倒计时15天 2025（第十五届）高工锂电年会 暨十五周年庆典&高工金球奖颁奖典礼 主办单位： 高工锂电、高工产研（GGII） 协办单位： 卡洛维德 总冠名： 海目星激光 年会特别赞助： 大族锂电 专场冠名： 杉杉科技、英联复合集流体、逸飞激光、华视集团、欧科工业空调、宇电自动化 金球奖全程特约赞助： 思客琦 新品发布： 尚水智能 时间&地点： 2025年11月18-20日 深圳前海华侨城JW万豪酒店 会议合作： 陈女士 13560731836（微信同号） 10月31日，锂电行业供应链布局进入关键节点， 宁德时代、中创新航 两家头部企业同步披露重要合作信息，行业对锂资源的争夺从单纯采购逐步 转向深度股权绑定。 这两笔交易释放的信息显示：面对锂电市场的持续增长，头部企业正加快推进供应链安全战略，以股权绑定模式替代传统采购模式，构建更具稳定性 的产业协作体系。 头部企业集中开展锂资源布局，主要源于动力与储能市场双轮驱动下的需求增长，以及随之而来的产能缺口压力。 据GGII数据， 2025年第三季度中国锂电池出货量为490GWh，同比增长47% ；其中储能电池同比增长65%，在细分市场中增速领先，动力电池同 比增长 ...

锂电行业新一轮资源争夺战骤然升温，两大电池巨头不约而同地将触角伸向上游锂盐供应商。 一场围绕锂资源的暗战正在电池巨头间悄然上演。2025年10月31日，两家锂电池制造企业几乎同时宣布 了对上游锂材料公司的战略投资。 宁德时代宣布出资26.35亿元，以每股24.49元的价格受让天华新能1.08亿股股份，交易完成后将持有天 华新能12.95%的股权，成为该公司第二大股东。 同日，盛新锂能公告终止H股发行，转而启动定增引入中创新航和华友控股集团作为战略投资者，预计 募资总额不超过32亿元。 图源：公司公告 东吴证券近日发布的研报指出，电池厂目前受益于动力和储能双重需求，产能供不应求。9月排产环比 增长10%基础上，10月进一步增长10%。 宁德时代在三季报电话会中透露，公司储能产能饱和，正加速产能扩张力度。随着产能逐步释放，公司 国内储能产品出货情况将会改善。 储能需求的超预期增长，推动头部电池厂对2026年订单持乐观态度。头部电池厂预计明年出货量将增长 25%以上，明显好于此前15-20%的预期。 新的需求 显然，电池巨头们正以真金白银的投入，开启新一轮锂资源布局。 宁德时代此次入股天华新能，转让价格较公告日收盘 ...

Core Viewpoint - The company is focusing on the research, production, and sales of new energy battery cathode materials and has made significant investments in lithium resources in Argentina [2]. Group 1 - The company has plans to mine lithium from salt lakes in Argentina, having established a presence through controlling and participating in two salt lake lithium mines [2]. - The company expects to control over 10 million tons of lithium carbonate equivalent (LCE) resources from these investments [2]. - The company will decide on the mining of the lithium resources based on its own needs and market conditions [2].

Group 1 - The company has invested in lithium salt lake mines in Argentina, specifically holding controlling interests in the JAMA project and a stake in the Solaroz project [2] - The company estimates that it controls over 10 million tons of lithium carbonate equivalent (LCE) resources [2] - The company plans to mine the lithium resources based on its own needs and market conditions, while ensuring compliance with disclosure obligations [2]

Core Viewpoint - The company is actively monitoring domestic and international lithium resources and is open to potential investments in lithium resource opportunities [2] Company Summary - The company expressed its commitment to keeping an eye on lithium resources both domestically and internationally [2] - The company indicated that it would consider making investments in lithium resources if suitable opportunities arise [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [7]. Core Views - The company has a global layout that enhances its self-sufficiency, with ongoing capacity construction. It has a diversified raw material supply system through controlling and participating in multiple lithium mining projects [6]. - The company reported a significant decline in revenue and net profit for 2024, with revenue of 18.906 billion yuan, down 42.66% year-on-year, and a net loss of 2.074 billion yuan, a decrease of 141.93% year-on-year [4][5]. - The company is expected to gradually recover, with projected net profits of 0.413 billion yuan, 1.118 billion yuan, and 2.633 billion yuan for 2025, 2026, and 2027 respectively, indicating a strong recovery trajectory [7]. Financial Performance Summary - For 2024, the company achieved a revenue of 18.906 billion yuan, with a year-on-year decline of 42.66%. The net profit attributable to the parent company was -2.074 billion yuan, down 141.93% year-on-year [4]. - The projected revenues for 2025, 2026, and 2027 are 19.463 billion yuan, 23.636 billion yuan, and 29.735 billion yuan respectively, with expected year-on-year growth rates of 2.9%, 21.4%, and 25.8% [9]. - The gross margin is expected to improve from 10.8% in 2024 to 20.7% by 2027, reflecting operational efficiency improvements [9]. Capacity Expansion and Resource Layout - The company has extensive lithium resource layouts globally, including projects in Australia and Argentina, which contribute to a diversified supply chain [6]. - The company’s production capacity is ramping up, with the first phase of the lithium hydroxide project in Fengcheng achieving an annual production capacity of 25,000 tons, and the Sichuan project expected to be operational by the end of 2024 [6].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][17]. Core Views - The company reported a significant decline in revenue and net profit due to falling lithium prices and losses from fair value changes of its Pilbara holdings. The revenue for 2024 was 18.906 billion yuan, down 42.66% year-on-year, and the net profit was a loss of 2.074 billion yuan, down 141.93% year-on-year. Despite the downturn in the lithium industry, the company's lithium product production increased by 24.94% year-on-year to 130,300 tons LCE [1][6][8]. - The company is expected to see revenue growth in the coming years, with projections of 23.846 billion yuan in 2025, 30.290 billion yuan in 2026, and 37.871 billion yuan in 2027, representing year-on-year growth rates of 26.1%, 27.0%, and 25.0% respectively [17][18]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 18.906 billion yuan, a decrease of 42.66% year-on-year. The net profit was a loss of 2.074 billion yuan, down 141.93% year-on-year. The operating cash flow was 5.161 billion yuan, an increase of 3423.52% year-on-year [1][6][9]. - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, totaling approximately 303 million yuan [9]. Production and Sales Data - The company produced 130,300 tons of lithium products in 2024, an increase of 24.94% year-on-year, with sales of 129,700 tons, up 27.41% year-on-year. The inventory level was approximately 7,765 tons, up 7.25% year-on-year [1][8][12]. Lithium Resource Development - The company has made significant progress in lithium resource projects, including the Mt Marion project in Australia and the Cauchari salt lake project in Argentina, which is expected to reach a production of 25,400 tons LCE in 2024 [2][12][13]. - The total lithium salt production capacity has exceeded 200,000 tons LCE, with ongoing expansions in various projects [13][14]. Financial Projections - The company forecasts revenues of 23.846 billion yuan in 2025, 30.290 billion yuan in 2026, and 37.871 billion yuan in 2027, with corresponding net profits of 1.957 billion yuan, 3.206 billion yuan, and 4.224 billion yuan respectively [17][18].