2025 年 08 月 24 日 行业周报 看好/维持 电力设备及新能源 电力设备及新能源 新能源+AI 周报（第 22 期 20250817-20250823）：重视新能源龙 头的布局，新方向持续发力 ◼ 走势比较 | 电站设备Ⅱ | 无评级 | | --- | --- | | 电气设备 | 无评级 | | 电源设备 | 无评级 | | 新 能 源 动 力 | 无评级 | | 系统 | | 报告摘要 ⚫ 行业整体策略：重视新能源龙头的布局，新方向持续发力 半年报最密集阶段来临，重视新能源大底部龙头的布局，后续一两个 季度是其确认底部的关键期；调整期进一步布局新能源+AI、固态电 池等新方向。 新能源汽车产业链核心观点：中下游新周期已开启 ◼ 推荐公司及评级 相关研究报告 <<【太平洋新能源】新能源+AI 周报 （第 21 期 20250810-20250816)：龙 头引领生态升级，重视涨价、AI 弹 性>>--2025-08-18 <<【太平洋新能源】新能源+AI 周报 （第 20 期 20250803-20250809)：新 能源+AI 持续延伸，反内卷继续深 化>>--2025-08-11 <<【太平 ...

Core Viewpoint - Jiangsu Jingyan Technology Co., Ltd. is issuing convertible bonds to unspecified objects, analyzing the impact on immediate returns and proposing measures to mitigate potential dilution of returns [1][2][3] Group 1: Impact Analysis of Convertible Bond Issuance - The issuance of convertible bonds is expected to dilute immediate returns, with two scenarios considered: full conversion (100% conversion rate) and no conversion (0% conversion rate) [2][3] - If all bonds are converted, the total share capital will increase to 19,927.96 million shares, with a projected net profit of 10,098.19 million yuan for 2025 [2][3] - Three profit growth scenarios are analyzed: no growth, 10% growth, and 20% growth compared to the previous year, affecting earnings per share (EPS) and diluted EPS [3][5] Group 2: Necessity and Reasonableness of the Issuance - The funds raised will be used for projects that enhance the company's core competitiveness and sustainable development capabilities, including precision MIM components for new consumer electronics and data servers [6][9] - The company is a leading player in the MIM industry, with a diversified product portfolio across various sectors, including consumer electronics and automotive [6][9] Group 3: Measures to Mitigate Dilution of Immediate Returns - The company will strengthen the management of raised funds to ensure effective use and prevent risks associated with fund usage [10][11] - Accelerating the investment progress of the projects funded by the issuance to enhance efficiency and achieve expected benefits sooner [10][11] - Improving operational management and internal controls to boost profitability and reduce financial expenses [11] Group 4: Commitment from Relevant Parties - The company's board and senior management have committed to ensuring the effectiveness of measures to mitigate the dilution of immediate returns [12][13] - The controlling shareholders and actual controllers have also made commitments to uphold the measures related to the issuance of convertible bonds [12][13]

Core Viewpoint - 中创新航 (03931) is recognized as a leading domestic lithium battery manufacturer with strong overall capabilities, and is expected to achieve significant earnings growth in the coming years [1] Group 1: Market Position and Customer Structure - The global demand for power batteries is vast, and the supply chain strategies of automakers present opportunities for high-quality battery manufacturers to emerge. The company has differentiated itself in the domestic market with its high-nickel, high-voltage products and has established partnerships with major domestic automakers such as Changan and GAC [2] - The company has expanded its customer base to include most mainstream passenger car manufacturers in China and is actively pursuing overseas clients and commercial vehicle customers to explore new growth points [2] Group 2: Capacity Expansion and Technological Development - The company has been continuously increasing its production capacity to meet the growing demand from downstream industries and customers, benefiting from the release of new customer orders, leading to improved utilization rates [3] - The company is enhancing its R&D investments, making advancements in technology, and expanding its product matrix across four key technological pathways: cobalt-free, high-manganese, high-voltage, and solid-state [3] Group 3: Energy Storage and Growth Potential - In the energy storage sector, the company has developed a diverse product matrix and is making industry-leading progress in the mass production of large energy storage cells. It has established partnerships with major power groups and leading integrators [4] - The company is projected to rank fifth globally in energy storage shipments by 2024, indicating a significant growth trajectory [4] Group 4: Financial Outlook and International Expansion - The company's fundamentals are showing signs of an upward turning point, with rapid growth in shipments leading to economies of scale, stable battery prices, and an optimized customer structure contributing to accelerated profit recovery [5] - The company is advancing its capacity layout in Europe and Southeast Asia, expanding its overseas market presence, which is expected to support an upward shift in profit margins [5]

Core Viewpoint - The establishment of a joint venture between Zhongchuang Innovation and Handan City Investment Group, along with Handan City Urban Operation Group, aims to enhance the market expansion and strategic layout of the company's power and energy storage business [1][2]. Group 1: Joint Venture Details - The joint venture will have a registered capital of RMB 4 billion, with Zhongchuang Innovation contributing RMB 2.4 billion (60%) and Handan parties contributing RMB 1.6 billion (40%) [1]. - The joint venture will be considered a subsidiary of Zhongchuang Innovation, and its financial performance will be consolidated into the group's financial statements [1]. Group 2: Handan City Investment Group - Handan City Investment Group is a limited liability company registered in China, focusing on industrial investment, capital operation, and various sectors including water environmental protection and clean energy [1]. - The ultimate beneficial owner of Handan City Investment Group is the State-owned Assets Supervision and Administration Commission of Handan City People's Government [1]. Group 3: Handan City Urban Operation Group - Handan City Urban Operation Group is also a limited liability company in China, primarily engaged in urban infrastructure construction and public service operations [2]. - Its business sectors include government investment project construction, real estate development, and urban public transportation [2]. - Similar to the investment group, the ultimate beneficial owner is the State-owned Assets Supervision and Administration Commission of Handan City People's Government [2]. Group 4: Strategic Implications - The joint venture is primarily focused on the development and construction of power, energy storage batteries, and energy storage system integration projects [2]. - This initiative is expected to facilitate the market expansion and strategic positioning of Zhongchuang Innovation in the energy sector [2].

Group 1 - The company, Zhongchuang Xinhang, announced a joint venture agreement with Handan Industrial Investment Group and Handan Urban Operation Group to establish a joint venture company [1] - The registered capital of the joint venture company is set at RMB 4 billion, with the company contributing RMB 2.4 billion (60% ownership) and Handan parties contributing RMB 1.6 billion (40% ownership) [1] - The joint venture will focus on the development and construction of power, energy storage batteries, and energy storage system integration projects, enhancing the company's market expansion and strategic layout in the power and energy storage business [1] Group 2 - Handan Industrial Investment Group is a limited liability company registered in China, primarily engaged in capital operation, water and environmental protection, clean energy, cultural tourism, and other sectors [2] - Handan Urban Operation Group is also a limited liability company in China, focusing on urban infrastructure construction, public service operations, and various development and management projects [2]

Core Insights - Company reported 2024 annual results and Q1 2025 results, showing strong growth in revenue and net profit [1][2] Group 1: 2024 Annual Results - Company achieved revenue of 35.392 billion, a year-on-year increase of 11.98% [1] - Net profit attributable to shareholders reached 1.207 billion, up 28.56% year-on-year [1] - Non-recurring net profit attributable to shareholders was 263 million, a significant increase of 125.86% year-on-year [1] - Gross margin for power and energy storage batteries improved, with overseas revenue exceeding 10 billion for the first time, growing over 70% year-on-year [1] - Total battery product shipments were approximately 63 GWh [1] Group 2: Q1 2025 Results - Company reported revenue of 9.055 billion for Q1 2025, a year-on-year increase of 20.61% [2] - Net profit attributable to shareholders was 101 million, up 45.55% year-on-year [2] - Non-recurring net profit attributable to shareholders was 15 million, an increase of 37.59% year-on-year [2] - Battery shipments for Q1 2025 were approximately 18 GWh [2] Group 3: Market Position and Growth - Company ranked third globally in lithium iron phosphate battery installation volume with a market share of 6.18% [2] - Global power lithium battery installation volume increased by 73.8%, with a market share of 3.2%, ranking eighth [2] - In China, power lithium battery installation volume grew by 48%, with a market share of 4.59%, ranking fourth [2] Group 4: Future Projections - Revenue projections for 2025-2027 are 46.621 billion, 53.673 billion, and 63.690 billion, representing year-on-year growth of 31.73%, 15.13%, and 18.66% respectively [3] - Expected net profit attributable to shareholders for 2025-2027 is 1.746 billion, 2.331 billion, and 2.907 billion, with year-on-year growth of 44.67%, 33.46%, and 24.77% respectively [3] - Corresponding price-to-earnings ratios are projected to be 21.69, 16.25, and 13.02 [3]

Core Viewpoint - The company has successfully turned a profit in Q1 2025, achieving operating revenue of 715 million yuan and a net profit of 12.82 million yuan amidst intensified industry competition, driven by effective strategic adjustments and enhanced operational efficiency [2] Financial Performance - In Q1, the company's operating cash flow turned positive, reaching 118 million yuan, attributed to systematic optimization in cost control and capital operations [3] - The company reduced sales and management expenses by 22.37% and 41.17% year-on-year, respectively, through a comprehensive cost monitoring system [3] - The high conversion rate of 99.71% for convertible bonds has led to a decrease in the debt-to-asset ratio, alleviating financial burdens [3] R&D and Business Development - The gross profit margin significantly increased by 17.46% year-on-year and 27.1 percentage points quarter-on-quarter, reaching 34.84%, due to a revamped R&D strategy focusing on high-potential areas while maintaining a 12.26% R&D expense ratio [4] - The company has achieved breakthroughs in lithium battery equipment, securing bulk orders for its advantageous models in both power and consumer lithium batteries [4] - The company has established a solid-state battery laboratory and developed core equipment prototypes, positioning itself for future market opportunities [4][5] Competitive Positioning - The company has formed a differentiated competitive edge by collaborating with leading domestic automakers to establish the first production line for sulfide solid-state batteries [5] - With the anticipated timeline for solid-state battery commercialization approaching, the company is well-positioned to leverage its dual advantages in equipment and processes [5] Global Expansion and Innovation - The company has developed a "3+2+2" global manufacturing network, enhancing its capabilities in precision processing and assembly [6][7] - The emergence of trillion-dollar markets such as intelligent robots and eVTOLs presents new opportunities for the company's technology applications [7] Strategic Focus - In 2025, the company will concentrate on lithium battery equipment and smart factory solutions, increasing investments in solid-state batteries, perovskite, mobile robots, and AI computing equipment [8] - The company aims to optimize its organizational structure and cost structure to enhance operational efficiency and market competitiveness [8]