编号：2025-011 证券代码：301358 证券简称：湖南裕能 湖南裕能新能源电池材料股份有限公司 投资者关系活动记录表 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活 | □新闻发布会 □路演活动 | | 动类别 | □现场参观 | | | ☑ 其他（电话会议） | | 参与单位名称 | 鹏华基金、太平资产、汇丰资管、花旗环球、东吴证券 | | 时间 | 2025 年 11 月 18 日 | | 地点 | 电话会议 | | 上市公司接待 | 董事、常务副总经理兼董事会秘书 汪咏梅 | | 人员姓名 | 证券事务代表 何美萱 | | | 1、请问公司认为本轮涨价的契机是什么？落地情况如何？ | | | 回复：主要是基于两方面因素：一是公司产品处于供不应求的 | | | 状况，尤其新产品供需矛盾比较突出；二是部分原材料价格上涨带 | | | 来成本压力。公司与客户积极开展商务谈判，目前已取得了较好的 | | | 效果。 | | 投资者关系活 | 2、公司磷矿开采的进展如何？预计对利润有多少贡献？ | | 动主要内容介 | 回复：自 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is experiencing high growth in Q3 2025, driven by its layout in new energy products, upgrades in intelligent manufacturing, and global capacity expansion [4][6] - The automotive hose market is expected to grow to 25.909 billion yuan by 2025, with new materials like nylon likely to replace traditional rubber due to lightweight trends [6] - The company has established a nylon pipe production line to meet the lightweight demands of new energy vehicles and is expanding its production capacity for air conditioning pipes [6] - The company is enhancing its competitive edge through automation and AI technology in production processes, aiming to improve efficiency and reduce costs [6] - The company has a strong market position, being the top seller of hydraulic brake rubber hoses in China, and is expanding its customer base to include high-end and new energy vehicle manufacturers [6] Financial Summary - Revenue for 2025 is projected to be 1.149 billion yuan, with a year-on-year growth rate of 19.01% [5] - The net profit attributable to the parent company is expected to reach 106 million yuan in 2025, reflecting a significant year-on-year growth of 64.93% [5] - Earnings per share (EPS) is forecasted to be 1.08 yuan in 2025, with a price-to-earnings (P/E) ratio of 19.94 [5][7] - The company’s return on equity (ROE) is projected to be 12.99% in 2025, indicating strong profitability [5][7]

Core Viewpoint - The article discusses the strategic shift of Volkswagen in China, focusing on the launch of the new electric SUV, the "Yizhong 08," which represents a significant departure from traditional Volkswagen design and aims to compete in the rapidly evolving Chinese electric vehicle market [4][8][21]. Group 1: Product Development and Market Strategy - Volkswagen plans to launch four new models in 2024, including the Yizhong 08, to target competitive segments in the Chinese market [7][10]. - The Yizhong 08 features a radical design that diverges from traditional Volkswagen aesthetics, aiming to attract a new generation of consumers [4][8]. - The company has invested over 10 billion yuan in the Chinese market over the past two years to enhance its product offerings and R&D capabilities [8][21]. Group 2: Competitive Landscape - The Chinese electric vehicle market is growing rapidly, with over 150 new models launched in the first ten months of the year, creating intense competition for established brands like Volkswagen [6][21]. - Volkswagen's CEO in China, Stefan Timmermann, emphasizes the need for the company to adapt quickly to the competitive landscape, which is increasingly dominated by local brands and new entrants [6][22]. Group 3: Organizational Changes - Volkswagen is restructuring its internal processes to become more agile and responsive to market demands, including a shift to a more collaborative decision-making culture [14][15]. - The company is moving away from traditional dealership models to an agency model, which allows for better brand consistency and direct consumer engagement [18][20]. Group 4: Consumer Engagement and Feedback - Volkswagen is actively engaging with existing customers to gather feedback on product performance and design, which is crucial for the success of the Yizhong 08 [28][29]. - The company has established a team dedicated to servicing current vehicle owners and collecting insights to inform future product development [28][29].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company's profitability continues to improve, with exports expected to become a new growth driver [2] - EPS forecasts for 2025-2027 are adjusted to 1.68, 2.04, and 2.40 RMB respectively, with a target price set at 22.44 RMB and 24.62 HKD, based on a PE ratio of 11 times for comparable companies in 2026 [3] Financial Performance Summary - Revenue (in million RMB) is projected to grow from 179,204 in 2023 to 448,685 in 2027, with year-on-year growth rates of 21.1%, 34.0%, 33.0%, 21.3%, and 15.8% respectively [5] - Operating profit (in million RMB) is expected to increase from 3,806 in 2023 to 23,173 in 2027, with significant growth rates of 4.3%, 100.8%, 110.0%, 22.2%, and 18.1% [5] - Net profit attributable to the parent company (in million RMB) is forecasted to rise from 5,308 in 2023 to 24,318 in 2027, with growth rates of 0.9%, 213.3%, 2.5%, 20.9%, and 18.0% [5] - The gross margin is projected to improve from 15.3% in 2023 to 17.3% in 2027, while the net margin is expected to stabilize around 5.3% [5] Market Position and Strategy - The company is expected to maintain a strong market share, with sales growth outpacing the industry average, particularly in the electric vehicle segment [10] - The company is accelerating its global expansion, with exports anticipated to become a significant source of revenue and profit growth [10]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][7]. Core Insights - The company is experiencing rapid growth in its small three-electric (小三电) business, with significant contributions from overseas markets and AIDC (Artificial Intelligence Data Center) as a second growth curve [1][6]. - The company has established a strong customer base, including major players in the electric vehicle sector, and is transitioning from traditional automotive clients to new energy vehicle manufacturers [6][19]. - The report forecasts substantial revenue growth, with total revenue expected to reach 34.51 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of 26.8% from 2024 to 2027 [2][7]. Summary by Sections 1. Strong Customer Structure and Growth Drivers - The company has a well-established customer base, including renowned manufacturers such as Renault, Stellantis, and NIO, which has driven revenue growth from 9.64 billion yuan in 2021 to 18.35 billion yuan in 2023 [19][34]. - The transition to new energy vehicle clients has been a key growth driver, with significant revenue contributions from NIO and Xiaomi expected to offset declines from traditional clients like GAC Group [6][35]. 2. Competitive Landscape in Small Three-Electric Market - The small three-electric market is witnessing a trend towards integration, with the company capturing over 8% market share in the first half of 2025 [6][47]. - The report anticipates that the Chinese small three-electric market will grow from 25.3 billion yuan in 2024 to 39 billion yuan by 2028, with a CAGR of 11.51% [54]. 3. Overseas Expansion and AIDC as a Second Growth Curve - The company is expanding its overseas presence, with international revenue accounting for 17.77% of total revenue in the first half of 2025 [6][3]. - AIDC is identified as a potential second growth curve, with significant market opportunities projected as the demand for high-stability charging modules increases [6][3]. 4. Profitability Forecast and Valuation - The company is expected to achieve net profits of 2.00 billion yuan, 3.69 billion yuan, and 5.35 billion yuan from 2025 to 2027, with corresponding price-to-earnings (PE) ratios of 32, 17, and 12 [2][7]. - The report assigns a target PE of 29 for 2026, suggesting a potential market capitalization of 10.55 billion yuan, indicating a 66% upside from the current valuation [7][6].

Group 1 - Geely Holding Group was recognized as the "Leading Enterprise in Hybrid Power Control Technology Innovation" in the recent evaluation conducted by the China Automotive Intellectual Property Utilization Promotion Center [2] - Geely holds 161 authorized patents in hybrid power system control technology, with a comprehensive patent innovation index of 145.69 and a technical innovation score of 90, all ranking first in the industry [2] - The company launched the industry's first AI scenario engine-based power domain intelligent system, Starry AI Cloud Power 2.0, which enhances the Thunder God electric hybrid system to version 2.0, currently implemented in models like Geely Galaxy M9 and Galaxy A7 [2] Group 2 - Geely's Q3 financial report shows a revenue of 239.5 billion yuan for the first three quarters, a year-on-year increase of 26%, with Q3 revenue reaching 89.2 billion yuan, up 27%, marking a new high for a single quarter [3] - The total R&D investment from January to September was 14.6 billion yuan, reflecting an 8% year-on-year increase, with ongoing advancements in areas such as assisted driving, AI cockpit, AI electric hybrid, and satellite communication [3]

Investment Rating - The report maintains an OUTPERFORM rating for Geely Automobile Holdings with a target price of HK$26.60 [2][4][15]. Core Insights - The company is expected to achieve vehicle deliveries of 3.04 million, 3.52 million, and 3.97 million units for 2025, 2026, and 2027 respectively, with NEV penetration rates projected at 57%, 59%, and 66% [4][15]. - The report anticipates a core net profit attributable to shareholders of Rmb16.40 billion, Rmb18.88 billion, and Rmb22.45 billion for 2025, 2026, and 2027, reflecting a growth rate of -1%, 15%, and 19% respectively [4][15]. - The company is expected to fully realize synergies from its consolidation with ZEEKR by 2026, enhancing profitability and operational efficiency [6][18]. Financial Performance - In Q3 2025, Geely reported revenue of Rmb89.19 billion, a 27% year-on-year increase, while cumulative revenue for the first nine months reached Rmb239.48 billion, up 26% year-on-year [5][16]. - The core net profit for Q3 2025 was Rmb3.96 billion, a 19% increase year-on-year, with a total of Rmb10.62 billion for the first nine months, marking a 59% year-on-year growth [6][17]. - The company maintained a strong cash position with Rmb56.22 billion in cash at the end of September 2025, representing a 31% year-on-year increase [5][16]. Market Position and Strategy - Geely is positioned to achieve its 2025 sales target comfortably, with expectations of 3.04 million units sold, while ZEEKR's overseas sales are projected to grow by 50% to 80% [18][19]. - The report highlights that the company retains strategic advantages in NEV rollout, export expansion, and brand-mix upgrading, which are expected to support continued market share gains in a moderately growing industry [19].

行业 铝日报 日期 2025 年 11 月 18 日 有色金属研究团队 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：Wind，建信期货研究发展部 铝观点： 17 日沪铝延续回落走势，主力 2601 收盘报 21725，下跌 1.14%，总持仓较上 一交易日减少 41911 至 741668 手，处于历史高位水平。现货上，铝价虽有所下行 但绝对价仍处于较高位置，下游维持按需采购，日内华东报平水，中原贴水-140， 华南贴水-150。进口窗口关闭，现货进口亏损收窄至-2000 元/吨左右。国产矿相 对坚挺，几内亚矿价低位徘徊，氧化铝运行产能保持高位，过剩压力显著，但随 着月均价下行北方的高成本企业已经有亏损减产风险，氧化铝成本支撑逻辑逐渐 凸显，关注低位企稳的可能性。电解铝海外供应收紧逻辑仍存，冰岛铝厂因电气 设备故 ...

研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 请阅读正文后的声明 行业 镍日报 日期 2025 年 11 月 18 日 有色金属研究团队 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：Wind，建信期货研究发展部 镍观点： 受宏观转弱以及基本面高库存压制，沪镍破位下行，主力合约刷新数年低点 至 11.63 万/吨附近。金川镍平均升水较上日持平报 3900，国产电积镍升贴水报 -50-400。8-12%高镍生铁均价下跌 3 至 902.5 元/镍点，电池级硫酸镍均价较上日 下跌 10 至 28390 元/吨。印尼矿端周度下跌，短期支撑转弱。而镍终端需求拖累 显著。不锈钢市场已进入年末的消费淡季，下游需求持续低迷，且上周不锈钢的 社会库存也结束了连 ...

目前，菲仕技术由任文杰及其配偶胡瑾共同持股49.48%。先进制造、黄山赛富、京津冀基金等机构曾投资入股，成为公司重要股东。2024年2月完成C轮融 资后，公司估值已达40.02亿元人民币。 2025年以来，卧龙电驱(600580.SH)、大洋电机(002249.SZ)、埃斯顿(002747.SZ)、兆威机电(003021.SZ)等A股上市公司向港交所递交招股书，寻求"A+H"两 地上市。 经过二十余年发展，菲仕技术已在电驱行业占据一席之地。以2024年销售收入计，公司是中国工业控制领域第二大专用电驱动解决方案供应商；以2024年销 量计，公司亦位列中国乘用车电驱动系统第三方供应商第六名。 菲仕技术的产品广泛应用于风力发电、煤炭、数控机床、新能源汽车等多个领域。2024年，公司通过收购意大利公司NGTEC，以获取尖端的机器人技术， 并进一步巩固其在工业自动化领域的技术优势。 此前，时代电气（03898.HK）、德昌电机（00179.HK）等电驱领域企业已成功登陆港交所。 在转向港股之前，菲仕技术的上市之路并不平坦。 近日，曾两度冲刺A股未果的宁波菲仕技术股份有限公司（以下简称"菲仕技术"）转向港股市场，其招股书 ...