Group 1 - The core viewpoint of the article indicates that the lithium battery manufacturing industry is experiencing a slowdown in expansion speed in 2024, leading to performance pressure on upstream equipment manufacturers like Yinghe Technology [1][4] - Yinghe Technology's revenue from lithium battery production equipment in 2024 was 4.951 billion yuan, a decrease of 19.41% compared to the previous year, with equipment sales volume dropping to 1,178 units [5] - Despite the overall market demand for lithium battery equipment slowing down, Yinghe Technology reported a significant increase in contract liabilities and new orders in the first quarter of 2024, indicating a recovery in demand [5] Group 2 - Yinghe Technology's second-largest business segment is electronic cigarettes, with "other business income" reaching 3.572 billion yuan in 2024, accounting for about 40% of the company's total revenue [6] - The company is expanding its electronic cigarette business into the North American market, which is the largest electronic cigarette market globally, and has already obtained sales licenses for three products [6] - The company anticipates that the proportion of pod-based electronic cigarettes will increase in the future due to regulatory impacts on disposable e-cigarettes in certain regions, particularly in Europe [6]

证券研究报告 2025 年 06 月 19 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3388.81 | 0.04 | | 深证成指 | 10175.59 | 0.24 | | 创业板指 | 2054.73 | 0.23 | | 科创 50 | 968.18 | 0.53 | | 北证 50 | 1393.43 | -0.65 | | 沪深 300 | 3874.97 | 0.12 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 654743 | 510440 | 12.06 | 1.25 | | 深证成指 | 224420 | 183239 | 19.88 | 2.10 | | 创业板指 | 58069 | 45832 | 26.92 | 3.76 | | 科创 50 | 33872 | 22383 | 52.50 | 4.04 | | 北证 50 | ...