Core Viewpoint - Zhongwei Co., Ltd. has officially submitted its H-share listing application to the Hong Kong Stock Exchange, aiming to enhance its international strategy and establish a global equity financing platform [1] Group 1: Company Performance - In 2024, Zhongwei achieved a revenue of 40.22 billion yuan, representing a year-on-year growth of 17.4% [1] - The company's overseas revenue reached 17.88 billion yuan, accounting for 44.5% of total revenue, with a year-on-year increase of 27.1% [1] - Zhongwei maintained its leading position in the new energy battery materials sector, with a market share of 20.3% in ternary precursors and 28% in cobalt-based materials, both for five consecutive years [1] Group 2: Market Trends - A trend of A+H dual-platform listings is emerging among leading companies in the new energy sector, reflecting a desire for international market expansion and enhanced shareholder structure [2] - UBS predicts that by 2025, over 30 A-share companies will list in Hong Kong, with more than 30% from the new energy sector [2] Group 3: Strategic Motivations - The H-share listing is intended to support Zhongwei's deepening global layout, with overseas revenue increasing significantly from 202 million yuan in 2017 to 17.884 billion yuan in 2024 [4] - The listing will help the company address domestic overcapacity and competition by accelerating R&D in advanced technologies like high-nickel and solid-state battery materials [4] Group 4: Global Market Opportunities - The global new energy vehicle market is rapidly expanding, with sales expected to reach 18.236 million units in 2024, a year-on-year growth of 24.4% [6] - Zhongwei has established a comprehensive global capability in the new energy materials sector, ensuring supply chain security through strategic resource investments and a network of production bases [6][7] Group 5: Future Outlook - The H-share listing will provide strong capital support for Zhongwei's global strategy, enhancing its position in the global new energy materials market [7]

Core Viewpoint - Zhongwei Co., Ltd. is accelerating its overseas expansion and has officially applied for a listing on the Hong Kong Stock Exchange, aiming to leverage international capital for further growth [1][3]. Group 1: Financial Performance - In 2024, Zhongwei's revenue from overseas reached 17.884 billion RMB, accounting for 44.5% of total revenue, an increase of over 10 percentage points compared to two years ago [1][2]. - The company's total revenue for 2022, 2023, and 2024 is projected to be 30.344 billion RMB, 34.273 billion RMB, and 40.223 billion RMB, respectively, indicating steady growth [4]. - The revenue from new energy metal products has grown significantly, reaching 13.483 billion RMB in 2024, accounting for 33.5% of total revenue [4]. Group 2: Business Structure and Strategy - Zhongwei has established a vertically integrated business model, with a product matrix that includes nickel, cobalt, phosphorus, sodium, and other innovative materials [4]. - The company is expanding its production capacity in Indonesia and Morocco and is evaluating plans to build a nickel material production line in South Korea [2][8]. - The shift towards a platform-type materials company is evident, as Zhongwei aims to create a complete ecosystem from resource extraction to recycling [8]. Group 3: Market Dynamics and Challenges - The traditional new energy battery materials segment has seen a decline in revenue and market share, with nickel and cobalt materials experiencing significant price drops [5][6]. - The average selling price of nickel materials fell from 102.9 thousand RMB/ton in 2023 to 82.9 thousand RMB/ton in 2024, while cobalt materials also saw a price decrease [7]. - The company faces challenges from raw material price fluctuations, particularly in nickel and cobalt, which have historically impacted profitability [9][10].

智通财经4月22日电，恩捷股份（002812.SZ）发布公告，2024年国内生产基地绿电使用率达59%，超额 完成年初50%的目标。其中，江苏、上海、珠海等主力基地实现100%绿电覆盖，江西通瑞、云南红塑 绿电比例均超90%，展现公司在清洁能源转型上的坚定决心。恩捷股份表示，2025年将从光伏规模化应 用、绿电交易创新以及数字化能源管理三大维度进一步持续推进生产基地绿电供应。公司目前已制定碳 中和路线图，计划2035年实现运营层面碳中和，并致力于推动行业绿色转型。作为新能源材料领域标杆 企业，恩捷股份正以"材料创新+能源转型"双轮驱动模式，引领产业可持续发展。 恩捷股份超额完成绿电目标 加速推进碳中和进程 ...

Core Insights - Zhongwei Co., Ltd. is a leading global supplier of lithium-ion battery precursor materials, focusing on innovation in new energy materials [2] - The company aims to support global low-carbon and energy transition through high-performance and environmentally friendly materials [2] - Zhongwei has established a comprehensive operation from upstream metal extraction to recycling, enhancing its global influence in the supply chain [2] Financial Performance - Revenue for Zhongwei was approximately 30.34 billion RMB in 2022, projected to increase to 34.27 billion RMB in 2023 and 40.22 billion RMB in 2024 [3][5] - Annual profit figures were around 1.54 billion RMB in 2022, expected to rise to 2.10 billion RMB in 2023, before slightly decreasing to 1.79 billion RMB in 2024 [3][5] Production and Global Presence - As of December 31, 2024, Zhongwei operates four production bases in China, three in Indonesia, one in Morocco, and plans for additional bases in Indonesia and South Korea [3] - The strategic positioning of production facilities aims to leverage significant global demand across Asia, Europe, and North America while maintaining flexibility to respond to market complexities [3]

诺德股份（600110）公告，全资孙公司深圳百嘉达新能源材料有限公司与江苏天合储能有限公司签订了 2025年度《采购合同》。合同约定天合储能向百嘉达采购4.5微米铜箔，合同金额约2亿元人民币。该协 议自双方签字并盖章之日起生效，将对公司2025年经营业绩产生积极影响。 ...

Core Viewpoint - The company reported a significant increase in net profit exceeding 30%, indicating stable core business operations and improved gross margins [2] Financial Performance - In 2024, the company achieved operating revenue of 7.171 billion yuan, a year-on-year increase of 19% - The net profit attributable to shareholders reached 2.704 billion yuan, up 32% year-on-year - The non-recurring net profit was 2.619 billion yuan, also showing double-digit growth year-on-year [2] - Operating cash flow improved, reaching 2.430 billion yuan, a 5% increase year-on-year [2] Business Segments - Project operations generated revenue of 3.370 billion yuan, a 10% increase year-on-year, with a gross margin improvement of 0.14 percentage points to 59.48% - Equipment, EPC, and services generated revenue of 3.759 billion yuan, a 29% increase year-on-year, with a gross margin increase of 9.74 percentage points to 44.46% [2] Project Developments - The company progressively launched waste incineration and kitchen waste projects, with 55 waste incineration projects in operation by the end of the reporting period, totaling an operational scale of approximately 3.73 thousand tons per day [3] - In 2024, the company processed 12.5438 million tons of household waste and 494.6 thousand tons of kitchen waste, with several new projects entering formal operation [3] - The company actively participated in green certificate trading, achieving a total of approximately 4.92 million green certificates issued by the end of 2024 [3] Equipment and New Materials - The equipment business had a robust order backlog, with new orders totaling approximately 3.17 billion yuan in 2024 [4] - The new materials project is progressing well, with the first production line for high-nickel materials entering trial production [4] Profit Forecast - The company is expected to achieve operating revenues of 11.669 billion yuan, 16.505 billion yuan, and 18.282 billion yuan for 2025-2027, representing year-on-year growth rates of 62.72%, 41.45%, and 10.76% respectively [4] - The net profit attributable to shareholders is projected to be 3.220 billion yuan, 3.777 billion yuan, and 4.103 billion yuan for the same period, with growth rates of 19.08%, 17.31%, and 8.63% respectively [4]

Group 1: Core Achievements - The market supervision department of Handan City has resolved 421 quality issues and introduced 42 foreign quality experts, showcasing significant progress in high-quality development since 2024 [1][2] - Handan City has approved four enterprises as provincial-level "leader" in enterprise standards, ranking first in the province, and 12 enterprises have been included in the public list of intelligent factories, also ranking first in the province [1] Group 2: "Assist Enterprises to Enhance Intelligence" Project - The city conducted surveys on 2,924 key enterprises, focusing on various categories including industrial enterprises and specialized small and medium-sized enterprises, leading to the development of tailored support plans for 37 enterprises [2] - Notable advancements include Hebei Guzhong Food Co., Ltd. developing two patents for sesame processing equipment with the help of a Japanese expert, and Hebei Jinli New Energy Technology Co., Ltd. improving product width by 17% and reducing thickness to 2 micrometers [2] Group 3: "Assist Enterprises to Connect Intelligence" Project - The city has integrated quality elements such as standards and certifications, addressing quality bottlenecks in 22 industrial chains, with 541 enterprises and 52 research institutions participating in quality management [3] - Key projects in the quality improvement initiative have been recognized as provincial key projects, and 13 leading enterprises have been identified for quality enhancement [3] Group 4: "Assist Enterprises to Finance" Project - The market supervision bureau collaborated with other departments to create an innovation credit evaluation system, resulting in the development of the "Jizhi Loan" financial product, which has facilitated loans totaling 97 million yuan for five enterprises [4] - Over the past year, 143 cases of intellectual property pledge financing have been completed, amounting to 2.52 billion yuan, through various initiatives including partnerships with multiple financial institutions [4]

Core Viewpoint - Shanghai Haishun New Material Co., Ltd. demonstrates robust growth in 2024, achieving a revenue of 1.143 billion yuan, a year-on-year increase of 11.92%, and a net profit of 74.59 million yuan, showcasing its resilience in a complex market environment through technological innovation and strategic layout [1][2]. Group 1: Pharmaceutical Packaging - The company holds 161 drug packaging material registration numbers and 31 DMF filings, serving renowned pharmaceutical companies such as China National Pharmaceutical Group and AstraZeneca [1]. - Core products include cold-formed composite hard films, PTP aluminum foil, and SP composite films, which are preferred materials for packaging tablets, capsules, and suppositories due to their excellent performance and quality [1]. - The subsidiary Suzhou Haishun has received multiple honors, including being recognized as a five-star cloud enterprise in Jiangsu Province, highlighting its leading position in intelligent production and green manufacturing [1]. Group 2: New Energy Materials - Haishun focuses on the independent research and development of aluminum-plastic film materials, successfully overcoming technical barriers and achieving mass supply to several lithium battery manufacturers [2]. - Aluminum-plastic film is a key material for soft-pack lithium battery packaging, directly affecting battery safety and lifespan [2]. - The company has achieved a net cash flow from operating activities of 161 million yuan in 2024, a significant increase of 60.35% year-on-year, indicating improved operational efficiency and optimized capital management [2]. Group 3: Shareholder Returns and Future Strategy - The board approved a profit distribution plan, proposing a cash dividend of 2.7 yuan per 10 shares (tax included), continuing the tradition of valuing shareholder returns [2]. - The company has repurchased shares amounting to 3% of the total share capital, reflecting management's recognition of the company's long-term value [2]. - Future strategies include deepening the synergistic development of three major sectors: pharmaceutical packaging, new energy, and new consumption, with plans to integrate smart packaging and precise drug delivery technologies in the pharmaceutical sector [2].

Macro Strategy - The report highlights that the Chinese technology industry is injecting stability into global assets, transitioning from "point breakthroughs" to "system evolution" in its innovation system, which is crucial for transforming into an innovation-driven economy [1][18] - The capital market is expected to continuously provide stable liquidity support for the technology industry, with "KOT estimates" likely to inject further stability into the revaluation of China's economic transformation [1][19] Fixed Income - The report analyzes the investment value of technology bonds, noting that despite increased trading sentiment, the market's growth rate is more significant, indicating ample trading space for technology bonds [3] - Technology bonds generally have a credit spread slightly higher than ordinary credit bonds of the same rating, with a notable advantage in the 3-5 year maturity range, suggesting a larger capital gain potential compared to ordinary credit bonds [3] - The valuation yield of technology bonds predominantly falls within the 2%-2.5% range, with longer maturities showing a significant upward trend, making them attractive for investors seeking stable returns [3] Industry Insights - The report emphasizes the potential for revaluation in various industries, particularly in high-tech, consumer, and emerging service sectors, suggesting that investors should explore valuation discrepancies in technology bonds from an industry perspective [5] - The computer industry is highlighted as a significant area for growth, driven by policy support and the emergence of a trillion-dollar market, indicating a multi-dimensional value opportunity [6] Environmental Industry - The report discusses the renewable energy subsidy projects released by the State Grid, focusing on the importance of stable operations and self-control in the environmental sector [7] - It suggests that defensive assets driven by domestic demand, such as solid waste and water services, are expected to see significant cash flow improvements and dividend increases [7] Company-Specific Analysis - The report provides a detailed analysis of Zhongwei Co., predicting a net profit of 18.6 billion yuan for 2025, with a target price of 44 yuan, maintaining a "buy" rating [8] - For Qianhe Flavor Industry, the report adjusts revenue expectations downward due to strategic adjustments but anticipates profit growth driven by cost advantages [9] - China XD Electric is projected to achieve a net profit of 17.0 billion yuan by 2025, with a "buy" rating maintained due to strong performance in its transformer and switch businesses [11]

在持续动荡与博弈的动储江湖，新能源材料巨擘中伟股份 (300919.SZ) 仍在持续向上成长。 Wind显示，中伟股份年营收至少已经连续7年实现高速增长，在2017-2024年期间，中伟股份年营 收规模增长了20.60倍，从季度趋势看，中伟股份已至少连续16个季度 （2021年一季度以来） 实 现持续正增长；根据可查数据，这已经是其至少连续20个季度实现盈利。展现了持续发展韧性与 强大潜力，堪称动储江湖真正的 "逆周期之王"。 而今年是中伟股份成立的第11个年头，是其登陆资本的第5年，目前公司锚定 "成为全球领先的新 能源材料科学公司" 企业愿景，已形成镍系、钴系、磷系、钠系等多元化的新能源材料产品矩阵 和技术布局，且已经在多个领域成为国际顶级玩家。 也正是这一年 （2020年12月23日） ，中伟股份成功登陆创业板，实现成立6年即上市的壮举。伴 随新能源汽车产业彻底爆发，中伟股份股价也出现史诗级上扬，市值最高超过1400亿元，成为贵 州省市值仅次于茅台的上市企业，实控人邓伟明身价飙升，一跃成为贵州首富。公司还成功跻身 "中国民营企业500强" 之列，并是贵州唯一入选 "2024中国制造业民营企业500强" ...