Core Viewpoint - The company remains optimistic about the growth potential of nickel-based materials, expecting to maintain the leading position in the ternary precursor market by 2025, supported by high capacity utilization rates [1] Group 1: Market Demand and Growth Drivers - Domestic demand is upgrading, with the launch of high-performance electric vehicles featuring high-nickel ternary batteries, leading to an increase in the proportion of ternary installations [1] - European policy direction is driving the continuous increase in electric vehicle penetration rates [1] - The gradual commercialization of solid-state batteries is promoting the growth of high-nickel ternary materials [1] Group 2: Resource Strategy and Production Capacity - The company has strategically secured 600 million wet tons of nickel ore resources globally through investments, partnerships, long-term agreements, and exclusive purchasing [1] - In Indonesia, the company has established a nickel raw material industrial base with a current smelting capacity of 195,000 metal tons per year, and an equity capacity of approximately 120,000 metal tons per year, expected to reach full production by 2026 [1] - The company currently has no plans for new smelting capacity in Indonesia, focusing instead on solidifying resource layout and promoting material capacity release [2] Group 3: Technological Advantages and Production Flexibility - The company employs a combination of technologies, including oxygen-enriched side-blowing and RKEF, to create a smelting process advantage, allowing flexible production scheduling among different products (electrolytic nickel, high ice nickel, nickel iron) in response to nickel prices and downstream demand changes [2] - The company began developing oxygen-enriched side-blowing technology in 2021, with the Zhongqing New Energy Phase II project set to achieve full production in January 2026, capable of producing 60,000 metal tons of high ice nickel annually [2] Group 4: Vertical and Horizontal Expansion - Over the past decade, the company has expanded from nickel-based materials (ternary precursors) and cobalt-based materials (cobalt tetroxide) to include phosphorus-based materials (phosphate iron, lithium iron phosphate) and sodium-based materials, achieving a complete industrial chain from upstream resources to downstream materials and recycling [2] - Recent resource layouts in Indonesia, Argentina, and other regions for nickel, lithium, and phosphorus have strengthened the company's autonomy in the industrial chain [2]

格隆汇1月28日丨中伟新材(300919.SZ)近日接受特定对象调研时表示，公司采用富氧侧吹和 RKEF 等多 技术路线协同推进，形成冶炼工艺组合优势，使公司在不同产品（电解镍、高冰镍、镍铁）之间可灵活 切换排产，以应对镍价及下游需求变化。公司于2021 年开始自主开发富氧侧吹技术，中青基地采用该 工艺，2026年 1 月中青新能源二期项目实现全面投产，公司具备年产6万金吨高冰镍的生产能力。富氧 侧吹技术对原矿品位适配性强，可适配 1.2%以上的红土镍矿，公司可根据原料供应结构灵活调整。 ...

Group 1: Market Position and Product Strategy - The company focuses on lithium iron phosphate (LFP) due to its safety and cost advantages, with LFP production expected to reach 2.38 million tons in 2024, a 50% year-on-year increase [1] - The company aims to expand its product matrix to include diversified new energy materials, actively developing nickel, cobalt, and sodium-based materials while maintaining leadership in nickel and cobalt markets [1] - In Q1 2025, the company ranked first in external sales of lithium iron phosphate [1] Group 2: Production Capacity and Technology - The company has a planned nickel resource smelting capacity of 195,000 tons in Indonesia, with 155,000 tons expected to be operational by the end of 2024 [3] - The company’s production of intermediate products, such as nickel pig iron, is projected to be nearly 100,000 tons in 2024, with flexibility in production based on market prices [2] - The company utilizes both RKEF and oxygen-enriched side-blowing processes for nickel extraction, with the latter showing lower carbon emissions and better energy efficiency [7] Group 3: Competitive Advantages and Market Trends - The company emphasizes a diversified technology approach, leveraging both RKEF and oxygen-enriched processes to enhance production efficiency and reduce costs [5] - The company’s strategy includes global expansion with ten industrial bases to meet diverse customer needs [6] - The market for nickel intermediate products is currently tight, with the company ensuring a stable supply for its downstream operations [3] Group 4: Future Outlook and Challenges - The company anticipates a significant demand for high-nickel materials in solid-state batteries and AI applications, indicating potential market growth [9] - Despite a decrease in market share for ternary precursors in 2024, the long-term demand for these materials remains strong due to ongoing growth in the global new energy sector [9] - The company is committed to sustainable development and low-carbon initiatives, aligning with global trends towards decarbonization [5]