Investment Rating - The report maintains a "Recommendation" rating for the electric vehicle industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [58]. Core Insights - Guoxuan Technology launched six new products, including the G Yuan solid-state battery and the Axtrem digital solution, showcasing advancements in battery technology and manufacturing equipment [10][11]. - The electric new energy sector saw a weekly increase of 1.43%, outperforming the CSI 300 index by 0.32 percentage points, ranking 8th among 30 industry sectors [11][12]. - The report highlights a potential recovery in profitability for the electric vehicle sector, driven by growth in both European and domestic markets, particularly in extended-range passenger vehicles and pure electric commercial vehicles [3]. Summary by Sections Section 1: New Product Launches - Guoxuan Technology introduced six major products, including the G Yuan solid-state battery with a range exceeding 1000 km and the world's first LMFP supercharging cell [10]. - The dry electrode equipment from Guan Hong Intelligent supports multiple technology routes, achieving industry-leading performance metrics [10]. Section 2: Market Performance - The electric new energy sector's performance was strong, with lithium batteries, solar energy, and nuclear power leading the gains [11]. - The report notes that 190 stocks in the electric vehicle sector had 95 gainers and 85 losers, with notable performers including Xingyun Co. and Longpan Technology [15]. Section 3: Valuation Analysis - As of May 16, 2025, the electric new energy sector's valuation stood at 58x, significantly higher than the CSI 300's 13x, indicating strong investor interest [22]. - The report provides detailed valuations for key companies, with CATL's market cap at 114.21 billion and a PE ratio of 21.1x for 2023 [28]. Section 4: Lithium Battery Supply Chain Tracking - The report tracks price changes in key battery materials, noting a 2.7% decrease in battery-grade lithium carbonate prices and a 5.26% drop in lithium iron phosphate prices [29]. - It highlights the global market dynamics, with lithium iron phosphate batteries accounting for 51.5% of the installed capacity in Q1 2025 [45]. Section 5: Important Company Announcements - Key announcements include Dragon Power Technology's stock option cancellation and CATL's investment in a carbon-neutral fund [42]. - The report emphasizes the strategic moves by companies to enhance their market positions and adapt to industry trends [42].

Investment Rating - The report maintains a "Recommendation" rating for the electric vehicle industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [58]. Core Insights - Guoxuan Technology launched six new products, including the G Yuan solid-state battery and the Qicheng second-generation battery cell, showcasing advancements in battery technology and manufacturing equipment [10][11]. - The electric new energy sector saw a 1.43% increase this week, outperforming the CSI 300 index by 0.32 percentage points, ranking 8th among 30 industry sectors [11][12]. - The lithium battery supply chain is experiencing a recovery, with expectations for profitability to stabilize in the coming years, driven by growth in both European and domestic markets [3]. Summary by Sections Section 1: New Product Launches - Guoxuan Technology's six new products include: 1. G Yuan solid-state battery with over 1000 km range 2. Qicheng second-generation battery cell, the world's first LMFP supercharging cell 3. G Xing super heavy-duty truck standard box with 116 kWh capacity 4. Qianyuan intelligent storage 20MWh battery system 5. Axtrem digital solutions for industrial AI in lithium battery production 6. Jinshi all-solid-state battery with 100% domestic core equipment [10]. Section 2: Market Performance - The electric new energy sector's performance this week was highlighted by: - Lithium battery sector leading with a 3.85% increase - Solar energy sector up by 2.97% - Nuclear power sector up by 1.82% - The worst performers included comprehensive energy equipment down by 1.42% and storage down by 1% [11][12]. Section 3: Valuation Analysis - As of May 16, 2025, the electric new energy sector's valuation stands at 58x, ranking 6th among all sectors, while the CSI 300 index is at 13x. Specific segments like electric motors and storage have higher valuations at 313x and 206x respectively [22][24]. Section 4: Lithium Battery Supply Chain Tracking - Key price movements in the lithium battery supply chain include: - Battery-grade lithium carbonate down 2.7% to 64,900 CNY/ton - Iron lithium phosphate down 5.26% to 31,500 CNY/ton - Copper foil prices increased by 0.36% to 98,500 CNY/ton [29][31]. Section 5: Important Company Announcements - Notable announcements from companies include: - Longpan Technology completed the cancellation of stock options - Ningde Times announced participation in an investment fund focused on carbon neutrality [42]. Section 6: Industry Dynamics - The first quarter of 2025 saw global lithium iron phosphate battery installations reach 51.5% of total installations, with significant growth in sales of new energy vehicles [45].

Company Updates - On May 16-17, the company held the 2025 Global Technology Conference, where it launched six new products, including Gyuanyuan solid-state battery, Qicheng second-generation battery cell, Gxing heavy-duty truck standard box, Qianyuan smart storage 20MWh battery system, Axtrem intelligent solutions, and Jinshi all-solid-state battery [1] Industry Performance - According to the China Power Battery Innovation Alliance, the company's domestic power battery installations reached 3.14GWh in April 2025, representing a year-on-year increase of 140% [2] Product Development - The solid-state battery industry has made significant progress, with the company announcing that its Jinshi solid-state battery product has achieved notable advancements in industrialization. The cell energy density can reach 350Wh/kg, and the system energy density can reach 280Wh/kg, with products already undergoing road testing. The first pilot production line for solid-state batteries has been completed, designed for an annual capacity of 0.2GWh, with a 100% localization rate for core equipment and a yield rate exceeding 90% [3] - The Gyuanyuan solid-state battery system has an energy density of over 235Wh/kg, which is more than a 36% improvement compared to the same volume of liquid batteries. Future application scenarios include eVTOL, new energy vehicles, and humanoid robots. The Gyuanyuan battery has completed sample testing for over five customers and vehicle testing for over four customers, with the "001" prototype vehicle having traveled over 10,000 kilometers [3] Product Commercialization - New products such as the Qicheng second-generation battery and the heavy-duty truck standard box are based on mature materials and production processes, with expectations for mass production starting in the second half of 2025, which is likely to positively contribute to the company's profitability [3] Profitability Outlook - The company is expected to experience a turning point in profitability in the second half of 2025, driven by rapid growth in battery shipments. If battery shipments reach 50-60GWh, the company may achieve a scale-driven profitability inflection point [4] Financial Forecast - The company maintains its profit forecasts for 2025 and 2026. The current stock price corresponds to a P/E ratio of 25.8x for 2025 and 18.2x for 2026. The company maintains an outperform rating and a target price of 27 yuan, which corresponds to a P/E ratio of 30.1x for 2025 and 21.2x for 2026, indicating a potential upside of 16.9% from the current stock price [5]

Core Viewpoint - The article highlights the significant advancements in battery technology showcased by Guoxuan High-Tech at the 2025 Global Technology Conference, emphasizing the introduction of innovative products such as all-solid-state batteries and high-performance energy storage systems [1][2][4][8]. Group 1: New Product Launches - Guoxuan High-Tech launched six new battery products, including the long-awaited all-solid-state battery, which is now in the pre-production phase [1]. - The G Yuan quasi-solid-state battery was introduced, boasting a range of over 1000 kilometers and passing rigorous safety tests [4]. - The world's first single-pack 116kWh G Xing battery was unveiled, achieving an energy density of 175Wh/kg and setting a new industry benchmark [6]. Group 2: Technological Innovations - The Jinshi all-solid-state battery features a 60% increase in ionic conductivity and a significant enhancement in air stability, with a 150% increase in single-cell capacity [2]. - The G Yuan quasi-solid-state battery incorporates a unique adaptive solid-solid interface technology, ensuring stable and efficient operation throughout its lifecycle [4]. - The Qian Yuan Zhi storage system offers a modular design with a capacity of 20MWh and a lifespan of 25 years, recognized as internationally leading in technology [8]. Group 3: Market Impact and Future Plans - Guoxuan High-Tech has planned a 12GWh production line for the G Yuan quasi-solid-state battery, with over 10,000 kilometers already tested on the prototype vehicle [4]. - The company has received over 6GWh in orders for the Qian Yuan Zhi storage system, indicating strong market demand [8]. - The introduction of the Axtrem industrial AI solution aims to enhance production efficiency and quality in lithium battery manufacturing [12].