Core Viewpoint - XINWANGDA has demonstrated strong financial performance in Q1 2025 and throughout 2024, showcasing resilience and growth in the face of industry challenges, driven by a dual strategy of "consumer electronics + smart energy" [1][2][4] Financial Performance - In Q1 2025, XINWANGDA achieved revenue of 12.289 billion yuan, a year-on-year increase of 11.97%, and a net profit of 386 million yuan, up 21.23% [1] - For the full year 2024, the company reported revenue of 56.021 billion yuan, a 17.05% increase, and a net profit of 1.468 billion yuan, growing 36.43% [1] Consumer Battery Segment - The consumer battery segment generated revenue of 30.405 billion yuan in 2024, reflecting a 6.52% growth and maintaining a 54.27% revenue share with a gross margin of 17.65% [2] - Global smartphone shipments reached 1.24 billion units in 2024, marking six consecutive quarters of growth, while the PC market saw shipments of approximately 253 million units, also growing for five consecutive quarters [2] Global Expansion - XINWANGDA is expanding its global footprint with the construction of a manufacturing base in Vietnam, aiming to create a "China R&D + global manufacturing" collaborative network [3] Strategic Emerging Segments - The strategic emerging segment, particularly the power battery sector, saw revenue of 15.139 billion yuan in 2024, a 40.24% increase, with a shipment volume of 25.29 GWh, up 116.89% [4] - The energy storage segment became a highlight with revenue of 1.889 billion yuan, a 70.19% increase, and installed capacity doubling to 8.88 GWh [4] Technological Advancements - XINWANGDA is advancing its technology portfolio, launching its first aviation power battery and making significant progress in solid-state battery development, with the first generation achieving over 300 Wh/kg energy density [5][6] - The company is transitioning from a battery supplier to an energy ecosystem builder, leveraging synergies between consumer electronics and new energy sectors [6]

动储业务收入实现快速增长，推进全球化布局。受益于全球新能源汽车渗透率快速提升，公司动力和储 能电池业务实现快速增长。2024年，公司动力电池出货量达25.29GWh，同比+116.89%，实现收入 151.39 亿元，同比+40.24%，毛利率8.80%，同比-0.37pct。动力电池方面，公司以方形铝壳电池为核 心，同时积极布局动力大圆柱电池和软包电池等类型产品，并在HEV、PHEV、EREV、BEV 和储能领 域技术布局全面。2024 年，公司储能系统装机量达8.88GWh，同比+107%，实现收入18.89 亿元，同比 +70.19%，毛利率20.39%，同比+1.35pct。储能系统方面，公司积极研发创新，推出行业内首推10 米级 全球最大容量、行业首款2MWh 液冷移动储能车，稳定行业领先地位。公司持续进行全球化布局， 2024 年，越南锂威项目、匈牙利、泰国动力项目顺利推进。 2024 年盈利能力有所改善。2024 年公司毛利率为15.18%，同比+0.58pct，归母净利率为2.62%，同比 +0.37pct，2024Q4，公司毛利率为13.36%，同比-1.66pct，归母净利率为1.44%， ...