北京当升材料科技股份有限公司 投资者关系活动记录表 证券代码：300073 证券简称：当升科技 北京当升材料科技股份有限公司 投资者关系活动记录表 编号：【2025-010】 | | ■特定对象调研 □分析师会议 | | | | --- | --- | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | | | 活动类别 | □新闻发布会 □路演活动 | | | | | □现场参观 | | | | | □其他 （） | | | | 参与单位名称 | 长江证券 瑞银证券 | 太平洋证券 | 中信证券 | | | 东吴证券 西部证券 | 国信证券 | 国金证券 | | | 中泰证券 申万宏源证券 | 长城证券 | | | 时 间 | 2025 年 11 月 26 日 | 10:00-11:30 | | | 地 点 | 当升蜀道（攀枝花）第一会议室 公司副总经理、磷系产品线总经理、当升蜀道董事长：陈新 | | | | 上市公司 接待人员姓名 | | | | | | 公司财务负责人、董事会秘书：李洪发 | | | | | 新能源材料研究院院长：刘亚飞 | | | | | 当升蜀道副总经理、董 ...

Group 1: Production Capacity - The company has established a lithium iron phosphate production capacity of 225,000 tons, with 75,000 tons currently under construction [2] - The company plans to adjust production capacity based on industry trends and customer demand [2] Group 2: Competitive Strategy - The company ensures product competitiveness through technological innovation, customer collaboration, product layout, and economies of scale [2][3] - Continuous R&D investment enhances innovation capabilities and product performance, creating differentiated advantages [3] - The company is developing lithium manganese iron phosphate and solid-state battery cathode materials to meet diverse market needs [3] Group 3: Product Development - High-density lithium iron phosphate products have successfully entered mass production, catering to core customer applications [3] - The company will track technological iterations and market demand in the power and energy storage sectors to enrich its product matrix [3] Group 4: Capacity Utilization - Starting from Q4 2025, increased downstream demand will drive high capacity utilization rates [3] - The company aims to enhance capacity digestion through improved product competitiveness and collaboration with existing customers [3]

Core Viewpoint - The company has successfully begun mass supply of 4680 large cylindrical batteries and is focused on providing a variety of solid-state battery cathode solutions [1] Group 1: Product Development - The company is the largest global supplier of high-nickel ternary precursors and has been developing cathode materials for solid-state batteries since 2019 [1] - The company is working on matching various solid electrolyte materials, including halides, sulfides, polymers, and oxides, for application in solid-state batteries [1] Group 2: Technological Advancements - The company has made significant technological advancements in high-nickel, ultra-high-nickel, and lithium-rich manganese-based cathode materials for solid-state batteries [1] - The company has achieved breakthroughs across various technical routes, with product shipments exceeding ton-level quantities [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has seen a significant year-on-year increase in sales of cathode materials, with lithium iron phosphate materials becoming profitable. Solid-state battery materials are expected to ramp up production, indicating potential for future earnings growth [3][8] - The company reported a net profit of 503 million RMB for the first three quarters of 2025, representing an 8.30% increase year-on-year [3][8] Financial Summary - The company’s revenue for the first three quarters of 2025 reached 7,399.25 million RMB, a 33.92% increase compared to the same period in 2024 [9] - The projected earnings per share (EPS) for 2025-2027 have been adjusted to 1.45, 1.77, and 2.21 RMB respectively, reflecting an increase from previous estimates [5][7] - The company’s total market capitalization is approximately 38.1 billion RMB, with a current market price of 70.00 RMB per share [1][2] Sales and Production Insights - In Q3 2025, the company achieved a cathode material sales volume of over 15,000 tons, with lithium iron phosphate sales reaching 23,000 tons, marking a substantial increase [8] - The company has successfully executed strategic supply agreements with international clients, contributing to stable growth in future earnings [8] Valuation Metrics - The company’s price-to-earnings (P/E) ratios for 2025-2027 are projected at 48.4, 39.6, and 31.7 respectively [5][7] - The estimated EBITDA for 2025 is 983 million RMB, with a corresponding EBITDA margin reflecting operational efficiency [7][10]

Core Insights - The performance of several companies listed on the Sci-Tech Innovation Board has shown significant growth, particularly in emerging industries such as AI computing chips and optical communication, highlighting the board's role in fostering strategic emerging and future industries [1] Group 1: AI and Chip Design - The domestic ecosystem in chip design is becoming increasingly robust, with AI commercialization accelerating [2] - Haiguang Information reported a total revenue of 9.49 billion yuan for the first three quarters, a year-on-year increase of 54.65%, and a net profit of 1.961 billion yuan, up 28.56% [2] - Cambrian, a leading AI chip company, achieved a staggering revenue of 4.607 billion yuan, a year-on-year increase of 2300%, and a net profit of 1.605 billion yuan, up 321.49% [2] Group 2: Optical Communication - Optical communication is identified as a key infrastructure for future information industries, with optical chip technology being crucial for high-speed information transmission [3] - Shijia Photon reported a revenue of 1.56 billion yuan for the first three quarters, a year-on-year increase of 113.96%, and a net profit of 299 million yuan, up 727.74% [3] - Tengjing Technology achieved a revenue of 425 million yuan, a year-on-year increase of 28.11%, and a net profit of 64 million yuan, up 15.00% [3] Group 3: Frontier Technologies - Companies are strategically positioning themselves in frontier technologies, with significant growth in quantum technology and future energy sectors [4] - GuoDun Quantum reported a revenue of 190 million yuan, a year-on-year increase of 90.27%, and a net loss of 26 million yuan, a reduction of 51.98% [4] - The company successfully mass-produced the world's first engineering-grade four-channel ultra-low noise semiconductor single-photon detector, marking a significant achievement in single-photon detection technology [4] Group 4: Next-Generation Energy Materials - Rongbai Technology announced advancements in solid-state battery materials, becoming a primary supplier for several leading solid-state battery companies [5] - The company has achieved ten-ton level shipments of high-nickel and ultra-high-nickel solid-state cathode materials, serving major domestic and international battery manufacturers [5] - The performance of sulfide electrolyte materials is leading in the industry, with plans for pilot line construction expected to commence production in the first half of 2026 [5]

Core Viewpoint - The recent quarterly reports from various companies listed on the Sci-Tech Innovation Board (STAR Market) show strong performance, particularly in emerging industries such as AI computing chips and optical communication, indicating the board's role in fostering strategic emerging and future industries [1] Group 1: AI Computing Chip Industry - The domestic AI chip design ecosystem is becoming increasingly robust, with companies like Haiguang Information and Cambricon Technologies showing significant financial improvements, contributing to the foundational construction of China's AI industry [2][3] - Haiguang Information reported a total revenue of 9.49 billion yuan for the first three quarters, a year-on-year increase of 54.65%, and a net profit of 1.96 billion yuan, up 28.56% [2] - Cambricon Technologies achieved a remarkable revenue of 4.607 billion yuan, a year-on-year increase of 2300%, and a net profit of 1.605 billion yuan, up 321.49% [3] Group 2: Optical Communication Industry - Optical communication is identified as a key infrastructure for future information industries, with companies like Shijia Photonics and Tengjing Technology showing impressive growth [4] - Shijia Photonics reported a revenue of 1.56 billion yuan for the first three quarters, a year-on-year increase of 113.96%, and a net profit of 299 million yuan, up 727.74% [4] - Tengjing Technology achieved a revenue of 425 million yuan, a year-on-year increase of 28.11%, and a net profit of 64 million yuan, up 15.00% [4] Group 3: Future Technology and Energy Materials - Companies are strategically positioning themselves in frontier technologies, with notable performances in quantum technology and future energy sectors [5][6] - GuoDun Quantum reported a revenue of 190 million yuan, a year-on-year increase of 90.27%, and a net loss of 26 million yuan, a reduction of 51.98% [5] - Rongbai Technology announced advancements in solid-state battery materials, achieving ten-ton level shipments of high-nickel and ultra-high-nickel solid-state cathode materials, with production expected to commence in mid-2026 [6]

Core Insights - The company has established a partnership with the Qingdao Institute of Bioenergy and Process Research of the Chinese Academy of Sciences to form the Zhongke Fengyuan High-Energy Lithium Battery Material Research Institute, led by academician Chen Liquan, known as the "father of solid-state batteries" [1] - The research team has achieved several key breakthroughs in the field of sulfide all-solid-state batteries [1] - Currently, the company is not involved in battery production but has made arrangements for research and development in solid-state battery cathode materials and will continue to monitor market trends [1]

Group 1 - The core viewpoint of the article is that Hunan Salt Industry Group, through its subsidiary Xue Tian Salt Industry, is strategically extending from traditional salt production into the new energy materials sector, focusing on lithium, sodium, and solid-state battery materials to create a second growth curve [1][2][3] - The company has achieved a scale of 1 billion yuan in its new energy materials business, accounting for approximately 10% of the group's total revenue, indicating a gradual emergence of this sector as a new pillar [1] - The company is building a new energy materials industry chain centered around salt resources, including processes from salt to soda ash to battery-grade soda ash and sodium-ion battery cathode materials [1] Group 2 - The company has established a sodium battery research institute in collaboration with Central South University, focusing on the R&D and industrialization of sodium-ion battery layered oxides and polyionic cathode materials [2] - The subsidiary Meite New Materials has achieved ton-level sales of sodium battery cathode materials and has completed the R&D of high-voltage cathode materials for solid-state batteries, which are expected to enter mass production soon [2] - The company has made significant market progress, with Meite New Materials capturing a 30% market share in the electronic cigarette battery materials segment and expanding cobalt lithium production capacity to 7,500 tons per year [2] Group 3 - The transformation path of Hunan Salt Industry demonstrates that traditional enterprises can leverage their resource advantages and industrial foundations to achieve deep integration with emerging fields through chain extension and collaborative innovation [3] - With the release of production capacity and industry opportunities, the company is expected to form significant competitiveness in the new energy materials sector, transitioning from a leader in the salt industry to an important player in the new materials field [3]

Group 1 - The core viewpoint of the news highlights the significant interest from institutional investors in various companies, particularly in the context of high-growth sectors such as new energy vehicles and semiconductor materials [1][4][5] - In the past week, over 620 stocks were investigated by institutions, with Huichuan Technology receiving the most attention from 394 institutions, including 64 fund companies and 164 overseas institutions [1] - Huichuan Technology's general automation business achieved approximately 8.8 billion yuan in revenue in the first half of 2025, reflecting a year-on-year growth of 17%, significantly outpacing industry growth [1][2] Group 2 - Huichuan Technology attributes its success to capturing opportunities in high-demand sectors such as new energy vehicle components, lithium batteries, logistics equipment, and electric engineering machinery [2] - The company is actively developing components related to humanoid robots, including motors, drives, and actuator modules, while providing scenario-based products and solutions tailored to customer needs [3] - The latest market capitalization of Huichuan Technology reached 220 billion yuan, ranking second in the robotics sector, with its stock price recently hitting historical highs [3] Group 3 - Other companies like Polymeric Materials, Jing Sheng Machinery, and Xiamen Tungsten New Energy also attracted significant institutional interest, with over a hundred institutions conducting research on them [4] - Polymeric Materials is seeking opportunities to cultivate a second growth curve and has established a deep cooperation relationship with SK Enpulse, focusing on core raw materials in the semiconductor field [4] - Jing Sheng Machinery reported leading positions in the production of silicon carbide and sapphire substrate materials, with advancements in 8-inch and 12-inch silicon carbide crystal growth technology [4] Group 4 - Xiamen Tungsten New Energy is focusing on solid-state battery materials, achieving supply capabilities for oxide-based cathode materials and maintaining close collaboration with leading domestic and international enterprises [5] - The average stock performance of investigated companies saw a decline of 0.46% in the past week, while stocks like Changfei Fiber and Sudavige experienced significant gains, with Changfei Fiber's stock price increasing over 35% [5][6] - Sudavige's stock surged over 34% following a preliminary acquisition agreement to gain a 51% stake in Changzhou Weipu Semiconductor Equipment Co., which specializes in core semiconductor detection equipment [6]

Core Viewpoint - Company Rongbai Technology has established partnerships with several well-known domestic and international battery manufacturers and vehicle enterprises in the solid-state battery sector [1] Group 1 - The company supplies various products related to solid-state batteries, including solid-state battery cathode materials, solid-state battery sulfide electrolytes, and lithium-rich manganese-based cathode materials [1] - The company's clients include not only Chinese customers but also battery manufacturers and vehicle enterprises from South Korea, Japan, and Europe [1]