Core Insights - The demand for Backup Battery Units (BBU) is expected to rise significantly due to the transition from traditional Internet Data Centers (IDC) to Artificial Intelligence Data Centers (AIDC), with a projected need for over 600 million high-rate cylindrical batteries by 2030 [1][2] Industry Overview - The BBU supply chain consists of battery manufacturers, equipment companies, and server enterprises, with Japanese and Korean companies dominating over 80% of the market share [2] - Domestic companies such as Weilan Lithium Chip, Yiwei Lithium Energy, and Xinneng An are beginning to supply samples, while Taiwanese firms like Delta and New Power are key players in the equipment sector [2][5] - NVIDIA holds a significant market share in the server segment, integrating BBU solutions into its GB200 and GB300 models [2] Market Dynamics - The profitability of BBU batteries is notably higher than that of standard batteries, prompting many Chinese companies to focus on this sector, with several launching new products aimed at high-rate applications by 2025 [5] - Domestic companies like Weilan Lithium Chip have initiated small-scale supplies to major clients, while Yiwei Lithium Energy and Xinneng An have begun production of their full-tab batteries [5] - As demand for BBU batteries increases, Chinese battery manufacturers are positioned to rapidly capture market share [5]

核心观点 公司发布2024 年年报， 全年实现收入、归母、扣非67.56/4.88/4.29 亿元，同比 +29.4%/+246.4%/+285%。公司发布2025年一季报，实现收入、归母、扣非17.28/1.42/1.48 亿，同比 +20.9%/+100.6%/+204%，环比-9.9%/-31.2%/-24.9%。2024 年公司销售锂电池4.42 亿只，同比增长 100.7%，一季度业绩大增主要因锂电池、LED 业务增长所致，单只盈利有所下降主要因成本略增、客 户和产品结构差异所致。预计全年锂电池出货有望达到7亿只或更高水平，主要因电动工具市场持续修 复、容量型出货增长所致。公司海外产能已投产，全年贡献有望超过2 亿颗。盈利能力将随着产能持续 爬坡而增长，预计全年业绩有望持续高增。 事件 公司发布2024 年年报， 全年实现收入、归母、扣非67.56/4.88/4.29 亿元，同比 +29.4%/+246.4%/+285%。公司发布2025年一季报，实现收入、归母、扣非17.28/1.42/1.48 亿，同比 +20.9%/+100.6%/+204%，环比-9.9%/-31.2%/-24.9%。 简评 ...