量 | P17 | | 3. 出口美国锂电池数量 | P5 | 16. 出口印度锂电池均价 | P18 | | 4. 出口美国锂电池均价 | P6 | 17. 出口印度锂电池金额 | P19 | | 5. 出口美国锂电池金额 | P7 | 18. 出口美、德、韩、越、印锂电池总额 | P20 | | 6. 出口德国锂电池数量 | P8 | 19. 锂电池出口美国占比（按金额计） | P21 | | 7. 出口德国锂电池均价 | P9 | 20. 锂电池出口德国占比（按金额计） | P22 | | 8. 出口德国锂电池金额 | P10 | 21. 锂电池出口韩国占比（按金额计） | P23 | | 9. 出口韩国锂电池数量 | P11 | 22. 锂电池出口越南占比（按金额计） | P24 | | 10. 出口韩 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6]. Core Views - The company has demonstrated strong profitability resilience despite a decline in metal prices, with cobalt, nickel, and lithium margins reaching historical lows. The current price levels provide a foundation for potential increases, which could significantly boost the company's performance [7][9]. - The company has established a comprehensive business structure with five major sectors: new energy, new materials, Indonesian nickel, African resources, and recycling [13][16]. - The report highlights the cyclical nature of metal prices, indicating that cobalt prices are at a long-term historical low, with potential for substantial increases due to demand growth and supply constraints [33][51]. Summary by Sections Market Performance - As of April 28, 2025, the closing price of the company's stock is 33.36 yuan, with a market capitalization of approximately 56.76 billion yuan [4]. Financial Forecast and Valuation - The projected revenue for 2023 is 66.30 billion yuan, with a forecasted decline to 60.95 billion yuan in 2024, followed by a recovery to 70.44 billion yuan in 2025. The net profit attributable to the parent company is expected to rise from 3.35 billion yuan in 2023 to 5.07 billion yuan in 2025 [6][8]. - The report anticipates a price-to-earnings (P/E) ratio of 11.19 for 2025, which is below the industry average, indicating potential undervaluation [8]. Investment Logic - The company has maintained stable revenue and profitability despite fluctuations in metal prices, with nickel and lithium segments showing growth while cobalt has declined. The overall business structure is resilient, with significant upside potential if metal prices recover [20][29]. - The report emphasizes that the current low prices of cobalt, nickel, and lithium create a favorable environment for future price increases, which could enhance the company's earnings significantly [7][9]. Cobalt Market Insights - Cobalt prices are currently at a long-term low, with expectations for a significant rebound driven by demand growth and supply constraints, particularly from the Democratic Republic of Congo [33][51]. - The report notes that the recent export ban from the Democratic Republic of Congo could further tighten supply, enhancing the potential for price increases [36]. Nickel Market Insights - Nickel supply is dominated by Indonesia, which is expected to account for 60% of global production in 2024. The report indicates that while supply is increasing, rising costs and the closure of high-cost mines may stabilize prices [53][60]. Lithium Market Insights - The lithium market is experiencing a supply-demand mismatch, with prices at historical lows. The report forecasts that the price of lithium carbonate will stabilize around 80,000 yuan per ton in 2025, with potential for increases as demand recovers [67][72].

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） 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 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，国内多家主要电池企业上市公司公布一季度业绩报告。 宁德时代 2025 年 Q1 营业收入 847 亿元，同比增长 6.18% ；归母净利润 140 亿元，同比增长 32.85% 。 亿纬锂能 2025 年 Q1 营业收入 128 亿元，同比增长 37.34% ；归母净利润 11 亿元，同比增长 3.32% 。 国轩高科 2025 年 Q1 营业收入 90.6 亿元，同比增长 20.61% ；归母净利润 1 亿元，同比增长 45.55% 。 整体上看，上述三家主要电池企业一季度营收和净利润均实现了正增长，宁德时代营收增速有所放缓，但是净利润增长表现出色；亿纬锂能净利润表 现平稳，营收增速较快；国轩高科在营收和净利润上都 ...

Group 1 - The company achieved revenue of 1.225 billion yuan in Q1 2025, representing a year-on-year increase of 23.3%, and a net profit attributable to shareholders of 32 million yuan, up 903.9% year-on-year [1] - The gross margin for Q1 2025 was 16.3%, a decrease of 2.9 percentage points year-on-year, primarily due to increased depreciation after the consolidation of the Tonghu Industrial Park and a higher proportion of low-margin products such as large storage and mobile phones [1] - The net profit margin attributable to shareholders reached 2.6%, an increase of 2.3 percentage points year-on-year, driven by significant cost control and efficiency improvements [1] Group 2 - The consumer electronics sector is experiencing a recovery in replacement cycles, particularly in traditional lithium battery applications such as laptops, mobile phones, and TWS devices, leading to a rise in both volume and price [2] - The global shipment of small lithium batteries is projected to reach 145 GWh in 2025, a year-on-year increase of 10-12%, following a shipment of 129.5 GWh in 2024, which was a 12% increase year-on-year [2] - The company sold 514 million batteries in 2024, reflecting an 18% year-on-year growth, and is expected to further enhance capacity utilization and operational efficiency in 2025 [2] Group 3 - The company is focusing on high-voltage silicon-carbon anodes, mini square steel shell batteries, cylindrical mini soft-pack batteries, high-voltage batteries for two-wheelers, and solid-state batteries under low stacking pressure, targeting new market opportunities in AI and hardware [3] - The company has integrated deeply with strategic clients such as HP, Sony, Google, DJI, and others, aiming to expand across various application scenarios [3] - The company has successfully expanded its client base to include leading global tech firms like Dell, Microsoft, Xiaomi, and iRobot, leveraging technological innovation and flexible manufacturing [3] Group 4 - The company has slightly adjusted its profit forecast for 2025 due to uncertainties in international trade, while also increasing profit forecasts for 2026 and introducing a forecast for 2027, expecting net profits of 240 million, 353 million, and 449 million yuan for 2025-2027 respectively [4] - The company is positioned to benefit from the growth of the consumer electronics industry and is focusing on expanding into AI and hardware applications, indicating potential for profit growth [4]

上 市 公 司 电力设备 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 02-28 03-31 -40% -20% 0% 20% 40% 60% 80% 豪鹏科技 沪深300指数 (收益率) 相关研究 证券分析师 2025 年 04 月 29 日 豪鹏科技 (001283) ——Q1 业绩符合预期，盈利拐点显现 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 28 日 | 49.53 | 收盘价（元） | | --- | --- | --- | --- | | 68.86/31.45 | 一年内最高/最低（元） | 1.9 | 市净率 | | 0.97 | 股息率%（分红/股价） | 2,866 | 流通 A 股市值（百万元） | | 3,288.41/9,855.20 | 上证指数/深证成指 | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 26.38 | ...