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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported its 2024 annual results and 2025 Q1 results, with 2024 achieving operating revenue of 13.3 billion yuan, a year-on-year decrease of 23.2%. The net profit attributable to shareholders was 500 million yuan, down 6.3% year-on-year, and the net profit after deducting non-recurring gains and losses was 450 million yuan, down 4.1% year-on-year. For Q1 2025, the company achieved operating revenue of 2.977 billion yuan, a year-on-year decrease of 9.8%, with a net profit attributable to shareholders of 120 million yuan, an increase of 4.8% year-on-year, but a decrease of 7.8% quarter-on-quarter. The net profit after deducting non-recurring gains and losses was 110 million yuan, up 8.5% year-on-year and 5.6% quarter-on-quarter [4][12][13] Financial Performance - In 2024, the company achieved a gross profit margin of 9.76%, an increase of 1.77 percentage points year-on-year, and a net profit margin of 3.67%, an increase of 0.61 percentage points year-on-year. In Q1 2025, the gross profit margin was 9.59%, an increase of 1.99 percentage points year-on-year but a decrease of 0.45 percentage points quarter-on-quarter. The net profit margin was 3.85%, an increase of 0.5 percentage points year-on-year and 0.22 percentage points quarter-on-quarter [13] Product and Technology Advantages - The company has a significant advantage in NL cathode materials, with a more stable structure and wider interlayer spacing compared to traditional cathode materials, leading to improved energy density and rate performance. This technology is expected to be widely applied in various fields, including consumer electronics, robotics, and solid-state batteries. The company has already achieved supply of oxide route solid-state cathodes and is in the R&D phase for sulfide route solid-state battery cathodes. The company has also made progress in sodium battery technology, with high-voltage sodium materials entering pilot testing, indicating a promising future in energy storage applications [14] Earnings Forecast and Investment Suggestions - The company is expected to achieve operating revenues of 15.87 billion yuan, 20.52 billion yuan, and 23.36 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 19.36%, 29.28%, and 13.84%. The net profit attributable to shareholders is projected to be 761 million yuan, 1.011 billion yuan, and 1.204 billion yuan for the same years, with growth rates of 54.06%, 32.88%, and 19.03% respectively. The three-year CAGR is estimated at 34.6% [15][16]

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].

Group 1 - The overall market continues to shrink, with total trading volume down 8.26% to 1.1543 trillion, marking a new low since the Spring Festival [1] - Micro-cap stocks rebounded over 2%, but the market remains chaotic with 74 stocks hitting the daily limit up and nearly 3,500 stocks rising overall [1] - The robotics sector showed strong recovery, particularly in machine tools, while marine economy stocks, especially in the cable sector, performed relatively well [1][3] Group 2 - Morgan Stanley upgraded the rating of the Chinese stock market to "neutral," predicting an 8% increase in the market this year, with the Hang Seng Index expected to reach 25,000 points [4] - The recovery in corporate return on equity (ROE) and valuation is driven by enhanced corporate self-discipline, improved shareholder returns, and a shift towards higher-quality, less macro-sensitive industries [4] Group 3 - Recent market declines are attributed to performance pressure in March-April, multiple stocks facing direct ST (special treatment), and concerns over capital expenditures from Tencent and telecom operators [5] - The upcoming April 2 tariff implementation and the acceleration of company earnings reports by the end of April are critical upcoming events that may impact market sentiment [5] Group 4 - The chemical sector continues to strengthen with price increases, and stocks like Zhongyida and Jiangtian Chemical have shown significant gains [3] - The robotics sector has potential catalysts and layout opportunities, with stocks like Nanfang Precision and Linzhou Heavy Machinery reaching new highs [2][3]

多氟多新能源 总经理 许飞认为，从经济性、性能、安全等因素综合考虑，30度电以内、单体 容量100Ah的应用场景，大圆柱电池具备综合优势，是市场选择最优解。 近日，起点锂电采访到 多氟多新能源 总经理 许飞 ，就产品开发、市场应用、行业症结等问题 进行深入探讨。 近年来，全球主流车企的新能源汽车销量大幅增长，带动动力电池需求持续高增。同时，以电 化学储能为代表的新型储能需求快速增加。此外，随着电动自行车"新国标"实施以及电动摩托 车开始时兴，锂电化趋势渐显。 作为新兴主流路线之一，大圆柱电池恰逢其时。电池企业们闻风而动，纷纷投入产品开发，推 进大圆柱电池量产进程。 作为较早投身大圆柱电池开发的企业，多氟多结合PACK结构设计的特点，综合安全、温度、 成本等因素，创新性设计出低成本、高性能的40/42/46/60/65等系列大圆柱电池，满足客户多 元化需求。 以下为本次采访实录： 起点锂电： 2024年整体大圆柱电池订单情况如何？主要出货在哪些领域？ 许飞： 2024年公司大圆柱电池订单整体供不应求。尤其在下半年，产能利用率饱满，各型号大 圆柱在市场上受欢迎，包括汽车动力、轻型车、家储、便携式储能等几个领域。 ...