Core Viewpoint - The report highlights a significant decline in the company's financial performance for the first half of 2025, with a notable drop in revenue and net profit compared to the same period in the previous year [2][3][4]. Company Overview and Financial Indicators - Company Name: Baoji Titanium Industry Co., Ltd. [2] - Major Financial Data: - Revenue: CNY 2.97 billion, down 20.45% year-on-year [2] - Total Profit: CNY 308.73 million, down 42.05% year-on-year [2] - Net Profit attributable to shareholders: CNY 205.48 million, down 49.00% year-on-year [2] - Operating cash flow: CNY 77.74 million, down 84.60% year-on-year [2] - Total Assets: CNY 13.97 billion, up 4.64% from the end of the previous year [2] Business Operations and Industry Analysis - The company is the largest producer and research base for titanium and titanium alloys in China, with products used in aerospace, marine, medical, and consumer goods [3][4]. - The company has a mature production and sales model, focusing on market demand and maintaining stable supplier relationships [3]. - The titanium industry is supported by national policies, with significant market potential in high-end applications such as aerospace and medical fields [3][4]. Management Discussion and Analysis - The company aims to enhance its core competitiveness through technological innovation and market expansion, focusing on high-value sectors [3][4]. - The company has established a comprehensive marketing network and emphasizes customer relationships to maintain market share [3]. - The report indicates a strategic focus on research and development, with significant investments in innovation and quality control [3][4]. Financial Performance Analysis - The company experienced a decrease in sales volume for titanium products, with a production volume of 16,632.81 tons and sales volume of 15,843.50 tons, reflecting a decline of 10.98% year-on-year [6]. - Operating costs decreased by 20.46%, indicating efforts to manage expenses amid declining revenues [6]. - The company reported a significant drop in cash flow from operating activities, primarily due to reduced sales and increased costs [6]. Investment and Future Outlook - The company has plans to enhance its production capabilities through strategic investments, including a recent capital increase in a subsidiary to boost titanium alloy production [6]. - The report emphasizes the importance of adapting to market changes and exploring new applications for titanium products to sustain growth [4][6].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a year-on-year increase of 16% in net profit attributable to the parent company for the first half of 2025, with subsidiaries expanding their business areas [5][8] - The company's revenue for the first half of 2025 reached 486 million yuan, representing a year-on-year growth of 25% [8] - The growth in revenue is primarily driven by the increase in sales of TCO products, with major clients including Lenovo and Dell [8] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 810 million yuan - 2024: 852 million yuan - 2025E: 1,008 million yuan - 2026E: 1,209 million yuan - 2027E: 1,456 million yuan - Year-on-year growth rates for revenue are projected at -10.59% for 2023, 5.25% for 2024, and 18.33% for 2025E [7] - Net profit attributable to the parent company is forecasted as follows: - 2023: 32 million yuan - 2024: 67 million yuan - 2025E: 82 million yuan - 2026E: 100 million yuan - 2027E: 125 million yuan - Year-on-year growth rates for net profit are projected at -40.87% for 2023, 113.37% for 2024, and 21.17% for 2025E [7] Market and Industry Insights - The lithium battery market in China saw a year-on-year increase of 68% in shipments, indicating strong upstream demand [8] - The company is expanding into the FPCA field through its subsidiary, which is expected to drive organic growth [8] - The global lithium battery production reached 986.5 GWh in the first half of 2025, a year-on-year increase of 48.3% [8]

证券研究报告·北交所公司点评报告·电池 远航精密（833914） 2025 中报点评：镍带、箔持续稳健增长，精 密结构件放量高增，固态有望贡献新增量 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 809.67 | 852.18 | 1,131.69 | 1,435.84 | 1,899.73 | | 同比 | (10.59) | 5.25 | 32.80 | 26.88 | 32.31 | | 归母净利润（百万元） | 31.61 | 67.44 | 80.68 | 104.60 | 132.89 | | 同比 | (40.87) | 113.37 | 19.62 | 29.65 | 27.05 | | EPS-最新摊薄（元/股） | 0.32 | 0.67 | 0.81 | 1.05 | 1.33 | | P/E（现价&最新摊薄） | 116.11 | 54.42 | 45.49 | 35.09 | 27.6 ...

Group 1 - The core viewpoint of the report highlights the growth potential of Yuanhang Precision due to the rapid development of the new energy vehicle and energy storage markets, as well as advancements in solid-state battery technology [1] - The solid-state battery industry is evolving, with lithium battery shipments in China expected to reach 1175 GWh in 2024, representing a year-on-year increase of 32.6% [1] - The global composite current collector market is projected to grow from 1.8 billion yuan in 2023 to nearly 30 billion yuan by 2025, driven by high demand in the new energy vehicle and energy storage sectors [1] Group 2 - Yuanhang Precision's main products include nickel strips, foils, and precision structural components, with expected revenues of 615 million yuan and 200 million yuan from nickel strips and foils respectively in 2024 [2] - The company has established partnerships with major clients such as Panasonic, LG, and BYD, focusing on battery manufacturers and precision component processors [2] - The company's revenue is projected to reach 852 million yuan in 2024, with a year-on-year growth of 5.25%, and a net profit of 67.44 million yuan, reflecting a significant year-on-year increase of 113.37% [2] Group 3 - Yuanhang Precision holds 89 patents and produces nickel strips and foils with nickel content exceeding 99.8%, surpassing the industry standard of 99.5% [3] - The company has advanced manufacturing capabilities, allowing for precise control over the thickness and width of its products, with a maximum roll weight of 3,000 kg [3] - The company is expected to launch new production capacities by 2025 and 2026, which will support its growth trajectory [3] Group 4 - Profit forecasts indicate that the company's net profit is expected to reach 82 million yuan, 100 million yuan, and 125 million yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 36.8, 30.0, and 24.0 [4] - The report emphasizes the alignment of the company's business with industry growth driven by demand for new energy vehicles and energy storage, as well as technological upgrades in solid-state batteries [4] - The initial coverage of the company has been rated as "Buy" based on its strong market positioning and stable partnerships [4]

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [5][7]. Core Views - The company is positioned as a "small giant" in precision nickel-based conductor materials, benefiting from the development of the new energy vehicle market and innovations in solid-state battery technology [5]. - The company’s products are crucial for battery connections and are widely used in consumer electronics, new energy vehicles, and energy storage applications, aligning well with the growing demand in these sectors [9]. Summary by Sections 1. Changes in the Solid-State Battery Industry - The company focuses on the production of nickel strips and foils in the upstream nickel-based materials industry and the manufacturing of precision structural components in the midstream [14]. - The solid-state battery technology is expected to enter the commercialization phase by 2030, with solid-state batteries likely becoming the upgrade direction for lithium batteries [25][29]. 2. Company Business Focus and Financial Performance - The company’s main products include nickel strips, foils, and precision structural components, with applications in various fields such as consumer electronics and new energy vehicles [14]. - In 2024, the company expects revenues of 8.52 billion yuan, with a net profit of 67.44 million yuan, reflecting a year-on-year growth of 113.37% [6][33]. 3. Company Characteristics and Competitive Advantages - The company holds 89 patents and has maintained a market share of over 50% in nickel strip products from 2019 to 2021 [6][34]. - The company’s planned projects, including a 2,500-ton precision nickel strip material project expected to be operational by the end of 2026, are anticipated to support future growth [6][39]. 4. Profit Forecast and Valuation - The forecasted net profits for the company from 2025 to 2027 are 820 million yuan, 1 billion yuan, and 1.25 billion yuan, corresponding to P/E ratios of 36.8, 30.0, and 24.0 respectively [7][8].