Group 1 - The core point of the news is that Ding Sheng New Materials has seen a stock price increase of 5.33%, reaching 13.63 CNY per share, with a trading volume of 376 million CNY and a turnover rate of 3.08%, resulting in a total market capitalization of 12.666 billion CNY [1] - Jiangsu Ding Sheng New Materials Co., Ltd. is located in Zhenjiang, Jiangsu, and was established on August 12, 2003, with its listing date on April 18, 2018. The company's main business involves the research, production, and sales of aluminum foil, accounting for 85.57% of its main business revenue, followed by aluminum plates and strips at 12.80%, and other products at 1.64% [1] Group 2 - From the perspective of fund holdings, one fund under China Merchants Fund has a significant position in Ding Sheng New Materials. The fund "China Merchants Growth Quantitative Stock A" (020901) increased its holdings by 110,430 shares in the third quarter, bringing the total to 398,480 shares, which represents 1.49% of the fund's net value, making it the fifth-largest holding [2] - The fund "China Merchants Growth Quantitative Stock A" was established on May 31, 2024, with a latest scale of 1.495 billion CNY. Year-to-date returns are 29.23%, ranking 1217 out of 4206 in its category, while the one-year return is 35.53%, ranking 799 out of 3983. Since inception, the fund has achieved a return of 46.58% [2] - The fund manager, Wang Ping, has a cumulative tenure of 15 years and 161 days, managing total assets of 21.247 billion CNY. The best fund return during his tenure is 252.1%, while the worst is -70.61% [2]

Core Viewpoint - The rapid development of the new energy vehicle market in China is driving the demand for lightweight materials, particularly aluminum plates, strips, and foils, which are ideal for vehicle bodies due to their lightweight and high-strength characteristics [1][10]. Market Overview - Aluminum plates, strips, and foils are produced through processes such as rolling and casting, and are widely used in construction, automotive manufacturing, electronics, packaging, and aerospace [2][6]. - The demand for aluminum plates and foils in China is projected to reach 11.6042 million tons and 3.8965 million tons respectively by 2024 [1][10]. - The production of aluminum plates and foils in 2024 is expected to be 14.75 million tons, with various applications including packaging, construction, and automotive sectors [1][10]. Market Policies - A series of policies have been implemented to support the aluminum plate and foil industry, encouraging technological innovation and the development of high-precision, high-performance products [5][6]. - Key policies include the "Implementation Plan for High-Quality Development of the Aluminum Industry (2025-2027)" and various initiatives aimed at promoting recycling and green manufacturing [5][6]. Industry Chain - The upstream of the aluminum plate and foil industry includes bauxite, recycled aluminum, and production equipment, with bauxite being the primary raw material for aluminum production [6][8]. - The midstream involves the processing and manufacturing of aluminum products, while the downstream applications span multiple sectors including construction, automotive, electronics, and packaging [6][8]. Competitive Landscape - Major players in the aluminum plate and foil market include China Aluminum Corporation, Henan Mingtai Aluminum Industry Co., Ltd., and several others, with large companies dominating the market due to their complete industrial chains and significant production capacities [12][14]. - The top companies are recognized for their technological advancements and extensive market reach, contributing to their leading positions in the industry [12][14]. Development Trends - The aluminum plate and foil products are expected to evolve towards higher precision, performance, and added value, with increased investment in R&D for high-end applications in aerospace and new energy vehicles [19]. - The industry is also moving towards green development, with a focus on using renewable energy and enhancing the recycling of aluminum [19].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is implied that the company is positioned favorably within its industry due to its leading market position and growth prospects [25]. Core Viewpoints - The company, Yongjie New Materials (603271.SH), specializes in the research, production, and sales of aluminum plates and foils, primarily serving the lithium battery, automotive lightweighting, and electronic sectors [6][12]. - The company has shown a revenue trajectory with projected revenues of 7.15 billion CNY in 2022, 6.50 billion CNY in 2023, and an expected increase to 8.11 billion CNY in 2024, reflecting a year-over-year growth of 24.71% [7][21]. - The company is recognized as a leading manufacturer of aluminum plates and foils for lithium batteries, benefiting from the increasing demand in the lithium battery sector [17][18]. Summary by Sections Financial Performance - In the years 2022 to 2024, the company achieved revenues of 71.50 billion CNY, 65.04 billion CNY, and 81.11 billion CNY, with year-over-year growth rates of 13.44%, -9.04%, and 24.71% respectively [7][21]. - The net profit attributable to the parent company for the same years was 3.54 billion CNY, 2.38 billion CNY, and 3.19 billion CNY, with corresponding growth rates of 47.80%, -32.73%, and 34.28% [7][21]. Industry Overview - The aluminum plate and foil industry is experiencing rapid growth, driven by increasing demand in sectors such as transportation, construction, and energy storage, particularly for lithium batteries [13][14]. - The total production of aluminum plates and foils in China has increased from 7.25 million tons in 2010 to 18.60 million tons in 2023, with a compound annual growth rate of approximately 7.5% [13][14]. Company Highlights - Yongjie New Materials is a top player in the domestic market for aluminum plates and foils used in lithium batteries, having established strong partnerships with major battery manufacturers like CATL and BYD [16][17]. - The company is also expanding into high-end materials such as anodized materials and liquid cooling management materials, which are gaining traction in the market [18]. Peer Comparison - Compared to its peers, Yongjie New Materials has lower revenue and profit margins. The average revenue for comparable companies in 2023 was 15.42 billion CNY, with an average PE-TTM of 24.60X and a sales gross margin of 11.96% [21][22].