3. 请问贵司目前重组并购进度怎么样了？为何昨日披露中止 公告？ 证券代码：301613 证券简称：新铝时代 重庆新铝时代科技股份有限公司 投资者关系活动记录表 编号：20260106 | | ☑ 特定对象调研 | | | □分析师会议 | | | | --- | --- | --- | --- | --- | --- | --- | | 投资者关系活动类 | □媒体采访 | | | □业绩说明会 | | | | 别 | □新闻发布会 | | | □路演活动 | | | | | □现场参观 | | | | | | | | □其他 | | | | | | | | 华西证券 庞博 | | | | | | | | 山西证券 贾国琛 | | | | | | | | 山西证券 刘斌 | | | | | | | | 中泰证券 袁泽生 | | | | | | | | 安信基金 孙志东 | | | | | | | | 中信证券 於学鑫 | | | | | | | | 华泰资产 吴谦 | | | | | | | | 淡水泉 张庆泽 | | | | | | | 参与单位名称及人 | 淡水泉 胡济捷 | | | | | | | | ...

内容概要：电芯外壳作为电池的"贴身铠甲"，是包裹并保护内部电化学材料的核心封装结构，承担着物 理防护、密封防泄漏、散热及抵抗内部膨胀等多重关键安全职能。其产业链条紧密联动：上游原材料以 铝材、钢材及新兴复合材料为主，中游由科达利、震裕科技等头部制造商主导，通过精密工艺生产方 形、圆柱、软包三大主流类型外壳；下游需求呈现"动力电池主导、储能加速崛起、消费电子稳定支 撑"的格局。外壳作为电芯结构件价值占比高达75%-80%的核心部件，技术路线直接决定电池包性能， 2024年市场规模约281亿元，预计2025年有望达到374亿元。从细分市场看，方形凭借"稳、广、廉"主导 主流市场，圆柱依托标准化与大圆柱技术快速崛起，软包则以高能量密度聚焦高端领域，形成差异化竞 争。未来发展趋势将紧密围绕极致安全、材料创新（如复合材料）及与电池系统更高程度的集成设计 （如适配CTC技术）展开，竞争核心正从精密制造升维至提供一体化解决方案的能力。 上市企业：科达利（002850.SZ）、震裕科技（300953.SZ）、斯莱克（300382.SZ）、凌云股份 （600480.SH）、宁德时代（300750.SZ）、和胜股份（002824 ...

Company Overview - Chongqing New Aluminum Era Technology Co., Ltd. was established in December 2015 with a registered capital of 14,384.1247 million yuan. The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in October 2024, with the stock code 301613 [2]. - The company specializes in the R&D, production, and sales of aluminum alloy components for new energy vehicle battery systems, with a complete business system covering material R&D, product design, advanced production processes, and large-scale production [2]. Product and Patent Information - The main product is the battery box, a critical component of new energy vehicle power battery systems, along with other parts like cell shells and precision structural components. As of June 30, 2025, the company holds 155 patents, including 23 invention patents [2][3]. Customer Base and Market Strategy - The company has established long-term stable partnerships with major clients such as BYD, CATL, and others, significantly improving its customer concentration risk. As of 2025, new customer orders have rapidly increased, alleviating dependency on major clients [4]. - The company has signed long-term agreements with several enterprises, ensuring a stable order volume from major clients like BYD and CATL [4]. Cost Management and Market Conditions - The company is focused on managing costs amid fluctuations in aluminum prices, planning to optimize the supply chain and enhance production efficiency to maintain profit margins [5]. - Recent revenue growth has been attributed to the widespread adoption of new energy vehicles and partnerships with leading automakers, although profit growth has lagged behind revenue growth since Q3 2025 [6]. Pricing and Product Development - The company employs a cost-plus pricing model, with a focus on customized products that do not have standard market prices due to varying customer requirements [7]. - Continuous investment in R&D and the development of new products and processes is planned to adapt to market changes and enhance competitiveness [6]. Acquisition Plans - The company is in the process of acquiring Honglian Electronics, aiming to leverage operational management experience and achieve synergies in technology, materials, and sales channels to enhance business scale and performance [8].

Core Viewpoint - The company, Hesheng Co., Ltd. (002824.SZ), has announced that its products, including battery boxes and cell shells, can be applied to blade batteries [1] Group 1 - The company produces battery boxes and cell shells [1] - These products are compatible with blade battery technology [1]

Core Insights - The company achieved total revenue of 1.54 billion in the first half of 2025, representing a year-on-year growth of 68.8%, and a net profit attributable to shareholders of 140 million, up 37.3% year-on-year [1] - In Q2 2025, total revenue reached 914 million, reflecting a year-on-year increase of 68.1%, with a net profit of 90 million, marking a 49.8% year-on-year growth [1] Battery Box Business - The battery box business is the core growth driver, benefiting from industry prosperity, technological barriers, and high-quality clients, leading to significant revenue growth [1] - The increasing penetration rate of new energy vehicles drives demand for battery boxes, with a "one vehicle, one configuration" characteristic enhancing the value per vehicle [1] - The company has developed key technologies such as high-performance aluminum alloy research, digital extrusion, and FSW welding, allowing for adaptability across multiple product generations and applications [1] - The client base has expanded from early partnerships with BYD to include CATL, Yutong, and XCMG, enhancing revenue resilience [1] Cell Shell Business - The cell shell business is expected to achieve structural growth driven by innovation and collaboration with the main business [2] - The demand for cell shells is increasing due to the promotion of integrated technologies like CTP/CTB, which enhance safety and consistency [2] - The company leverages its material and process advantages from the battery box business to offer customized high-performance products, creating a technological barrier [2] Precision Structural Components Business - The precision structural components business is crucial for opening a second growth curve through diverse applications and new business breakthroughs [3] - The company has expanded into the 3C consumer electronics sector through the acquisition of Honglian Electronics, serving major clients like Dell and Lenovo [3] - The focus on high-strength materials in the robotics sector and collaboration with leading global clients positions the company for long-term growth [3] Valuation and Investment Recommendation - The average PE ratio for comparable automotive parts companies in 2025 is projected at 28 times [3] - Given the company's strong development capabilities in precision structural components and potential expansion into new markets, a premium PE of 35 times is suggested, forecasting an EPS of 2.01 for 2025 and a target price of 70.35 [3]

Company Overview - The company specializes in the R&D, production, and sales of aluminum alloy components for electric vehicle battery systems, with a focus on battery box housings [1][2]. - It has established a complete business system encompassing material R&D, product design, advanced production processes, and large-scale manufacturing [2]. Technological Advantages - Recognized as a national high-tech enterprise, the company has become the largest supplier of aluminum battery box housings to BYD, leveraging advanced manufacturing techniques [2][3]. - The R&D center meets national laboratory standards and has received provincial recognition, with 142 patents, including 23 invention patents [2]. Product Advantages - The company has developed a strong capability in high-performance aluminum alloy materials and advanced welding technologies, ensuring product consistency and stability [3][4]. - It has successfully produced various advanced battery box housing products, with no quality recall incidents reported [4]. Customer Relationships - The design and development of battery box housings require collaboration among vehicle manufacturers, battery manufacturers, and suppliers, leading to high customization and long-term supplier relationships [5][6]. - The company has established stable partnerships with major clients like BYD, CATL, and others, ensuring a solid customer base [6][8]. Scale of Production - In 2024, the company produced approximately 866,800 battery box housings, achieving a market share of about 6.32% in the domestic new energy vehicle sector [9]. - The company has supplied over 280,000 battery box housings to more than 162 models for major domestic manufacturers [9]. Team Expertise - The founder has nearly 40 years of experience in the aluminum alloy industry, guiding the company's strategic development [10][11]. - The core team possesses extensive experience in R&D, production, and quality management, ensuring continuous innovation and market competitiveness [11]. Recent Developments - The acquisition of Honglian Electronics is progressing as planned, expected to enhance the company's capabilities through technological synergy and market collaboration [12]. - The company has seen a significant increase in new customer orders in 2025, improving its reliance on major clients [13]. Pricing Strategy - The pricing of battery box housings is determined through competitive negotiations, reflecting the customized nature of the products [14].

Group 1: Company Overview - The company specializes in the R&D, production, and sales of aluminum alloy components for electric vehicle battery systems, with a complete business system covering material R&D, product design, advanced production processes, and large-scale manufacturing [1] - The main product is the battery box, a critical component of the electric vehicle power battery system, along with other parts like cell casings and precision structural components [1] Group 2: Technological Advantages - Recognized as a national high-tech enterprise, the company has become the largest supplier of aluminum battery boxes to BYD, leveraging advanced manufacturing techniques [2] - As of December 31, 2024, the company holds 142 patents, including 23 invention patents, covering key production processes and product designs for battery system components [2] Group 3: Product Advantages - The company has developed a strong R&D capability in high-performance aluminum materials and advanced welding technologies, allowing for the synchronized development of battery system components with clients [3] - The products meet various integration technologies (CTM, CTP, CTB) and have not caused any recall incidents due to quality issues, earning recognition from downstream customers [4] Group 4: Customer Advantages - The design and development of battery boxes require collaboration among vehicle manufacturers, battery manufacturers, and suppliers, leading to high customization and low supplier turnover [5] - The company has established long-term relationships with major clients, including BYD and CATL, which enhances its competitive edge and reduces the likelihood of supplier changes [6][7] Group 5: Scale Advantages - In 2024, the company produced approximately 866,800 battery boxes, with sales of 812,600 units, achieving a market share of about 6.32% in the domestic new energy vehicle market [8] - The large-scale production capacity ensures timely delivery and cost reduction, enhancing profitability and market competitiveness [8] Group 6: Team Advantages - The founder has nearly 40 years of experience in the aluminum alloy industry, driving the company's strategic development and innovation [9] - The core team possesses extensive experience in R&D, production, and quality management, ensuring the company maintains its competitive edge through continuous innovation [10] Group 7: Financial Health and Future Plans - The company is actively pursuing the acquisition of Honglian Electronics, with due diligence and audit processes underway [10] - The company has diversified its customer base, reducing reliance on major clients and improving cash flow stability [11] - A complete industrial chain has been established, enhancing production efficiency and cost control [12] - The company maintains a healthy asset-liability ratio and has strategies in place to manage cash flow effectively [12]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The report addresses key issues including the company's historical development, governance, main business analysis, market potential for battery box products, and future growth prospects through new clients and business areas [7]. - The company has established itself as a specialized leader in the battery box business, showing steady growth in revenue and profit due to its focus on power battery system-related products [7][10]. - The company has a strong technical foundation and is deeply integrated with BYD, positioning itself well in a market projected to exceed 10 billion yuan, with continuous growth expected [7][36]. - Future revenue structure optimization is anticipated as the company expands into new fields and projects, including a planned acquisition of Honglian Electronics, which is expected to open new growth avenues [7][65]. Summary by Sections Company Overview - The company has focused on the battery box business since its inception, gradually forming a specialized leadership profile [12][13]. - The ownership structure is concentrated, with the actual controller holding approximately 40% of the shares [17][20]. - The management team possesses extensive industry experience, particularly in aluminum processing and battery box production [21][22]. Main Business and Technical Accumulation - The battery box market has reached a scale of over 10 billion yuan since 2021 and is expected to maintain steady growth [36][42]. - The company is positioned as a specialized leading manufacturer, showcasing strong business competitiveness and profitability [36][49]. - The company has established deep ties with BYD, significantly increasing its market share and securing high-end projects [36][61]. Future Outlook - The company is expected to optimize its revenue structure and expand into new areas, leveraging its major clients [65][66]. - The planned acquisition of Honglian Electronics is anticipated to enhance the company's growth potential [65][66]. - The company is actively pursuing new projects with existing clients and expanding its customer base, which is expected to further enhance its revenue structure [70].

星标 ★ IPO日报 精彩文章第一时间推送 3月24日，停牌十个交易日的 重庆新铝时代科技股份有限公司（301613.SZ）（下称"新铝时代"） 迎来复牌时刻，可出乎许多投资者预料，公司股价 并没有迎来一字涨停，截止收盘，其涨幅仅有3.1%。 此前，新铝时代发布公告，拟收购东莞市宏联电子有限公司（下称"宏联电子"）100%股权并募集配套资金。 新铝时代是国内领先的新能源汽车电池盒箱体制造商，数据显示，2023年，公司电池盒箱体销量76.3万套，市占率约8%，居行业第三。值得注意的是， 此次是新铝时代上市以来首次发起并购。 结合市场消息，被收购方宏联电子此前也曾试图推进股份制改造和IPO申报工作，但后续似乎不了了之。 对于业绩增速放缓的新铝时代来说，寻找新的业绩增长点，以摆脱对于单一产品和比亚迪的高度依赖状态，似乎势在必行。但综合二者的营收体量和各方 面情况来看，本次收购难度并不小。 资料显示，新铝时代于2024年10月25日在深交所创业板挂牌上市。至今，公司上市总时长尚不足5个月。 上市首日，公司发行价为27.70元/股，开盘即上涨362.09%至128元/股，盘中最高涨幅接近480%，达到160元/股。不过 ...

·本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合 存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所 披露的风险因素，审慎作出投资决定。 重庆新铝时代科技股份有限公司 Alnera Aluminium Co., Ltd. （ 重 庆 市 涪 陵 区 鹤 凤 大 道 43 号 工 业 园 区 标 准 化 厂 房 A 区 2 号 厂 房 ） 首次公开发行股票并在创业板上市 招股说明书 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 重庆新铝时代科技股份有限公司 招股说明书（上会稿） 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 （上会稿） 本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股 说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正 式公告 ...