Core Viewpoint - Jiemai Technology (002859.SZ) highlights the advantages of Ningbo Rouchuang's nanofiber membrane over polyolefin separators, emphasizing its larger pore size, higher porosity, better wettability, and thermal stability, making it suitable as a skeleton membrane for solid-state batteries [1] Group 1: Company Collaboration - Rouchuang Nako has received support from the Ministry of Industry and Information Technology for high-quality manufacturing development and from Ningbo's key R&D program [1] - Rouchuang collaborates with several well-known domestic solid-state battery manufacturers across polymer, oxide, and sulfide systems [1] - Rouchuang and Jiemai Technology produce different components for batteries, indicating a complementary rather than competitive relationship [1] Group 2: Product Applications - Rouchuang focuses on nanofiber membranes, which are essential for solid-state battery applications [1] - Jiemai Technology specializes in new energy battery anode and cathode materials, including composite aluminum foil, composite copper foil, and carbon-coated composite aluminum foil, which are also applicable in solid-state batteries [1] - The products from both companies serve different roles within the battery structure, reinforcing their non-competitive nature [1]

Group 1: Company Overview and Investment - Guangdong Yinglian Packaging Co., Ltd. is investing in the new energy lithium battery composite aluminum foil and composite copper foil projects with a total investment of 3.089 billion CNY [2] - The project plans to build 10 production lines for composite aluminum foil and 5 production lines for composite copper foil, with an expected annual production capacity of 1.35 billion square meters of composite aluminum foil and 1.45 billion square meters of composite copper foil [2] Group 2: Strategic Partnerships and Orders - Jiangsu Yinglian has established a strategic partnership with Aifake for the procurement of 10 composite aluminum foil production lines, currently having 5 lines in operation [2] - Jiangsu Yinglian received a bulk order from South Korean client U&S ENERGY for 100,000 square meters of composite aluminum foil and 50,000 square meters of composite copper foil, with plans for U&S to purchase 2 million square meters of composite aluminum foil and 1 million square meters of composite copper foil in 2025 [4] - A strategic cooperation agreement was signed with a well-known automotive company in March 2025 to develop integrated new materials for the next generation of battery technology [5] Group 3: Product Development and Applications - The company is actively developing composite aluminum foil and composite copper foil for applications in solid-state batteries, with ongoing material testing [7] - The product line includes composite aluminum foil, composite copper foil (PET, PP), carbon-coated composite aluminum foil, carbon-coated composite copper foil, and porous composite copper foil [9] - The company is participating in the formulation of the group standard for composite copper foil for lithium-ion batteries, aiming to address technical bottlenecks in mass production [8] Group 4: Production Capacity and Technology - The production speed for composite aluminum foil is 16 meters per minute, while the magnetic sputtering speed for composite copper foil can reach 16 meters per minute, and water electroplating is about 8 meters per minute [13] - The company employs a two-step method for producing composite copper foil, which has advantages in yield, efficiency, and performance stability [9] Group 5: Market Performance and Future Strategy - The company's export revenue accounted for 33.24% of total revenue in 2024, achieving a year-on-year growth of 43.62% [14] - The future strategy includes promoting the synergy between the metal packaging products and composite current collector segments, continuing to solidify the core business while advancing the research and industrialization of composite current collectors [14]

Core Viewpoint - The company reported a revenue of 1.817 billion yuan for 2024, a year-on-year increase of 15.57%, while the net profit attributable to shareholders decreased by 20.91% to 202 million yuan, primarily due to increased R&D investments for new product testing and ramp-up [1] Group 1: Financial Performance - The company's revenue for 2024 reached 1.817 billion yuan, reflecting a 15.57% year-on-year growth [1] - The net profit attributable to shareholders was 202 million yuan, down 20.91% year-on-year [1] - The non-recurring net profit was 199 million yuan, a decline of 21.94% compared to the previous year [1] Group 2: Market Demand and Orders - The company experienced a steady recovery in order volume, driven by the growth of industries such as new energy, smart manufacturing, 5G commercial technology, and AI terminal applications [1] - Sales volume for 2024 reached 9.3898 million rolls, an increase of 19.39% year-on-year, with electronic-grade film materials sales volume growing by 45.9% [1] - Inventory levels decreased by 50.2% year-on-year [1] Group 3: Product Development and Expansion - The electronic-grade film materials generated revenue of 176 million yuan, a year-on-year increase of 35.38% [2] - The company has established stable mass supply to major clients in the MLCC sector and is entering the mass supply phase for Japanese and Korean clients [2] - The first phase of the Zhaoqing base for release films has begun production, and the Tianjin production base is progressing to the main construction phase [2] - The second phase of the BOPET film project has completed equipment installation and is expected to begin trial production in Q2 2025, with capacity expected to more than double upon completion [2] Group 4: Strategic Acquisitions - The company acquired a 56.83% stake in Youzhen Technology for 30 million yuan, enhancing its supply chain in the field of composite materials for new energy battery electrodes [3] - Youzhen Technology's products include composite aluminum foil and copper foil, which are essential for the performance of BOPET films [3] Group 5: Profit Forecast and Valuation - The company has adjusted its profit forecast for 2025-2026, lowering the net profit estimates to 290 million yuan and 400 million yuan, respectively, while introducing a new forecast of 510 million yuan for 2027 [3] - The current stock price corresponds to a PE ratio of 26, 19, and 15 for 2025-2027, which is relatively low compared to historical valuation levels [3]