报告导读： 黑磷是光电性能优异的层状材料，在 电池材料、阻燃、催化、医药、电子等 领域具备应用潜力。黑磷理论比容量高，快充安全性好，是性能优异的电池负极材料，国 内布局工业化黑磷制备工艺，进展靠前的公司有望受益。 黑磷是性能优异的层状材料。 黑磷是一种在常温常压下稳定的磷的同素异形体，属于正交晶系，由层间磷原子共价连接构成蜂窝状的网络，层间以较弱的范 德华力结合，因此黑磷可以剥离成单层或少层结构。这种独特的褶皱结构赋予了黑磷显著的各向异性，使得黑磷在电池、阻燃、催化、医药、电子等领域具有 较大的应用潜力。 需求端：黑磷是优异的电池负极材料，阻燃剂、催化、医药、电子等领域应用积极开发。 黑磷具有高容量与快速充电的综合优势，是性能优异的电池负极材 料。黑磷理论比容量高达 2596 mAh/g ，远高于石墨等碳基材料，在提升电池能量密度方面拥有巨大前景。黑磷较高的锂化电位及锂扩散系数，减少了锂枝 晶形成风险，可有效提升快充安全性。黑磷阻燃效果较好，较低的添加量即可实现较好的阻燃效果。光传感芯片领域，黑磷因具备直接带隙、高载流子迁移 率、可调的红外区吸收等独特的理化性质，在光传感芯片领域拥有广阔应用前景。生物医药领域 ...

Core Insights - The company anticipates a revenue of 35.392 billion yuan in 2024, representing a year-on-year growth of 11.98% [1] - Net profit is projected to reach 1.207 billion yuan, with a year-on-year increase of 28.56% [1] - The company expects a total shipment of approximately 63 GWh, with 65% from power and 35% from energy storage [1] Financial Performance - The overall gross margin for 2024 is expected to be 18%, an increase of 1.08 percentage points from 2023 [1] - The significant rise in gross margin is attributed to product structure optimization, expansion into overseas markets, and cost control measures [1] - Overseas revenue reached 11.005 billion yuan, marking a 71.21% year-on-year growth and accounting for 31.09% of total revenue [1] Strategic Response to Market Changes - In response to the recent imposition of "reciprocal tariffs" by the U.S., the company plans to build overseas production capacity and supply chain systems to mitigate long-term impacts [1] - The company has established a diversified global market supply structure, covering markets in Asia-Pacific and Europe-Africa, enhancing its ability to withstand localized risks [1] - Strengthening communication and collaboration with overseas customers and suppliers is a key strategy to address challenges posed by tariffs [1] Future Business Development - The company aims to expand its focus on the mid-to-high-end and large-capacity vehicle markets while leveraging its existing strategic customer base [2] - In the energy storage sector, the company plans to advance its layout in the large energy storage cell market and transition from cell sales to integrated sales [2] - Collaborations with domestic and international mainstream manufacturers will be pursued to develop new application scenarios, including low-altitude flight and humanoid robots, to broaden business depth and breadth [2]