Core Viewpoint - Bettery, a global leader in new energy materials, demonstrated strong operational resilience and market competitiveness in its 2024 annual report, achieving a revenue of 14.237 billion yuan and a net profit of 930 million yuan despite facing significant industry challenges [2] Group 1: Financial Performance - In 2024, Bettery reported total assets of 33.347 billion yuan, a year-on-year increase of 13.49%, and net assets of 12.227 billion yuan, up 5.67% [2] - The company’s revenue from negative electrode materials reached 10.692 billion yuan, with sales volume exceeding 430,000 tons, maintaining a global market share of over 21% [3] Group 2: Industry Context - The global new energy materials industry is experiencing a dual scenario, with negative electrode material production exceeding 2 million tons (up 35%) while demand growth is only 20%, leading to an average industry operating rate below 60% and a 30% drop in prices [3] - New technologies such as solid-state batteries and sodium-ion batteries are accelerating commercialization, prompting major companies to increase patent acquisitions [3] Group 3: Innovation and R&D - Bettery emphasizes innovation as a core driver of development, with R&D investment reaching a historical high of 5.42% of revenue, totaling 692 authorized patents [4] - The company has developed a unique "research generation, reserve generation, production generation" model for silicon-based negative electrode materials, achieving an effective capacity of 5,000 tons per year [4] Group 4: Strategic Expansion - Bettery is actively expanding its global presence, with significant projects in Indonesia and Morocco aimed at enhancing its competitive edge in international markets [6] - The company has initiated the construction of an integrated project in Indonesia with an annual capacity of 80,000 tons for lithium battery negative electrode materials, marking a significant step in Southeast Asia [6]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [8]. Core Views - The company achieved a record high in quarterly revenue, with a 49.7% year-on-year increase in 2024, reaching 1.86 billion yuan, and a net profit of 226 million yuan, up 38% year-on-year [5][6]. - The growth in the suspension spring business is notable, with a 60.2% increase in revenue from suspension system components, contributing significantly to overall performance [5]. - The company is advancing its global strategy, with investments in production bases in Germany, Mexico, and Morocco, aiming to enhance market share and operational capacity [5][6]. Financial Performance Summary - Revenue projections for the company are as follows: 1.24 billion yuan in 2023, 1.86 billion yuan in 2024 (40% growth), 2.31 billion yuan in 2025 (50% growth), and continuing to grow to 3.37 billion yuan by 2027 [3][5]. - The net profit is forecasted to increase from 164 million yuan in 2023 to 438 million yuan in 2027, with growth rates of 46% in 2023 and 38% in 2024 [3][5]. - The company's gross margin for Q4 2024 was reported at 27.12%, showing a slight year-on-year decline but an increase from the previous quarter, indicating improved operational efficiency [5]. Investment Recommendations - The report suggests adjusting the net profit forecasts for 2025 and 2026 to 284 million yuan and 356 million yuan respectively, with a new forecast for 2027 at 438 million yuan, reflecting a robust growth trajectory [5][6]. - The expected price-to-earnings (P/E) ratios for the upcoming years are projected to decrease from 30.9 in 2023 to 11.6 by 2027, indicating an attractive valuation as earnings grow [3][5].

4月15日，博腾股份（300363）2024年度业绩说明会早在全景路演成功举办。 图/博腾股份董事长、总经理居年丰出席2024年度业绩说明会 2024年，受制于前期确认大单交付减少以及市场竞争加剧影响，博腾股份实现营业收入30.12亿元，同比下降17.87%；归母净利润同比由盈转亏。 对于公司2025年主要经营目标，公司方面直言：公司将以收入重新恢复增长，逐步实现扭亏转盈为重要经营目标并持续改善经营结果。 据介绍，博腾股份依托行之有效的降本增效措施，整体费用率同比显著压降，毛利率整体处于修复区间。 本次活动通过视频直播、语音、图文等多种形式与投资者进行互动交流，公司方面还贴心为投资者直播讲演业绩说明PPT，分别从财务数据、经营概况、未 来展望等多个方面全方位、多角度呈现公司2024年度经营成果，提升了投资者对年报核心内容理解的可及性、便捷性和直观性。 公司董事长、总经理居年丰，总经理、财务负责人陈晖，副总经理、董事会秘书皮薇等核心高管出席本次活动，并与投资者互动问答。 至于美国"对等关税"政策对公司海外业务影响的有关提问，公司方面表示：近两年，公司直接出口美国的收入占比不足5%，同时，通过比对本轮美国关税 清 ...

Core Viewpoint - The company reported its Q1 2025 performance, showing revenue of 84.71 billion yuan, a year-on-year increase of 6.2% but a quarter-on-quarter decrease of 17.7, with net profit attributable to shareholders at 13.96 billion yuan, a year-on-year increase of 32.9% but a quarter-on-quarter decrease of 5.3% [1] Revenue and Profit Analysis - Q1 2025 lithium battery shipments experienced significant year-on-year growth, with an estimated output close to 125 GWh, representing a year-on-year increase of over 30%, driven by high domestic demand for new energy vehicles and recovering European demand [2] - The average selling price of lithium batteries in Q1 2025 was approximately 0.62 yuan/Wh, remaining stable quarter-on-quarter, while unit gross profit was estimated at around 0.15-0.16 yuan/Wh, showing a quarter-on-quarter improvement of nearly 0.01 yuan/Wh [2] - Non-lithium revenue in Q1 2025 was estimated to account for less than 10% of total revenue, with significant declines in lithium materials and mineral resources revenue due to reduced production from Jiangxi lithium mines and falling lithium carbonate prices [2] Cost and Cash Flow - The company's total expense ratio in Q1 2025 was approximately 7.1%, a decrease of 2.7 percentage points year-on-year, with financial expenses contributing positively due to interest income and exchange gains [3] - Operating cash flow for Q1 2025 was 32.87 billion yuan, a year-on-year increase of 15.9%, indicating high-quality operations as cash flow significantly exceeded net profit [3] Global Strategy and Market Outlook - The impact of U.S. tariffs on the company's operations is considered manageable, with expectations that tariffs will primarily be borne by downstream customers in the short term [3] - The company is accelerating its global capacity layout, particularly in Europe and Indonesia, with expectations for gradual release starting in 2026, and is adjusting its order structure to reduce exposure to U.S. storage markets [3] - The introduction of the LRS model (License, Royalty, Service) aims to expand business in high-barrier markets like North America [3] Earnings Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026 at 66.03 billion yuan and 80.63 billion yuan, respectively, with a target price of 320 yuan, indicating a potential upside of 42.9% based on current stock prices [4]

Core Viewpoint - The company reported a significant increase in revenue and net profit for 2024, driven by the growth in suspension system components and strong partnerships with major automotive brands [1][2]. Revenue Summary - In 2024, the company achieved revenue of 1.86 billion yuan, a year-on-year increase of 49.7% [1]. - The revenue from suspension system components (suspension springs and stabilizers) reached 1.63 billion yuan, reflecting a year-on-year growth of 60.2% [1]. - The company has established strong partnerships with well-known automotive brands and suppliers, including BYD, Geely, Great Wall, and others, which has contributed to stable performance [1]. Profitability Summary - In Q4 2024, the company's gross margin was 27.12%, showing a year-on-year decrease of 0.26 percentage points but an increase of 0.44 percentage points compared to the previous quarter [2]. - The decline in gross margin year-on-year was primarily due to accounting standard adjustments, while the quarter-on-quarter increase was attributed to full capacity utilization from order releases [2]. - The company experienced a credit asset impairment of 23 million yuan in Q4 2024, which impacted the net profit margin [2]. Capacity and Global Strategy Summary - The company is steadily advancing its capacity construction, with plans to invest 250 million yuan in projects for producing 9 million new energy vehicle stabilizers and 100,000 sets of robot and engineering machinery springs [2]. - In 2024, the company announced the establishment of a production base in Chongqing with an investment of approximately 600 million yuan to enhance market share in the southwest region [2]. - The year 2024 marks a critical step in the company's globalization strategy, with plans to establish R&D and production bases in Germany, Mexico, and Morocco by 2025 [2].

4月11日，长安汽车在重庆召开2024年度业绩说明会。数据显示，2024年公司实现营业收入2767.2亿元（含阿维塔153.5亿元），同比增长7.7%，其中自主板 块新能源收入占比达46.5%，海外销售占比提升至20.2%。全年汽车销量268.4万辆，创近七年新高，新能源与海外市场销量分别达73.5万辆（同比增52.8%） 和53.6万辆，海外销量占比首次突破20%。 2025年一季度，长安汽车总销量突破70万辆，其中3月新能源单月销量达87,036辆，同比增62%。根据规划，公司2025年目标销量300万辆（新能源100万 辆，海外保底70万辆），至2030年力争总销量500万辆，海外目标150万辆。 战略布局方面，新能源计划：未来五年推出50款数智产品，推进固态电池量产及高压快充技术；智能化升级：投入超200亿元实施"北斗天枢2.0"，年内量产 天枢智驾激光Pro版；全球化拓展：加速东南亚、欧洲等五大区域本土化布局，2025年启动阿维塔香港品牌发布；前沿领域：规划未来十年投入2000亿元布 局新汽车科技链，2028年实现人形机器人量产，飞行汽车拟于年底完成试飞。 研发投入方面，2024年全口径研发投入15 ...

以下文章来源于36氪财经 ，作者谢芸子 郑怀舟 36氪财经 . 36氪旗下官方账号。洞见市场，比99%的投资者更聪明。 户外"赛马"，市场竞争愈发激烈。 文 ｜ 谢芸子 编辑 ｜ 郑怀舟 来源｜ 36氪财经（ID：krfinance） 封面来源 ｜ 企业微博 安踏体育再添一子品牌。 4月10日，安踏发布公告称，将以2.9亿美元（约21亿元人民币）全资收购德国户外品牌Jack Wolfskin狼爪。在满足其他交割条 件后，该收购预计于今年二季度末或三季度初完成。 收购狼爪品牌的背后，是安踏对于多品牌战略的坚守，以及对户外赛道的纵深。 对于此次交易，安踏集团董事局主席丁世忠也表示，该品牌定位大众户外运动，能与安踏现有的高端户外品牌形成差异化。 他还强调，此次收购也是安踏集团全球化布局的新里程。"我们很期待狼爪品牌能够加入安踏集团的多品牌矩阵。" 受此消息影响，安踏体育股价有一定拉升。 图片截自安踏公告 多次易主，狼爪掉队 不关注户外的消费者，可能对狼爪并不熟知，却一定在商场看过"爪印LOGO"的可爱品牌形象。 截至4月11日收盘，安踏体育报价83.85港元每股，涨幅达到2.82%。但业内也有声音认为，这不是一笔相 ...

2024年，中国液压行业在政策支持与市场需求的双重驱动下保持稳健增长。与此同时，国产化替代趋势 显著，具备核心产品优势的公司加速全球化布局，逐步走向世界。记者了解到，力克川凭借产品优秀的 竞争力饱受海内外客户一直好评。 2024年力克川加大市场开拓力度，积极开拓境内外市场，尤其是在 境外市场，公司实现营收4628.86万元，同比增长达到80.13%，海外市场的市占率得到明显提升，其全 球化战略布局的优势正逐步显现。 技术创新打造产品优势，持续加大研发投入实现高质量发展 作为企业未来发展的核心竞争力，产品技术研发是判定企业发展前景的决定性因素。作为高新技术企业 和国内液压驱动装置的专业制造商，力克川通过持续攻关重难点及关键"卡脖子"技术，实现液压行业多 项核心技术及产品的自主创新，成为国内早期研发液压行走装置的企业之一，也是唯一自主设计液压马 达智能柔性线的企业。 根据公告显示，力克川高度重视创新研发，截至目前，已拥有106项专利，其中发明专利18项，2024年 公司实现研发费用1204.85万元，同比增长28.07%。随着研发的持续投入、技术的突破与产品性能的提 升，力克川液压的产品不但逐步实现了国产替代进口 ...

Summary of Conference Call on Lens Technology & Lianyi Intelligent Manufacturing Industry and Company Involved - The conference call primarily discusses the impact of U.S. tariff policies on the Apple supply chain, particularly focusing on companies like Lens Technology and Lianyi Intelligent Manufacturing within the TMT (Technology, Media, and Telecommunications) sector [3][4][12]. Core Points and Arguments - **Impact of Tariff Policies**: The implementation of Trump's tariff policies has significantly affected Apple's supply chain, leading to substantial stock price declines for related companies like Luxshare Precision and Dongshan Precision, with the U.S. stock market dropping over 9% [3][4]. - **Cost Structure of iPhone 16 Pro Max**: Approximately one-third of the iPhone 16 Pro Max's value comes from the U.S., another third from China, and the remaining from other regions. The tariffs mainly target countries in trade conflict with the U.S., making the overall cost impact manageable for Apple [4][6]. - **Tariff Exemptions**: Certain components can qualify for tariff exemptions if they undergo substantial transformation in the U.S. This includes Apple’s A18 processor, which is designed in the U.S. and thus can avoid additional tariffs [5][7]. - **Apple's Response to Cost Increases**: Apple can absorb tariff costs through price adjustments or by taking on the costs directly. The overall impact on sales prices is estimated to be less than 5%, given that the U.S. market accounts for 32% of Apple's global sales [9][10]. - **Long-term Industry Outlook**: While short-term impacts may be mitigated by a 90-day exemption period, long-term effects could lead to valuation declines in domestic industries. Companies need to adjust expectations and seek new growth opportunities [13]. - **Globalization Strategies for Domestic Companies**: Domestic companies are encouraged to pursue globalization strategies, including deliveries through bonded zones to mitigate tariff impacts. Key suppliers in Apple's supply chain can benefit from these strategies [15]. - **iPhone 17 Expectations**: The upcoming iPhone 17 is expected to drive sales growth, particularly with enhancements like increased memory to support AI applications. This could lead to a significant increase in sales volume [16]. - **Investment Opportunities**: The bottom of the supply chain has been established, and investors are advised to focus on upstream suppliers that are less exposed to tariff risks. The performance of these companies is crucial for future investment decisions [17]. - **Performance of Consumer Electronics and Precision Manufacturing**: The first quarter showed strong performance in the domestic consumer electronics and precision manufacturing sectors, with companies like Lens Technology leading in areas such as robotics and AI glasses [18]. Other Important but Possibly Overlooked Content - **Market Sentiment**: The market's emotional response to tariff announcements has led to excessive stock price declines for supply chain companies, indicating a need for a more rational assessment of the actual impacts [8][12]. - **Potential for Future Tariff Exemptions**: Apple's previous negotiations for tariff exemptions may continue to provide relief for its supply chain, especially if a more favorable bilateral agreement with China is reached [14].

行 家用电器 2025 年 04 月 13 日 业 研 究 行 业 定 期 报 家用电器 对等关税暂缓，建议关注全球化布局龙头+内需 基本面改善机会——25W15 周观点 投资要点： 对等关税暂缓，建议关注全球化布局龙头+内需基本面改善机会 告 美国宣布对等关税暂缓，建议关注全球化布局龙头。当地时间 4 月 9 日，特朗普宣布对不采取报复性行动的国家暂缓 90 天实施"对等 关税"，仅征收 10%关税，同时对华关税提升至 125%。本次对等关税 暂缓好于此前悲观预期，家电、纺服等可选消费龙头海外产能布局完 善，可通过转口贸易缓解关税压力，建议关注全球化布局龙头。 3 月黑电、清洁电器数据靓丽。根据奥维云网，3 月彩电线上销额、 销量、均价同比+25%、+3%、+21%，线下销额、销量、均价同比+27%、 +19%、+5%，3 月扫地机线上销额、销量、均价同比+48%、+46%、 +1%，3 月洗地机线上销额、销量、均价同比+55%、+53%、+1%。 行情数据 本周家电板块涨跌幅-4.7%，其中白电/黑电/小家电/厨电板块涨跌 幅分别-3.1%/-5.2%/-9.8%/-6.6%。原材料价格方面，LME 铜、 ...