Core Viewpoint - Jiangsu Hanchuang Nano Technology Co., Ltd. (Hanchuang) has emerged as a leader in the lithium manganese iron phosphate (LMFP) market, achieving nearly 50% market share and becoming a key player in the industrialization of LMFP materials [3][4]. Group 1: Company Overview - Hanchuang has achieved the highest global shipment volume of LMFP for two consecutive years (2023-2024) [3]. - The company has completed three rounds of financing totaling nearly 500 million yuan, with a stable operation of 15,000 tons of production capacity and an accelerated expansion plan for 30,000 tons [3][4]. - The founding team consists of executives and R&D experts from leading global material companies, marking them as the longest-serving team in LMFP research and the first to achieve LMFP industrialization [3][4]. Group 2: Product and Technology - LMFP materials developed by Hanchuang are an upgraded version of lithium iron phosphate (LFP), offering a 15-20% increase in energy density compared to LFP, along with high safety, low cost per watt-hour, and excellent low-temperature performance [4]. - Hanchuang has developed a unique solid-liquid two-phase LMFP process that overcomes traditional performance bottlenecks, resulting in the lowest cost and optimal performance LMFP products in the industry [4]. - The company holds over 70 core patents related to LMFP, covering major markets including China, the US, Europe, and Japan, establishing a solid barrier for its technology commercialization [4]. Group 3: Industry Development - The development of LMFP has gone through four key stages: laboratory research (1997-2007), industrial exploration (2008-2014), policy fluctuation (2015-2019), and revival breakthrough (2020-present) [7]. - The market for LMFP is expected to grow significantly, becoming one of the most important cathode materials after LFP and ternary materials, according to Roland Berger's 2025 forecast [8]. Group 4: Market Applications and Collaborations - Hanchuang has established deep collaborations with leading battery manufacturers and is expected to achieve mass production applications in the electric vehicle (EV) sector within the year [11]. - Major companies such as CATL, BYD, and others are also launching LMFP products, indicating a growing trend in the adoption of LMFP technology across various applications [11].

公 司 研 究 国轩高科（002074.SZ）：多项新品 发布，固态电池产业化进程提速 事件：5 月 16-17 日，公司举办国轩高科 2025 全球科技大会，在大会上集中 发布包括"G 垣"准固态电池、"启晨"二代电芯、"G 行"重卡电池标准箱、 "乾元智储"20MWh 储能电池系统、Axtrem 数智化解决方案与"金石"全固 态电池共 6 款新品及产品进展情况更新。 点评： 公司固态电池产业化进程持续提速。本次公司科技大会上共发布 2 款固态电池 技术相关产品，其中新发布的"G 垣"准固态电池，采用 197Ah 方形电芯设 计，电芯能量密度可达 300Wh/kg 以上，系统能量密度超 235Wh/kg，搭载新 能源车可实现 1,000km 续航里程，同时应用场景覆盖 eVTOL、人形机器人等 新领域，目前该产品已进入客户验证阶段，完成超 5 家客户电芯送样测试与超 4 家客户上车测试，搭载 G 垣准固态电池的"001"号样车总里程已经超 1 万 公里；公司在大会上还宣布去年发布的硫化物"金石"全固态电池的产业化已 取得明显进展，现阶段该产品电芯与电池能量密度分别可达 350/280Wh/kg 并 且已开始 ...

Investment Rating - The report maintains a "Strong Buy" rating for Guoxuan High-Tech, indicating a positive outlook for the company's long-term growth potential [4][5]. Core Viewpoints - Guoxuan High-Tech is accelerating the industrialization process of solid-state batteries, with significant advancements in product development and customer validation [2][3]. - The company has released multiple new products, including the "G Yuan" quasi-solid-state battery and the "Jinshi" all-solid-state battery, which are expected to enhance its competitive edge in the market [2][3]. - The product matrix has been upgraded, with new offerings aimed at both passenger and commercial vehicles, which are anticipated to drive high growth in shipment volumes [3]. Summary by Sections Product Development - The "G Yuan" quasi-solid-state battery features a cell energy density exceeding 300Wh/kg and a system energy density over 235Wh/kg, enabling a range of 1,000 km for electric vehicles [2]. - The "Jinshi" all-solid-state battery has achieved cell and battery energy densities of 350Wh/kg and 280Wh/kg, respectively, and is currently undergoing road testing [2]. Production Capacity - Guoxuan High-Tech plans to establish a production capacity of 12GWh for the "G Yuan" quasi-solid-state battery and has completed the construction of a pilot line for the all-solid-state battery with a capacity of 0.2GWh [2]. - The company has initiated the design work for a 2GWh mass production line for the first generation of all-solid-state batteries [2]. Market Position and Growth - The company has secured over 6GWh in orders for its "Qicheng" energy storage system, which boasts the largest single-cabin capacity globally and a design life of 25 years [3]. - According to data from the Power Battery Industry Innovation Alliance and SNE Research, Guoxuan High-Tech's installation growth rates for Q1 2025 are projected at +205% in China and +108% overseas, with market shares of 5.0% and 2.0%, respectively [3]. Financial Projections - Revenue is expected to grow from 31,605.49 million yuan in 2023 to 67,198.75 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 21.81% [10]. - Net profit attributable to the parent company is projected to increase from 938.73 million yuan in 2023 to 2,959.26 million yuan in 2027, with a CAGR of 33.41% [10].

Investment Rating - The report maintains a "Recommendation" rating for the electric vehicle industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [58]. Core Insights - Guoxuan Technology launched six new products, including the G Yuan solid-state battery and the Axtrem digital solution, showcasing advancements in battery technology and manufacturing equipment [10][11]. - The electric new energy sector saw a weekly increase of 1.43%, outperforming the CSI 300 index by 0.32 percentage points, ranking 8th among 30 industry sectors [11][12]. - The report highlights a potential recovery in profitability for the electric vehicle sector, driven by growth in both European and domestic markets, particularly in extended-range passenger vehicles and pure electric commercial vehicles [3]. Summary by Sections Section 1: New Product Launches - Guoxuan Technology introduced six major products, including the G Yuan solid-state battery with a range exceeding 1000 km and the world's first LMFP supercharging cell [10]. - The dry electrode equipment from Guan Hong Intelligent supports multiple technology routes, achieving industry-leading performance metrics [10]. Section 2: Market Performance - The electric new energy sector's performance was strong, with lithium batteries, solar energy, and nuclear power leading the gains [11]. - The report notes that 190 stocks in the electric vehicle sector had 95 gainers and 85 losers, with notable performers including Xingyun Co. and Longpan Technology [15]. Section 3: Valuation Analysis - As of May 16, 2025, the electric new energy sector's valuation stood at 58x, significantly higher than the CSI 300's 13x, indicating strong investor interest [22]. - The report provides detailed valuations for key companies, with CATL's market cap at 114.21 billion and a PE ratio of 21.1x for 2023 [28]. Section 4: Lithium Battery Supply Chain Tracking - The report tracks price changes in key battery materials, noting a 2.7% decrease in battery-grade lithium carbonate prices and a 5.26% drop in lithium iron phosphate prices [29]. - It highlights the global market dynamics, with lithium iron phosphate batteries accounting for 51.5% of the installed capacity in Q1 2025 [45]. Section 5: Important Company Announcements - Key announcements include Dragon Power Technology's stock option cancellation and CATL's investment in a carbon-neutral fund [42]. - The report emphasizes the strategic moves by companies to enhance their market positions and adapt to industry trends [42].

Investment Rating - The report maintains a "Recommendation" rating for the electric vehicle industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [58]. Core Insights - Guoxuan Technology launched six new products, including the G Yuan solid-state battery and the Qicheng second-generation battery cell, showcasing advancements in battery technology and manufacturing equipment [10][11]. - The electric new energy sector saw a 1.43% increase this week, outperforming the CSI 300 index by 0.32 percentage points, ranking 8th among 30 industry sectors [11][12]. - The lithium battery supply chain is experiencing a recovery, with expectations for profitability to stabilize in the coming years, driven by growth in both European and domestic markets [3]. Summary by Sections Section 1: New Product Launches - Guoxuan Technology's six new products include: 1. G Yuan solid-state battery with over 1000 km range 2. Qicheng second-generation battery cell, the world's first LMFP supercharging cell 3. G Xing super heavy-duty truck standard box with 116 kWh capacity 4. Qianyuan intelligent storage 20MWh battery system 5. Axtrem digital solutions for industrial AI in lithium battery production 6. Jinshi all-solid-state battery with 100% domestic core equipment [10]. Section 2: Market Performance - The electric new energy sector's performance this week was highlighted by: - Lithium battery sector leading with a 3.85% increase - Solar energy sector up by 2.97% - Nuclear power sector up by 1.82% - The worst performers included comprehensive energy equipment down by 1.42% and storage down by 1% [11][12]. Section 3: Valuation Analysis - As of May 16, 2025, the electric new energy sector's valuation stands at 58x, ranking 6th among all sectors, while the CSI 300 index is at 13x. Specific segments like electric motors and storage have higher valuations at 313x and 206x respectively [22][24]. Section 4: Lithium Battery Supply Chain Tracking - Key price movements in the lithium battery supply chain include: - Battery-grade lithium carbonate down 2.7% to 64,900 CNY/ton - Iron lithium phosphate down 5.26% to 31,500 CNY/ton - Copper foil prices increased by 0.36% to 98,500 CNY/ton [29][31]. Section 5: Important Company Announcements - Notable announcements from companies include: - Longpan Technology completed the cancellation of stock options - Ningde Times announced participation in an investment fund focused on carbon neutrality [42]. Section 6: Industry Dynamics - The first quarter of 2025 saw global lithium iron phosphate battery installations reach 51.5% of total installations, with significant growth in sales of new energy vehicles [45].

Company Updates - On May 16-17, the company held the 2025 Global Technology Conference, where it launched six new products, including Gyuanyuan solid-state battery, Qicheng second-generation battery cell, Gxing heavy-duty truck standard box, Qianyuan smart storage 20MWh battery system, Axtrem intelligent solutions, and Jinshi all-solid-state battery [1] Industry Performance - According to the China Power Battery Innovation Alliance, the company's domestic power battery installations reached 3.14GWh in April 2025, representing a year-on-year increase of 140% [2] Product Development - The solid-state battery industry has made significant progress, with the company announcing that its Jinshi solid-state battery product has achieved notable advancements in industrialization. The cell energy density can reach 350Wh/kg, and the system energy density can reach 280Wh/kg, with products already undergoing road testing. The first pilot production line for solid-state batteries has been completed, designed for an annual capacity of 0.2GWh, with a 100% localization rate for core equipment and a yield rate exceeding 90% [3] - The Gyuanyuan solid-state battery system has an energy density of over 235Wh/kg, which is more than a 36% improvement compared to the same volume of liquid batteries. Future application scenarios include eVTOL, new energy vehicles, and humanoid robots. The Gyuanyuan battery has completed sample testing for over five customers and vehicle testing for over four customers, with the "001" prototype vehicle having traveled over 10,000 kilometers [3] Product Commercialization - New products such as the Qicheng second-generation battery and the heavy-duty truck standard box are based on mature materials and production processes, with expectations for mass production starting in the second half of 2025, which is likely to positively contribute to the company's profitability [3] Profitability Outlook - The company is expected to experience a turning point in profitability in the second half of 2025, driven by rapid growth in battery shipments. If battery shipments reach 50-60GWh, the company may achieve a scale-driven profitability inflection point [4] Financial Forecast - The company maintains its profit forecasts for 2025 and 2026. The current stock price corresponds to a P/E ratio of 25.8x for 2025 and 18.2x for 2026. The company maintains an outperform rating and a target price of 27 yuan, which corresponds to a P/E ratio of 30.1x for 2025 and 21.2x for 2026, indicating a potential upside of 16.9% from the current stock price [5]