截至6月30日，西典新能股东户数1.01万，较上期减少3.58%；人均流通股5214股，较上期增加3.71%。 2025年1月-6月，西典新能实现营业收入13.92亿元，同比增长65.90%；归母净利润1.39亿元，同比增长 51.66%。 分红方面，西典新能A股上市后累计派现2.89亿元。 机构持仓方面，截止2025年6月30日，西典新能十大流通股东中，信澳新能源产业股票A（001410）位 居第五大流通股东，持股175.00万股，相比上期增加58.64万股。广发多因子混合（002943）位居第六大 流通股东，持股166.20万股，相比上期减少11.01万股。香港中央结算有限公司位居第九大流通股东，持 股90.43万股，相比上期增加6.56万股。信澳智远三年持有期混合A（014254）位居第十大流通股东，持 股87.10万股，为新进股东。 责任编辑：小浪快报 9月30日，西典新能涨0.22%，成交额1.66亿元。两融数据显示，当日西典新能获融资买入额1952.83万 元，融资偿还2882.09万元，融资净买入-929.26万元。截至9月30日，西典新能融资融券余额合计1.43亿 元。 融资方面，西典新能当日 ...

公司主要从事电连接技术的研究、开发和应用。产品广泛应用于新能源汽车与 电化学储能等领域。公司管理层具有相关的专业技术背景和多年的管理经验， 重视研发投入，经营效率高。具备关键设备自制能力，技术储备多，2024 年推 出的新一代薄膜+直焊+FCC 产品，在成本与自动化程度上优势显著，有望得到 大范围推广。同时，凭借高性价比产品，公司获得众多优质客户青睐，尤其是 储能业务，有望随着大客户的爬坡与新客户拓展，贡献有望显著加大。 风险提示：下游需求不及预期、行业竞争加剧、新产品开拓不及预期等。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 1835 | 2165 | 3286 | 4489 | 6129 | | 同比增长 | 15% | 18% | 52% | 37% | 37% | 证券研究报告 | 公司深度报告 2025 年 09 月 30 日 西典新能（603312.SH） 技术优势显著，储能业务贡献有望进一步加大 中游制造/电力设备及新能源 ...

Core Viewpoint - Xidian New Energy has shown significant growth in revenue and net profit, indicating strong business performance and investor interest in the company [2][3]. Financing and Trading Activity - On September 12, Xidian New Energy's stock price increased by 0.60%, with a trading volume of 90.78 million yuan. The financing buy-in amounted to 8.97 million yuan, while financing repayment was 6.41 million yuan, resulting in a net financing buy-in of 2.56 million yuan. The total financing and securities balance reached 111 million yuan [1]. - The current financing balance of 111 million yuan represents 4.86% of the circulating market value, which is above the 80th percentile level over the past year, indicating a high level of financing activity [1]. - On the same day, there were no shares sold or repaid in the securities lending market, with a total securities lending balance of 0 yuan, also reflecting a high percentile level over the past year [1]. Company Overview - Xidian New Energy, established on May 31, 2007, is located in Suzhou, Jiangsu Province. The company specializes in the research, design, production, and sales of electrical connection products [1]. - The main revenue components include battery connection systems (77.10%), electric control busbars (11.45%), industrial electrical busbars (7.97%), and other products (2.04% and 1.44%) [1]. Financial Performance - For the first half of 2025, Xidian New Energy reported a revenue of 1.392 billion yuan, representing a year-on-year growth of 65.90%. The net profit attributable to shareholders was 139 million yuan, reflecting a year-on-year increase of 51.66% [2]. - As of June 30, 2025, the number of shareholders decreased by 3.58% to 10,100, while the average circulating shares per person increased by 3.71% to 5,214 shares [2]. Dividend and Shareholding Structure - Since its A-share listing, Xidian New Energy has distributed a total of 226 million yuan in dividends [3]. - As of June 30, 2025, the top ten circulating shareholders included notable institutional investors, with significant changes in holdings among them, such as an increase of 586,400 shares for Xin'ao New Energy Industry Stock A and a decrease of 110,100 shares for GF Multi-Factor Mixed Fund [3].

Group 1 - The company achieved operating revenue of 1.392 billion yuan in the first half of 2025, representing a year-on-year increase of 65.90% [1] - The net profit attributable to shareholders reached 139 million yuan, with a year-on-year growth of 51.66% [1] - Revenue growth is attributed to the sustained growth in downstream industries such as new energy vehicles, energy storage, and renewable energy generation [1] Group 2 - The company has increased market promotion efforts for new technology products in the battery connection system within the new energy vehicle sector [1] - Significant growth was observed in the energy storage application sector compared to the same period last year, with expectations for an increasing proportion of revenue from energy storage products in the future [1] - The company was founded on May 31, 2007, and went public on the Shanghai Stock Exchange in January 2024, focusing on the research, design, production, and sales of electrical connection products [2]

Core Viewpoint - Xidian New Energy reported a significant increase in revenue and net profit for the first half of 2025, driven by expanded business scale and increased orders [2][3]. Financial Performance - Revenue for the first half of 2025 reached 1,392,065,661.36 CNY, representing a year-on-year growth of 65.9% compared to 839,120,784.99 CNY in the same period last year [3]. - Net profit attributable to shareholders was 139,025,450.88 CNY, up 51.66% from 91,666,994.79 CNY in the previous year [3]. - The net profit after deducting non-recurring gains and losses was 137,965,154.31 CNY, reflecting a 51.46% increase from 91,092,808.20 CNY year-on-year [3]. - Total assets as of the end of the reporting period amounted to 2,881,199,884.66 CNY, a 4.17% increase from 2,765,812,612.13 CNY at the end of the previous year [3]. - The net assets attributable to shareholders were 1,706,087,244.12 CNY, showing a 1.45% increase from 1,681,755,650.37 CNY at the end of the previous year [3]. Cash Flow and Earnings - The net cash flow from operating activities decreased by 179.63%, resulting in a negative cash flow of -96,728,478.79 CNY compared to a positive cash flow of 121,474,100.88 CNY in the same period last year [3]. - Basic earnings per share for the first half of 2025 were 0.86 CNY, up 45.76% from 0.59 CNY in the previous year [4]. - The weighted average return on equity increased to 7.92%, up 2.13 percentage points from 5.79% year-on-year [4]. Business Overview - The company specializes in the research, design, production, and sales of electrical connection products, including battery connection systems, industrial electrical busbars, and electronic control busbars [5]. - The battery connection systems are primarily targeted at the new energy vehicle and electrochemical energy storage sectors, with major clients including CATL, Honeycomb Energy, and SAIC [5]. - The industrial electrical busbars are used in high-voltage and high-current industries such as rail transit, photovoltaics, and wind power, with key projects including the Fuxing bullet train and the Beijing Winter Olympics train [5]. - The electronic control busbars are utilized in electric vehicle motor controllers, with significant clients like BYD and Sunshine Power [5].

Core Viewpoint - The report highlights the significant growth in revenue and net profit for Suzhou West Deane New Power Electric Co., Ltd. in the first half of 2025, driven by the increasing demand in the new energy vehicle and energy storage sectors [2][4][10]. Company Overview and Financial Indicators - The company reported a total revenue of approximately RMB 1.39 billion, representing a 65.90% increase compared to the same period last year [2][10]. - The net profit attributable to shareholders reached approximately RMB 139 million, marking a 51.66% year-on-year growth [2][10]. - The cash dividend proposed is RMB 4.00 per 10 shares, totaling approximately RMB 62.74 million, which constitutes 45.13% of the net profit for the period [2][12]. Industry and Main Business Analysis - The company operates in the electrical machinery and equipment manufacturing sector, focusing on electric connection technology, particularly for new energy vehicles and energy storage systems [3][5]. - In the first half of 2025, global new energy vehicle sales reached 7.52 million units, a 32.4% increase year-on-year, with China's sales at 5.88 million units, up 34.3% [3][4]. - The demand for power batteries is also rising, with a reported 401.3 GWh of battery usage globally, reflecting a 38.5% increase [3]. Operational Performance - The company has strengthened its market presence in the battery connection system sector, particularly in new energy vehicles, and has established close partnerships with leading manufacturers [5][8]. - The company has invested in technology development, focusing on improving production efficiency and reducing costs through innovations such as direct welding technology [6][8]. Competitive Advantages - The company has a strong R&D and design capability, having accumulated 17 years of expertise in electric connection technology [7][8]. - It has established long-term relationships with key clients in various sectors, including new energy vehicles and industrial applications, enhancing customer loyalty and market position [8][9]. Financial Performance and Cash Flow - The operating cash flow showed a net outflow of approximately RMB 96.73 million, a significant decrease compared to the previous year, indicating challenges in cash management despite revenue growth [2][10]. - The total assets of the company increased to approximately RMB 2.88 billion, a 4.17% rise from the previous year [2]. Future Outlook - The company anticipates continued growth in the energy storage market, with expectations for increased sales and market share in the coming periods [5][8]. - The ongoing development of new technologies and products is expected to drive future performance and competitiveness in the rapidly evolving new energy sector [6][8].

Core Viewpoint - Xidian New Energy reported significant growth in revenue and net profit for the first half of 2025, indicating strong performance in the electric connection products sector, particularly in the new energy vehicle and energy storage markets [2][3]. Financial Performance - The company achieved operating revenue of 1.392 billion yuan, a year-on-year increase of 65.90% [2]. - Net profit attributable to shareholders reached 139 million yuan, up 51.66% compared to the same period last year [2]. - A cash dividend of 4.00 yuan per 10 shares is proposed, totaling 62.7387 million yuan, which represents 45.13% of the net profit for the first half of 2025 [2]. Business Overview - Xidian New Energy specializes in the research, design, production, and sales of electric connection products, including battery connection systems and industrial electrical busbars [2]. - The products are widely used in new energy vehicles, electrochemical energy storage, rail transit, industrial frequency conversion, and new energy generation [2]. Market Development - The company has intensified market promotion of new technology products in the new energy vehicle sector and strengthened project cooperation with vehicle manufacturers [3]. - In the energy storage application sector, there has been significant growth compared to the previous year, with close partnerships established with leading companies [3]. - The company anticipates that the shipment value of energy storage products will continue to increase in the future [3]. Industry Context - The new energy vehicle industry has entered a period of steady growth in 2023, despite increased competition from new entrants [4]. - Many vehicle manufacturers are resorting to price reductions and promotional activities due to competitive pressures, leading to an industry "shuffle" [4]. - Some new energy vehicle manufacturers are facing serious operational issues, and the industry concentration is expected to rise, potentially impacting companies like Xidian New Energy if their products are used by struggling manufacturers [4].

中报显示，西典新能主要从事电连接技术的研究、开发和应用。2025年上半年，公司实现营业收入约为 13.92亿元，同比增长65.9%；对应实现归属净利润约为1.39亿元，同比增长51.66%。对于营业收入变动 的原因，公司表示，主要系报告期内电池连接系统销售额增加。 北京商报讯（记者 马换换 王蔓蕾）8月14日晚间，西典新能（603312）发布2025年半年度报告显示，公 司上半年实现归属净利润约为1.39亿元，同比增长51.66%。 交易行情显示，截至8月14日收盘，西典新能股价报46.65元/股，总市值75.39亿元。 ...

Group 1 - The company achieved a revenue of 2.165 billion in 2024, representing a year-on-year growth of 17.9%, and a net profit attributable to shareholders of 228 million, up 15.0% year-on-year [1] - In Q4, the company reported a revenue of 750 million, showing a year-on-year increase of 56.0% and a quarter-on-quarter growth of 30.2%, with a net profit of 80 million, up 46.0% year-on-year and 42.2% quarter-on-quarter [1] - For Q1 2025, the company recorded a revenue of 707 million, reflecting an 80.3% year-on-year growth, while the net profit was 72 million, up 44.8% year-on-year [1] Group 2 - The company's gross margin and net margin for 2024 were 17.4% and 10.5%, respectively, with year-on-year changes of -1.0pp and -0.3pp [2] - In Q1 2025, the gross margin and net margin were 17.3% and 10.2%, showing year-on-year changes of -2.4pp and -2.5pp [2] - The company maintained good expense control, with sales, management, R&D, and financial expense ratios for 2024 being 0.5%, 1.4%, 2.9%, and -0.6%, respectively [2] Group 3 - The company is set to benefit from increased production capacity in battery FCC technology, with a revenue of 1.669 billion from battery connection systems in 2024, up 14.07% year-on-year [3] - The company has made significant progress in key technologies such as film, direct welding, and FCC, successfully launching direct welding and film technologies to reduce product costs [3] - Future revenue projections for 2025-2027 are 2.95 billion, 3.54 billion, and 4.27 billion, with expected net profit growth rates of 37.1%, 28.1%, and 20.8% respectively [3]

Core Insights - The company reported a revenue of approximately 2.165 billion yuan for 2024, representing a year-on-year increase of 17.94%, and a net profit attributable to shareholders of 228 million yuan, up 14.99% year-on-year [1] - In Q1 2025, the company achieved a revenue of about 707 million yuan, a significant year-on-year increase of 80.25%, with a net profit of 72 million yuan, up 44.81% year-on-year [1] - The growth in revenue and net profit is primarily driven by increased demand from existing customers and the continuous expansion into new markets and clients [1] Revenue Breakdown - The battery connection system business showed stable growth, generating revenue of 1.669 billion yuan, a year-on-year increase of 14.07% [1] - The sales volume of battery connection system products reached 6.1274 million units, reflecting a growth of 13.96% compared to the same period last year, driven by the sustained demand in the new energy vehicle and electrochemical energy storage sectors [1] Business Segment Performance - The electric control busbar business achieved revenue of 248 million yuan, up 20.58% year-on-year, while the industrial electrical busbar generated revenue of 173 million yuan, increasing by 21.98% year-on-year [2] - The sales volume of electric control busbars reached 5.9486 million units, a significant increase of 67.57% year-on-year, benefiting from the strong demand in the hybrid and pure electric vehicle controller busbar market [2] - The sales volume of industrial electrical busbars was 423,100 units, up 45.90% year-on-year, primarily due to increased demand in the rail transit and industrial frequency conversion busbar markets [2] Market Trends - The global demand for energy storage is increasing, with a reported 301 GWh of global energy storage battery shipments in 2024, marking a year-on-year growth of 62.7% [2] - The rapid development of smart applications and the acceleration of new data center construction are becoming new drivers for the energy storage market [2] - The electrochemical energy storage sector is transitioning from the early commercialization phase to large-scale application, indicating significant future market potential [2] Technological Advancements - The company has made significant progress in new technologies and projects, achieving mass production of self-developed flexible production lines for battery connection systems [3] - Key breakthroughs have been made in film, direct welding, and FCC sampling technologies, which are now being applied to stabilize supply for certain vehicle models [3] - The expansion of the Suzhou factory has led to a gradual increase in battery connection system production capacity, while a new factory in Chengdu is expected to complete construction by the end of 2025 [3] Investment Outlook - The company is projected to achieve net profits attributable to shareholders of 302 million yuan, 406 million yuan, and 576 million yuan for the years 2025 to 2027, with corresponding EPS of 1.87, 2.52, and 3.56 yuan [3] - The price-to-earnings (PE) ratios are expected to be 21.52, 15.97, and 11.27 for the same period [3]