Group 1 - Longpan Technology announced a strategic cooperation agreement with Chuaneng New Energy for the sale of 150,000 tons of lithium iron phosphate cathode materials from 2025 to 2029, with total sales expected to exceed 5 billion yuan [1] - Longpan Technology has previously secured significant contracts, including a deal with Blue Oval for the sale of lithium iron phosphate materials valued at up to 7 billion yuan and an agreement with CATL for a supply limit of 7 billion yuan [1] - In February 2024, Longpan signed a long-term supply agreement with LG Energy, increasing the supply volume from 160,000 tons to 260,000 tons, with a total value close to 10 billion yuan, marking the largest single transaction in the lithium iron phosphate sector in 2024 [1] Group 2 - Longpan Technology, established in 2003 and listed on the Shanghai Stock Exchange in 2017, has expanded to the Hong Kong Stock Exchange in 2024, focusing on green energy and materials [2] - The company ranks among the top three in domestic market share for lithium iron phosphate materials, holding a 6.5% share of the global market in 2023, with production bases in Jiangsu, Tianjin, and Indonesia [2] - In 2024, Longpan reported a revenue of 7.673 billion yuan, a year-on-year decrease of 12.1%, with a net loss of 636 million yuan, although the loss narrowed compared to previous periods [2] Group 3 - Wuhan Chuaneng New Energy, established in 2021, focuses on electrochemical energy storage and battery systems, with a total investment exceeding 137.5 billion yuan and a production capacity target of over 400 GWh [3] - The company has become one of the top seven global players in energy storage battery shipments, with over 20 GWh of storage products shipped in 2024 [3]

Group 1: 弘亚数控 - In Q1 2025, domestic sales accounted for approximately two-thirds of total revenue, showing a slight year-on-year decline, while overseas sales experienced a certain degree of growth [1] - The increase in foreign exhibitors at the March exhibition indicates potential for new overseas customer orders, which may require a longer lead time [1] - The company maintains a cautiously optimistic outlook for the market this year, believing that continuous industry growth will provide development space [1] Group 2: 华大智造 - Revenue decline in Q1 2025 was primarily due to seasonal fluctuations and market uncertainties, with expectations for revenue from platform replacement orders in Q2 [2] - Increased competition has led to a decrease in average selling prices of core products, impacting gross margins; the company is implementing measures such as domestic material substitution to improve margins [2] - The company plans to continue cost reduction and efficiency improvement initiatives, with significant reductions in expense ratios expected [2] Group 3: 同兴科技 - The sodium-ion battery cathode materials utilize a poly-anion route, offering advantages such as low cost, low temperature, and high safety, mainly applied in large-scale energy storage and two-wheeled vehicles [3] - The third-generation NFPP has completed pilot-scale experiments, demonstrating high specific capacity and long cycle stability, and has been used in large-scale commercial energy storage projects [3] - The company is optimistic about its carbon capture business and has established a CCUS division to advance multiple projects and technological collaborations [3]

许开华表示，格林美拟通过优势稀缺资源业务，并购1— 2家"小而美"的上市公司，积极推进钨业务进入资本市 场，并推动格林美主体在香港上市。 作者： 潘俊田 封图：企业供图 5月6日，锂电池正极材料龙头企业格林美（002340.SH）在印度尼西亚和中国深圳举办了2024年年 度和2025年一季度业绩说明会。 2024 年 ， 格 林 美 实 现 营 收 约 为 332 亿 元 ， 同 比 增 长 8.75% ， 净 利 润 约 为 10.2 亿 元 ， 同 比 增 长 9.19%，扣非净利润约12.9亿元，2023年扣非净亏损2.4亿元；今年一季度实现营收约95亿元，同 比增长13.67%，净利润5.11亿元，同比增长12.1%，扣非净利润4.45亿元，同比增长17.7%。 格林美在财报中预计，2025—2027年，格林美拟分别实现营收超过400亿元、500亿元和600亿 元，有望实现三年翻倍。格林美董事长许开华在业绩会上表示："（格林美）讲求稳健，小步快 跑，这些数据（预期营业收入数据）没有问题，但能具体超过多少不确定。" 据许开华介绍，预计2025—2027年，格林美增长最快的业务分别是电池材料业务、钨资源回 ...

Core Viewpoint - Greeenme's revenue and profit growth in 2024 and Q1 2025 indicates a positive trend, with expectations for significant revenue increases in the coming years, driven by battery materials and metal recycling businesses [2][11]. Financial Performance - In 2024, Greeenme achieved revenue of approximately 33.2 billion yuan, a year-on-year increase of 8.75%, and a net profit of about 1.02 billion yuan, up 9.19% [2]. - For Q1 2025, the company reported revenue of around 9.5 billion yuan, a 13.67% increase year-on-year, with a net profit of 511 million yuan, reflecting a 12.1% growth [2]. - Greeenme anticipates revenues exceeding 40 billion yuan, 50 billion yuan, and 60 billion yuan in 2025, 2026, and 2027, respectively, aiming for a doubling of revenue over three years [2]. Business Growth Areas - The fastest-growing segments for Greeenme from 2025 to 2027 are expected to be battery materials, tungsten resource recycling, and precious and rare metal recycling [2][11]. - The company has made significant investments in tungsten resource recovery and precious metal recycling since last year [11]. Nickel Mining Operations - Greeenme's nickel metal output reached 51,600 tons in 2024, a 91% increase, with a total nickel resource capacity of 150,000 tons per year [4]. - Nickel business generated revenue of 5.85 billion yuan in 2024, accounting for 17.61% of total revenue [4]. - The company aims to produce over 216,000 tons of nickel metal by 2027 [4]. Market Dynamics - Nickel prices have fluctuated, reaching a peak of $25,638 per ton in 2022 and dropping to around $21,506 per ton in 2023, with projections for 2024 at approximately $16,818 per ton [7][8]. - Greeenme's chairman highlighted the critical cost thresholds for nickel production, indicating that current prices are near the "survival line" for profitability [8]. Strategic Initiatives - Greeenme is expanding its operations in Indonesia, collaborating with other companies to establish a comprehensive industrial park for nickel refining and battery material production [10]. - The company plans to recover 25 types of scarce resources, aiming for over 10% of China's supply for each type [12]. Future Outlook - Greeenme's chairman predicts that by 2035, the market share of ternary batteries will equal that of lithium iron phosphate batteries, driven by global market expansion [8]. - The company is also pursuing acquisitions of smaller listed companies to enhance its tungsten business and plans to list its main entity in Hong Kong [13].

Core Insights - The company reported a revenue of 40.22 billion yuan for 2024, a year-on-year increase of 17.36%, but a net profit attributable to shareholders of 1.47 billion yuan, a decrease of 24.64% [1] - In Q4 2024, the company experienced a revenue of 10.06 billion yuan, a year-on-year increase of 24.46%, but a significant drop in net profit by 74.41% year-on-year [1][2] - Q1 2025 showed a recovery with a revenue of 10.79 billion yuan, a year-on-year increase of 16.09%, and a net profit of 308 million yuan, down 18.88% year-on-year but up 114.66% quarter-on-quarter [1][2] Financial Performance - Q4 2024 saw a gross margin of 10.85%, a decrease of 1.26 percentage points quarter-on-quarter, and a net margin of 1.40%, down 3.46 percentage points [2] - In Q1 2025, the gross margin improved to 11.94%, an increase of 1.09 percentage points, and the net margin rose to 3.14%, up 1.74 percentage points [2] - Return on equity (ROE) in Q4 2024 was 0.71%, down 1.59 percentage points, while in Q1 2025, ROE increased to 1.52%, up 0.81 percentage points [2] Market Position - The company maintained its leading market share in the precursor industry, with a 20.3% market share in ternary precursors for 2024, and a 28% market share in cobalt tetroxide, both for five consecutive years [2] - The sales volume of positive precursors reached 302,100 tons in 2024, a year-on-year increase of 10.83% [2] - The average gross margin for positive precursors in 2024 was 17.85%, an increase of 1.10 percentage points year-on-year, with ternary precursor gross margin at 19.97%, up 2.01 percentage points [2] Production Capacity - The company reported successful new capacity construction and delivery in 2024, including several domestic and international projects [3] - Notable achievements include the delivery of 4N electric cobalt from the Qinzhou base and the production of battery-grade lithium carbonate at the Tongren base [3] - The company also established a ternary production base in Morocco, marking a significant expansion in overseas operations [3] Profit Forecast and Valuation - The company adjusted its profit forecast due to slower sales growth, projecting net profits of 1.94 billion, 2.54 billion, and 3.03 billion yuan for 2025-2027 [3] - The corresponding price-to-earnings (PE) ratios are estimated at 15, 12, and 10 times for the respective years [3]

证券代码： 002340 证券简称：格林美 格林美股份有限公司投资者关系活动记录表 编号：20250506 | 投资者关系活动 | 特定对象调研 □ 分析师会议 □ | | --- | --- | | 类别 | □ 媒体采访 √ 业绩说明会 | | | □ 新闻发布会 □ 路演活动 | | | □ 现场参观 | | | □ 其他 | | 参与单位名称及 | 东北证券：庄嘉骏；华夏时报社：梁宝欣；中信证券：於学鑫； | | 人员姓名 | BNP Paribas：方巍；中信建投证券：刘思淼、刘资政；申万宏源： | | | 曾子栋；法国巴黎证券：罗田；国泰海通：马铭宏；盈峰资本： | | | 刘东渐；国联民生证券：瞿学迁以及通过"全景路演"网络平台 | | | 线上参与公司 年度暨 年一季度业绩说明会的网上投 2024 2025 | | | 资者。 | | 时间 | 2025 年 5 月 6 日 15:00-17:00 | | 地点 | 格林美（深圳）超级绿色技术研究院会议室、印尼青美邦新能源 | | | 材 料 有 限 公 司 会 议 室 以 及 " 全 景 路 演 " 网 络 平 台 | | | （https: ...

Core Viewpoint - The article discusses the advancements and potential applications of composite current collectors in the battery industry, particularly in consumer electronics and next-generation battery technologies. Group 1: Industry Events - The 2025 High-Performance Sodium Battery Industry Summit is scheduled for June 9, 2025, at the Shangri-La Hotel in Suzhou [2] - The 2025 High-Performance Solid-State Battery Technology and Application Summit will take place on June 10, 2025, at the same venue [3] Group 2: Composite Current Collector Developments - Jiangsu Yinglian Composite Current Collector has partnered with a leading global polymer lithium-ion battery supplier for joint development, indicating a significant step towards industrialization [3] - The partner is speculated to be CATL, which has made strategic investments in silicon-based anode materials, enhancing the potential for composite current collectors in consumer electronics [3] Group 3: Production Capacity Expansion - Jiangsu Yinglian is investing approximately 3.089 billion RMB in a composite current collector project in Gaoyou, Jiangsu, aiming for an annual production capacity of 100 million square meters of composite aluminum foil and 500 million square meters of composite copper foil [4] - Currently, there are five production lines for both composite aluminum and copper foils, which are crucial for ensuring future market supply [5] Group 4: Technical Advantages - Composite current collector technology offers significant advantages in energy density and weight reduction, with composite copper foil reducing weight by 50-60% and composite aluminum foil by 30-40% compared to traditional materials [5] - The energy density of batteries using composite current collectors has been reported to increase by 6.10% compared to conventional collectors [5] Group 5: Market Applications - OPPO has launched a five-layer sandwich safety battery utilizing composite current collector technology, showcasing its practical application in consumer electronics [5] - Other suppliers, like Jinmei New Materials, are diversifying their customer base beyond power battery giants to include energy storage and consumer electronics [6] Group 6: Future Prospects - Jiangsu Yinglian is collaborating with a well-known automotive research institute to develop integrated new materials for next-generation battery technologies [7] - The humanoid robot sector is also showing demand for composite current collectors, with companies like Sanfu New Technology introducing advanced products aimed at high-end consumer electronics and emerging technologies [8] - Despite the promising developments, challenges remain in the conductivity of composite current collectors compared to traditional copper foils, necessitating material and process improvements [8]

Core Insights - Silicon Bao Technology has achieved a significant breakthrough in the lithium battery silicon-carbon anode field, marking its transition from a follower to a leader in high-end new energy materials [1] - The company has completed key milestones from technology research and development to large-scale sales, with cumulative sales reaching a hundred tons in 2024, including a ton-level breakthrough in new silicon-carbon products [1] Industry Overview - Silicon-based anode materials are crucial for supporting strategic emerging industries such as domestic semiconductors, new energy, and advanced equipment manufacturing, making them a focus of national development in new materials [1] - The commercial prospects for silicon-carbon anodes in the high-end battery market are promising, with a projected penetration rate of 20-30% by 2025 and a demand of approximately 200,000 tons per year, translating to a market space exceeding 20 billion yuan [2] Company Development - Silicon Bao Technology's research on silicon-carbon anode materials began in 2016, leading to the establishment of a 50 tons/year pilot production line in 2019, which was recognized as internationally advanced [2][6] - In 2021, the company invested 560 million yuan to establish a wholly-owned subsidiary in Sichuan, aimed at producing 10,000 tons/year of silicon-carbon anode materials and 40,000 tons/year of specialized adhesives [4] Product and Market Expansion - The product line of silicon-carbon anodes covers various types, including sand-milled silicon-carbon and new silicon-carbon products, suitable for liquid, semi-solid, and solid battery systems [6] - The company has received recognition from 19 power battery manufacturers and 7 3C battery manufacturers, achieving order breakthroughs and positive customer feedback [7]

Core Viewpoint - Rongbai Technology (688005) reported a significant narrowing of net profit loss in Q1 2025, with revenue reaching 2.964 billion yuan, while continuing to invest in new business areas such as sodium batteries, precursors, and manganese iron lithium [1] Group 1: Business Performance - The company achieved a profit of approximately 68 million yuan from its ternary business after excluding the impact of new investments [1] - The global layout advantages of ternary materials are beginning to show, with products entering emerging markets such as low-altitude aviation [1] - Sales of manganese iron lithium products reached full production and sales, with a year-on-year increase of 174% in Q1 [2] Group 2: Product Development - Sodium battery materials are positioned for leading advantages, with preparations for large-scale production underway, including significant orders from strategic battery manufacturers [2] - The company is a leader in solid-state products, with stable cooperation in semi-solid and all-solid-state battery materials, focusing on sulfur-based electrolytes and matching positive materials [2][3] - The company has developed high-energy density lithium-rich manganese-based materials for all-solid-state batteries, collaborating with major domestic clients for potential applications in humanoid robots [3]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 8.96 yuan [7]. Core Views - The company reported a revenue of 3.541 billion yuan for 2024, a year-on-year increase of 17.52%, but a net profit attributable to shareholders of 364 million yuan, a decrease of 36.87% [3]. - In Q1 2025, the company achieved a revenue of 889 million yuan, up 24.44% year-on-year, but the net profit attributable to shareholders fell by 56.39% to 47 million yuan [3]. - The company has significantly increased its production and sales of separator materials, with production reaching 4.05 billion square meters, a 56.25% increase year-on-year, and sales reaching 3.99 billion square meters, a 57.64% increase [4]. - The company is expanding into the semiconductor field, signing a strategic cooperation framework agreement with RS Technologies to enhance its position in the materials sector [5]. Financial Performance Summary - For 2024, the company reported total revenue of 3.541 billion yuan and a net profit of 364 million yuan, with a projected revenue growth of 26.1% in 2025, reaching 4.465 billion yuan [6][10]. - The net profit is expected to recover to 467 million yuan in 2025, reflecting a growth rate of 28.4% [6][10]. - The company’s earnings per share (EPS) is projected to increase from 0.27 yuan in 2024 to 0.35 yuan in 2025, with a price-to-earnings (PE) ratio decreasing from 33 to 26 [6][10]. Market Position and Strategy - The company has established strong partnerships with major domestic and international battery manufacturers, including CATL and LG Chem, enhancing its market presence [4]. - The company is focusing on technological upgrades and product innovation, particularly in functional films and high-safety separators, to maintain its competitive edge [4].