[Table_scodeMsg1] 联合研究丨公司深度丨安克创新（300866.SZ） [Table_Title] 纵览安克创新增长前景系列之四： 如何看待小充板块增长持续性？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 行业维度，一方面，行业加强合规化认证、手机厂商陆续取消附赠原装充电器，均有望对优质 龙头企业增长中枢的提升构成较强支撑；另一方面，充电类目有望围绕便捷、安全、高效等需 求点不断展开升级，快充、无线充、多输出、叠加屏显等细分方向有望快速增长。公司凭借持 续捕捉用户需求并技术赋能，2020 年公司即成就全球第一数码充电品牌的优异认知，亚马逊份 额、均价、评分均稳定领先。在产品功能性识别度较低，同时公司已经建立起较强品牌加持下， 公司小充业务仍存在较大的市场份额攫取空间。 分析师及联系人 [Table_Author] 陈亮 李锦 杨洋 SAC：S0490517070017 SAC：S0490514080004 SAC：S0490517070012 SFC：BUW408 SFC：BUV258 SFC：BUW100 霍博 ...

1秒2公里，超充桩变闪充桩、快充桩变超充桩—— 充电功率进入"兆瓦时代" "如果电车充电能像油车加油一样快就好了"，不少新能源车主曾这样感慨。今年以来，快充技术不 断突破，缓解了许多车主的里程焦虑。 国家能源局最新数据显示，截至今年9月底，我国电动汽车充电设施（充电枪）总数达到1806.3万 个，同比增长54.5%，有效保障了全国4000万辆新能源汽车的充电需求。 其中，快充桩已经成为新能源车主充电的首选。技术突破、政策支持以及对市场需求的精准回应支 撑了快充的普及。 技术突破是关键。从60千瓦、360千瓦到600千瓦、800千瓦再到超1000千瓦，我国快充桩输出功率 持续提高，充电效率显著提升。这背后，是头部企业在技术领域不断突破创新。 记者了解到，从技术层面上，要实现"油电同速"，在充电上必须同时做到超高电压和超大电流。比 亚迪今年发布的超级e平台，是全球首个量产的乘用车"全域千伏高压架构"，把电池、电机、电源、空 调等都做到了1000V。在超高电压1000V和超大电流1000A的加持下，"闪充电池"可以做到目前全球量 产最大充电功率1兆瓦（1000千瓦），让充电功率正式迈入"兆瓦时代"。 充电桩方面，比 ...

Core Viewpoint - The smartphone industry is witnessing a significant shift towards larger battery capacities, with several manufacturers testing devices featuring batteries exceeding 10,000mAh, potentially alleviating concerns about battery life [1][6]. Group 1: Battery Innovations - The recently released Honor X70 features a record battery capacity of 8,300mAh, but this record is expected to be surpassed soon with new models testing 10,000mAh batteries [1][6]. - The 10,000mAh battery could enhance video playback time to approximately 30 hours and enable daily usage to last up to three days on a single charge, assuming energy efficiency remains constant [6][8]. - The rapid evolution of battery technology has led to a significant increase in capacity, from an average of 4,000-4,500mAh in 2019 to the current trend of 10,000mAh [8][9]. Group 2: Market Trends - The trend of larger batteries is primarily observed in mid-range and low-end smartphones, as these devices can compromise on other specifications to accommodate the larger battery size [14]. - The Honor X70, priced starting at 1,399 yuan, is noted for its industrial-grade waterproofing and enhanced durability, appealing to outdoor users who prioritize battery life and ruggedness over high-end performance [14][15]. - The anticipated rise in prices for DRAM and NAND flash memory could impact the pricing of new smartphones featuring large batteries, particularly in the mid-range segment [15]. Group 3: Technological Advancements - The successful integration of silicon-carbon anode materials has been a key breakthrough, allowing for higher energy density in batteries compared to traditional graphite anodes [9][13]. - The introduction of fast charging technologies, such as 120W and above, addresses the potential slow charging issues associated with larger batteries, creating a balance between capacity and convenience [13]. Group 4: Future Implications - The trend towards larger batteries may not only influence smartphones but could also extend to electric vehicles, suggesting a broader impact on the technology landscape [16].

Core Viewpoint - LG Energy Solution reported significant growth in operating profit for Q3 2025, driven by increased production in the ESS sector and new cylindrical battery launches, despite a decline in EV soft-pack battery demand due to the expiration of U.S. subsidies [1][2]. Revenue and Profit Growth - The company achieved a consolidated revenue of 5.7 trillion KRW, a quarter-on-quarter increase of 2.4%, with operating profit rising to 601.3 billion KRW, reflecting a 22.2% increase [1][2]. - The growth in operating profit was supported by three main initiatives: increased ESS battery production, the launch of new cylindrical batteries, and ongoing cost reduction efforts [2]. Order Backlog and Supply Chain - LG Energy Solution's ESS battery order backlog reached approximately 120 GWh by the end of Q3 2025, with new residential and grid-level ESS projects contributing to this growth [3]. - In the cylindrical battery sector, the company secured new orders totaling 107 GWh for the 46 series cylindrical batteries, leading to a backlog exceeding 300 GWh [4]. North American Production and Technological Advances - The company is enhancing its ESS battery production capacity at its Michigan facility to address the demand gap left by EV soft-pack batteries [5]. - A joint venture factory with Stellantis in Canada is being upgraded, focusing on battery module production and preparing for cell production, with discussions ongoing to expand capacity into non-EV applications [6]. Future Market Expectations - Short-term EV demand may face pressure due to the expiration of subsidies, leading manufacturers to adjust their electrification strategies, while ESS markets are expected to grow robustly driven by regulatory clarity and strong demand from AI data centers [8]. - The European EV market is anticipated to maintain stable growth, supported by purchase subsidies and stringent CO₂ regulations, with ESS demand also rising due to increased renewable energy integration and efforts to reduce reliance on Chinese supply chains [8].

Core Insights - The article discusses the increasing popularity of portable chargers with smaller sizes and higher charging speeds, particularly during the "Double Eleven" shopping festival [1] Group 1: Product Testing - Seven popular portable charger models were tested, including Xiaomi PB1033MI, Romoss PHA10S-151, Baseus PPPG-1W45C, Pisen TS-D364, Anker A1680, Philips DLP2208P/93, and Yoobao LK12 [1] - Testing parameters included effective output capacity, effective output energy, conversion efficiency, charging speed, self-charging speed, charging cycles, portability, and subjective evaluations [4] Group 2: User Feedback - Users praised the fast charging capabilities and aesthetic designs of the chargers, with comments highlighting their lightweight and compact nature [8][12][16][21][24][29][32] - Many users noted the convenience of built-in charging cables and clear battery level displays, enhancing the overall user experience [21][24][29][32] Group 3: Market Trends - Fast charging and youthful design are identified as two major trends in the portable charger market, with increasing consumer preference for these features [33] - All tested chargers could reach 70% charge within one hour, with some models claiming charging power up to 30W and 40W, a significant increase from 10W in 2019 [35] - Market demand for fast charging has become mainstream, with projections indicating that over 60% of new portable chargers will feature fast charging capabilities by 2024 [37] - The advancement of fast charging technology, such as the adoption of GaN chips, has reduced costs and made high-power chargers more accessible [37] - The design of portable chargers is becoming more appealing to younger consumers, with a focus on aesthetics, portability, and personalization [37]

Core Insights - The article highlights the disassembly of Huawei's 100W power bank, revealing that the battery cells are sourced from ATL New Energy Technology [1] - The power bank features three polymer lithium batteries, with each cell having a model number of 436383B, a nominal voltage of 3.82V, and a rated capacity of 3920mAh, resulting in a total rated energy of 44.93Wh [1] - ATL's battery cells utilize ceramic insulated separators and have undergone over 1000 safety and reliability tests, meeting various safety standards such as CCC, CE, UL1642, and IEC62133, ensuring stable support for fast charging and long-lasting performance [1] Product Features - The Huawei 100W power bank comes with a liquid silicone USB-C cable, designed for convenient storage with a magnetic slot, and features a USB-C interface that supports 100W PD/UFCS and 66W SCP fast charging for both Huawei and third-party devices [1] - It supports HarmonyOS smart display, allowing users to check the remaining battery power in real-time on their phones, and includes features for simultaneous charging and discharging, as well as smart dynamic power distribution [1] - With a capacity of 12000mAh, the power bank is designed to meet daily power needs and has passed multiple certifications including CCC, CE, and CB, ensuring safety [1]

Core Viewpoint - The strategic cooperation between Fulin Precision (300432.SZ) and CATL (300750.SZ; 3750.HK) has entered a critical turning point, with CATL set to increase its stake in Fulin's subsidiary, Jiangxi Shenghua, to 51% through a capital increase of 2.563 billion yuan [2][5]. Group 1: Strategic Cooperation and Financial Impact - CATL will invest 2.563 billion yuan to gain controlling interest in Jiangxi Shenghua, leading to a significant increase in Fulin's stock price, which hit a 20% limit up, closing at 22.22 yuan per share, with a market capitalization of 38 billion yuan [2]. - In 2024, Fulin Precision's revenue is projected to be 8.47 billion yuan, with Jiangxi Shenghua contributing 4.829 billion yuan and Mianyang Fulin Precision New Energy contributing 1.684 billion yuan [4]. - The partnership has evolved since 2021, with CATL progressively increasing its investment and stake in Jiangxi Shenghua, culminating in a commitment to purchase at least 140,000 tons of lithium iron phosphate annually from 2025 to 2029 [5][6]. Group 2: Operational and Management Changes - The change in ownership of Jiangxi Shenghua signifies a deeper collaboration in terms of equity and capital, with CATL taking control of the management, appointing four out of seven board members [6]. - Jiangxi Shenghua's financial health has improved, with total assets reaching 7 billion yuan and net assets increasing from 725 million yuan to 1.189 billion yuan by the end of 2025 [7]. Group 3: Product Development and Market Position - Jiangxi Shenghua specializes in high-pressure lithium iron phosphate materials, which are crucial for the lithium battery industry, and has been recognized for its innovative production techniques [9]. - The demand for high-pressure lithium iron phosphate is expected to surge, with Fulin Precision having a production capacity of 300,000 tons, positioning it as a key player in the fast-charging battery market [10]. - The collaboration with CATL is anticipated to enhance Jiangxi Shenghua's product structure and profitability, with projections indicating a significant increase in the production of higher-generation products [11].

Core Viewpoint - XINWANDA has submitted its prospectus to the Hong Kong Stock Exchange, aiming to become the third lithium battery company to pursue a dual listing in both A-share and H-share markets, following CATL and EVE Energy [1] Market Position - XINWANDA has achieved a leading position in the mobile consumer battery market, holding a market share of 34.3%, and ranks second in the notebook battery sector with a market share of 21.6% [2][6] - The company has been recognized as a top supplier for major mobile brands, including Xiaomi, Huawei, and OPPO, and has established a strong presence in the supply chains of these leading manufacturers [4][5] Financial Performance - The company has seen significant growth, with its power battery segment experiencing an 83% increase last year, and has raised over 12 billion RMB in financing from notable investors [2][3] - XINWANDA's valuation reached 30 billion RMB in its latest funding round, reflecting strong investor confidence [3] Product Development - XINWANDA has successfully transitioned from consumer batteries to power batteries, establishing its power battery division in 2014 and focusing on hybrid electric vehicle (HEV) battery technology [9][20] - The company has developed high-performance HEV batteries, which have gained traction with major automotive manufacturers, including Renault-Nissan and domestic brands like GAC and SAIC [16][17] Technological Advancements - XINWANDA has introduced ultra-fast charging battery technology, with its first product achieving a peak charging rate of 4C, and plans to further enhance this to 6C by 2024 [25][27] - The company has positioned itself strategically in the fast-charging battery market, collaborating with various automotive brands to integrate its technology into their vehicles [29] Expansion and Global Strategy - XINWANDA is expanding its global footprint, having established manufacturing facilities in India, Southeast Asia, and Europe, including a new plant in Hungary [36] - The company has reported a comprehensive gross margin increase to 14.6% in 2024, with significant improvements in its consumer battery and energy storage segments [37] Future Outlook - XINWANDA is poised for further growth as it aims to solidify its position in the energy storage market, which has seen a 108.7% year-on-year increase in sales volume [34] - The company is preparing for its upcoming A+H listing, marking a new chapter in its development journey [39]

Core Insights - The company achieved revenue of 371.281 billion yuan, a year-on-year increase of 23.3%, and a net profit attributable to shareholders of 15.511 billion yuan, up 13.8% year-on-year [1] - The gross margin was 18.0%, down 2.0 percentage points, and the net profit margin was 4.3%, down 0.4 percentage points [1] - In Q2, the company reported revenue of 200.921 billion yuan, with year-on-year and quarter-on-quarter growth of 14.0% and 17.9%, respectively, but net profit decreased by 29.9% year-on-year and 30.6% quarter-on-quarter [1] - The company’s operating cash flow improved significantly, reaching 31.833 billion yuan in H1 2025, compared to 14.178 billion yuan in the same period last year [1] Electric Vehicle Market Growth - The electric vehicle (EV) market in China is experiencing rapid growth, with H1 2025 sales reaching 6.937 million units, a year-on-year increase of 40.3%, and a penetration rate of 44.3% [1] - The penetration rate for new energy passenger vehicles reached 50.2% in H1 2025, indicating strong market demand [1] - Exports of Chinese new energy vehicles reached 1.06 million units in H1 2025, a significant year-on-year increase of 75.2%, marking a new growth phase for the industry [1] Global Market Position - The company maintained its position as the global leader in new energy passenger vehicle sales, with H1 2025 sales of 1.977 million units, a year-on-year increase of 29.7%, and a global market share of 21.9% [2] - Overseas revenue reached 135.358 billion yuan in H1 2025, up 50.5% year-on-year, accounting for 36.5% of total revenue [2] - The company’s overseas sales of new energy passenger vehicles reached 464,000 units, a year-on-year increase of 128.2%, with a market share of 13.1% [2] Technological Advancements - The company is leading in high-end technology iterations, launching the Super e-platform and 10C fast charging technology, marking a new phase in electric and hybrid vehicle development [2] - In the field of intelligence, the company is implementing a smart vehicle strategy, leveraging its technology matrix and database to enhance advanced driving capabilities [2] - As of May 2023, the company has sold over 10,000 smart driving models, positioning itself among the top tier in advanced driving technology [2] Investment Outlook - The global electric vehicle market is expected to grow steadily, with the company projected to maintain its leading position in 2024 [3] - The company is well-positioned to benefit from overseas market growth while mitigating risks associated with policies and trade barriers [3] - Profit forecasts for the company indicate net profits of 42.87 billion yuan, 53.96 billion yuan, and 72.83 billion yuan for 2025 to 2027, with corresponding PE ratios of 23, 18, and 13 times [3]

Summary of Nanxin Technology Conference Call Company Overview - **Company**: Nanxin Technology - **Industry**: Semiconductor, specifically in charge pump and charging management chips Key Points and Arguments 1. **Rapid Growth in Fast Charging Market**: Nanxin Technology achieved rapid growth in the fast charging market in 2021 due to its charge pump technology, with significant revenue increases driven by high wattage fast charging technology upgrades [2][4] 2. **New Product Launches**: Starting in 2024, new products such as OLED Power, BMS, wireless charging, multi-in-one solutions, and ACDC are expected to ramp up, with growth rates surpassing traditional charge pump business, laying a solid foundation for growth in 2025 and beyond [2][5] 3. **Experienced Management Team**: The core management team has experience from leading international analog chip companies like Texas Instruments and Linear Technology, which aids in accurately grasping product direction and enhancing core competitiveness in automotive and industrial sectors [2][6] 4. **Concentrated Shareholding Structure**: The actual controller, Mr. Ruan, holds over 30% of shares through an indirect employee platform, which supports proactive product layout. The introduction of strategic investors like Anker and Xiaomi before the IPO reflects high recognition of the company's technological strength [2][7] 5. **Increased R&D Investment**: Since its IPO, Nanxin Technology has increased R&D investment and attracted quality R&D personnel to ensure long-term growth points. Stock incentives are used to align core employees with company development goals [2][8][9] 6. **Revenue Growth**: The company has maintained over 30% annualized revenue growth since 2021, with a 17.6% year-on-year increase in the first half of 2025. The introduction of new products in the second half is expected to drive annual revenue growth above 30% [2][10] 7. **Gross Margin Recovery**: Although the gross margin slightly declined in the first half of the year, it is expected to recover to around 40% in the second half due to the ramp-up of high-margin products [2][10] 8. **Challenges and Responses**: The company faces challenges from an increase in low-margin products affecting overall gross margin. However, by focusing on high-margin products like BMS and OLED Power, the company anticipates a recovery in gross margin [2][11] 9. **Future Revenue Growth from Samsung**: In 2026, revenue from Samsung is expected to grow significantly as more models are introduced. The company has established end-to-end solutions, particularly in the mobile market, which constitutes a major part of its revenue [2][12][13] 10. **Focus on Automotive and Industrial Markets**: Approximately 50% to 60% of R&D resources are allocated to automotive and industrial products, including AI server-related product matrices, which are crucial for future growth [2][14] 11. **Long-term Growth Prospects**: As a leading domestic analog chip company, Nanxin Technology is well-positioned for future growth, particularly with the ramp-up of automotive, industrial, and AI-related products, ensuring a solid foundation for long-term growth [2][15] Additional Important Information - **Market Reach**: The company has a broad customer base, including major domestic and international smartphone brands such as Huawei, OPPO, Vivo, Xiaomi, Honor, and Samsung [3] - **Complete Solution Offering**: Nanxin Technology has achieved a complete solution layout from mobile devices to charging heads, enhancing the value per unit to $3-4 [4][11]