天眼查App显示，近日，湖南煜景再生资源有限公司成立，法定代表人为黄群华，注册资本200万人民 币，经营范围为一般项目：再生资源加工;非金属废料和碎屑加工处理;固体废物治理;塑料制品制造;塑 料制品销售;再生资源回收（除生产性废旧金属）;再生资源销售;资源循环利用服务技术咨询;技术服 务、技术开发、技术咨询、技术交流、技术转让、技术推广;资源再生利用技术研发;生物质燃料加工;生 物质成型燃料销售;新能源汽车废旧动力蓄电池回收及梯次利用（不含危险废物经营）;软件开发;信息技 术咨询服务;软件销售;数据处理服务;新材料技术推广服务;新材料技术研发;机械设备销售;机械零件、零 部件加工;模具销售;国内贸易代理;运输货物打包服务（除依法须经批准的项目外，自主开展法律法规未 禁止、未限制的经营活动）。 ...

Core Viewpoint - Nandu Power's revenue and net profit have significantly declined in the first three quarters, primarily due to strategic adjustments and reduced production in the recycling segment, despite growth in overseas lithium battery products [1] Financial Performance - The company reported a revenue of 5.911 billion yuan for the first three quarters, a year-on-year decrease of 24.80% [1] - The net profit attributable to shareholders was -220 million yuan [1] - In the third quarter, revenue was 1.988 billion yuan, down 6.22% year-on-year [1] - The net profit for the third quarter was 12.1718 million yuan, reflecting an 80.26% decline year-on-year [1] Operational Insights - The revenue decline is attributed to strategic adjustments, particularly a proactive reduction in production within the recycling segment, leading to a continuous decrease in revenue scale [1] - The significant increase in revenue from overseas data center lithium battery products has also influenced the overall financial performance [1] - The net loss is partly due to a lack of substantial investment gains compared to the previous year, where large investment income was recorded from equity disposals [1] - The recycling lead segment has faced increased losses due to policy changes and supply-demand dynamics [1]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on the performance metrics and growth expectations [1]. Core Insights - The company is expected to achieve a revenue of CNY 15.59 billion in 2024, representing a year-on-year growth of 10.8%. The net profit attributable to shareholders is projected to be CNY 610 million, a 7.3% increase year-on-year [1]. - For the first quarter of 2025, the company anticipates a net profit between CNY 220 million and CNY 250 million, reflecting a significant increase of 43.2% to 63.5% compared to the previous year [1][4]. - The growth in the lead-acid battery business is a key driver for the company's performance, with steady sales increases and improved profitability from recycled lead-acid batteries [4]. Financial Performance Summary - Total revenue for the years 2022 to 2026 is projected as follows: CNY 134.3 billion (2022), CNY 140.8 billion (2023), CNY 155.9 billion (2024), CNY 178.8 billion (2025), and CNY 196.1 billion (2026), with respective growth rates of 8.2%, 4.9%, 10.7%, 14.7%, and 9.7% [3]. - The net profit attributable to shareholders is forecasted to grow from CNY 4.7 billion in 2022 to CNY 12.9 billion in 2026, with growth rates of -43.5% (2022), 21.8% (2023), 7.1% (2024), 54.4% (2025), and 36.6% (2026) [3]. - The gross profit margin is expected to improve from 14.2% in 2022 to 16.5% in 2026, indicating enhanced operational efficiency [3]. Business Strategy and Product Development - The company is focusing on a diversified product matrix that includes low-voltage lead-acid batteries, energy storage batteries, and recycled resource products, catering to various vehicle types [4]. - The dual strategy of maintaining traditional lead-acid battery sales while expanding into lithium battery markets is expected to drive future growth, with significant sales increases in low-voltage lithium batteries [4]. - The company’s investment projects have also seen an increase in fair value, contributing positively to net profit [4].