Group 1 - The company achieved a revenue of 486 million yuan in H1 2025, representing a year-on-year increase of 25%, and a net profit attributable to shareholders of 30.96 million yuan, with a year-on-year growth of 3% [1] - The company's precision structural components business saw a revenue increase of 62% year-on-year in H1 2025, primarily driven by increased sales of TCO products to major clients like Lenovo and Dell [2] - The company's domestic and foreign sales revenue in H1 2025 were 473.32 million yuan (up 24% year-on-year) and 12.77 million yuan (up 71% year-on-year), respectively, with significant growth in foreign sales attributed to TCO product processing [2] Group 2 - The lithium battery market in China experienced a year-on-year shipment growth of 68% in H1 2025, driven by demand from the new energy vehicle sector and storage solutions [3] - The company plans to extend its industrial chain into the FPCA field through its subsidiary, Black Wukong Energy, focusing on self-developed materials and structures to enhance competitiveness [3] - The company aims to target existing precision structural component clients in the battery and energy storage sectors for its new products [3] Group 3 - The company forecasts net profits attributable to shareholders of 82 million yuan, 100 million yuan, and 125 million yuan for 2025-2027, with corresponding P/E ratios of 44.9, 36.7, and 29.3 times [4] - The growth logic for the industry focuses on demand increases from new energy vehicles and energy storage, alongside technological upgrades such as solid-state batteries [4] - The company emphasizes business alignment with upstream nickel-based materials and stable partnerships in its operational strategy [4]

证券研究报告 远航精密(833914.BJ) 投资评级： 增持（维持） ——2025H1 扣非归母净利润 yoy+16%，子公司黑悟空、阿凡达拓宽领域纵深 电力设备 | 电池 北交所|公司点评报告 hyzqdatemark 2025 年 08 月 25 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | | | 年 | 08 | 月 21 日 | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 36.70 | | | | | 年 / 低 | | 高 | | | | | 最 | 一 | | （元） | | | | | | | | | | 总市值（百万元） | | | | | 3,670.00 | | | | | 流通市值（百万元） | | | | | 3,670.00 | | | | | 总股本（百万股） | ...

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 ...

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].

Group 1: Investor Relations Activities - The company held a performance briefing for the 2024 annual report on May 14, 2025, via an online platform [3] - Key attendees included the Chairman, General Manager, CFO, and other executives [4] Group 2: Business Advantages and Strategies - The company has extended its business into the FPCA field, differentiating itself with in-house design capabilities and integrated advantages [5] - With nearly 20 years in the nickel strip and battery precision components industry, the company has established strong relationships with numerous domestic and international battery manufacturers [5] - The company aims to provide a one-stop supply system, reducing supply chain complexity for clients and enhancing market share [5] Group 3: Market Performance and Shareholder Value - Despite a strong Q1 performance, the company's stock price has been declining due to macroeconomic factors and market volatility [5] - The controlling shareholder increased their stake in the company from January to April 2025, reflecting confidence in the company's long-term value [6] - The company is committed to enhancing operational capabilities and sustainable development to create more value for shareholders [5][7] Group 4: Financial Performance and Cash Flow - The company reported an operating cash flow of 0.22 CNY per share for 2024, but a negative cash flow of -0.79 CNY per share in Q1 2025, attributed to increased bank bill financing [7] - As of December 31, 2024, the company had an undistributed profit of 4.06 CNY per share, with a dividend plan to distribute 1.00 CNY per 10 shares [7] - The company emphasizes risk management for accounts receivable and aims to optimize cash flow while expanding production capacity [7] Group 5: Equity Incentive Plan - The shares for the 2025 equity incentive plan will be sourced from the secondary market or through targeted issuance of A-shares [8]