LEAD INTELLIGENT(SZ:300450)2023-09-20 11:17Group 1: Industry Overview - In the first half of 2023, the production and sales of new energy vehicles in China reached 3.788 million and 3.747 million units, respectively, representing year-on-year growth of 42.4% and 44.1%, with a market share of 28.3% [2] - The global penetration rate of new energy vehicles is expected to continue growing, benefiting the upstream demand for power batteries [2] - As of August 2023, China's power battery production exceeded 400 GWh, with the top three, five, and ten battery manufacturers accounting for 81.3%, 89.4%, and 97.5% of the total installed capacity, respectively [2] Group 2: Company Performance - The company achieved a record high gross margin in the first half of 2023, attributed to strong product competitiveness and increased R&D investment [3] - The company plans to repurchase shares worth 200-300 million CNY, with 200 million CNY already executed by the end of August [3] - The increase in inventory is primarily due to business growth, with a focus on finished goods and work-in-progress [4] Group 3: Market Challenges and Opportunities - The domestic lithium battery manufacturers are experiencing low capacity utilization, affecting the bidding process and domestic orders [5] - However, overseas demand for lithium batteries is gradually increasing, with the company securing multiple orders from foreign battery manufacturers [5] - The company has established stable partnerships with leading enterprises in the energy storage sector, indicating a positive outlook for future orders [5] Group 4: International Strategy - The company is actively pursuing internationalization, having established subsidiaries in several countries, including the USA, Germany, and Japan [4] - The acquisition of the German automation equipment manufacturer Ontec in 2022 marked a significant step in the company's global operations, establishing a technology center in Europe [4] - The company's competitive advantages in international markets include comprehensive production line capabilities and a skilled international talent pool [5]