8月24日，格林美（002340）(002340.SZ)公告，公司计划通过发行H股股票在香港联交所主板挂牌上 市，以满足全球化发展需要。 许开华出自新能源行业的"黄埔军校"中南大学。一次访问日本的经历，让他下定决心进入废旧电池回收 行业。从废旧动力电池回收起步，迈入动力电池原材料赛道，他将格林美一步步做强做大。 如今，格林美三元前驱体出货量占全球15%以上，四氧化三钴产品出货量占全球20%以上，坐拥全球 50%以上超细钴粉市场。 对于未来，许开华十分乐观。其规划，2025—2027年是公司竞争关键期，2027年目标是实现600亿元营 收规模。2024年，公司营收为332亿元，这意味着，其要在三年时间里实现营收翻倍。 "废品大王"许开华，要开始全球"捡垃圾"了。 大学教授"点废成金" 随着新能源行业的快速发展，废动力电池、废光伏组件及风机叶片等"新三样"固废问题日益突出。许开 华在更早的时间里，就意识到了这一点。 许开华在学术领域深耕多年，曾任中南大学冶金科学与工程学院教授。2000年，许开华代表学校赴日本 访问研究。这次访问中，他发现，日本许多做冶金研究的同行，也身兼再生资源的研究。他敏感地觉察 到这是一个巨 ...

Core Insights - The article highlights the significant role of Bao'an District in Shenzhen as a hub for the automotive industry, particularly in the fields of new energy and intelligent connected vehicles, with a cluster of 943 automotive-related enterprises [1][3]. Industry Overview - Bao'an has established itself as a strong engine for Shenzhen's automotive industry, focusing on core technologies rather than just vehicle manufacturing, leading to a robust ecosystem of "invisible champions" [3][6]. - The intelligent connected vehicle industry in Bao'an achieved an added value of 12.148 billion yuan in 2024, reflecting a year-on-year growth of 9.6% [3]. Key Players and Innovations - Major companies such as Valeo, HUAWEI, and XINWANDA are leading advancements in smart driving and battery technology, contributing to Bao'an's reputation as a global automotive supply chain leader [5][10]. - XINWANDA's high-power battery has a cycle life exceeding 100,000 times and has been installed in nearly 3 million vehicles, showcasing the district's innovation in battery technology [5]. Comprehensive Industry Ecosystem - Bao'an has developed a complete automotive industry chain covering all lifecycle stages, from upstream components to downstream services, enhancing its competitive edge [6][7]. - The district's focus on key components, such as hydrogen fuel cells and automotive electronics, has positioned it favorably within the global market [6][9]. Demonstration and Application - Bao'an has opened approximately 280 kilometers of roads for autonomous driving technology testing, with plans to expand this to over 400 kilometers, facilitating real-world applications of smart vehicles [9][10]. - The successful implementation of HUAWEI's valet parking system at Shenzhen Bao'an International Airport exemplifies the district's commitment to commercializing intelligent driving technologies [10]. Spatial Development and Infrastructure - Bao'an is innovating its industrial space through the "industrial building up" model, creating environments that foster collaboration among automotive enterprises [11][12]. - The Yanshuo Intelligent Connected Vehicle Industrial Park is a strategic project aimed at enhancing the district's automotive industry landscape, promoting resource sharing and efficient cooperation [11][12].

Core Insights - The company reported a revenue of 33.2 billion yuan for 2024, representing an 8.75% year-over-year increase, and a net profit attributable to shareholders of 1.02 billion yuan, up 9.19% year-over-year [1] - The company experienced significant growth in core product shipments, particularly in the battery materials sector, with a notable increase in profitability [2] - Nickel production capacity continues to expand, positioning the company among the top three in global MHP nickel production capacity [3] - Earnings per share (EPS) forecasts for 2025-2027 have been adjusted downward, but the company maintains a positive outlook on future nickel capacity expansion [4] Financial Performance - In Q4 2024, the company achieved a revenue of 8.33 billion yuan, a decrease of 19.15% year-over-year but an increase of 10.53% quarter-over-quarter [1] - The company's comprehensive gross margin improved by 3.05 percentage points to 15.29% in 2024, with specific product gross margins also showing increases [2] Product and Market Developments - The company’s core product, ternary precursor materials for power batteries, saw a shipment volume of 189,000 tons in 2024, a 5% increase year-over-year [2] - The sales of nickel resources are set to increase significantly due to a new investment project in Indonesia, which will produce 66,000 tons of nickel annually [3] Production Capacity and Expansion - The company produced 51,677 tons of nickel metal in 2024, a 91% increase year-over-year, and has established a nickel resource capacity of 150,000 tons per year in Indonesia [3] - Future plans include increasing nickel resources from over 120,000 tons to over 216,000 tons by 2025-2027 [3] Valuation and Forecast - The company’s EPS estimates for 2025-2027 have been revised to 0.31, 0.47, and 0.73 yuan, reflecting a downward adjustment [4] - The target price for the company is set at 6.86 yuan, based on a projected price-to-book (PB) ratio of 1.70 for 2025 [4]

Core Insights - The company reported a total revenue of 33.2 billion yuan in 2024, marking an 8.75% year-on-year increase, and a net profit attributable to shareholders of 1.02 billion yuan, up 9.19% year-on-year [1] - Despite significant progress in new energy materials and urban mining operations, the company faced operational pressure as revenue and net profit declined sequentially in the fourth quarter [1][8] New Energy Materials Business - The new energy materials segment showed strong performance with an average capacity utilization rate exceeding 95%, significantly above the industry average [4] - The total shipment of ternary precursor materials for power batteries reached 189,000 tons, a 5% increase year-on-year, maintaining a top two position globally [4] - Sales of nickel-rich high-voltage ternary precursors grew by 66% to 44,000 tons, indicating the company's leading position in high-voltage precursor technology [4] - Cobalt oxide sales reached 20,664 tons, an 88% increase, capturing over 25% of the global supply, and the company achieved a 102% year-on-year growth in cathode material shipments [4] - Despite strong performance, the fourth quarter saw a 19.2% and 69.9% sequential decline in revenue and net profit, respectively, highlighting short-term market demand fluctuations [4] Urban Mining Operations - The urban mining segment experienced significant growth, particularly in battery recycling and tiered utilization, with revenue from battery recycling rising substantially [5] - The company recycled and dismantled 35,930 tons of power batteries, a 31% increase, equivalent to 4.31 GWh, which is a 41% year-on-year growth [5] - Lithium carbonate recovery exceeded 4,000 tons, with a growth rate of over 44% and a lithium recovery rate surpassing 95% [5] - Tungsten recovery reached 6,486 tons, a 39% increase, and cobalt product sales grew by 76% to 12,557 tons, maintaining over 50% of the global market share for ultra-fine cobalt powder [6] - The scrap vehicle business also saw significant growth, with total recovery reaching 280,000 tons, a 133% increase [6] - However, the fourth quarter net profit for this segment declined by 20.95%, indicating short-term profitability challenges [6] Nickel Resource Development - The company achieved a global output of 51,677 tons of nickel metal, a 91% year-on-year increase, and established a nickel resource capacity of 150,000 tons per year in Indonesia [7] - The company ranks among the top three globally in MHP nickel production capacity, with 110,000 tons controlled and 40,000 tons in joint ventures [7] - The company successfully launched the world's first 1,168m³ high-pressure hydrometallurgical reactor, achieving world-class operational and product quality metrics while significantly reducing carbon emissions [7] - Despite these advancements, the fourth quarter saw a 1250.90% sequential decline in non-recurring net profit, indicating ongoing profitability pressures in this segment [7] Summary - The company achieved revenue and net profit growth in 2024 through its dual-driven strategy in new energy materials and urban mining operations [8] - However, the performance fluctuations in the fourth quarter reveal operational pressures that the company must address to enhance profitability and navigate increasing market competition and economic uncertainties [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 6.86 [7][8]. Core Insights - The company achieved a revenue of RMB 33.2 billion in 2024, representing a year-over-year increase of 8.75%, and a net profit attributable to shareholders of RMB 1.02 billion, up 9.19% year-over-year [1]. - The core product shipments, particularly for nickel and battery materials, have shown significant growth, with a notable expansion in nickel production capacity [2][3]. - The company is positioned among the top three in global nickel production capacity, with plans to further increase its nickel resources from over 120,000 tons to over 216,000 tons by 2025-2027 [3]. Revenue and Profitability - The company reported a comprehensive gross margin increase of 3.05 percentage points to 15.29% in 2024, with specific product margins improving significantly [2]. - The sales volume of key products such as ternary precursor materials and cobalt tetroxide saw substantial growth, with increases of 5% and 88% respectively [2]. Production Capacity and Expansion - The company produced 51,677 tons of nickel metal in 2024, marking a 91% increase year-over-year, and has established a nickel resource capacity of 150,000 tons per year in Indonesia [3]. - A strategic partnership with Vale Indonesia was formed, involving a total investment of USD 1.42 billion for a hydrometallurgical project aimed at producing 66,000 tons of nickel resources annually [3]. Financial Forecast and Valuation - The earnings per share (EPS) estimates for 2025-2027 are projected at RMB 0.31, 0.47, and 0.73 respectively, reflecting adjustments based on prior sales performance [4]. - The report anticipates a price-to-book (PB) ratio of 1.70 for 2025, with a corresponding target price of RMB 6.86, indicating a favorable valuation compared to peers [4][13].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 6.86 [7][8]. Core Insights - The company achieved a revenue of RMB 33.2 billion in 2024, representing a year-over-year increase of 8.75%, and a net profit attributable to shareholders of RMB 1.02 billion, up 9.19% year-over-year [1]. - The core product shipments, particularly for nickel and battery materials, have shown significant growth, with the company expanding its nickel production capacity and maintaining a strong market position [2][3]. - The gross margin improved by 3.05 percentage points to 15.29% in 2024, driven by increased sales and improved profitability across various product lines [2]. Summary by Sections Revenue and Profitability - In 2024, the company reported a revenue of RMB 33.2 billion, with a year-over-year growth of 8.75%. The net profit attributable to shareholders was RMB 1.02 billion, reflecting a 9.19% increase [1]. - The company’s core product, the ternary precursor materials for power batteries, saw a shipment volume of 189,000 tons, a 5% increase year-over-year, solidifying its position among the top two globally [2]. Production Capacity and Expansion - The company produced 51,677 tons of nickel metal in 2024, marking a 91% increase year-over-year. It has established a nickel production capacity of 150,000 tons per year in Indonesia, ranking among the top three globally in MHP nickel production capacity [3]. - A significant investment of USD 1.42 billion was made in a hydrometallurgical project in collaboration with Vale Indonesia, aimed at producing 66,000 tons of nickel resources annually [3]. Financial Forecast and Valuation - The earnings per share (EPS) for 2025-2027 are projected to be RMB 0.31, RMB 0.47, and RMB 0.73, respectively. The price-to-book (PB) ratio for 2025 is estimated at 1.70, with a target price of RMB 6.86 [4][6]. - The company’s revenue is expected to grow significantly, with forecasts of RMB 42.18 billion in 2025, RMB 52.18 billion in 2026, and RMB 64.24 billion in 2027, reflecting a robust growth trajectory [6][12].