Group 1: Company Performance and Financials - The company reported a significant increase in sales volume of lithium battery cathode materials compared to the previous year, but faced a decline in product prices, leading to overall losses [5] - The company is currently constructing a total of 75,000 tons of lithium iron phosphate capacity and plans to adjust its capacity expansion based on industry trends and customer demands [2][3] - The overall equipment utilization rate is insufficient, contributing to high manufacturing costs per unit of finished product [5] Group 2: Strategic Direction and Market Position - The company has established a main business model focused on lithium battery cathode materials, with oxalic acid as a supplementary business [3] - The company aims to leverage opportunities in the booming new energy sector and is committed to high-quality development in the lithium battery cathode materials field [6][8] - The company is enhancing its research and development capabilities and production processes to improve product quality and market competitiveness [6] Group 3: Customer and Market Engagement - The company is actively collaborating with key customers to understand their needs and co-develop innovative products [6] - The company is exploring international business opportunities and strengthening overseas market research and analysis [7][8] - The company is participating in international industry exhibitions and business activities to enhance brand promotion and market outreach [6] Group 4: Challenges and Solutions - The company is addressing continuous losses by implementing cost reduction and efficiency enhancement measures, including optimizing production processes and improving product structure [5][6] - The company acknowledges the need for strategic focus and potential mergers or acquisitions to expand its business scale [4][6] - The company is committed to maintaining a leading position in technology through continuous investment in research and development [6]

Core Insights - The strong demand for lithium iron phosphate (LFP) batteries is driven by the robust growth in the new energy vehicle and energy storage markets, positioning Wanrun New Energy (688275) for continued operational improvement [1][2] Industry Summary - In March, China's power battery installation volume reached 56.6 GWh, a month-on-month increase of 62.3% and a year-on-year increase of 61.8%. LFP batteries accounted for 46.6 GWh, representing 82.3% of total installations, with a month-on-month growth of 63.9% and a year-on-year growth of 97.0% [1] - From January to March, the cumulative installation volume of power batteries in China was 130.2 GWh, a year-on-year increase of 52.8%, with LFP batteries making up 105.2 GWh, exceeding 80% market share [1] - According to TrendForce, global energy storage installations are expected to reach 221 GWh by 2025, a year-on-year growth of 36%, with China, Europe, and the Americas driving 85% of the demand [1] - The LFP industry is experiencing a positive turnaround, with high-pressure dense LFP supply expected to be tight, leading to significant price increases [1] Company Summary - Wanrun New Energy is enhancing operational efficiency and global expansion to build a competitive moat, with a significant increase in production capacity and sales reported in its 2024 performance [2] - The company is expected to benefit from the continuation of the new energy vehicle replacement policy and growing domestic and international energy storage demand, leading to a substantial increase in production in 2025 [2] - Wanrun New Energy is advancing its U.S. LFP project, with land and facilities completed and construction progressing as planned [2] - The company is actively developing fourth-generation high-pressure dense LFP products, which are becoming mainstream due to their high density and excellent electrochemical performance, with the capability for large-scale production [2] - The ongoing recovery in the LFP industry, combined with Wanrun New Energy's technological advantages and global strategy, positions the company to seize new growth opportunities [2]

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase in stock price relative to the CSI 300 index over the next six months [1][11]. Core Views - The company's performance is under short-term pressure, with a significant decline in revenue and profits for 2024, but there are expectations for recovery in 2025 driven by increasing demand for lithium battery materials [5][6][8]. - The report highlights the growth in China's new energy vehicle sales and battery production, which is expected to boost the demand for cathode materials [6][8]. - The company has established long-term supply agreements with major clients, which are anticipated to positively impact future performance [9][11]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 7.593 billion yuan, a decrease of 49.80% year-on-year, with a net profit of 472 million yuan, down 75.48% [6][12]. - The operating cash flow increased by 30.74% to 1.598 billion yuan, indicating improved cash generation despite declining profits [6]. - The company plans to distribute a cash dividend of 2.0 yuan per 10 shares [6]. Market Trends - In 2024, China's new energy vehicle sales reached 12.859 million units, a year-on-year increase of 36.10%, contributing to a growing demand for cathode materials [6][8]. - The production of power batteries in China grew by 40.96% in 2024, with expectations for continued growth in 2025 [6][8]. Product and Capacity Development - The company achieved a sales volume of 10.07 million tons of lithium battery materials in 2024, a significant increase of 60.53% year-on-year [8]. - The company is expanding its production capacity, with a total capacity of 129,000 tons by the end of 2024, and plans to add 80,000 tons of high-end capacity in 2025 [8][9]. Strategic Partnerships - The company has signed long-term supply agreements with SK On and LGES, which are expected to secure significant sales volumes and enhance market position [9][11]. - A strategic cooperation framework was established with Zhongwei Co., focusing on resource development and product supply [9]. Future Outlook - The company anticipates a recovery in performance in 2025, driven by increasing demand for lithium battery materials and stabilization of raw material prices [8][9]. - The projected earnings per share for 2025 and 2026 are 1.34 yuan and 1.85 yuan, respectively, with corresponding price-to-earnings ratios of 30.45 and 22.04 [11][12].

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创业板风险提示 本次股票发行拟在创业板上市，创业板公司具有创新投入大、新旧产业 融合成功与否存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退 市风险高等特点，投资者面临较大的市场风险。投资者应充分了解创业板市 场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 天津国安盟固利新材料科技 股份有限公司 （Tianjin Guoan Mengguli New Materials Science & Technology Co., Ltd.） （天津市宝坻区九园工业园 9 号路） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 保荐机构（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 天津国安盟固利新材料科技股份有限公司 首次公开发行股票并在创业板上市招股说明书 1-1-2 发行股票类型 人民币普通股（A 股） 发行股数 本次公开发行股票不超过 5,800.00 万股，占发行后总股本的 比例不低于 10.00%。本次发行全部为新股发行，不涉及股东 公开发售股份的情形。 每股面值 人民币 1.00 元 每股发行价格 人民币【】元 预计发行日期 【】年【】月 ...