Group 1 - The company achieved a revenue of 11.936 billion yuan in H1 2025, representing a year-on-year growth of 24.75%, with a net profit attributable to shareholders of 1.02 billion yuan, up 58.94% year-on-year [1] - In Q2 2025, the company reported a revenue of 6.713 billion yuan, showing a year-on-year increase of 25.87% and a quarter-on-quarter growth of 28.55%, with a net profit of 562 million yuan, up 94.8% year-on-year and 22.69% quarter-on-quarter [1] Group 2 - In the photovoltaic business, the company shipped 13.4 GW in H1 2025, a year-on-year increase of over 65%, with a gross margin of 16.70%, up 5.29 percentage points year-on-year, driven by full production and sales of overseas battery capacity and strict cost control [2] - The magnetic materials business shipped 107,300 tons in H1 2025, with a gross margin of 27.71%, an increase of 1.22 percentage points year-on-year, maintaining a leading market position and expanding into new product areas [2] - The lithium battery business shipped over 300 million units in H1 2025, a year-on-year growth of 12.25%, with a gross margin of 12.90%, up 2.06 percentage points year-on-year, benefiting from product iteration and cost optimization [2] Group 3 - The company reported a period expense ratio of 2.99% in H1 2025, a decrease of 5.13 percentage points year-on-year, mainly due to fluctuations in financial expenses and changes in R&D project expenditures [3] - The company anticipates achieving a net profit attributable to shareholders of 2 billion yuan in 2025, corresponding to a PE ratio of approximately 14 times, maintaining a "buy" rating [3]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company reported a revenue of 11.936 billion yuan for H1 2025, representing a year-on-year growth of 24.75%. The net profit attributable to shareholders was 1.02 billion yuan, up 58.94% year-on-year. In Q2 2025, revenue reached 6.713 billion yuan, with a year-on-year increase of 25.87% and a quarter-on-quarter increase of 28.55%. The net profit for Q2 was 562 million yuan, reflecting a year-on-year growth of 94.8% and a quarter-on-quarter growth of 22.69% [2][5]. Financial Performance - In H1 2025, the photovoltaic business shipped 13.4 GW, a year-on-year increase of over 65%, with a gross margin of 16.70%, up 5.29 percentage points. This was driven by full production and sales of overseas battery capacity, strict cost control, and continuous development of differentiated new products. The battery production efficiency improved to 26.85%, and R&D efficiency reached 27.25% [10]. - The magnetic materials business shipped 107,300 tons in H1 2025, with a gross margin of 27.71%, an increase of 1.22 percentage points year-on-year. The company has solidified its leading position in the market and is actively expanding into new products [10]. - The lithium battery business shipped over 300 million units in H1 2025, a year-on-year increase of 12.25%, with a gross margin of 12.90%, up 2.06 percentage points. The company maintained industry-leading utilization rates and launched several high-capacity new products [10]. Future Outlook - The company is expected to achieve a net profit attributable to shareholders of 2 billion yuan in 2025, corresponding to a price-to-earnings ratio of approximately 14 times. The company will continue to focus on differentiated products and market entry while enhancing product power through technological upgrades and process optimization [10].

一、权益分派预案情况 根据公司 2025 年 8 月 25 日披露的 2025 年半年度报告（财务报告未经审计）， 截至 2025 年 6 月 30 日，上市公司合并报表未分配利润为 40,561,439.22 元，母 公司未分配利润为 43,362,241.06 元。 公司本次权益分派预案如下：公司目前总股本为 102,650,665 股，以未分配 利润向全体股东每 10 股派发现金红利 0.29 元（含税）。本次权益分派共预计派 发现金红利 2,976,869.29 元。 公司将以权益分派实施时股权登记日应分配股数为基数，如股权登记日应分 配股数与目前预计不一致的，公司将维持分派比例不变，并相应调整分派总额。 实际分派结果以中国证券登记结算有限责任公司北京分公司核算的结果为准。 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 根据《公司章程》中约定的利润分配原则，浙江天宏锂电股份有限公司（以 下简称"公司"）为积极履行回报股东义务，与全体股东分享公司经营收益，在 统筹考虑战略发展目标及流动资金需求， ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [11][12]. Core Insights - The company reported impressive growth in its H1 2025 performance, with revenue reaching 11.936 billion yuan, a year-on-year increase of 24.76%, and a net profit of 1.020 billion yuan, up 59.67% year-on-year [3][4]. - The company is benefiting from the strong performance of its three main business segments, particularly in the photovoltaic sector, which saw a revenue of approximately 8.05 billion yuan and a shipment volume of about 13.4 GW, representing a year-on-year growth of around 64% [4][5]. - The company is actively increasing its dividend payouts, proposing a cash dividend of 610 million yuan, which accounts for nearly 60% of its net profit for the first half of the year [4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 6.713 billion yuan, a year-on-year increase of 25.87% and a quarter-on-quarter increase of 28.55%, with a net profit of 562 million yuan, up 96.78% year-on-year and 22.69% quarter-on-quarter [3][4]. - The company’s revenue projections for 2025-2027 are 21.096 billion yuan, 24.217 billion yuan, and 29.925 billion yuan, respectively, with net profits expected to be 1.942 billion yuan, 2.281 billion yuan, and 2.881 billion yuan [6][10]. Business Segments - The photovoltaic business is expected to benefit from the recovery of the industry, while the magnetic materials and lithium battery segments are projected to maintain continuous growth [5][6]. - The company has successfully expanded its overseas production capacity and improved its product competitiveness through cost control and efficiency enhancements [4][5]. Market Position - The company has increased its market share in the magnetic materials sector, leveraging its advanced technology and comprehensive product offerings despite the diminishing impact of the trade-in policy [5][6]. - The company’s differentiated competitive strategy has proven effective, maintaining its leading position in product competitiveness and profitability within the industry [4][5].

Battery - Ganfeng Lithium has established a new company, Hubei Fengneng New Energy Technology Co., Ltd., which is fully owned by Ganfeng Lithium and focuses on online energy monitoring technology, energy recovery systems, and wind power technology services [2] - EVE Energy has successfully achieved mass production of small cylindrical batteries at its Malaysian facility, with plans for a second phase of energy storage production expected to be completed by the end of this year and to start mass production in early next year [4] - A 3GWh solid-state battery project has been signed in Guizhou Province, indicating ongoing investment in solid-state battery technology [5] Materials - Yongxing Materials is actively expanding its production capacity, with a current lithium battery production capacity of 30,000 tons per year. A 10,000-ton lithium extraction project is underway and is expected to be completed on schedule [8] Equipment - Huazi Technology has reported a more than 50% year-on-year increase in new orders, focusing on core business and expanding into international markets while capturing market share in the new round of lithium battery equipment upgrades [9] - Porsche AG has canceled the production plans for its high-performance battery subsidiary, Cellforce, due to a slowdown in electric vehicle demand and changing market conditions in China and the U.S. Cellforce will transition to an independent R&D subsidiary, with some positions potentially moving to another battery subsidiary, PowerCo [10]

Investment Rating - The report maintains a "Positive" investment rating for the photovoltaic industry [5]. Core Insights - The photovoltaic sector is expected to benefit from recent government meetings aimed at regulating competition and improving product quality, which may lead to price increases and a healthier market environment [24][41]. - The report highlights the importance of supply chain adjustments and the potential for price transmission from component procurement to end-users, particularly in light of recent bidding results showing significant price increases [25][35]. Summary by Sections Photovoltaic - The CJ Electric New Index rose by 2.28% this week, with all sub-sectors except wind power showing gains, particularly driven by the electric motor sector benefiting from robotics [10]. - A meeting held on August 19 emphasized the need for industry regulation, curbing low-price competition, and supporting self-discipline within the photovoltaic sector [24]. - Recent procurement bids from China Resources Power and Huadian Group showed average prices of 0.729 and 0.710 yuan/W respectively, indicating a positive trend in pricing [25]. - The report suggests that the photovoltaic sector is currently at a bottom, with expectations for policy support and technological advancements to drive recovery [41]. Energy Storage - The energy storage sector is experiencing a robust demand, with a 68% year-on-year increase in installed capacity in the first half of 2025, surpassing 100 GW in total installations [48]. - The report notes significant developments in the energy storage market, including new projects and partnerships aimed at enhancing financial models for storage solutions [49][51]. - The report recommends focusing on leading companies in the energy storage sector, such as Sunshine Power and DeYe Co., which are expected to benefit from ongoing market growth [41]. Lithium Battery - The lithium battery sector is stable, with a focus on solid-state battery advancements and the ongoing demand for electric vehicles driving growth [19]. - The report highlights the importance of cost-reduction strategies and new material developments in the lithium battery supply chain [41]. Wind Power - The wind power sector is seeing accelerated growth, particularly in offshore wind projects, with recommendations for companies like Goldwind Technology and HaiLi Wind Power [41]. Power Equipment - The report indicates a strong outlook for power equipment, driven by high demand for ultra-high voltage projects and international market opportunities [41]. New Directions - The report emphasizes the potential of humanoid robotics and AI applications, with recommendations for companies involved in these emerging technologies [41].

碳酸锂周报： 总库存去化，碳酸锂低多对待 分析师：张清 咨询账号：Z0019679 中辉期货研究院 2025.8.22 锂电行业价格一览 | 产品 | 价格指标 | 单位 | 今日价格 | 上周价格 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | | | （截止8月22日） | （8月15日） | | | 锂辉石 | 6%CIF | 美元/吨 | 960 | 988 | -2.83% | | | 非洲SC 5% | 美元/吨 | 680 | 640 | 6.25% | | 锂云母 | ≥2.5% | 元/吨 | 2,330 | 2,300 | 1.30% | | 金属锂 | ≥99% | 元/吨 | 560,000 | 550,000 | 1.82% | | 碳酸锂 | 电池级 | 元/吨 | 80,000 | 84,000 | -4.76% | | | 工业级 | 元/吨 | 79,000 | 83,000 | -4.82% | | 氢氧化锂 | 电池级 | 元/吨 | 78,875 | 77,875 | 1.28% | | | 工业级 | 元/吨 | 7 ...

Core Viewpoint - The report highlights the strong performance of Goldwind Technology in the first half of the year, with significant improvements in manufacturing profitability and ongoing expansion in overseas markets [1][2]. Wind Power - Goldwind Technology reported a strong half-year performance, with manufacturing profitability improving by 4.2 percentage points year-on-year, leading to the first positive profit in the wind turbine manufacturing segment since 2022 [1][2]. - State-owned enterprises, including the National Energy Group, have initiated wind turbine centralized procurement tenders, with a total scale of approximately 8.3 GW since August, showing a significant recovery compared to June and July [1][2]. - The average winning bid price remains at a favorable level, continuing to recommend the complete machine segment [1][2]. AIDC (Artificial Intelligence Data Center) - The liquid cooling sector is currently consolidating, with a long-term positive outlook for domestic companies in the global liquid cooling market [2]. - Intel's UQD (Quick Connect) interconnect alliance has been officially established, and DeepSeek-V3.1 has been released, utilizing parameters designed for next-generation domestic chip design [2]. Photovoltaics & Energy Storage - The photovoltaic industry meeting has expanded its participants, and the "anti-involution" initiative has been elevated, with expectations for increased administrative support [2]. - Despite the seasonal downturn in July, photovoltaic exports remained strong due to impending U.S. tariffs on imports and anticipated adjustments to export tax rebate policies [2]. - The overseas energy storage market continues to show high demand, with optimistic future prospects, recommending companies like Sungrow and Aters [2]. Lithium Battery - The price of lithium hexafluorophosphate has been rising, supported by raw material costs and limited market supply, with the average market price reaching 54,000 yuan per ton, up 1.89% from the previous week [3]. Hydrogen Energy and Fuel Cells - The U.S. power supply is under pressure due to AI growth, leading to a rise in distributed generation sources, creating significant opportunities for SOFC (Solid Oxide Fuel Cells) [4]. - Major power equipment exports in July reached 6.9 billion USD, a year-on-year increase of 20%, with transformers and high-voltage switchgear exports growing by 42% and 25% respectively [4]. - The second batch of bidding for primary equipment by the Southern Power Grid amounted to 1.33 billion yuan, a year-on-year increase of 41.6%, with leading shares from TBEA, Xidian, and Pinggao [4]. Important Industry Events - The trend of increased wind turbine bidding in August is notable, with Goldwind Technology's strong half-year report and the establishment of a photovoltaic industry meeting [5]. - From January to July, grid investment totaled 331.5 billion yuan, a year-on-year increase of 12.5%, with July's total electricity consumption rising by 8.6% year-on-year [5]. - Local subsidies for new energy vehicles have seen a reduction, impacting sales, particularly for electric vehicles, with a need to monitor future policy implementations [5].

国信证券近日发布锂电产业链双周评（8月第2期）：固态电池产业化加速推进：材料 端，格林美与蔚蓝锂芯签署固态电池材料合作协议，双方计划在一年内实现超高比能电池技 术突破，三年内推动全固态电池等400Wh/Kg以上超高比能锂电池的产业化。国内新能源 车：7月国内新能源车销量126.2辆，同比+27%、环比-5%；国内新能源车渗透率48.7%，同 比+4.9pct，环比+2.9pct。1-7月国内新能源车累计销量822.0万辆，同比+39%。 【新能源车产业链数据】 国内新能源车：7月国内新能源车销量126.2辆，同比+27%、环比-5%；国内新能源车渗 透率48.7%，同比+4.9pct，环比+2.9pct。1-7月国内新能源车累计销量822.0万辆，同比 +39%。 欧洲&美国新能源车：7月欧洲九国新能源车销量22.08万辆，同比+41%、环比-21%；新 能源车渗透率27.4%，同比+7.2pct、环比-1.5pct。1-7月欧洲九国新能源车累计销量157.52万 辆，同比+28%。7月美国新能源车销量14.41万辆，同比+14%、环比+13%；新能源车渗透率 10.5%，同比+0.6pct、环比+0.4pc ...

Industry Insights - Nvidia teases a new "brain" technology for robots, with CEO Jensen Huang stating that the next wave of AI will focus on robotics, which will possess reasoning and execution capabilities to understand the physical world [1] - The Ministry of Industry and Information Technology (MIIT) emphasizes the need to guide the construction of computing power facilities and accelerate breakthroughs in key technologies such as GPU chips, aiming to enhance the supply of foundational technologies [2] Market Trends - Federal Reserve Chairman Jerome Powell's dovish remarks at the Jackson Hole Economic Symposium indicate rising employment risks, potentially paving the way for interest rate cuts, which led to a significant rally in U.S. stock markets, with major indices closing higher [3] - Goldman Sachs reports that hedge funds have rapidly net bought Chinese stocks at the fastest pace in seven weeks, indicating strong institutional interest in the Chinese market, with the CSI 300 index potentially reaching a bullish target of 4,700 points [4] Investment Opportunities - Goldman Sachs raises the target price for Cambricon by 50% to 1,835 yuan, highlighting the potential for domestic chips to fill the gap left by U.S. restrictions on high-performance AI chip exports [10] - New regulations on rare earth total control indicators are expected to boost prices, with seasonal demand yet to peak, suggesting a bullish outlook for the rare earth sector [11] - The lithium iron phosphate industry is witnessing a "capacity clearance" movement, with expectations of a supply-demand turning point in 2025, indicating a potential upward cycle for the lithium battery supply chain [12]