Core Viewpoint - The company has entered a phase of large-scale delivery for its DToF chips in collaboration with leading robotic vacuum manufacturers, while also experiencing significant revenue growth in wireless charging products due to customer expansion and technological upgrades [2] Group 1: Product Development and Market Position - The optical sensor product line is expected to grow rapidly and contribute significantly to market share as existing products are shipped and new customers are onboarded [2] - The wireless charging business is anticipated to expand into lower-tier markets with cost optimization, while the company accelerates the development of high-integration, high-efficiency wired fast charging products to create a business loop between wireless and wired charging, enhancing competitive advantages and user retention [2] - The company plans to focus on high-value products in the automotive lighting market, including front and rear lights, surround lights, and ambient lights, while continuing to optimize smart lighting and high power factor products [2] Group 2: Financial Performance - In Q1, the company achieved revenue of 125 million yuan, a year-on-year increase of 32.18%, and turned a profit with a net profit of 3.67 million yuan, compared to a loss of 13.26 million yuan the previous year, marking an increase of 16.94 million yuan [2] - The growth in net profit is attributed to four main factors: significant revenue growth in optical sensors and wireless charging products, enhanced gross margin from high-margin products, deep collaboration with upstream supply chains leading to cost optimization, and continuous customer expansion resulting in steady revenue growth [2]

固态电池方面，公司第二代半固态电池（330Wh/kg）预计2025年量产，第三代半固态电池（400Wh/kg）引入高电导率固态电解质、快离 子环技术、超高镍正极及负极材料表面固态化技术、负极膨胀抑制技术，极大降低电解液用量，电池热稳定性及安全性得到显著提升，当前正 在进行车规级认证及产业化开发。 （ 来源：综合报道） 往 期 回 顾 4月30日，孚能科技披露2024年年报，公司实现营业收入116.8亿元，归母净利润-3.32亿元，同比减亏15.38亿元。据，公司2024年度动 力电池出口销量位居全国第三。 近年来，孚能科技秉承"投产一代、储备一代、开发一代"的技术开发思路。在报告期内，公司产品研发取得多项突破。例如，公司SPS大软包 产品正式量产，实现SPS产品的突破。开发出了超级快充铁锂体系，LFP电池实现超过6C的快充能力，且具备5000次以上循环寿命，兼具高 放电倍率、高能量密度、高安全、低成本特性，适用于PHEV、BEV、储能领域，该产品目前已通过国标认证，已经应用在部分项目上。 01 ｜ GWh订单频现！锂电企业奔向这块"热土" 02 ｜ 新进展！4大电池厂齐聚马来西亚 03 ｜ 隔膜行业再现重磅联 ...

近日，极氪V4极充兆瓦桩在上海车展首发，将电动车补能效率推向"油电同速"新维度。 作为全球首个量产单枪兆瓦级超充设备，V4极充兆瓦桩单枪峰值功率达1300kW、峰值电流达1300A，"双 1300"的技术参数，刷新了行业参数的天花板，还带领全球超充行业跃入"单枪兆瓦时代"。 依托于行业领先的全液冷散热方案、模块化并柜技术，以及智能功率共享系统，首个V4 极充兆瓦站已经 落地杭州，以1440kW总功率实现3台800V车型同时兆瓦级充电，场站功率调用率超 97%，破解多车充电 降速的痛点。 从2021年首发V1极充桩到如今的V4兆瓦桩，极氪用了四年时间，完成补能"参数领先" 到"生态构建"的跨 越。 单枪兆瓦超充桩 解决补能焦虑 极氪V4极充兆瓦桩的核心优势，在于其"双1300"的技术参数。 作为衡量充电桩性能和能源利用效率的核心指标，V4极充兆瓦桩的峰值电流高达1300A。与充电功率直 接相关，电流越大，单位时间内传输的电能越多。这也让V4极充兆瓦桩单枪峰值功率达到1300kW。 同时，相比于双枪，单枪的设计更具使用便利性和车型兼容性。 这两项参数意味着，V4极充兆瓦桩将刷新单台汽车充电速度，并覆盖更多车型。作 ...

东莞证券近日发布快充产业链专题报告：高压快充推广条件渐趋成熟，有望迎来快速放 量。实现大功率快充有两条技术路线：一是大电流快充技术，二是高压快充技术。相较于大 电流快充，高压快充具有高效充电SOC区间更大、充电功率峰值更高、技术难度相对较小、 成本相对可控等优势。高压快充技术已成为引领快速补能的主流趋势。近年来国内外主流车 企加快推出高压快充车型，高压快充车型在中高端市场的渗透率持续上升。 以下为研究报告摘要： 投资要点： 充电桩仍存较大缺口，快速补能需求凸显。截至2024年底，国内新能源汽车保有量达 3140万辆，同比增长53.85%，车桩比为2.4:1，充电桩供需缺口仍较大。提高电池能量密度 和缩短充电时间是解决新能源汽车里程焦虑和补能焦虑的两大关键途径。随着电池技术不断 进步，新能源汽车的电池容量不断突破。与此同时，充电时长成为另一个亟待解决的痛点。 大功率快充是解决补能焦虑的最重要方式。当前公共充电桩仍以低功率为主，快充渗透不 足。为了缓解潜在消费者的补能焦虑，更大释放新能源汽车消费市场潜力，大力发展快充桩 已成大势所趋。近年来，国家从政策层面持续积极推动大功率充电基础设施建设，支持大功 率快充技术研 ...

超配（维持） 快充已成大势所趋，产业链迎发展机遇 深 度 报 告 快充产业链专题报告 锂电池产业链 2025 年 4 月 30 日 S0340512090001 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn 锂电池指数走势 资料来源：Wind，东莞证券研究所 证 券 研 究 投资要点： 本报告的风险等级为中高风险。 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，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：黄秀瑜 SAC 执业证书编号： 充电桩仍存较大缺口，快速补能需求凸显。截至2024年底，国内新能源 汽车保有量达3140万辆，同比增长53.85%，车桩比为2.4:1，充电桩供 需缺口仍较大。提高电池能量密度和缩短充电时间是解决新能源汽车里 程焦虑和补能焦虑的两大关键途径。随着电池技术不断进步，新能源汽 车的电池容量不断突破。与此同时，充电时长成为另一个亟待解决的痛 点。大功率快充是解决补能焦虑的最重要方式。当前公共充电桩仍以低 功率为主，快充渗透不足。为了缓解潜在消费者的补能焦虑，更大释放 新能源汽车消费市场潜力，大力发展快充桩已成大势所趋。 ...

辽宁信德新材料科技（集团）股份有限公司 投资者关系活动记录表 编号：2025-001 证券代码：301349 证券简称：信德新材 3、问：领导，您家的股票我买了快 3 年了 答：尊敬的投资者您好，感谢您对公司的支持！ 4、问：请问贵司对未来的发展趋势有什么新的规划？股价下 跌严重影响公司的形象 答：尊敬的投资者您好，公司作为一家集科技、工业为一体的 具备综合竞争能力的现代化新材料企业，持续深耕负极包覆材 料产业链，致力于将公司打造成为行业领先、品类丰富的碳基 新型材料供应商。公司股票价格受宏观经济、政策环境、市场 情绪等多种因素影响，具有不确定性，请投资者注意投资风险。 | 5、问：高管您好。请问贵公司本期财务报告中，盈利表现如 | | | | --- | --- | --- | | 何？谢谢。 | | | | 答：尊敬的投资者您好，公司 2024 年营业总收入为 8.10 | 亿元， | | | 同比下降 14.62%，归母净利润为-3304.17 万元，同比下降 | | | | 180.01%，公司具体经营业绩情况请您关注公司披露的定期报 | | | | 告。感谢您的关注！ | | | | 6、问：领导， ...

Core Viewpoint - The company reported a revenue of 970 million yuan for Q1 2025, reflecting a year-on-year increase of 17.9% but a quarter-on-quarter decrease of 9.8% [1] - The net profit attributable to shareholders was 140 million yuan, showing a year-on-year increase of 1.8% and a quarter-on-quarter increase of 10.8% [1] - The company continues to expand into new fields of ceramic materials through organic growth and horizontal mergers [2] Financial Performance - Revenue for Q1 2025 was 970 million yuan, with a year-on-year growth of 17.9% and a quarter-on-quarter decline of 9.8% [1] - Net profit attributable to shareholders was 140 million yuan, up 1.8% year-on-year and up 10.8% quarter-on-quarter [1] - The gross margin and net margin for Q1 2025 were 36.8% and 15.3%, respectively, down 2.0 percentage points and 2.4 percentage points year-on-year [4] Business Segments - The company operates in six major business segments: electronic materials, catalytic materials, biomedical materials, new energy materials, precision ceramics, and other materials [2] - Electronic materials are expected to see a recovery in demand due to consumer electronics subsidies and growth in automotive electronics and AI servers [3] - Catalytic materials have expanded into overseas markets and are now part of the supply chain for major clients [3] - Biomedical segment is diversifying its product offerings with new launches, supported by strong R&D investment [3] - New energy materials are gaining traction with major lithium battery manufacturers, enhancing production quality and sales levels [3] - Precision ceramics are experiencing growth due to the adoption of ceramic bearings in new energy vehicles [3] R&D and Future Outlook - The company maintains high R&D investment, with a R&D expense ratio of 7.3%, down 0.2 percentage points year-on-year [4] - New product breakthroughs include spherical silica for high-frequency copper-clad laminates and zirconia/titania dispersions for backlight modules [4] - The company projects net profits of 690 million yuan, 850 million yuan, and 1.05 billion yuan for 2025, 2026, and 2027, respectively [4]

Core Insights - The company reported a revenue of 975 million yuan for Q1 2025, representing a year-on-year growth of 17.94%, and a net profit attributable to shareholders of 136 million yuan, with a growth of 1.8% [1] Business Analysis - The electronic materials business is operating steadily, with ongoing customer collaboration in catalytic materials. Despite the impact of the Spring Festival, the company maintained stable operations, continuing to develop new products to meet high-end market demands [2] - In the catalytic sector, the company is advancing customer collaborations, particularly in the honeycomb ceramic field, where major overseas players like Corning and NGK dominate the market. The company leverages its stable domestic supply and cost-performance advantages to develop commercial and passenger vehicle clients, gradually entering a volume growth phase [2] - The biocompatible materials segment is taking shape overseas, with the precision ceramics business continuing to expand, becoming a future growth driver. The company is expanding its product range and upgrading existing products, with overseas sales channels improving and increasing overseas sales proportion [2] - The precision ceramics sector is seen as a sunrise industry, with ceramic balls gradually gaining traction alongside the 800V fast charging applications in new energy. The company has established a full industry chain layout for ceramic substrates, which will enhance product profitability and serve as a key support for mid-term business growth [2] Market Impact - The real estate sector has negatively impacted the company's building ceramics, with a 14.3% year-on-year decline in completed real estate area in China as of March. The company is expanding overseas markets and textile dyeing businesses but faces certain constraints [3] - The new energy sector remains highly competitive, with the company's alumina and other materials experiencing pressure from industry dynamics, leading to a Q1 overall gross margin of approximately 36.77%, down about three percentage points quarter-on-quarter [3] Profit Forecast - The company has lowered its 2025 revenue forecast by 15%, projecting revenues of 4.631 billion, 5.557 billion, and 6.391 billion yuan for 2025-2027, with net profits of 699 million, 870 million, and 1.03 billion yuan respectively. The corresponding EPS is expected to be 0.70, 0.87, and 1.03 yuan, with current price-to-earnings ratios of 24, 19, and 16 times [4]

25Q1 收入21.02 亿元，同/环比+3.46%/-56.96%（（收入由总额法修改为净额法，增速基于调整后口径 计算），25Q1 归母净利润0.65 亿元，同/环比+5.17%/-86.22%，扣非0.45 亿元，同/环 比-3.90%/-87.99%。公司充电业务龙头地位稳固且盈利能力有望提升，电力设备细分领域优势强劲且逐 步开拓海外，我们维持"买入"评级。 25Q1 淡季影响下收入同比微增，合同额与充电量均同比高增公司25Q1 收入与归母净利均同比微增，主 要系淡季影响。公司25Q1 毛利率/净利率达37.51%/10.35%，环比-15.39/-8.15pct，主要系24Q4 高毛利率 的充电桩销售占比较高导致基数较高。公司25Q1 合同额突破38 亿元，同增超30%，充电量突破40 亿 度，同增超40%，电力设备与充电两大业务均稳步向好发展。 充电桩：行业需求同比高增，生态合作持续推进行业方面，根据国家能源局，25Q1 我国新增充电桩 93.1 万台（公用桩32.1万+私桩61.0 万），同/环比+30.0%/-32.8%。公司方面，截至2025 年3 月，特来电 运营公共充电桩74.57 万台 ...

国内外产能建设推进，股权激励彰显信心 公司拟在山西建设年产20 万吨锂电负极材料一体化项目，在马来西亚建设年产5 万吨锂电负极材料项 目，上述生产基地预计均于25Q3 开始建设，在26 年内达产。到27 年，公司人造石墨负极材料有效产能 将超50 万吨。公司于24 年8 月发布股权激励方案，考核目标为24-26 年每年净利润或负极材料出货量同 比增速不低于25%，彰显公司对未来发展的信心。 维持"买入"评级 我们基本维持公司盈利假设， 预计公司25-27 年归母净利润10.16/13.24/15.00 亿元，参考可比公司25 年 Wind 一致预期下平均PE 14倍（前值13 倍），考虑到公司新产能快速落地，石墨化工艺成本领先，给 予公司25 年合理PE 16 倍（前值15 倍），对应目标价62.24 元（前值58.35元），维持"买入"评级。 公司25Q1 收入16.28 亿元，同/环比+89.00%/+1.14%，25Q1 归母净利2.39亿元， 同/ 环比 +60.87%/-8.16% ， 扣非净利2.47 亿元， 同/ 环比+72.60%/+4.17%，归母净利符合此前预告的2.3~2.6 亿。公司2 ...