[Table_Stock] 当升科技（300073） [Table_Rating] 买入（维持） [◼Table_Summary] 投资摘要 [行业Table_Industry] : 电力设备 日期: shzqdatemark 2025年10月30日 | 最新收盘价（元） | 71.82 | | --- | --- | | 12mth A 股价格区间（元） | 34.81-71.82 | | 总股本（百万股） | 544.29 | | 无限售 A 股/总股本 | 92.96% | | 流通市值（亿元） | 363.39 | [Table_QuotePic] 最近一年股票与沪深 300 比较 -17% -6% 5% 16% 27% 38% 49% 60% 72% 10/24 01/25 03/25 06/25 08/25 10/25 当升科技 沪深300 | | | | | | 我们预测 2025-2027 年公司营业收入分别为 102.99/133.72/154.69 亿 元，同比增速分别为 35.6%、29.8%、15.7%，归母净利润分别为 6.92/8.66/9.81 亿元， 同比增速分别为 46.6% ...

Core Viewpoint - The stock of Dangsheng Technology has shown significant growth in 2023, with a year-to-date increase of 82.83% and a recent surge in trading activity, indicating strong investor interest and market confidence [1][2]. Financial Performance - For the period from January to September 2025, Dangsheng Technology reported a revenue of 7.399 billion yuan, representing a year-on-year growth of 33.92%. The net profit attributable to shareholders was 503 million yuan, reflecting an increase of 8.30% compared to the previous year [2]. - Cumulatively, since its A-share listing, the company has distributed a total of 1.265 billion yuan in dividends, with 821 million yuan distributed over the last three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Dangsheng Technology was 86,400, a slight decrease of 0.37% from the previous period. The average number of circulating shares per shareholder increased by 0.37% to 5,856 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited being the third-largest shareholder, increasing its holdings by 8.7215 million shares [3]. Stock Performance - On October 30, 2023, Dangsheng Technology's stock price rose by 2.03%, reaching 73.28 yuan per share, with a trading volume of 1.209 billion yuan and a turnover rate of 3.33% [1]. - The stock has experienced notable price increases over various time frames: 11.08% over the last five trading days, 21.63% over the last twenty days, and 73.73% over the last sixty days [1]. Business Overview - Dangsheng Technology, established on June 3, 1998, and listed on April 27, 2010, specializes in the research, production, and sales of lithium-ion battery cathode materials and high-end intelligent equipment. The main revenue sources include multi-materials (60.83%), lithium iron phosphate and sodium battery cathode materials (29.37%), and lithium cobalt oxide (7.44%) [1]. - The company operates within the power equipment industry, specifically in the battery and battery chemicals sector, and is associated with concepts such as cobalt and nickel, small metals, 4680 batteries, lithium batteries, and energy storage [1].

Core Insights - The stock price of Dangsheng Technology increased by 2.04% on October 23, reaching 65.59 CNY per share, with a trading volume of 1.129 billion CNY and a market capitalization of 35.7 billion CNY [1] Financial Performance - For the first half of 2025, Dangsheng Technology reported a revenue of 4.432 billion CNY, representing a year-on-year growth of 25.17%, and a net profit attributable to shareholders of 311 million CNY, up 8.47% year-on-year [2] Shareholder Information - As of June 30, 2025, the number of shareholders of Dangsheng Technology increased to 86,700, with an average of 5,834 circulating shares per person, a decrease of 2.13% from the previous period [2] - The company has distributed a total of 1.265 billion CNY in dividends since its A-share listing, with 821 million CNY distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, the second-largest circulating shareholder is E Fund's ChiNext ETF, holding 10.046 million shares, a decrease of 245,600 shares from the previous period [3] - Southern CSI 500 ETF ranks as the fourth-largest circulating shareholder, increasing its holdings by 790,500 shares to 6.0435 million shares [3]

Core Viewpoint - The stock of Dangsheng Technology has shown significant trading activity, with a notable increase in financing and margin trading, indicating strong investor interest and confidence in the company's performance [1][2]. Financing Activity - On October 16, Dangsheng Technology recorded a financing buy-in of 322 million yuan, with a net buy of 44.5 million yuan after accounting for repayments [1]. - The total financing balance reached 1.578 billion yuan, representing 4.66% of the circulating market value, which is above the 80th percentile of the past year [1]. - The margin trading activity included a short selling of 85,400 shares, with a total selling amount of approximately 5.71 million yuan, and a remaining short position of 272,500 shares valued at 18.21 million yuan, also above the 90th percentile of the past year [1]. Company Performance - For the first half of 2025, Dangsheng Technology achieved a revenue of 4.432 billion yuan, reflecting a year-on-year growth of 25.17%, while the net profit attributable to shareholders was 311 million yuan, up 8.47% year-on-year [2]. - The company has distributed a total of 1.265 billion yuan in dividends since its A-share listing, with 821 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 2.18% to 86,700, with an average of 5,834 circulating shares per person, a decrease of 2.13% [2]. - The top ten circulating shareholders include significant institutional investors, with notable changes in holdings among various ETFs [3].

Core Viewpoint - The stock of Dangsheng Technology has shown significant growth this year, with a year-to-date increase of 66.02%, indicating strong market performance and investor interest [1][2]. Financial Performance - For the first half of 2025, Dangsheng Technology reported a revenue of 4.432 billion yuan, representing a year-on-year growth of 25.17% [2]. - The net profit attributable to shareholders for the same period was 311 million yuan, reflecting an increase of 8.47% compared to the previous year [2]. Stock Market Activity - As of October 14, the stock price of Dangsheng Technology was 66.54 yuan per share, with a trading volume of 766 million yuan and a turnover rate of 2.24% [1]. - The company experienced a net outflow of 11.44 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of June 30, the number of shareholders increased to 86,700, with an average of 5,834 circulating shares per person, a decrease of 2.13% [2]. - The top circulating shareholders include various ETFs, with notable changes in their holdings [3].

Core Viewpoint - The stock of Dangsheng Technology has experienced significant price increases this year, with a notable rise in trading volume and market capitalization, indicating strong investor interest and potential growth in the lithium battery materials sector [1][2]. Group 1: Stock Performance - As of September 26, Dangsheng Technology's stock price was 62.52 CNY per share, down 2.02% during the day, with a total market capitalization of 34.03 billion CNY [1]. - Year-to-date, the stock has increased by 55.99%, with a 13.96% rise over the past five trading days, 29.76% over the past 20 days, and 47.91% over the past 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Dangsheng Technology reported revenue of 4.432 billion CNY, representing a year-on-year growth of 25.17%, and a net profit attributable to shareholders of 311 million CNY, up 8.47% year-on-year [2]. - The company has distributed a total of 1.265 billion CNY in dividends since its A-share listing, with 821 million CNY distributed over the past three years [2]. Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 86,700, with an average of 5,834 shares held per shareholder, a decrease of 2.13% from the previous period [2]. - Notable institutional shareholders include E Fund's ChiNext ETF and Southern CSI 500 ETF, with changes in their holdings reflecting market dynamics [2].

Core Viewpoint - The stock of Dangsheng Technology has shown significant growth in 2023, with a year-to-date increase of 46.28%, driven by strong revenue and profit growth in the first half of the year [1][2]. Financial Performance - For the first half of 2025, Dangsheng Technology reported a revenue of 4.432 billion yuan, representing a year-on-year growth of 25.17% [2]. - The net profit attributable to shareholders for the same period was 311 million yuan, reflecting an increase of 8.47% compared to the previous year [2]. Stock Market Activity - As of September 23, the stock price of Dangsheng Technology reached 58.63 yuan per share, with a trading volume of 365 million yuan and a turnover rate of 1.26% [1]. - The company’s market capitalization stood at 31.912 billion yuan [1]. - The stock has experienced a 6.37% increase over the last five trading days and a 33.01% increase over the last 20 days [1]. Shareholder Information - As of June 30, the number of shareholders increased to 86,700, with an average of 5,834 circulating shares per person, a decrease of 2.13% [2]. - The top ten circulating shareholders include major ETFs, with notable changes in holdings among them [3]. Business Overview - Dangsheng Technology specializes in the research, production, and sales of lithium-ion battery cathode materials and high-end intelligent equipment [1]. - The revenue composition includes multi-materials (60.83%), lithium iron phosphate and sodium battery cathode materials (29.37%), lithium cobalt oxide (7.44%), and intelligent equipment (1.55%) [1].

Core Viewpoint - The company, Dangsheng Technology, has shown significant trading activity and financial performance, with a notable increase in revenue and net profit year-on-year, indicating a strong position in the lithium-ion battery materials sector [1][2]. Financing and Trading Activity - On September 17, Dangsheng Technology's stock rose by 1.76%, with a trading volume of 2.31 billion yuan. The financing buy-in amounted to 270 million yuan, while the financing repayment was 290 million yuan, resulting in a net financing outflow of 19.73 million yuan [1]. - As of September 17, the total financing and securities lending balance for Dangsheng Technology was 1.642 billion yuan, with the financing balance at 1.629 billion yuan, representing 5.74% of the circulating market value, which is above the 90th percentile of the past year [1]. - In terms of securities lending, on September 17, 15,500 shares were repaid, and 2,000 shares were sold, with a selling amount of 112,200 yuan. The remaining securities lending balance was 128.05 million yuan, also above the 90th percentile of the past year [1]. Financial Performance - For the first half of 2025, Dangsheng Technology reported a revenue of 4.432 billion yuan, reflecting a year-on-year growth of 25.17%. The net profit attributable to shareholders was 311 million yuan, marking an 8.47% increase compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 1.265 billion yuan in dividends, with 821 million yuan distributed over the last three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Dangsheng Technology was 86,700, an increase of 2.18% from the previous period. The average number of circulating shares per shareholder was 5,834, a decrease of 2.13% [2]. - Among the top ten circulating shareholders, notable changes include a decrease in holdings by E Fund's ChiNext ETF and an increase in holdings by Southern CSI 500 ETF and Hong Kong Central Clearing Limited [3].

Core Viewpoint - The stock of Dangsheng Technology has experienced fluctuations, with a recent decline of 2.03%, while the company shows significant growth in revenue and profit year-on-year [1][2]. Financial Performance - For the first half of 2025, Dangsheng Technology achieved a revenue of 4.432 billion yuan, representing a year-on-year growth of 25.17% [2]. - The net profit attributable to shareholders for the same period was 311 million yuan, reflecting an increase of 8.47% compared to the previous year [2]. Stock Market Activity - As of September 17, the stock price of Dangsheng Technology was 54.00 yuan per share, with a market capitalization of 29.392 billion yuan [1]. - The stock has increased by 34.73% year-to-date, with a 0.45% rise over the last five trading days and a 23.63% increase over the last 20 days [1]. Shareholder Information - As of June 30, the number of shareholders for Dangsheng Technology was 86,700, an increase of 2.18% from the previous period [2]. - The average number of circulating shares per shareholder was 5,834, which decreased by 2.13% [2]. Dividend Distribution - Since its A-share listing, Dangsheng Technology has distributed a total of 1.265 billion yuan in dividends, with 821 million yuan distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, the second-largest circulating shareholder was E Fund's ChiNext ETF, holding 10.046 million shares, a decrease of 245,600 shares from the previous period [3]. - The fourth-largest shareholder was Southern CSI 500 ETF, which increased its holdings by 790,500 shares to 6.0435 million shares [3].

Core Viewpoint - The stock of Dangsheng Technology has experienced fluctuations, with a recent decline of 2.00% on September 16, 2023, despite a year-to-date increase of 34.21% [1] Group 1: Stock Performance - As of September 16, 2023, Dangsheng Technology's stock price is 53.79 CNY per share, with a total market capitalization of 29.278 billion CNY [1] - The stock has seen a net outflow of 201 million CNY in principal funds, with significant selling pressure observed [1] - Over the past five trading days, the stock has decreased by 2.85%, while it has increased by 23.71% over the past 20 days and 23.12% over the past 60 days [1] Group 2: Financial Performance - For the first half of 2025, Dangsheng Technology reported a revenue of 4.432 billion CNY, representing a year-on-year growth of 25.17% [2] - The net profit attributable to shareholders for the same period was 311 million CNY, reflecting an increase of 8.47% year-on-year [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Dangsheng Technology increased to 86,700, with an average of 5,834 circulating shares per person [2] - The company has distributed a total of 1.265 billion CNY in dividends since its A-share listing, with 821 million CNY distributed over the past three years [3] - Major institutional shareholders include E Fund's ChiNext ETF and Southern CSI 500 ETF, with notable changes in their holdings [3]