Core Viewpoint - Company is advancing its battery technology with plans for mass production of second-generation semi-solid batteries with an energy density of 330Wh/kg and third-generation batteries reaching 400Wh/kg, while also exploring solid-state battery technologies with energy densities of 400-500Wh/kg [2] Group 1: Battery Technology Development - Company is developing multiple battery technologies including semi-solid, solid-state, lithium iron phosphate, high-voltage fast charging, and sodium-ion batteries [2] - The company’s products can support high-voltage fast charging, with SPS products achieving a full-system 6C fast charge [2] Group 2: Production Capacity and Profitability - Company has designed production capacities of 15GWh each for its Ganzhou and Guangzhou bases, with some production lines already operational and the rest expected to ramp up in the second half of the year [2] - The company anticipates a significant reduction in unit manufacturing costs as production capacity utilization increases in the second half of the year, leading to improved profitability [2] - Starting next year, as the utilization rate of new production bases increases, the company expects to see enhanced cost reduction effects and a significant improvement in gross margin [2] Group 3: Pricing and Cost Structure - The price of lithium carbonate has stabilized, and the company expects limited room for price reductions in downstream batteries [3] - The company anticipates a slight decrease in the overall average selling price of its products due to a shift in product mix towards lithium iron phosphate [3] - The company is implementing various cost reduction measures across manufacturing, management, and supply chain, which are expected to maintain a high gross margin [3] Group 4: Impact of Tariffs - Company indicated that the impact of U.S. tariffs on its exports and overseas market demand is minimal, with U.S. export revenue accounting for only about 5%-7% in the first quarter of 2024 and 2025 [3]

Summary of Conference Call Notes Company Overview - The company discussed is Zhongke Electric, which has transitioned from magnetic equipment to the anode materials industry, with over 90% of its revenue now coming from this core business [2][5][8]. Industry Insights - The anode materials market is experiencing a competitive landscape where leading companies hold 60%-70% of the market share, with secondary companies like Shangtai and Zhongke increasing their market presence [2][12]. - The lithium battery industry is seeing a marginal improvement in supply-demand dynamics, particularly in the anode materials sector, due to a decrease in petroleum coke prices, which alleviates cost pressures [3][12]. Key Points and Arguments - **Profitability Outlook**: Zhongke Electric is expected to achieve profits of 310 million, 600 million, and 860 million yuan from 2024 to 2026, indicating a strong growth trajectory [2][7][17]. - **Cost Management**: The company has implemented cost reduction and efficiency improvement measures since 2024, leading to a significant decrease in overall expense ratios, particularly in R&D [9][8]. - **Market Position**: The company has established joint ventures with leading lithium battery manufacturers to enhance production capacity and reduce costs, aiming for 260,000 tons of artificial graphite capacity and 240,000 tons of graphitization capacity by the end of 2025 [2][14]. - **Fast-Charging Anode Materials**: Fast-charging anode materials are becoming crucial due to the rise of 5C fast-charging vehicles, with Zhongke Electric and other leading firms positioned to benefit from this trend [2][4][15]. Additional Important Content - **Future Capacity Expansion**: The company plans to build an additional 100,000 tons of anode material capacity in Morocco, expected to be operational by 2026 [14]. - **Product Development**: The focus on high-performance fast-charging products is expected to drive revenue growth, with significant applications in the electric vehicle and energy storage sectors [15][17]. - **Market Dynamics**: The supply-demand relationship for anode materials is projected to improve by 2025 due to limited new capacity growth, which is expected to lag behind demand growth [13]. Financial Performance - The company’s gross margin has been under pressure but is expected to recover starting from 2023-2024 due to improved cost management and operational efficiency [2][8]. - Despite recent stock price fluctuations due to tariffs and market sentiment, the company’s valuation is anticipated to normalize as the export ratio of lithium materials to the U.S. remains low [7]. This summary encapsulates the key insights and projections regarding Zhongke Electric and the anode materials industry, highlighting the company's strategic initiatives and market positioning.

比亚迪2025年3月17日发布了其新一代纯电技术平台——超级e平台,作为比亚迪超级e平台的首搭车型，汉 L、唐L预售价格为：汉L EV 27万-35万元、唐L EV 28万-36万元，汉L、唐L将于4月正式上市。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 点评： 全域千伏高压架构，展现技术实力 （1）快充电池：负极、电解液材料、包覆材料是核心，同时通过极耳、pack重新设计增加导热面积； 超级e平台采用全球首个乘用车全域千伏高压架构，电池、电机、电控等全面升级至1000V，最大充电电流 达到1000A，比目前主流的800V平台提升了25%的效率。1000V电压平台要求功率模块一定要达到 1500V，比亚迪自主开发了1500V耐压的碳化硅功率模块，提升系统效率和 ...

Macro - The U.S. retail data for February showed a month-on-month increase of 0.2%, which was below the expected 0.6%, indicating weak consumer momentum [4] - The January retail growth rate was revised down from -0.9% to -1.2%, suggesting ongoing economic pressure influenced by policy misalignment [4] - The overall weak retail data aligns with expectations of two to three potential interest rate cuts in 2025 [4] Industrial Gas - The industrial gas industry in China is rapidly developing, with a continuously expanding market size [5] - There is a focus on companies with stable cash flow and certain revenue scale, particularly those entering the electronic specialty gas sector amid domestic substitution trends [5] Real Estate - In February, the transaction area of new residential properties in 30 core cities reached 8.21 million square meters, a year-on-year increase of 22.5% [6] - For January-February, the cumulative transaction area in these cities increased by 5.7%, with average transaction prices up by 7.3% year-on-year [6] - The second-hand housing market also saw significant growth, with a 75.2% year-on-year increase in transaction area in 15 core cities for February [6] Nonferrous Metals - The suspension of mining operations at the Bisie tin mine by Alphamin Resources is expected to reduce global tin production by 5.3% [7] - The supply tightness in the tin market is likely to persist, with low inventory levels in both Shanghai and London [7] Construction Materials - Fixed asset investment data for January-February indicates a potential economic recovery, with infrastructure investment growing by 9.95% year-on-year [9] - Narrowly defined infrastructure investment (excluding certain utilities) also saw a year-on-year increase of 5.6% [9] Electric Vehicles - BYD launched its new generation pure electric technology platform, the Super e platform, on March 17, 2025 [10] - The pre-sale prices for the Han L and Tang L models are set between 270,000 to 350,000 yuan and 280,000 to 360,000 yuan, respectively, with an official launch scheduled for April [10] Company Analysis - Zhongzi Technology reported a revenue of 1.562 billion yuan for 2024, a year-on-year increase of 1.18%, but faced a net loss of 26.86 million yuan [11] - The decline in performance is attributed to weakened downstream demand and increased investment in new business development [11] - The production capacity for composite material structural components is expected to be operational by the end of the year, potentially expanding into the humanoid robot sector [11]

倒计时11天 2025起点锂电圆柱电池技术论坛 暨圆柱电池20强排行榜发布会 活动主题： 聚集新 技术 探索新工艺 主办单位： 起点锂电、起点研究院（SPIR） 活动时间： 2025年2月28日 活动地点： 深圳宝安登喜路国际酒店2楼国际厅 活动规模： 500+人 资料显示，云山动力前身云山工业创立自2021年，自成立起就开始专注46系列大圆柱电池的结 构件开发；云山动力于2023年成立，专注于大圆柱电池的研发、生产、销售，覆盖面向乘用车 的高能量密度大圆柱动力电池的量产技术，以及面向储能市场的大圆柱钠电池产品生产能力， 并于2023年开始大圆柱超充电池的研发与试生产。 又一大圆柱电池项目传来新进展！ 日前， 宁波市首条大圆柱超充磁悬浮生产线已进入投产运转状态。 项目由云山动力（宁波）有限公司自主投建，一期项目年产能为1.5GWh，于2024年4月启动， 今年1月通线产品正式下线。 据此前消息显示，该项目产品为46系列大圆柱全极耳超充电池，产线创新型的采用全自动磁悬 浮高速激光焊接组装线、超高压注液线，极大提高生产效率，并且能够保证各个生产环节的高 速、高精度、高稳定性和高一致性。 云山动力工程总监马宝秋介绍 ...