（文章来源：每日经济新闻） 东莞证券8月18日发布研报称，给予科达利（002850.SZ，最新价：128.43元）买入评级。评级理由主要 包括：1）2025H1公司营收和净利润同比保持稳健增长；2）2025Q2净利润同比较快增长，环比基本持 平；3）深耕海内外领先企业服务，持续推进产能建设；4）开拓人形机器人关节部件业务，打造第二增 长曲线。风险提示：下游需求不及预期风险；贸易摩擦升级风险；产能释放不及预期风险；新产品和新 技术迭代风险等。 ...

山东科达利精密工业有限公司行政经理王海龙告诉记者："今年六月至今，我们已累计生产超2800万件电池结构件。优质稳定的产能是我们承接大客户订 单的关键支撑。目前，三季度订单全线饱和，公司已全面进入'赶工'状态。一期9条产线正开足马力，确保订单准时发往全国。" 盛夏时节，热浪袭人。在枣庄高新区各大企业的生产车间和建设工地，奋斗的"热度"同样节节攀升。进入三季度攻坚期，生产建设者们正争分夺秒，全力 保障生产线高效运转、建设工地快马加鞭，奋力冲刺全年目标。 在山东科达利精密工业有限公司生产基地内，一派繁忙景象扑面而来，自动化生产线高速运转，机械臂精准抓取、翻转、码放，工人们与智能设备协同作 业，一件件精密结构件在流水线上快速成型。在新能源电池结构件生产区，数台高精度冲压设备轰鸣作响，以每分钟25次的稳定节奏工作，厚度不足1毫 米的铝合金板材经过多道工序，精准变身为符合客户需求的电池外壳。 （大众新闻记者 孟令洋 通讯员 赵健健 赵浩凯） 已投产的产线高效运行，后续产能建设同样如火如荼。走进锂电新能源产业园科达利园区项目建设工地，记者看到，建筑工人们正紧张有序地进行厂房墙 体外立面、内部装修等施工，部分建成的厂房内，科 ...

Core Viewpoint - The company, Lingyi Zhizao, has made significant changes to its fundraising projects within a short period, reallocating funds towards the humanoid robot sector, which is currently a hot topic in the capital market [1][4][8]. Fundraising and Project Changes - In late 2024, Lingyi Zhizao completed a convertible bond issuance, raising a total of 2.137 billion yuan through the issuance of 21.374 million bonds, with the controlling shareholder subscribing to 61.11% of the total [1][2]. - The company announced a major adjustment to its fundraising projects on June 18, 2025, reducing the planned investments in several projects while increasing the budget for carbon fiber and heat dissipation precision components to 743 million yuan [4][8]. - The humanoid robot project has been allocated 50 million yuan, which is considered relatively low compared to other companies in the sector that have raised substantial amounts [8][10]. Project Necessity and Adjustments - The original fundraising plan included six major projects, such as the construction of manufacturing centers and production lines for various products [2][3]. - The necessity of the original projects was questioned after only six months, leading to significant budget cuts for several initiatives, including the Tianxin manufacturing center and smart wearable device production line [4][7]. - The company has indicated that it has existing technological capabilities in humanoid robotics, which it believes will support the new project despite the limited funding [8][10]. Industry Context and Strategic Moves - Lingyi Zhizao has a history of diversifying into new sectors, having previously entered the electric vehicle market and now venturing into humanoid robotics [11][12]. - The company has established itself as a supplier in the Apple supply chain and has connections with major automotive manufacturers through its acquisition of Jiangsu Kedasiteng [12][13]. - The financial performance of Jiangsu Kedasiteng shows promising revenue growth, which could enhance Lingyi Zhizao's market position post-acquisition [13].

Group 1 - Fudi Technology's SPS battery pack has successfully passed the stringent C-NCAP vehicle-level scraping safety test, highlighting its high safety performance and strong technical foundation [2] - Panasonic has postponed its plan to build a third battery factory in the U.S. due to a slowdown in global electric vehicle demand, focusing instead on the production of its second factory in Kansas [3] - CATL announced the launch of a new generation of battery swapping products and aims to achieve a 50% penetration rate for electric heavy trucks within three years [4] Group 2 - A 35GWh battery project has officially commenced construction in Jiangmen, marking a new phase for the Jiahang New Energy Industrial Park [5] - Xiaomi has increased its investment in the battery supply chain by raising the registered capital of Hefei Yinshi New Materials Technology Co., indicating a strategic move in the battery industry [6] - BYD has secured a 3.5GWh energy storage order from Grenergy for a project in northern Chile, which is one of the largest electrochemical storage projects globally [7] Group 3 - Dalian Zhongbi has completed the construction of a high-performance lithium-ion battery production line, which is expected to enhance market competitiveness with a 15% increase in energy density and a 10% reduction in battery costs [8] - Dongguan Longtaitong Technology's IPO review has been terminated by the Shenzhen Stock Exchange, impacting its plans for public listing [9] - Hunan Youneng is advancing its lithium battery cathode material project in Spain, with strong interest from domestic and international clients [11] Group 4 - Ruizhi New Energy showcased two innovative series of membrane products, focusing on high safety and energy density solutions for various battery applications [12] - Enjie Co. launched two new membrane products aimed at enhancing lithium battery performance, contributing to industry innovation [13] - Tianqi Technology has signed an agreement with Shenzhen Xinjie Energy to collaborate on the development of solid-state lithium metal anode materials [14] Group 5 - CATL and Honda have signed a memorandum to deepen cooperation in the development of lithium iron phosphate batteries and integrated technologies [15] - Chuangneng New Energy has signed a strategic cooperation agreement with Jiangsu Ruidefeng, committing to purchase approximately 30 billion yuan worth of structural components over the next five years [17] - Haimeixing has established subsidiaries in Hungary and Switzerland, securing a 4 billion yuan order for solid-state battery equipment [18] Group 6 - Xian Dao Technology Group has established its headquarters in Shanghai Lingang, investing 5 billion yuan in a project focused on integrated circuit core components [19] - Tianqi Co. is enhancing its battery recycling business through a partnership with Qingdao Huatie New Energy [21] - A lithium battery recycling industrial park project has been signed in Lianyungang, aiming to process 100,000 tons of retired batteries annually [22] Group 7 - Baosike has launched a 3.2 billion yuan project for high-value utilization of power batteries in Jiangsu, targeting the processing of 300,000 tons of retired batteries annually [23] - BYD plans to produce the new urban electric vehicle "Haiou" in Hungary by the end of the year, marking a significant step for Chinese automakers in Europe [25] - XPeng Motors reported a revenue of 15.81 billion yuan for Q1 2025, a year-on-year increase of 141.5%, with a significant reduction in net losses [29]