Core Viewpoint - The company, Weike Technology Co., Ltd., is responding to the Shanghai Stock Exchange's inquiry regarding its 2024 annual report, highlighting significant changes in revenue and profit margins across its business segments [1][2]. Financial Performance - The company reported a decline in revenue from its lithium-ion battery, small power battery, and consumer aluminum shell lithium-ion battery segments, while the overall gross margin increased by 4.91 percentage points to 13.95% [2]. - The net profit attributable to the parent company for 2024 was -0.29 billion yuan and -0.89 billion yuan after deducting non-recurring gains and losses, which included a debt restructuring gain of 0.13 billion yuan [2]. Business Segments - The main business areas include consumer batteries (polymer and aluminum shell batteries) and small power batteries (for two-wheeled vehicles and power tools), with over 80% of revenue derived from consumer lithium-ion battery sales [4][5]. - The company is gradually expanding its presence in the small power lithium-ion battery sector and is also focusing on sodium-ion battery applications [4]. Operational Model - The operational model consists of procurement, production, and sales, with a focus on customer demand and market orientation. The company employs a make-to-order production strategy based on sales forecasts and customer orders [5]. - The procurement strategy involves planning based on production schedules and market trends, with a mix of long-term contracts and spot purchases [5]. Revenue and Cost Analysis - In 2024, the company experienced a slight decline in total revenue due to decreased sales prices of major products and a shrinking market demand for consumer aluminum shell batteries [6]. - The total sales revenue for 2024 was 148.63 billion yuan, down from 160.99 billion yuan in 2023, with a gross margin of 12.84% compared to 8.97% in the previous year [6]. Customer and Supplier Relationships - The company maintains relationships with several key customers and suppliers, with detailed disclosures regarding transaction amounts, contract terms, and execution status [3][4]. - The company has implemented a prepayment system for certain customers to mitigate credit risk, particularly for those with significant sales volumes [10].

本文来源：企业公告 2025（第三届）中国固态电池 技 术 发 展 与 市 场 展 望 高 峰 论 坛 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ -广告- 会议主办： 鑫椤资讯 会议时间： 2025年7月8-9日（8号报到） 会议地点： 中国·上海 6月2日晚间， 龙蟠科技 公告，控股孙公司 LBMNEWENERGY(AP)PTE.LTD.(简称"锂源(亚太 )")与 EveEnergyMalaysiaSdn.Bhd.（简 称"EveEnergy"）签署《生产定价协议》， 预计自2026至2030年间 向EveEnergy及其关联企业销售15.2万吨磷酸铁锂正极材料，合同总销售金额预计超50亿元。 Eve Energy是头部 电池 企业之一 亿纬锂能 的海外子公司 ， 主要生产制造圆柱形锂离子电动工具、两 轮车和清洁工具电池。今年2月，亿纬锂能马来西亚工厂首颗电池下线，标志着亿纬锂能首个海外工厂开 始生产运营。 据悉，龙蟠科技是国内首家赴海外建厂生产磷酸铁锂的企业，其海外工厂建设主要集中在印尼。2021年， 龙蟠科技 宣布将在印尼建立磷酸铁锂生产基地，总规划建 ...

Investment Rating - The report gives the company an "Outperform" rating for the first time, with a reasonable valuation range of 13.60 to 15.10 CNY, indicating a potential upside of 15% to 27% compared to the current stock price of 11.85 CNY [5][3][4]. Core Insights - The company is a leading player in the electric tool accessory market and is accelerating its expansion into the new energy and high-end equipment sectors. In 2024, the company is expected to achieve a net profit of 300 million CNY, a year-on-year increase of 80%, despite a 6% decline in revenue to 2.221 billion CNY [1][8][24]. - The electric tool market is recovering, with the company's electric tool accessory business revenue expected to grow by 30% year-on-year to 1.138 billion CNY in 2024, accounting for 51% of total revenue [2][31]. - The new energy business is actively developing battery packs and battery swap stations, with revenue projected to be 809 million CNY in 2024, a decrease of 33% year-on-year, representing 36% of total revenue [2][52]. - The high-end equipment manufacturing business is steadily progressing, with revenue expected to be 201 million CNY in 2024, a decline of 8%, making up 9% of total revenue [3][67]. Summary by Sections Financial Performance - In 2024, the company is projected to achieve total revenue of 2.221 billion CNY, a decrease of 6% year-on-year, and a net profit of 300 million CNY, an increase of 80% year-on-year. The gross margin is expected to be 25.89%, up 6.91 percentage points year-on-year, and the net margin is expected to be 13.63%, up 6.03 percentage points year-on-year [1][8][24]. - For Q1 2025, the company is expected to report revenue of 440 million CNY, a decrease of 10% year-on-year, and a net profit of 59 million CNY, an increase of 1% year-on-year [1][8]. Business Segments - **Electric Tool Accessories**: Revenue is expected to reach 1.138 billion CNY in 2024, a year-on-year increase of 30%, with a gross margin of 23.61% [2][31]. - **New Energy**: Revenue is projected to be 809 million CNY in 2024, a decrease of 33%, with a gross margin of 32.08% [2][52]. - **High-end Equipment Manufacturing**: Expected revenue is 201 million CNY in 2024, a decline of 8%, with a gross margin of 15.71% [3][67]. Market Trends - The global electric tool market is expected to recover, with a projected 25% year-on-year increase in shipments in 2024, driven by a recovery in demand in North America and Europe [43][44]. - The company has established a strong position in the electric tool chuck market, holding nearly 50% of the global market share [1][14]. Future Outlook - The company anticipates continued growth in its electric tool accessory business, with projected revenues of 1.28 billion CNY in 2025, 1.38 billion CNY in 2026, and 1.48 billion CNY in 2027 [76]. - The new energy business is expected to grow steadily, with projected revenues of 950 million CNY in 2025, 1.05 billion CNY in 2026, and 1.15 billion CNY in 2027 [77].