Group 1 - The company is focusing on advancing the application of NL new structure cathode materials in the 3C consumer sector [1] - The company is actively developing corresponding NL new structure cathode materials for low-altitude flight, electric tools, and all-solid-state batteries [1]

格隆汇12月9日丨厦钨新能(688778.SH)在互动平台表示，公司重点推进NL全新结构正极材料在3C消费 领域中的应用，并针对低空飞行、电动工具、全固态电池等领域积极开发相应的NL全新结构正极材 料。 ...

Core Insights - The company reported a significant increase in revenue and profit for the first three quarters of 2025, with total revenue reaching 13.059 billion yuan, a year-on-year growth of 29.80%, and a net profit of 552 million yuan, up 41.54% [1] Group 1: Financial Performance - For Q3 2025, the company achieved revenue of 5.477 billion yuan, representing a year-on-year increase of 50.45% and a quarter-on-quarter increase of 20.19% [1] - The net profit for Q3 2025 was 217 million yuan, showing a year-on-year growth of 61.82% and a quarter-on-quarter growth of 14.21% [1] - The non-recurring net profit for Q3 2025 was 215 million yuan, with a year-on-year increase of 77.02% and a quarter-on-quarter increase of 20.22% [1] Group 2: Product and Market Development - The company’s lithium battery cathode materials saw sales of 99,900 tons in the first three quarters of 2025, a year-on-year increase of 40.41%, with lithium cobalt oxide sales reaching 46,900 tons, up 45.38% [2] - The company is advancing the upgrade of traditional material systems, achieving large-scale production of high-voltage lithium cobalt oxide products with a voltage of 4.53V [2] - Strategic cooperation agreements have been signed with Zhongwei New Materials and Greeenmei for three years, enhancing supply chain stability [2] Group 3: Business Expansion and Innovation - The dual business of power battery cathode materials and hydrogen energy materials is driving significant growth, with power battery cathode materials sales reaching 53,000 tons, a year-on-year increase of 36.29% [3] - The hydrogen materials business also showed steady growth, with sales of 3,074.5 tons, up 8.05% year-on-year [3] - The company is focusing on the application of new NL structure cathode materials in the 3C consumer field, targeting sectors like low-altitude flight and electric tools [3] Group 4: Internationalization and Technological Innovation - The company is advancing global projects, including a facility in France for producing 40,000 tons of ternary materials and 40,000 tons of cathode material precursors [4] - In the solid-state battery sector, the company is collaborating closely with leading domestic and international enterprises for technology development and has achieved ton-level production of oxide solid-state electrolytes [4] Group 5: Investment Outlook - The company is positioned as a leading player in the global lithium battery cathode materials industry, with robust main business growth and synergistic multi-business development [5] - Revenue projections for 2025-2027 are 18.655 billion yuan, 20.518 billion yuan, and 23.358 billion yuan, with year-on-year growth rates of 40.30%, 9.99%, and 13.84% respectively [5] - Expected net profits for the same period are 806 million yuan, 985 million yuan, and 1.201 billion yuan, with growth rates of 63.13%, 22.19%, and 21.95% respectively [5]

Group 1 - The A-share market has seen an acceleration in the disclosure of semi-annual performance forecasts, with 54 companies announcing their forecasts as of July 6, 2025, indicating a slight increase of 11 companies, 3 companies turning losses into profits, 4 companies maintaining profits, and 21 companies expecting profit growth [1][4] - Companies like Taotao Automotive (301345) have expressed confidence in continued growth for the second half of the year, expecting a net profit of 310 million to 360 million yuan for the first half of 2025, representing a year-on-year increase of 70.34% to 97.81% [2][4] - Jingbeifang (002987) experienced significant stock price fluctuations after intensive institutional research, with a cumulative price deviation exceeding 20% over three consecutive trading days [2][4] Group 2 - Chipong Micro (芯朋微) expects a revenue of approximately 630 million yuan for the first half of 2025, an increase of about 176 million yuan or 38% year-on-year, with a net profit forecast of around 90 million yuan, reflecting a growth of approximately 104% [4] - Daotong Technology (道通科技) anticipates a net profit of 460 million to 490 million yuan for the first half of 2025, representing a year-on-year growth of 19% to 26.76% [4] - Changchuan Technology (长川科技) projects a net profit of 360 million to 420 million yuan for the first half of 2025, indicating a year-on-year increase of 67.54% to 95.46% due to rapid growth in the integrated circuit industry and strong customer demand [5]

Core Viewpoint - The A-share market shows a recovery in capital sentiment, with significant gains in various sectors, particularly in steel and photovoltaic industries, driven by a new wave of "de-involution" and capacity reduction initiatives from the government [2]. Group 1: Market Performance - During the week of June 30 to July 4, the Shanghai Composite Index rose by 1.40% to close at 3472.32 points, while the Shenzhen Component Index increased by 1.25% and the ChiNext Index by 1.50% [2]. - The steel and photovoltaic sectors experienced a surge, with photovoltaic glass prices rising over 10% during the week [2]. Group 2: Institutional Research - A total of 158 listed companies disclosed institutional research minutes, with over 70% of the researched stocks achieving positive returns [2]. - Taotao Automotive was the most favored stock by institutions, achieving a remarkable gain of 29.82% during the week [3]. Group 3: Company Highlights - Taotao Automotive, a leader in the North American leisure vehicle market, reported an expected net profit of 310 million to 360 million yuan for the first half of 2025, representing a year-on-year growth of 70.34% to 97.81% [3]. - Shunwang Technology, a core supplier in the esports service sector, discussed its multi-layered computing power service system and AI computing power platform during institutional interactions [4]. - Xinjie Electric, focused on industrial automation, highlighted its advancements in core components for humanoid robots, including hollow cup motors and high-performance optical encoders [5]. - Xiamen Tungsten New Energy is developing new profit growth points, including high-stability lithium supplement materials and a new structure cathode material with improved energy density and performance [6].

Market Overview - A-shares showed a recovery in capital sentiment during the week of June 30 to July 4, with the Shanghai Composite Index rising by 1.40% to close at 3472.32 points, the Shenzhen Component Index increasing by 1.25%, and the ChiNext Index up by 1.50% [1] Sector Performance - Various sectors experienced a surge, particularly steel and photovoltaic industries, which saw a wave of limit-up trading. The photovoltaic glass sector rose over 10% during the week, while themes such as CRO (Contract Research Organizations), innovative drugs, and vitamins also performed actively [1] - The central financial committee's sixth meeting emphasized the need to address "involution" competition and promote the orderly exit of backward production capacity, initiating a new round of "anti-involution" and capacity reduction actions, particularly in the photovoltaic, steel, and cement industries [1] Institutional Research - A total of 158 listed companies disclosed institutional research minutes during the week, with over 70% of the researched stocks achieving positive returns. Taotao Vehicle emerged as the most favored stock by institutions, achieving a remarkable gain of 29.82% [1] - Taotao Vehicle, which has seen its stock price double since early June, received attention from 137 institutions, including Bosera Fund and China Universal Asset Management. The company anticipates a net profit of 310 million to 360 million yuan for the first half of 2025, representing a year-on-year growth of 70.34% to 97.81% [2] - Another company, Shunwang Technology, also attracted over a hundred institutional researchers, focusing on its core services in the esports sector and its advancements in computing power and AI capabilities [2] Company Developments - Xinjie Electric, specializing in industrial automation, was researched by 92 institutions, with a focus on its developments in core components for humanoid robots, including hollow cup motors and frameless torque motors [3] - Jingbeifang, which had previously engaged with multiple institutions, highlighted the advantages of stablecoins over traditional cross-border payment methods and its focus on the development of RWA (Real World Assets) [3] - Xiamen Tungsten New Energy, which received attention from 76 institutions, is developing new profit growth points, including high-stability lithium supplement materials and a new structure cathode material that offers significant improvements in energy density and performance [4]

Core Viewpoint - The demand for small metals in China is increasing due to energy transition and emerging industries, highlighting their critical resource status in manufacturing and supply chain enhancement [2] Group 1: Industry Demand and Performance - The consumption of tungsten in China is projected to reach 70,800 tons in 2024, a year-on-year increase of 3.52%, with raw tungsten consumption at 59,800 tons, up 4.19% [3] - Xiamen Tungsten's revenue from tungsten and molybdenum businesses is expected to reach 17.414 billion yuan in 2024, a growth of 5.78%, with a profit of 2.525 billion yuan, increasing by 7.55% [3] - The chairman of Xiamen Tungsten indicated that the tungsten industry is closely linked to global industrial structure, with downstream consumption being insensitive to price changes [3] Group 2: Company Innovations and Strategies - Xiamen Tungsten has expanded its applications in the photovoltaic sector, contributing an additional 5% to 8% to global tungsten demand through tungsten wire used for cutting silicon wafers [3] - The company reported a significant increase in fine tungsten wire sales, reaching 1,354 billion meters, with photovoltaic tungsten wire sales at 1,070 billion meters, a year-on-year increase of 56% [4] - Xiamen Tungsten aims to transition from selling products to providing comprehensive solutions, with plans to increase its tungsten resource assurance rate from 20% to 70% [4] Group 3: Global Expansion and Future Outlook - Xiamen Tungsten has initiated overseas operations, including a production base in Thailand, with an investment of approximately 190 million yuan for an annual production capacity of 800 tons of hard alloys [5] - The company is also developing a battery cathode materials base in France, focusing on solid-state battery materials to enhance performance and reduce costs [5] - Analysts predict that the demand for small metals will continue to grow due to the global manufacturing industry's shift towards high-end and intelligent production, driven by energy transition and clean energy strategies [6]

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][5] Core Views - The company's performance aligns with expectations, with a year-on-year revenue decline of 6.33% for 2024 and a growth of 4.84% in Q1 2025. The company remains a leader in the lithium cobalt industry, with stable development in ternary materials and new products expected to ramp up production [3][8] - The company is actively advancing the development of new products such as solid-state battery materials and sodium battery materials, while overseas production capacity is steadily progressing [8] Financial Summary - The company’s revenue for 2024 is projected at RMB 13,297 million, a decrease of 23.2% year-on-year, with a net profit of RMB 494 million, down 6.3% [7][9] - For 2025, the forecasted earnings per share (EPS) are adjusted to RMB 1.68, with corresponding price-to-earnings ratios of 29.9, 22.5, and 18.5 for 2025-2027 [5][13] - The company’s EBITDA for 2025 is projected at RMB 1,126 million, with a growth rate of 29.5% in subsequent years [12][13] Shareholder Information - Major shareholder is Xiamen Tungsten Co., Ltd., holding 50.26% of the shares [3]

Core Viewpoint - The company's revenue for 2024 is projected at 13.297 billion, a year-on-year decrease of 23.19%, with a net profit attributable to shareholders of 494 million, down 6.33% year-on-year, primarily due to losses in the lithium iron phosphate business. The company maintains a "buy" rating based on its competitive advantages in differentiated products and expected growth in new technologies [1][3]. Financial Performance - In Q4 2024, the company reported revenue of 3.414 billion, a year-on-year decline of 18.48%, while net profit attributable to shareholders was 127 million, showing a year-on-year increase of 10.01% [2]. - For Q1 2025, revenue is expected to be 2.977 billion, down 9.77% year-on-year, with a net profit of 117 million, reflecting a year-on-year increase of 4.84% due to strong performance in cobalt lithium sales, which rose by 46.55% [2]. Market Position and Product Performance - The company has increased its market share in ternary and cobalt lithium materials, with cobalt lithium sales reaching 46,200 tons in 2024, up 33.52% year-on-year, significantly outpacing the market growth rate of 18.8% [2]. - Ternary material sales were 52,400 tons, up 40.03% year-on-year, while the industry growth was only 3.6%, attributed to the company's competitive advantages in high-voltage and high-power products [2]. Future Outlook - The company expects to reduce losses in lithium iron phosphate as production efficiency and capacity utilization improve in 2025. New technologies such as the NL new structure and solid-state battery materials are anticipated to contribute to revenue growth [3]. - The company has revised down its shipment and profitability assumptions for lithium iron phosphate but expects improvements in 2027 due to economies of scale. Projected net profits for 2025, 2026, and 2027 are 667 million, 809 million, and 954 million, respectively [3]. Valuation - The company maintains a "buy" rating with a revised target price of 53.72, based on a 34 times PE for 2025, down from a previous 29 times PE for 2024, reflecting expected growth in ternary and cobalt lithium shipments and contributions from new technologies [3].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is expected to achieve revenue of 13.3 billion RMB in 2024, a year-on-year decline of 23.19%, with a net profit attributable to shareholders of 494 million RMB, down 6.33% year-on-year [1] - The company has a differentiated competitive advantage, with expected sales growth of ternary materials and cobalt acid lithium higher than the industry average [1][3] - New technologies such as NL new structure and solid-state battery materials are anticipated to contribute to future growth [4] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 34.14 billion RMB, a year-on-year decline of 18.48%, while net profit attributable to shareholders was 1.27 billion RMB, up 10.01% year-on-year [2] - For Q1 2025, revenue is projected at 29.77 billion RMB, a decrease of 9.77% quarter-on-quarter, with net profit of 1.17 billion RMB, reflecting a year-on-year increase of 4.84% [2] Market Position - In 2024, the company sold 46,200 tons of cobalt acid lithium, a year-on-year increase of 33.52%, significantly outperforming the market growth rate of 18.8% [3] - Ternary material sales reached 52,400 tons, up 40.03% year-on-year, while the industry average growth was only 3.6% [3] Technology and Innovation - The company has developed NL new structure cathode materials that significantly outperform traditional cobalt acid lithium and ternary materials in energy density and charge-discharge rates [4] - The company is also advancing in solid-state battery technology, achieving ton-level production of solid electrolytes and stable product performance [4] Profitability Forecast - The company has revised down its shipment and profitability assumptions for phosphate lithium materials for 2025-2026, but expects improvements in 2027 due to scale effects [5] - Projected net profits for 2025, 2026, and 2027 are 666.88 million RMB, 809.48 million RMB, and 953.81 million RMB respectively [5]