-广告- ——The End—— 本文来源： 新能源CEO驿站 。 本公众号所发表内容注明来源的，版权归原出处所有（无法查证版权的或未注 明出处的均来源于网络搜集），如有侵权请及时联系删除。转载内容只以信息传播为目的，仅供参考，不代表 本号认同其观点和立场。内容的真实性、准确性和合法性由原作者负责。 鑫椤资讯成立于2010年，主要服务于炭素、锂电、电炉钢3大行业，是中国专业产业研究和顾问公司。鑫椤资 讯以研究为中心，提供数据库、产业前瞻预测、战略咨询和媒体宣传等服务。 4 月 10 日，LGES详细披露了其固态电池的开发进展。LGES 首席执行官 Son Kwon-nam 表 示，公司计划开发包括固态电池在内的下一代电池，并将在 2030 年前推出成熟产品。 Son Kwon-nam 指出，当前开发的关键任务是提升固体电解质的离子电导率，使其达到液体电 解质的水平。他透露，LGES 新开发的 argyrodites 型（硫银锗矿）硫化物基固体电解质已在内 部测试中展现出高离子电导率，目前该材料已进入大规模生产的工艺开发阶段。 这意味着 LGES 在固态电池核心材料的研发上取得重要突破，距离商业化应用又近一步。 ...

Group 1: Macro Insights - The large-scale tariffs implemented by Trump in early April 2025 led to a surge in consumer purchases in March, resulting in a month-on-month retail growth rate of +1.4%, a significant increase from February's +0.2% [2] - However, this front-loading of consumer demand may lead to a weakening of future retail data, indicating potential risks for upcoming consumption trends [2] Group 2: Industry Research - The real estate sector is identified as the largest driver of domestic demand, with a recommendation for strategic investment in the real estate supply chain, including leading companies such as Beike-W, China State Construction, and major cement and glass producers like Conch Cement and Qibin Group [3] - The report suggests that these companies are positioned well due to the cyclical bottoming and improving profitability, alongside potential policy support [3] Group 3: Oil and Gas Sector - The IEA and OPEC have lowered their oil demand forecasts for 2025, yet there is a strong outlook for the "three oil giants" (China National Petroleum, Sinopec, and CNOOC) due to their low valuations, high dividends, and resilient performance [4] - The report also highlights opportunities in domestic substitutes for semiconductor materials and panel materials, as well as in the pesticide and fertilizer sectors [4] Group 4: Company-Specific Analysis - For Shida Shenghua, the report anticipates a decline in profitability for 2024 due to the low demand in the lithium battery sector, with net profits projected to drop significantly in 2025 and 2026 [5] - Despite this, the company is expanding its production capacity for electrolyte products, which may provide growth opportunities in the future [5] Group 5: Coal Industry - Lu'an Environmental Energy is recognized as a leading producer of injection coal, with a strong business model and high elasticity, despite current coal price declines [7] - The projected net profits for 2024-2026 are 2.62 billion, 2.14 billion, and 3.03 billion yuan, respectively, with corresponding EPS of 0.87, 0.71, and 1.01 yuan [7] Group 6: High-End Manufacturing - Su Shi Testing is facing short-term performance pressure, with a projected revenue decline of 4.31% in 2024, but is expected to benefit from recovering downstream demand and new industry layouts [8] - The forecasted net profits for 2025-2027 are 3.04 billion, 3.81 billion, and 4.62 billion yuan, indicating potential recovery [8] Group 7: Renewable Energy - Guoneng Rixin is expected to maintain steady growth, with a projected net profit of 0.94 billion yuan in 2024, reflecting an 11.09% year-on-year increase [9] - The company is advancing its product upgrades and is well-positioned to meet increasing demand in the distributed energy sector [9] Group 8: Electrical Equipment - Huaming Equipment reported an 18.41% increase in revenue for 2024, with net profits rising by 13.25% [10] - The company is expanding its overseas market presence and is expected to achieve net profits of 7.09 billion, 8.09 billion, and 9.15 billion yuan from 2025 to 2027 [10] Group 9: Communication Technology - Hengwei Technology has revised its net profit forecasts downward for 2025 and 2026, but maintains a positive long-term growth outlook [11] - The projected net profits for 2027 are expected to reach 2.41 billion yuan, indicating potential recovery [11] Group 10: Beverage Industry - Dongpeng Beverage reported a strong start to 2025, with a revenue increase of 39.23% in Q1 and a net profit growth of 47.62% [12] - Future net profit projections for 2025-2027 are 4.483 billion, 5.684 billion, and 6.836 billion yuan, suggesting robust growth potential [12] Group 11: Catalyst and Advanced Materials - Zhongzi Technology's catalyst business is expected to benefit from the implementation of the National VII standards, with a strategic focus on high-end composite materials [13] - The projected net profits for 2024-2026 are -0.27 billion, 0.57 billion, and 2.38 billion yuan, indicating a potential turnaround [13]

Core Viewpoint - 威领股份 is facing significant financial challenges despite its aggressive expansion in the lithium resource sector, with declining revenues and increasing losses indicating a potential liquidity crisis [1][4]. Financial Performance - In 2023, 威领股份 reported revenue of 1.141 billion, a year-on-year decrease of 3.76%, and a net profit of -223 million, marking a shift from profit to loss [2]. - For the first three quarters of 2024, the company generated revenue of 462 million, a substantial year-on-year decline of 55.48%, with a net profit of -113 million, indicating worsening financial performance [2]. Acquisition and Investment Strategy - 威领股份 has been actively acquiring and establishing partnerships to enhance its lithium resource portfolio, including a recent acquisition of a 69.965% stake in 天津长领矿业 for 177 million [1][3]. - The company plans to raise 114 million through a share issuance to support its operations, reflecting its need for additional capital [3]. Financial Health and Risks - As of the end of Q3 2024, 威领股份 had cash reserves of only 135 million, insufficient to cover its debts, leading to a cash debt ratio of 0.32 [1]. - The company's asset-liability ratio reached 50.63%, with high short-term liabilities indicating significant repayment pressure [1]. - The company’s guarantee balance stood at 721 million, exceeding its net assets by 106.71%, raising concerns about its financial stability [3]. Operational Challenges - The company's gross margin fell to 7.03% in Q3 2024, significantly below the industry average, due to low lithium carbonate prices and underutilized production capacity [3]. - Continuous cash outflows from operating and investing activities, coupled with reliance on financing, have exacerbated its financial risks [1][4]. Strategic Concerns - 威领股份 is perceived to be in a vicious cycle of expansion, losses, and refinancing, which may mask deeper issues related to its core business profitability and financial structure [4]. - The company's high level of guarantees, capital reduction maneuvers, and lack of transparency in related transactions could attract regulatory scrutiny [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The price of the lithium carbonate futures 2505 contract dropped 0.17% to 70,720 yuan/ton yesterday. The average price of battery - grade lithium carbonate decreased by 50 yuan/ton to 71,550 yuan/ton, while the industrial - grade lithium carbonate remained at 69,650 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) dropped 100 yuan/ton to 68,950 yuan/ton, and the battery - grade lithium hydroxide (micropowder) dropped 100 yuan/ton to 74,075 yuan/ton. The warehouse receipt inventory increased by 250 tons to 29,283 tons [3]. - On the supply side, the weekly production of lithium carbonate increased slightly month - on - month, and the production in April is expected to reach nearly 80,000 tons, with the daily average production increasing by 4% month - on - month. On the demand side, the production of ternary materials increased significantly month - on - month, the production of lithium iron phosphate remained stable month - on - month, and the daily average consumption of lithium carbonate increased by about 5% month - on - month. The inventory turnover days of cathode materials increased slightly for ternary materials and decreased slightly for lithium iron phosphate. The weekly inventory increased by 1,633 tons to 131,000 tons, with a decrease in other inventories and an increase in both upstream and downstream inventories [3]. - The price is expected to fluctuate around 70,000 yuan/ton. In the short term, attention should be paid to the upstream production suspension and reduction, warehouse receipt inventory, and lithium ore price trends. In the medium term, the equilibrium price center will shift downward, the market procurement activity is average, and the downstream finished product inventory pressure is relatively large [3]. 3. Summary by Related Catalogs 3.1 Research Views - Futures and spot prices: The lithium carbonate futures 2505 contract fell 0.17% to 70,720 yuan/ton. Battery - grade lithium carbonate average price dropped 50 yuan/ton, battery - grade lithium hydroxide (coarse particles) and (micropowder) dropped 100 yuan/ton each [3]. - Supply and demand: Supply - side weekly production increased slightly, with April production expected near 80,000 tons and daily average up 4%. Demand - side ternary material production rose significantly, lithium iron phosphate stable, and daily lithium carbonate consumption up 5%. Inventory turnover days varied for different materials, and weekly inventory increased to 131,000 tons [3]. - Price trend: Price to fluctuate around 70,000 yuan/ton, short - term focus on upstream production, inventory, and ore prices; medium - term price center to shift down [3]. 3.2 Daily Data Monitoring - Futures: The main contract closed at 70,720 yuan/ton, down 40 yuan; the continuous contract closed at 70,600 yuan/ton, down 400 yuan [5]. - Lithium ore: Some lithium ore prices decreased, such as lithium mica (Li2O:2.0% - 2.5%) down 15 yuan/ton and phospho - lithium - aluminum stone (Li2O:6% - 7%) down 40 yuan/ton [5]. - Lithium salts: Battery - grade lithium carbonate and battery - grade lithium hydroxide prices decreased, while industrial - grade lithium carbonate and some other products remained stable [5]. - Price spreads: Battery - grade lithium carbonate and industrial - grade lithium carbonate spread decreased by 50 yuan/ton, and other spreads also showed changes [5]. - Precursor and cathode materials: Most precursor and cathode material prices decreased slightly [5]. - Batteries: Some battery prices changed slightly, such as 523 square ternary cell price up 0.002 yuan/Wh and square lithium iron phosphate cell price down 0.003 yuan/Wh [5]. 3.3 Chart Analysis - Ore prices: Charts show the price trends of lithium ore such as lithium spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone from 2024 to 2025 [6][7][8]. - Lithium and lithium salt prices: Display the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [9][10][11]. - Price spreads: Illustrate the price spreads between different lithium products, including battery - grade lithium hydroxide and battery - grade lithium carbonate, and others from 2024 to 2025 [16][17][19]. - Precursor and cathode materials: Present the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2025 [21][22][24]. - Lithium battery prices: Show the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [30][31][32]. - Inventory: Display the inventory trends of downstream, smelters, and other links from August 2024 to April 2025 [35][36][37]. - Production cost: Illustrate the production profit trends of different raw - material - based lithium carbonate production from 2024 to 2025 [39][40][41].

今年以来，受A股IPO收紧以及大型企业全球化战略等因素影响，港股上市热潮不断，锂电行业也不例外。 具体来看， 2024 年，正力新能动力电池装机量为 9.9GWh ，占中国动力电池市场份额为 1.8% ，排名第九。 从增速上来看， 2022年至2023年间，其装机量同比增速在动力电池市场装机量前十的企业中排名第2名，在磷酸铁锂动力电池市场装机量前 十的企业中位列榜首。 客户方面，正力新能的动力电池客户包括大型央国企、造车新势力及跨国领先整车汽车，公司在一汽红旗、广汽传祺、零跑汽车、上汽通用五 菱、上汽通用等全球多个龙头企业核心车型的电池产品供应份额持续提升。 截至 2024 年 12 月 31 日，公司对零跑汽车核心 BEV 车型的销售渗透率及对上汽通用核心 PHEV 产品 GL8 陆尊 PHEV 渗透率达 50% 以上，为 GL8 陆尊 PHEV 的主要供应商。 正力新能通过不断开拓主流车企客户，也 为业绩增长打开向上通道。公司于2024年实现扭亏， 实现净利润达9101.4万元， 结束了此前连续 三年的亏损。 正力新能预计本次募资净额为9.28亿港元，将重点用于产能扩张、智能制造设施建设及核心技术研发。 ...

Core Viewpoint - The Hong Kong stock market is experiencing a surge in listings, particularly in the lithium battery sector, influenced by tightened IPO regulations in A-shares and the globalization strategies of large enterprises [1][9]. Company Overview - Zhengli New Energy (03677.HK), a Chinese lithium-ion battery manufacturer, successfully listed on the Hong Kong Stock Exchange on April 14, 2023, with a closing price increase of 1.45%, reaching a total market capitalization of HKD 21.05 billion [1][3]. - The company was founded on February 26, 2019, and focuses on the research, production, and sales of power batteries, energy storage batteries, and aviation batteries [3]. Financial Performance - Zhengli New Energy reported consecutive losses from 2021 to 2023 but is projected to turn a profit in 2024. The revenue figures for 2021 to 2024 are approximately CNY 1.499 billion, CNY 3.29 billion, CNY 4.162 billion, and CNY 5.13 billion, respectively, with corresponding net profits of CNY -402 million, CNY -1.72 billion, CNY -590 million, and CNY 91.014 million [3][12]. Market Position - The listing of Zhengli New Energy has established a "three giants" structure in the Hong Kong lithium battery market, alongside existing players, China Innovation Aviation and Ruipu Lanjun. Their respective installed capacities for 2024 are projected to be 36.5 GWh, 12.1 GWh, and 9.9 GWh, with market shares of 6.6%, 2.2%, and 1.8% [7][8]. Competitive Landscape - The lithium battery sector is witnessing a competitive landscape characterized by both oligopolistic and diversified competition, with leading companies leveraging technological advantages and brand influence to capture significant market shares [8][12]. - Several lithium battery companies, including CATL and others, are planning to list in Hong Kong, indicating a trend towards increased capital market activity in this sector [9][10]. Future Outlook - The Hong Kong market is anticipated to become a new "value discovery" hub for the lithium battery industry, particularly for mid-sized companies that face challenges in A-share financing [12].

Investment Rating - The report maintains a positive investment outlook for the solar, wind, and energy storage sectors, highlighting strong demand and technological advancements [2][3][4]. Core Insights - The solar and energy storage sectors are expected to benefit from domestic demand support and supply discipline, with profitability in overseas battery and material production remaining strong [2][3]. - Wind power demand is projected to remain robust, with a significant increase in new bids for wind turbines in Q1, indicating sustained growth through 2026 [2][3]. - The development of virtual power plants is gaining momentum, with government guidance aimed at enhancing their scale and operational models [2][3][4]. Summary by Relevant Sections Solar & Energy Storage - The shift from large-scale solar projects to distributed generation is emphasized, with domestic demand and supply discipline expected to strengthen [2][3]. - Longi Green Energy launched its second-generation BC products, improving module efficiency and bifacial rates [2][3]. - The report notes that recent policy changes and market dynamics suggest a favorable environment for solar demand in the second half of the year [7][8]. Wind Power - In Q1, state-owned enterprises added 26.2 GW of new wind power capacity, a 32% year-on-year increase, reinforcing the outlook for sustained demand through 2026 [2][3]. - The report highlights the strategic value of offshore wind projects amid increasing trade tensions and domestic demand expectations [2][3]. Grid and Virtual Power Plants - The National Development and Reform Commission and the Energy Administration have issued guidelines to accelerate the development of virtual power plants, aiming for significant capacity increases by 2027 [2][3][4]. - The report indicates that the first batch of procurement agreements in the North China region has been announced, with a focus on long-term vendor capabilities [2][3][4]. New Energy Vehicles & Lithium Batteries - BYD's Q1 profit forecast indicates strong performance driven by increased exports and effective cost management [3][4]. - CATL has received approval for its Hong Kong listing, with plans to raise at least $5 billion for overseas capacity expansion [3][4]. Hydrogen and Fuel Cells - The report discusses the development of a "hydrogen corridor" in the western region, aiming to create a comprehensive hydrogen supply chain [5][10]. - The anticipated sales of hydrogen vehicles are projected to exceed 10,000 units by 2025, supported by infrastructure developments [5][10].

对美国锂电总体需求预期维持： 电动车需求影响有限：增速预期低且电池实现本土制造。 25年预计10-15%增长，180万辆车，对应动力电池装机130GWh+，需求 170GWh+。电池结构，宁德已将至12%，其余基本为北美制造。此次加税后，中国出口美国动力电池面临82.4%关税，叠加本土制造拥有 10%制造补贴+终端汽车7500美金/辆补贴，经济性远高于进口，因此厂商加速北美建厂。 储能有所影响，但IRR仍有经济性，或双发各自承担。 出口美国储能电池关税当前提升至64.9%，2026年为82.4%。若从中国进口储能系 统，则当前关税下irr为8.2%，而去年为16.9%；若从中国进口储能电芯，其他可实现本土生产，则当前irr为12.8%，而去年为17%。25年2 月末美国大储备案量65GW，其中年内计划并网项目19-20GW，同比翻倍增长，需求仍旺盛，预计美国储能总体需求仍可以有40-50%增 长，且北美缺乏铁锂电池产能，依旧依赖中国企业，双方或协商各自承担一定关税。 1.美国锂电需求： 宁德占比已下降至12%： 松下、LG新能源占据美国主要份额，宁德时代市占率12%。从电池供应结构看，松下、LG新能源占据主要 ...

又一家锂电企业欲赴港上市。 华夏能源网&华夏储能（公众号hxcn3060）获悉，近日，中伟新材料股份有限公司（简称"中伟股份"， SZ：300919）发布公告称，经充分研究论证，公司拟发行H股股票并在香港联交所主板挂牌上市。 中伟股份成立于2014年，注册地为贵州铜仁，是国内三元前驱体龙头。研究机构EVTank发布的数据显 示，2024年，中伟股份三元前驱体产量、出货量全球排名均为第一。2023年，公司实控人邓伟明家族还 以241亿元财富，力压满帮张晖和老干妈陶华碧，登顶贵州首富。 中伟股份早在2020年便登陆深交所，如果此次港交所上市成功，将成为贵州首家"A+H"股上市公司。 如今，中伟股份还能借赴港上市融资，来继续填充其全球扩张、大上产能的"无底洞"吗？ 5年烧掉百亿募资后仍缺钱 中伟股份自2020年12月在深交所上市以来，曾多次募资用于扩产。 中伟股份IPO时，募资总金额为14.01亿元，一是用于扩大公司在三元正极材料前驱体领域的生产规模， 二是用于补充流动性。此后，公司又进行了两次定增： 2021年11月，中伟股份以每股138.8元的价格，非公开发行股票募集资金约50亿元，扣除相关费用后募 资净额约为 ...

随着投资热度的回升， 锂电行业多家企业IPO传来新进展！部分企业或开启申购、或顺利敲钟上市，也有企业一波三折，再次按下" 暂停 键"。 3月31日，从 深交所网站获悉， 共有16家企业更新IPO审核状态为"中止"， 其中有4家企业属于锂电行业，中止原因均为 财务资料已过有效 期。 01 电池端： 朗泰通科技原拟募资7亿元 东莞市朗泰通科技股份有限公司成立于2015年12月17日，是 专注电池研发、生产、销售与服务的高新技术企业，深耕电池行业20多年，目 前拥有磷酸铁锂、三元、镍氢等多种类的电池产线，主营产品包括32、26、18等系列圆柱电池及方向电池。 朗泰通科技于2022年10月开始辅导备案，2023年6月获受理，同年7月已问询，今年3月因 财务资料过期被中止。 招股书显示， 朗泰通科技 本次IPO计划募资7.02亿元，用于两大项目和补充流动资金，其中磷酸铁锂电池生产基地建设项目、研发中心建设 项目均 已获得相关主管部门的审批或备案。 | | | | | 单位: 万元 | | --- | --- | --- | --- | --- | | 序号 | 项目名称 | 总投资额 | 拟投入募集资金 | 建设期 | ...