Summary of the Conference Call Company and Industry Overview - The conference call discusses **Liheng Company**, which operates in the **lithium battery equipment** sector, particularly focusing on **solid-state batteries** and **consumer lithium battery equipment** [2][3][32]. Key Points and Arguments - **Order Growth**: As of the end of May, Liheng Company reported total orders of approximately **5 billion yuan**, with **consumer lithium battery equipment** accounting for over **30%** (around **1.5 billion yuan**) and **smart warehousing** orders at **650 million yuan**. These two segments represent nearly half of the total orders [2][3][32]. - **High Gross Margin**: The gross margin for the consumer lithium battery sector reached **34%** in the first quarter, attributed to the increased revenue share from this segment [2][3]. - **Major Clients**: Key clients include **ATL**, **BYD**, **CATL**, and **Guoxuan**, which collectively account for **80%-90%** of the orders. The support from client A's new production line is expected to lead to substantial future orders [2][3][32]. - **Solid-State Battery Equipment**: Liheng provides complete equipment for **sulfide-based solid-state batteries**, which pose challenges due to the toxic gas **hydrogen sulfide** produced when sulfides encounter water. Effective gas control is critical [2][4][5]. - **Production Challenges**: The production of solid-state batteries requires increased pressure, which can lead to the generation of toxic gases. Collaboration among equipment manufacturers, material suppliers, and end-users is essential to develop solutions [5][18]. - **Market Forecast**: The solid-state battery market is expected to begin mass production between **2025 and 2027**, with a projected market share of **1%-5%** by **2030**. Initial breakthroughs are anticipated in sectors such as **aerospace**, **humanoid robots**, and **consumer electronics** [3][31]. - **Cost Considerations**: The cost of solid-state batteries is currently **4-5 times** that of liquid batteries, primarily due to the high price of solid electrolyte materials. Equipment costs are also elevated but are not the main factor [3][16]. - **Client Segmentation**: Approximately **two-thirds** of solid-state battery clients are battery manufacturers, while **one-third** are automotive companies. There is ongoing communication with overseas clients, but no formal orders have been placed yet [6][7][8]. - **GAC Aion Project**: The GAC Aion project is the primary solid-state battery order, with expected completion of the production line by the end of Q3 and installation planned for the first half of **2025**. The project is valued at several million yuan [8][12][21][23]. - **Future Orders**: Successful operation of the GAC Aion line is anticipated to lead to more orders and increased production scale [22][24]. Additional Important Insights - **Production Techniques**: The company offers both **dry** and **wet** mixing methods for the initial material preparation, with the choice depending on client requirements. Dry methods are more environmentally friendly and energy-efficient [13][30]. - **Technical Innovations**: The company is actively researching solutions to the solid-solid interface issues in solid-state batteries, which remain a significant challenge in the industry [27][28]. - **Market Dynamics**: Larger companies like BYD and CATL prefer specialized equipment rather than complete line purchases, while newer entrants are more inclined towards full line solutions [25][26]. This summary encapsulates the critical aspects of Liheng Company's conference call, highlighting its operational performance, market positioning, and future outlook in the lithium battery equipment industry.

专利摘要显示，本发明涉及一种降低极化的锂离子电池分段式快速充电方法，其包括以下步骤：先 将电芯进行阶梯恒流恒压充电：分成N个恒流恒压充电阶段，各恒流恒压充电阶段均恒流恒压充电 至对应的限定电压或限定容量；再将电芯进行恒压充电，直至最终电流。 海四达电源订单饱满 产线较饱和生产中 普利特7月2日在互动平台上表示，公司子公司海四达电源目前订单饱满，公司各产线都处于较饱 和的生产中，同时海外客户订单占比较高。公司海外客户对于公司研发生产的钠离子电池、半固态 电池、全极耳电池等新产品关注度非常高，都在积极对接和验证中，部分客户已在量产供应中。 01 会议预告 2025高工新能源新材料产业大会 —— 新材料·新动能·新生态 主办单位： 高工锂电、 高工储能、高工产业研究院（GGII） 总冠名： 英联复合集流体 会议时间： 2025年7月8日-9日 会议地点： 成都·邛崃·羊安新城会议中心（四川省成都市邛崃市崃岭大道299号） 文末扫码报名 ◆ 电池 ◆ 国轩高科申请 ◆ 材料 ◆ 01 富临精工与川发龙蟒 签署合作框架协议 富临精工公告，公司与四川发展龙蟒签署《合作框架协议》，双方将开展股权与资本合作，共同投 资设立合 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [7][16]. Core Viewpoints - The lithium battery equipment industry is expected to recover, with solid-state batteries creating growth opportunities [7]. - The company is positioned to benefit from the domestic lithium battery production expansion, as major manufacturers restart capacity [8]. - The company is accelerating its overseas expansion, with multiple equipment deliveries to clients in North America, Asia, and Europe [9]. - The company has seen a significant increase in high-margin consumer lithium battery equipment orders, which is expected to improve its operational performance [10]. - The company is advancing its solid-state battery initiatives, having successfully bid for its first complete line of sulfide solid-state battery equipment [11]. - The company reported a turnaround to profitability in Q1 2025, with cost reduction and efficiency measures showing initial results [12][14]. Financial Projections - The company is projected to achieve a net profit of 0.6 billion, 1.3 billion, and 1.6 billion yuan for the years 2025 to 2027, respectively, with corresponding P/E ratios of 96, 43, and 33 [16]. - Revenue forecasts indicate a total revenue of 2.48 billion yuan in 2024, with a significant recovery expected in subsequent years [18]. - The gross margin is anticipated to improve significantly, with consumer lithium battery equipment expected to have a gross margin of approximately 26% in 2024 [10].

昨日，两市主要股指盘中单边上行，深证成指、创业板指尤为强势。截至收盘，沪指涨0.82%报3369.24 点，深证成指涨1.72%报10301.16点，创业板指涨2.63%报2064.71点，北证50指数涨2.89%，沪深北三市 合计成交13410亿元，较此前一日增加近1200亿元。行业方面，军工、汽车、券商、半导体、保险等板 块拉升，军贸概念、人形机器人、固态电池、苹果概念等活跃。 5月12日中美发表贸易会谈声明，本次中美经贸高层会谈取得实质性进展，大幅降低双边关税水平，双 方承诺将于2025年5月14日前采取修改加征的从价关税等系列举措。 国信证券表示，本次中美会谈所达成的协议极大的利好电新板块对美出口企业的业务恢复。原来受关税 政策影响较大的环节包括：动力电池产业链、光伏逆变器、储能电池、AIDC设备、电网设备、消费锂 电、风电零部件环节，上述环节有望在5月份以来迎来对美出货的修复和加速。同时对于美国客户未来 的供应链管理方面，本次双方高层的态度也将发挥积极的作用。 华福证券认为，目前出口链板块主要公司海外产能布局相对完善或布局加速，具备较强的抢出口、转出 口订单承接能力及应对关税政策变化风险能力，板块业 ...

Investment Rating - The investment rating for the electric power equipment industry is "Outperform the Market" [2][6]. Core Viewpoints - The recent US-China trade talks have resulted in significant tariff reductions, which are expected to positively impact the electric new energy sector's exports to the US. Key affected areas include the power battery supply chain, photovoltaic inverters, energy storage batteries, AIDC equipment, grid equipment, consumer lithium batteries, and wind power components. These sectors are anticipated to experience a recovery and acceleration in shipments to the US starting from May [4][5][6]. - The agreement reached during the talks includes the US committing to cancel 91% of tariffs imposed on Chinese goods and modifying 34% of reciprocal tariffs, with a 90-day suspension on 24% of these tariffs. Similarly, China will cancel 91% of its retaliatory tariffs on US goods and suspend 24% of the reciprocal tariffs for 90 days [3][6]. Summary by Relevant Sections - **Tariff Changes**: The US will cancel 91% of tariffs on Chinese goods and modify 34% of reciprocal tariffs, while China will cancel 91% of retaliatory tariffs and suspend 24% of reciprocal tariffs for 90 days [3][6]. - **Market Impact**: The agreement is expected to benefit companies in the electric new energy sector, particularly those involved in the power battery and energy storage battery supply chains, such as Ningde Times, Keda Li, and Xinjubang. Other companies to watch include Sunshine Power, Shenghong Co., and Megmeet [4][7]. - **Market Demand**: The US accounts for 10-15% of global power battery market demand, 30-40% of large energy storage market demand, and 10% of the global photovoltaic market demand. The successful conclusion of the trade talks is expected to enhance the short-term and long-term development prospects for various sectors [7].

2025年一季度，利元亨实现营业收入7.15亿元，归母净利润1282万元，在行业竞争加剧背景下成功实现 扭亏为盈。公司主动性经营战略调整实施有效，技术降本与运营提效双重发力，项目周期有效缩短，成 本管控强化，业务质量逐步提升。同时现金流指标的韧性进一步增强，为盈利能力的修复与巩固提供了 有力支撑。 全球布局完善，新兴领域积极探索 利元亨构建的"3+2+2"全球制造网络持续发挥效能。国内以惠州三大基地为核心，集成精密加工、整机 组装及系统调试能力；南通、宁德两大基地贴近产业集群，快速响应客户需求。海外波兰、加拿大两大 节点推进属地化装配调试，协同德国研发服务中心，形成全球化交付体系。旗下博罗基地在新能源储能 柜体设计、机器人本体结构件精密加工及关键零部件的整机组装与调试等方面的能力。 具身智能机器人、eVTOL等万亿级市场崛起，对电池性能提出更高要求，为利元亨的技术转化带来新 机遇。公司正积极探索相关设备及技术在这些领域的应用，提前布局未来增长赛道。 一季度，公司经营性现金流净额达1.18亿元，成功转正，保持平稳。这一积极变化主要得益于公司在成 本控制、资本运作策略上的系统性优化。 成本管控层面，全流程成本监控 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The Q1 2025 performance met market expectations, with revenue of 12.3 billion and a year-on-year increase of 12% [8] - The company's battery cell self-supply rate has increased to 40%, with a target of 50%+ for 2025 [8] - The report anticipates a significant profit contribution from the consumer battery segment, projecting a profit of over 2.5 billion for 2025, representing a growth of 10-20% [8] - The report highlights the ongoing expansion of energy storage customers and expects a narrowing of losses in the power storage segment [8] - R&D expenses have increased, but operating cash flow showed strong performance, with a net cash flow of 1.53 billion in Q1 2025, up 116% year-on-year [8] - The report maintains profit forecasts for 2025-2027, projecting net profits of 2.05 billion, 2.49 billion, and 3.01 billion respectively, with corresponding P/E ratios of 17x, 14x, and 12x [8] Financial Summary - Total revenue for 2023 is projected at 47.86 billion, with a year-on-year decrease of 8.24%, followed by a recovery in 2024 with a 17.05% increase [1] - The net profit attributable to shareholders for 2023 is estimated at 1.08 billion, with a slight increase of 0.77% year-on-year [1] - The latest diluted EPS for 2023 is projected at 0.58 yuan, with a P/E ratio of 32.40 [1] - The company's total assets are expected to grow from 87.32 billion in 2024 to 107.63 billion by 2027 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q1 performance of the company met market expectations, with revenue of 12.3 billion yuan, a year-on-year increase of 12% and a quarter-on-quarter decrease of 31%. The net profit attributable to the parent company was 390 million yuan, reflecting a year-on-year increase of 21% and a quarter-on-quarter increase of 51% [8] - The self-supply rate of battery cells has increased to 40%, with a revenue target of 7-8 billion yuan for 2025 and production capacity expected to reach 1.2 million units per day [8] - The company is expanding its customer base in the energy storage sector, with expected losses narrowing in the future [8] - R&D expenses have increased, and cash flow performance is strong, with a net operating cash flow of 1.53 billion yuan, a year-on-year increase of 116% [8] - The company maintains a leading position in the consumer battery market, with a target price of 27.8 yuan based on a 25x PE ratio for 2025 [8] Financial Summary - Total revenue forecast for 2023 is 47.862 billion yuan, with a year-on-year decrease of 8.24%. The forecast for 2024 is 56.021 billion yuan, with a year-on-year increase of 17.05% [1] - The net profit attributable to the parent company is projected to be 1.076 billion yuan for 2023, with a year-on-year increase of 0.77%. For 2024, it is expected to be 1.468 billion yuan, reflecting a year-on-year increase of 36.43% [1] - The latest diluted EPS is expected to be 0.58 yuan for 2023, increasing to 0.80 yuan for 2024 [1] - The company’s P/E ratio is projected to decrease from 32.40 in 2023 to 23.75 in 2024, and further down to 17.00 in 2025 [1]

2025 年 04 月 27 日 公司研究 评级：增持(首次覆盖) | 研究所： | | | | | --- | --- | --- | --- | | 证券分析师： | | 姚丹丹 | S0350524060002 | | | | | yaodd@ghzq.com.cn | | 联系人 | ： | 李晓康 | S0350124080022 | | | | lixk02@ghzq.com.cn | | [Table_Title] 消费电芯自供率持续提升，动储业务快速增长 ——欣旺达（300207）2024 年年报点评 | 相对沪深 300 | 表现 | | 2025/04/25 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 欣旺达 | -17.3% | -14.0% | 38.8% | | 沪深 300 | -3.7% | -1.2% | 7.3% | | 市场数据 | | | 2025/04/25 | | 当前价格（元） | | | 18.85 | | 52 周价格区间（元） | | | 13.53-26.35 | | 总市值（百万） | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q4 performance met market expectations, with a revenue of 17.7 billion yuan, a year-on-year increase of 31%, and a net profit of 2.6 billion yuan, a decrease of 6% quarter-on-quarter [10] - The self-supply rate of battery cells has increased to 40%, with expectations to reach over 50% in 2025 [10] - The company is expanding its customer base in energy storage, with a revenue of 15.1 billion yuan in 2024, a year-on-year increase of 40% [10] - The company has adjusted its net profit forecasts for 2025-2026 to 2.05 billion yuan and 2.51 billion yuan respectively, with a new forecast for 2027 at 3.02 billion yuan [10] Financial Performance Summary - Total revenue for 2023 is projected at 47.86 billion yuan, with a year-on-year decrease of 8.24%, and is expected to grow to 56.02 billion yuan in 2024, a year-on-year increase of 17.05% [1] - The net profit attributable to the parent company for 2023 is estimated at 1.08 billion yuan, with a slight increase of 0.77%, and is expected to rise to 1.47 billion yuan in 2024, a year-on-year increase of 36.43% [1] - The earnings per share (EPS) for 2024 is projected at 0.80 yuan, with a price-to-earnings (P/E) ratio of 23.68 [1] Market Data Summary - The closing price of the company's stock is 18.84 yuan, with a market capitalization of approximately 35.1 billion yuan [7] - The company has a price-to-book (P/B) ratio of 1.47 and a debt-to-asset ratio of 63.44% [8][11]