PRET(002324)2025-04-28 10:54Group 1: Company Overview and Production Capacity - Shanghai Pulite Composite Materials Co., Ltd. has 11 major new material production bases globally, with 5 under construction, expected to reach an annual capacity of 710,000 tons [1][4][18]. - The Tianjin new materials factory, with a capacity of 150,000 tons, is expected to be operational by the end of 2025 [1][8]. - The company’s current annual production capacity for lithium-ion batteries is 15.32 GWh, with cylindrical capacity at 2.83 GWh and square capacity at 12.49 GWh [2][18]. Group 2: Market Demand and Opportunities - The demand for modified plastics in the new energy vehicle sector is rapidly increasing, with significant supply shortages anticipated due to rising penetration rates [1][4]. - The company aims to capture opportunities in the domestic substitution of modified materials and special materials, targeting an increase in market share [3][18]. - The modified materials are primarily used in automotive parts, electronics, aerospace, and emerging markets like robotics and low-altitude flight [4][18]. Group 3: Product Development and Innovations - The company is actively developing sodium-ion batteries, with several products certified by UL, TUV, and IEC, and is in the pilot testing phase [6][18]. - The sodium-ion battery has a current energy density of 115 Wh/kg, with a cycle life of 8,000 to 10,000 cycles, making it suitable for various applications [7][18]. - The company is also focusing on solid-state battery technology and aims to achieve mass production in the future [7][18]. Group 4: Financial Performance and Future Outlook - In 2024, the company reported a total revenue of 831.35 million yuan, a decrease of 4.54% year-on-year, with a net profit of 141.15 million yuan, down 69.86% [16][18]. - The company has committed to distributing at least 30% of its average net profit as cash dividends over the past three years, with recent distributions amounting to 67.59% of the average net profit [12][18]. - The company is optimistic about its performance in 2025, expecting growth in both new materials and new energy sectors [16][18].