Group 1 - The company, Strongda Circuit (301628), is actively exploring application opportunities for PCB products in emerging fields [1] - The company is committed to preparing sufficient technology and production capacity for the anticipated market demand explosion in the future [1]

Core Insights - Black phosphorus is an excellent layered material with significant application potential in battery materials, flame retardants, catalysis, medicine, and electronics [1][2] Demand Side - Black phosphorus is recognized as a superior battery anode material due to its high capacity and fast charging capabilities, with a theoretical capacity of 2596 mAh/g, significantly higher than carbon-based materials like graphite [2] - The high lithium intercalation potential and lithium diffusion coefficient of black phosphorus reduce the risk of lithium dendrite formation, effectively enhancing fast charging safety [2] - In the flame retardant sector, black phosphorus demonstrates good flame-retardant effects with lower additive amounts required for effective performance [2] - In the field of photodetector chips, black phosphorus possesses unique physicochemical properties such as direct bandgap, high carrier mobility, and tunable infrared absorption, indicating broad application prospects [2] - In biomedicine, black phosphorus serves as an excellent drug carrier, with studies confirming its anti-tumor effects at cellular and animal levels, although its applications in this field are still in the early development stage [2] Supply Side - The preparation conditions for black phosphorus are stringent, but domestic companies are actively making breakthroughs in the industrialization process [3] Catalysts - The industrial scaling of black phosphorus is accelerating, and breakthroughs are being achieved in its downstream applications [4]

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]