莱尔科技依托精密涂布与特种胶黏剂技术，与神火新材完整绿色铝加工产业链深度融合，构建稳定高效的原料保障体系； 携手推进下游战略客户开发并开展面向新一代电池材料的前沿涂层研究。通过打造"铝箔—涂碳箔—电池材料"一体化产业链， 提升产品性能与成本竞争力，为客户提供更优解决方案。 在新材料与新能源产业迈向高质量发展的关键阶段，莱尔科技将功能胶膜、FFC高速传输线材等传统业务与涂碳箔、碳纳 米管等新兴业务深度融合，持续优化"涂碳箔+碳纳米管+功能性膜材"产品组合，实现从关键材料到终端应用的全链条覆盖，增 强一站式服务能力，巩固行业领先优势。 未来，公司将坚持创新驱动，加大研发投入，深化产业链协同，提升产品性能和服务能力，助力新能源材料产业绿色、可 持续发展。 （编辑 李家琪 张昕） 本报讯 （记者李雯珊 见习记者张美娜）12月1日，广东莱尔新材料科技股份有限公司（以下简称"莱尔科技"）与河南神火 煤电股份有限公司（以下简称"神火股份"）旗下神火新材料科技有限公司（简称"神火新材"）携手合作建设的河南新能源涂碳 箔项目二期工程，在河南商丘生产基地隆重举行了开工仪式。商丘市委书记李湘豫、市长孙起鹏等政府领导莅临现场，莱尔科 ...

Summary of Ding Sheng New Material Conference Call Company Overview - **Company**: Ding Sheng New Material - **Industry**: Electromagnetic foil production Key Points and Arguments Production and Sales Forecast - Ding Sheng New Material expects a continuous increase in electromagnetic foil shipments in 2025, with a minimum increase of 5,000 tons in Q4, leading to an annual production target of 200,000 tons, a 40% increase from the previous year [2][5] - The target for 2026 is set at 280,000 tons, also reflecting a 40% year-on-year growth [2][5] Major Clients and Pricing Strategy - Ningde Times is a significant client, accounting for 50% of Ding Sheng's supply, and has agreed to a price increase of 500 RMB per ton starting in November, with a shortened payment term [2][4] - Cooperation with BYD is deepening, with expected demand reaching 2.6 TWh by 2026 [2][5] Product Structure Optimization - The proportion of carbon-coated film in the total electromagnetic foil production has increased from 10% last year to 14.6%, with expectations to reach 17% by year-end and a target of 20% for next year [2][6] - New equipment in Inner Mongolia is expected to enhance efficiency and support the achievement of the 280,000-ton production target [2][6] Overseas Market Performance - The Thailand factory is performing well, exporting over 40,000 tons of food foil to the US and India, achieving profitability [7] - The European base is currently unprofitable due to market downturns and rising costs, resulting in only marginal profitability for the overall overseas business [7] Industry Dynamics and Pricing Trends - The core reason for recent price increases is the supply-demand imbalance, as previous poor profitability among peers has led to insufficient expansion willingness [9] - Price increases are expected to range between 500 to 1,000 RMB, with larger companies leading the acceptance of these increases [12] Future Industry Outlook - The company plans to enhance capacity through transformation, expansion, quality improvement, and efficiency gains, relying on high-efficiency equipment in Inner Mongolia [8] - Continuous R&D on high-end digital products and high-performance aluminum foil is expected to yield higher added value [8] Profitability and Market Conditions - The net profit per ton is currently around 1,400 to 1,450 RMB, with anticipated price increases translating into profit growth [4][15] - The overall operating rate in the battery foil industry is high, with many companies increasing production or transitioning to new products [17] Challenges and Considerations - The overseas market is not expected to see significant improvements in Q4, but potential closures of some overseas aluminum plants may lead to better order conditions [16] - The effective increase in production capacity is relatively slow, with many new projects still in the early stages of development [17] Additional Important Insights - Companies like Huabei Aluminum, Shenhuo, and Wanshun are also maintaining decent profitability, but their ability to increase production depends on existing profit margins [10] - The timeline for industry-wide capacity expansion can vary significantly, with established projects able to contribute within six months, while new projects may take over a year or more [11]

Group 1 - Huajin Battery Material Technology Co., Ltd. has successfully completed the installation of a rotary kiln, increasing its production capacity by 50%, from 300 tons to 450 tons of cathode materials per month [1] - The company plans to invest 100 million yuan in projects related to lithium battery NMP solvent recycling and graphene composite conductive materials, aiming to create a "green circular economy" covering the entire battery lifecycle [1] - The new energy battery electrode material industry cluster in Feicheng City has grown to include 137 enterprises, forming a comprehensive closed-loop industry covering lithium ore processing, raw materials for lithium and sodium batteries, cathode and anode materials, battery assembly, and recycling [1] Group 2 - Shandong Fengrong New Materials Co., Ltd. has established a physical recycling project for lithium batteries, achieving a lithium recovery rate of 4.8% and a copper and aluminum recovery rate of 98% [2] - The company has added two new production lines, increasing its capacity to process 20,000 tons of waste lithium battery materials and 30,000 tons of waste battery electrode materials annually [2] - The company plans to start construction on a new 100,000-ton project in November, indicating significant growth and efficiency improvements in its existing production lines [2] Group 3 - The expansion of production capacity reflects the companies' accurate grasp of market demand and confidence in their development potential [3] - Shandong Fengrong's lithium battery recycling technologies have been recognized as internationally advanced, showcasing the company's commitment to innovation and efficiency [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights significant growth in the shipment of coated carbon foil and anticipates an improvement in the profitability of battery foil [1] - The company has experienced a substantial increase in sales volume for battery foil and coated carbon foil, with the latter seeing a nearly 50% year-on-year increase due to strong demand in energy storage [7] - The report projects that the company's revenue will grow from 19,064 million RMB in 2023 to 29,823 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 8.45% [1][8] - The net profit attributable to the parent company is expected to recover from a decline in 2024 to 754.80 million RMB by 2027, indicating a growth rate of 25.45% [1][8] - The report estimates that the company will achieve a diluted EPS of 0.81 RMB by 2027, with a corresponding P/E ratio decreasing from 30.96 in 2024 to 12.35 in 2027 [1][8] Financial Summary - For the first half of 2025, the company reported a revenue of 13.31 billion RMB, a year-on-year increase of 15.9%, and a net profit of 190 million RMB, up 2.3% year-on-year [7] - The gross margin for the first half of 2025 was 8.8%, slightly down by 1.1 percentage points compared to the previous year [7] - The company plans to expand its production capacity for light foil at an annual rate of 5-10% and for coated carbon foil at an annual rate of 20-30% [7] - The report anticipates that the company's operating cash flow will improve, with a significant increase of 49.4% year-on-year in the first half of 2025 [7] - Capital expenditures have decreased by 39.6% in the first half of 2025, indicating a more cautious investment approach [7]

Core Viewpoint - Guangdong Lair Technology Co., Ltd. is undergoing a share transfer where its controlling shareholder, Guangdong Tenail Investment Co., Ltd., will transfer 7,759,000 shares (5.00% of total shares) to Guangdong Shiyun Circuit Technology Co., Ltd. at a price of 19.74 yuan per share, totaling 153,162,660 yuan. This transfer does not involve a change in control or significant impact on the company's governance structure [1][2][3]. Summary by Sections Agreement Transfer Overview - The share transfer involves Guangdong Tenail Investment Co., Ltd. selling 7,759,000 shares to Guangdong Shiyun Circuit Technology Co., Ltd. at a price of 19.74 yuan per share, amounting to 153,162,660 yuan [2][3]. - Before the transfer, Tenail held 80,000,000 shares (51.55% of total shares), and after the transfer, it will hold 72,241,000 shares (46.55%) [1][2]. - Shiyun Circuit will hold 7,759,000 shares (5.00%) post-transfer, having held none prior [1][2]. Background and Purpose of the Transfer - Shiyun Circuit is a listed company on the Shanghai Stock Exchange, focusing on printed circuit boards (PCBs) and has expanded into high-growth sectors such as new energy vehicles and AI [2][3]. - The transfer aims to establish Shiyun Circuit as a strategic investor and long-term partner for Lair Technology, facilitating collaboration in automotive electronics, new energy batteries, and emerging fields like AI and robotics [3][4]. Strategic Cooperation Framework - The partnership will focus on joint research and development, optimizing product offerings in areas like "film + FFC + PCB" solutions, enhancing customer engagement and product performance [3][14]. - Both companies will leverage their customer resources in automotive electronics and new energy sectors to expand market coverage and enhance competitiveness [6][14]. - The collaboration will also explore supply chain synergies, aiming to improve procurement efficiency and stability [7][15]. Future Collaboration and Market Expansion - The strategic relationship is expected to drive joint market development, particularly in high-growth areas such as AI servers and low-altitude flying vehicles [6][14]. - Both companies will work together to identify potential acquisition opportunities in high-growth sectors, enhancing their market positions and long-term value [8][15]. Compliance and Approval Process - The share transfer is subject to compliance confirmation by the Shanghai Stock Exchange and registration with the China Securities Depository and Clearing Corporation [2][3].