Core Thesis - Nordson Corporation is positioned as a consistent cash generator with a strong reputation, having increased its dividend for 61 consecutive years [2] - The company has shifted from a defensive compounder to a growth-oriented industrial aristocrat under CEO Sundaram Nagarajan, targeting 6-8% growth and 10-12% EPS expansion [2][4] Financial Performance - As of September 30th, Nordson's share was trading at $226.95, with trailing and forward P/E ratios of 28.55 and 20.53 respectively [1] - The company generates an average EBITDA of approximately 30% and has a return on invested capital (ROIC) above 12% [2] Strategic Acquisitions - Notable acquisitions include CyberOptics in 2022 for semiconductor inspection and Atrion in 2024 for medical valves and fluid components, enhancing Nordson's presence in high-growth markets [3] - These acquisitions have increased goodwill from $1.8 billion to $2.8 billion, indicating a strategic redefinition of Nordson's portfolio [3] Market Position and Valuation - Nordson trades at approximately 17-18x EV/EBITDA, which is below peer Graco at around 20x, suggesting potential upside if growth initiatives succeed [3] - The company’s strong balance sheet and consumables-driven revenue model provide stability against cyclical pressures and foreign exchange exposure [4] Growth Potential - If Nordson's growth initiatives are successful, it could be rerated to peer multiples, offering a potential upside of 15-25% [4] - The combination of a long-standing industrial compounder with transformative growth strategies positions Nordson favorably in the market [4]

Core Viewpoint - Ningde Times reported strong Q3 results, with significant revenue and profit growth, indicating robust performance in the battery and energy storage sectors [2][6]. Financial Performance - For the first three quarters, Ningde Times achieved revenue of 283.07 billion yuan, a year-on-year increase of 9.28%, and a net profit of 49.03 billion yuan, up 36.2% [2]. - In Q3 alone, the company recorded revenue of 104.19 billion yuan, a year-on-year growth of 12.9% and a quarter-on-quarter increase of 10.62%. The net profit for the quarter was 18.55 billion yuan, reflecting a year-on-year rise of 41.21% and a quarter-on-quarter growth of 12.26% [2]. Capacity and Growth Outlook - The company is currently operating at full capacity and is actively expanding new production facilities, including a new base in Jining, to meet increasing demand [3]. - The demand for energy storage is expected to remain strong, with projections indicating high growth for both battery and energy storage businesses through 2026 [3]. International Expansion and Product Development - Currently, approximately 70% of Ningde Times' revenue comes from the domestic market, while 30% is from overseas. The company is progressing well with its overseas factories, including a plant in Hungary expected to start production by the end of the year [4]. - The company is developing sodium-ion batteries, which are anticipated to have significant advantages in low-temperature performance, safety, and reduced reliance on lithium resources [4][5]. Market Sentiment and Analyst Ratings - Following the strong Q3 results, multiple international investment banks and domestic brokerages have raised their target prices for Ningde Times, reflecting positive market sentiment [6][7]. - Bank of America upgraded its profit forecasts for 2025-2027 by 3% and raised the target price for H-shares from 570 HKD to 605 HKD, and for A-shares from 467 CNY to 495 CNY [7]. - Nomura Securities also increased its profit forecasts for 2025-2027 by 3.7%-9.5% and raised the A-share target price from 362 CNY to 465 CNY, maintaining a "buy" rating [7].

Core Insights - The battery installation volume for pure electric vehicles (EVs) reached 504 GWh in the first half of 2025, marking a 37% year-on-year increase. Among the top 10 companies by installation volume, 6 are Chinese, holding a 69% market share, which is a 4 percentage point increase from the previous year [1][3]. Group 1: Market Dynamics - Chinese companies dominate the EV battery market, with significant contributions from companies like CATL, which is expanding its production capacity outside China, including a €7.3 billion factory in Hungary and a new factory in Indonesia [3]. - The global shift towards Chinese-made batteries is evident as major automakers like Tesla and Volkswagen are increasingly using these batteries in their EVs, driven by lower costs [1][3]. Group 2: Battery Technology - There are two main types of batteries used in EVs: ternary batteries and lithium iron phosphate (LFP) batteries. Ternary batteries are favored for their ability to enhance driving range, while LFP batteries are cheaper and have a lower risk of fire [5]. - The adoption of LFP batteries is growing outside China, with companies like Tesla and Mercedes-Benz incorporating them into their vehicles [5]. Group 3: Competitive Landscape - Japanese companies are facing challenges in the EV battery market, with Panasonic being the only Japanese firm in the top 10. Most of its products are supplied to Tesla, with some to Mazda and Subaru [7]. - Korean battery manufacturer LG Energy Solution has signed a contract worth 5.9442 trillion KRW for LFP batteries, believed to be for Tesla [5]. - Japanese automakers are at a crossroads regarding their battery strategies, contemplating whether to collaborate with Chinese firms or invest in building independent supply chains [7].

Core Viewpoint - The global spatter sheet market is projected to reach $186 million by 2031, with a compound annual growth rate (CAGR) of 5.19% in the coming years [1]. Market Overview - The primary manufacturers of spatter sheets globally include Asahi Kasei Corporation, Auburn Manufacturing, Inc., and Jiangnan Glass Fiber, with the top five companies holding approximately 13.23% of the market share [5]. - The core manufacturers are mainly located in the Asia-Pacific and Europe-America regions [5]. Product Segmentation - Carbon fiber and carbonized fiber are the leading product types, accounting for about 46% of the market share [7]. - In terms of sales volume, glass fiber and silicon fiber dominate, representing approximately 49% of the market share [9]. - The industrial sector is the primary source of demand, making up around 79% of the market [12]. Driving Factors - The surge in electric vehicle (EV) battery production is a major driver, as manufacturers like Tesla and CATL expand battery module output, necessitating materials that meet ESD standards [16]. - Innovations such as graphene-enhanced coatings and 3D printed composite materials are transforming performance capabilities [16]. - The next generation of spatter sheets is expected to exceed temperature resistance of 1600 °C due to advancements in quartz fiber composite technology [16]. Challenges - Fluctuations in raw material prices, such as bauxite and high-purity silica, significantly impact production costs, particularly for small and medium enterprises lacking vertical integration [17]. - The market faces intense competition, with low-cost Asian manufacturers dominating price-sensitive segments, while high-end markets contend with diversified international giants [17]. Industry Opportunities - Technological advancements in welding and coating are reducing the demand for traditional spatter sheets, prompting manufacturers to explore high-end solutions like graphene-enhanced composites [18]. - The report by QYResearch provides insights into the overall market size, major companies' market shares, and trends over the past and next five years [18].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - The accumulation of lithium carbonate inventory is accelerating, but the number of warehouse receipts is relatively small, and the volatile pattern may continue [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: The closing prices of the 2509 and 2511 contracts of lithium carbonate increased, with the 2509 contract closing at 64,400 and the 2511 contract at 64,080. The trading volume and open interest of the 2509 contract decreased, while the trading volume of the 2511 contract decreased and the open interest increased slightly. The warehouse receipt volume was 13,281 hands, showing a decrease compared to previous periods [1]. - **Base - related Data**: The basis between spot and futures contracts showed different changes. For example, the spot - 2509 was - 1,100, and the 2509 - 2511 was 320 [1]. - **Raw Material and Lithium Salt Data**: The prices of lithium spodumene concentrate and lithium mica increased, while the prices of battery - grade lithium carbonate and industrial - grade lithium carbonate also increased. The price of battery - grade lithium hydroxide decreased slightly [1]. - **Industry Chain Consumption - related Data**: The prices of some materials such as ternary materials and lithium hexafluorophosphate showed different trends, with some increasing and some remaining stable or decreasing [1]. 3.2 Macroeconomic and Industry News - **Price and Production Data**: The SMM battery - grade lithium carbonate index price was 63,485 yuan/ton, with a daily increase of 266 yuan/ton. The weekly output of lithium carbonate was 18,813 tons, an increase of 690 tons from the previous week, and the industry inventory was 140,793 tons, an increase of 2,446 tons from the previous week [2]. - **European Union Policy**: The EU will allocate 852 million euros (about 7.16 billion yuan) to develop electric vehicle batteries, which is part of the "IF24 Battery" plan. The selected projects are expected to be put into operation before 2030, reducing about 91 million tons of greenhouse gas emissions and achieving an annual production capacity of about 56 GWh of electric vehicle battery cells [3]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral trend [3].

Core Viewpoint - The establishment of the "Dragon Project" in Indonesia marks a significant step for CATL in expanding its battery production capacity, positioning Indonesia as a key player in the electric vehicle battery sector in Southeast Asia [2][3]. Group 1: Project Overview - The "Dragon Project" is a joint investment initiative involving CATL, Indonesian state-owned enterprises Antam and IBC, with a total investment of approximately $6 billion (around 42.9 billion RMB) [2]. - The project aims to produce batteries sufficient for 300,000 electric vehicles annually, with plans to add photovoltaic energy storage battery production lines, potentially increasing total capacity to 40 GWh if approved [2]. Group 2: Production Capacity and Timeline - The initial production capacity of the factory is set at 6.9 GWh, expected to be completed and operational by the end of 2026, with plans to gradually expand to 15 GWh [3]. - In 2024, CATL plans to establish a joint venture with IBC, investing $1.2 billion to build a 15 GWh battery factory in Karawang, West Java [3]. Group 3: Strategic Importance - The investment is anticipated to significantly enhance Indonesia's capacity in the electric vehicle battery sector, making it the largest producer in the ASEAN region [3]. - CATL is also seeking approximately $1 billion in loans to support the construction of this battery factory, indicating a strong commitment to the project [3].

Report Industry Investment Rating - No information provided Core Viewpoints - Downstream demand is mainly driven by rigid purchases, with no improvement in stocking willingness. Social inventories continue to accumulate, raw material inventories in downstream sectors are at a high level, and warehouse receipt inventories are sufficient. In the short term, the futures price is expected to be affected [3] Summary by Relevant Catalogs Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 68,850 yuan/ton, down 950 yuan/ton; the average price of SMM industrial - grade lithium carbonate is 67,100 yuan/ton, down 950 yuan/ton [1] - The closing prices of lithium carbonate futures contracts 2505, 2506, 2507, 2508, and 2509 are 67,100 yuan/ton (-2.07%), 66,960 yuan/ton (-2.19%), 66,960 yuan/ton (-2.11%), 68,100 yuan/ton (-1.84%), and 68,320 yuan/ton (-1.81%) respectively [1] Lithium Ore - The average price of lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) is 779 yuan/ton, down 14 yuan/ton; the average price of lithium mica (Li20: 1.5% - 2.0%) is 915 yuan/ton, down 25 yuan/ton; the average price of lithium mica (Li20: 2.0% - 2.5%) is 1560 yuan/ton, down 30 yuan/ton; the average price of phospho - lithium - aluminum stone (Li20: 6% - 7%) is 6625 yuan/ton; the average price of phospho - lithium - aluminum stone (Li20: 7% - 8%) is 7725 yuan/ton, down 75 yuan/ton [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 32,390 yuan/ton, down 230 yuan/ton; the average price of ternary material 811 (polycrystalline/power type) is 146,600 yuan/ton, down 70 yuan/ton; the average price of ternary material 523 (single - crystal/power type) is 117,425 yuan/ton, down 250 yuan/ton; the average price of ternary material 613 (single - crystal/power type) is 123,865 yuan/ton, down 90 yuan/ton [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 1750 yuan/ton; the price spread between battery - grade lithium carbonate and the main contract is 1890 yuan/ton, up 270 yuan/ton; the price spread between the near - month and the first - continuous contract is 140 yuan/ton, down 60 yuan/ton; the price spread between the near - month and the second - continuous contract is 140 yuan/ton, down 60 yuan/ton [2] Inventories - The total inventory (weekly, tons) is 131,864 tons, up 259 tons; the smelter inventory (weekly, tons) is 52,400 tons, up 270 tons; the downstream inventory (weekly, tons) is 42,823 tons, up 1089 tons; the other inventory (weekly, tons) is 36,641 tons, down 1100 tons; the registered warehouse receipt inventory (daily, tons) is 32,847 tons, up 1292 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 72,573 yuan/ton, and the profit is - 4671 yuan/ton; the cash cost of purchasing lithium mica concentrate is 74,053 yuan/ton, and the profit is - 7815 yuan/ton [3] Industry News - Huayou Cobalt will take over a 60 - billion - yuan battery project in Indonesia, replacing LG Energy Solution as the strategic investor [3] - Galan Lithium rejected a $150 - million acquisition offer from Huayou Cobalt and Renault Group, believing the offer was "opportunistic and undervalued" [3]

1月22日，日产汽车宣布在日本北九州市建设下一代电动汽车电池工厂。该工厂将生产下一代 磷酸铁锂（LFP）电池，年产能为5吉瓦时，预计投资1533亿日元，计划最早于2028年将其安 装在轻型电动汽车上。 据多家媒体报道，11月7日，日产汽车宣布将把全球产能削减20%，同时裁员9000人，主要缘 于在美国和中国市场销售状况不佳。 圆柱电池巡访： ☆走进国轩高科 ☆走进利维能 ☆走进诺达智慧 ☆走进中泽科技 ☆走进苏州力神 ☆走进睿恩新能源 ☆走进天鹏电源 ☆走进中比新能 源 ☆走进天能集团 ☆走进新能安 ☆走进浙江锋锂 ☆走进华立源 ☆走进鹏辉能源 ☆走进欣旺达锂威 ☆走进深圳中基 ☆走进博力威 ☆走进恒泰科技 圆柱电池论坛： 行业首届圆柱电池技术论坛定档2025年2月28日，深圳举办！ 报道指出，除了下调年度利润预期和裁员措施外，日产汽车正采取包括降低销售、综合及行政 开支，降低成本，优化资产组合等措施，希望以此扭转业绩。 日产社长内田诚表示："市场环境极为严峻。我们的核心车型销售没有达到预期。"内田诚宣 布，他为业绩恶化承担责任，自愿减薪50%。 12月23日，日产汽车和本田汽车宣布正式启动合并，"大体框架已 ...