Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [7]. Core Insights - The company, Keda Li (002850), is a leading global manufacturer of precision battery structural components, benefiting from the continuous growth in electric vehicle sales and increasing demand for power batteries. The company has seen a steady increase in orders while also focusing on cost reduction and efficiency improvements, resulting in robust performance [5][7]. - For the first half of 2025, the company reported revenue of 6.645 billion yuan, a year-on-year increase of 22.01%, and a net profit of 769 million yuan, up 18.72% year-on-year. The gross margin was 22.87%, slightly down by 0.19 percentage points, while the net margin was 11.52%, down by 0.35 percentage points [5][6]. - The company is actively expanding into the humanoid robot joint components business, aiming to create a second growth curve. It has established several joint ventures focused on developing key components such as reducers and dexterous hands, with some products already in testing phases with high-quality clients [5][7]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 3.623 billion yuan, a year-on-year increase of 23.34% and a quarter-on-quarter increase of 19.90%. The net profit for Q2 was 382 million yuan, up 12.54% year-on-year but down 1.36% quarter-on-quarter [5]. - The company’s R&D expenses reached 355 million yuan in the first half of 2025, reflecting a year-on-year growth of 21.11%, with the R&D expense ratio remaining stable [5][6]. Market Expansion - The company is deepening its service to leading enterprises both domestically and internationally, signing strategic procurement agreements with clients like Honeycomb Energy and actively exploring new clients in India and other regions [5]. - The company has established a global production network and is expanding its production capacity in Hungary, Jiangxi, Sichuan, and preparing for a production base in the United States [5]. Future Outlook - The earnings forecast for the company indicates a projected net profit of 1.816 billion yuan for 2025, with an expected EPS of 6.64 yuan, corresponding to a PE ratio of 18 times [6][7].

失速的营收与"注水"的利润 智通财经注意到，华源控股的营收持续下滑。上半年，这家公司营收11.62亿元，同比下滑5.68%；第二季度单季营收6亿元，同比下滑7.78%，创近三年最差 季度表现。 智通财经记者 | 陶知闲 2025年上半年的华源控股（002787.SZ），如同一台引擎失灵的旧车，在营收下滑的斜坡上加速坠落。 业务基因的天然缺陷、表面繁华的净利润和不断下滑的营收，这些矛盾日益显现，而新能源业务的破灭终将击破华源控股幻象的40倍市盈率。 数据来源：公司公告、智通财经研究部 营收下滑同时，华源控股的利润表则上演"魔术"。上半年公司净利润4850万元，同比增长15.15%；扣非净利润4590万元，同比增16%。投资者王胜向智通财 经表示，公司净利润增长主要依赖费用缩减，而非主业扩张，盈利持续性存疑。 智通财经对华源控股的利润进行了拆解：其上半年费用总额同比减少2023.39万元，降幅达16%。其中销售费用砍掉14.47%，管理费用压缩6.74%，研发费用 收缩6.06%，财务费用更是下降67.97%。此外，公司费用率也从上年同期的10.92%降至9.84%。 "利润增长完全由费用剪刀裁出，主业造血功能已 ...

Core Viewpoint - The strategic cooperation agreement between Chuangneng New Energy and Keda Li signifies a long-term procurement partnership exceeding 10 billion yuan in battery precision structural components, enhancing both companies' strategic relationship and supply chain resilience [1][2]. Group 1: Strategic Cooperation Details - The agreement focuses on a comprehensive and in-depth collaboration in the field of battery precision structural components, moving beyond traditional procurement models [1]. - Both companies will establish a joint product research and development laboratory and specialized project teams to optimize product performance, improve manufacturing efficiency, and ensure quality and safety [1]. Group 2: Industry Outlook and Supply Chain Strategy - This partnership reflects Chuangneng's confidence in the long-term development prospects of the lithium battery industry and its commitment to building a stable, technology-driven, and value-sharing supply chain ecosystem [2]. - Chuangneng aims to continue collaborating with more supply chain partners to empower industrial innovation and shape a core paradigm for high-quality development in the new energy sector [2].

Core Viewpoint - The strategic cooperation agreement between Chuangneng New Energy and Keda Li signifies a long-term procurement partnership exceeding 10 billion yuan in battery precision structural components, reflecting both companies' commitment to mutual benefits and resource integration [2][3]. Group 1 - The agreement aims to establish a comprehensive and in-depth strategic collaboration in the field of battery precision structural components, moving beyond traditional procurement models [2]. - Both companies will set up a joint product research and development laboratory and specialized project teams to focus on optimizing product performance, enhancing manufacturing efficiency, controlling costs, and upgrading quality and safety [2]. - This partnership is seen as a significant milestone in deepening mutual trust and securing future collaboration, providing Chuangneng with a stable supply of critical materials for capacity release [2]. Group 2 - The cooperation reflects Chuangneng's optimistic outlook on the long-term development of the lithium battery industry and its commitment to building a stable, technology-driven, and value-sharing supply chain ecosystem [3]. - Chuangneng plans to continue collaborating with more supply chain partners to empower industrial innovation and shape a core paradigm for high-quality development in the new energy sector [3].

Group 1 - The core viewpoint is that Huayuan Holdings has a technical reuse advantage in the metal packaging and battery precision components sectors, with cautious advancement in the battery precision components business and expected revenue growth by 2025, although its contribution will remain low [1] - The utilization rate of the new energy industry is at 60%, and there are currently no plans for overseas capacity expansion [1] - The plastic packaging business has a gross margin of 17%, and the company aims to improve this through integration and the development of green products [1] Group 2 - The company has signed long-term cooperation agreements with major raw material suppliers, which provides a certain ability to pass on costs [1] - Huayuan Holdings focuses on its core metal and plastic packaging businesses while actively seeking new market opportunities, including the establishment of Huayuan Singapore to expand overseas [1] - The company has a high level of automation in its production lines and is continuously upgrading its intelligent equipment [1] Group 3 - Based on confidence in the company's value and future development prospects, Huayuan Holdings has initiated a share buyback and cancellation plan [1] - The company strictly adheres to regulatory requirements for market value management and actively looks for acquisition opportunities, focusing on high-end intelligent manufacturing as the main direction for acquisitions [1]

Group 1: Business Overview - The company has a strong presence in metal packaging and plastic packaging, primarily serving the chemical, lubricant, and food industries, with a complete product series and specifications [8][12] - The company has established long-term stable relationships with major clients, including Shell and ExxonMobil, and has received multiple awards for quality and service [4][12] Group 2: Financial Performance - The gross margin for plastic packaging is approximately 17%, which is considered reasonable for the manufacturing industry [4] - The company anticipates significant revenue growth in battery precision structural components in 2025, although it will still represent a low percentage of overall revenue [3] Group 3: Market Strategy - The company is cautious about expanding its battery precision structural components market due to current market conditions, but expects to see growth in 2025 compared to 2024 [3] - The company is actively exploring overseas market opportunities, particularly in Southeast Asia, and has established a presence in Singapore [9] Group 4: Production and Automation - The company's production lines are highly automated compared to industry standards, with over 100 technical staff dedicated to equipment automation and smart upgrades [10] - The current capacity utilization rate for the company's new energy sector is around 60% [3] Group 5: Supply Chain Management - The company has strategic partnerships with major suppliers like China Baowu Steel Group for raw materials, ensuring favorable procurement prices [5][6] - The company has a robust cost transfer mechanism with clients, allowing it to manage fluctuations in raw material prices effectively [5] Group 6: Future Plans and Innovations - The company plans to enhance its technological innovation and product development capabilities, focusing on customer-specific needs and market trends [12] - The company is considering mergers and acquisitions in high-end intelligent manufacturing sectors, such as semiconductor processing and robotics [16]

Core Viewpoint - The company plans to raise approximately 980 million yuan through the issuance of convertible bonds to fund three projects, including battery precision structural components in Xiamen and Xiaogan, and to supplement working capital [1][2]. Group 1: Project Funding and Financial Needs - The Xiamen and Xiaogan projects require 600 million yuan and 800 million yuan respectively, but the fundraising announcement indicates only 450 million yuan and 300 million yuan will be allocated to these projects, highlighting significant operational pressure [1]. - The company also aims to invest up to 90 million USD in a lithium battery precision structural component project in Malaysia, which will take about 36 months to complete [3]. Group 2: Market Potential and Strategic Positioning - The company reported a 26.6% year-on-year increase in revenue for Q1, indicating strong market demand, particularly for cylindrical batteries, which are expected to grow alongside the two-wheeler market [2]. - The company has established three strategic focuses: betting on cylindrical batteries, deepening ties with downstream clients like Xiaomi, and actively pursuing international expansion [4]. Group 3: Technological and Client Relationships - The company has a strong foothold in the cylindrical battery sector, having developed full-tab technology and established relationships with major clients such as ATL, Lishen, and LG Chem [5]. - The collaboration with Xiaomi is deepening, particularly in the robotics sector, with plans for rapid development through self-built capacity and equity investments [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company has demonstrated strong performance with resilient profitability, benefiting from the continuous growth in electric vehicle sales and increasing demand for power batteries [5] - The company is a leading global manufacturer of precision structural components for batteries, with a significant increase in orders and effective cost control measures contributing to rapid revenue growth [5] - The company is expanding its production capacity both domestically and internationally, with plans to establish new production bases in the United States and Malaysia [5] Financial Performance - In Q1 2025, the company achieved revenue of 3.022 billion yuan, a year-on-year increase of 20.46% - The net profit attributable to shareholders was 387 million yuan, up 25.51% year-on-year, while the net profit after deducting non-recurring gains and losses was 353 million yuan, an increase of 19.54% year-on-year - The gross margin was 22.2%, up 0.02 percentage points year-on-year, and the net margin was 12.77%, up 0.47 percentage points year-on-year - Operating cash flow net amount reached 679 million yuan, a significant increase of 198.89% year-on-year [5][6] Business Development - The company is deepening its strategic partnerships with major clients such as CATL and ACC, securing a 100% supply share for battery structural components for the next five years [5] - The company is also venturing into the humanoid robotics sector, establishing joint ventures to focus on the development of joint components, which is expected to create new growth opportunities [5] Future Outlook - The company maintains a "Buy" rating with projected EPS of 6.70 yuan and 8.07 yuan for 2025 and 2026, respectively, corresponding to PE ratios of 19 times and 16 times [5][6]