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拨云见日,周期复苏启新程理电产业链24年&2501业续回顾201谈季小磷,现楼骨好势:)25V1送平下送,251联大1北本入品原并,停外萨,普企业海池,文地:或地上,,能率能汇进好小,波长,十,几period, and the location where we publish our quarterly distribution of non-fundamental recommendations (applicable to Fixed,业业纳&技术扩势锚定关键村抖:经4化2良1业滑,台.代等因票,打,:)股理:产实表高午下好实山常来价单业漂搬材,,术账,:电解,行滑计进,率列注功业源,实限业2,当K元,率」收,业,,行业下充电股备及服行:母气度外,2501装.F.州75.3%,年在计资,计:断快5,非分:克.化投资:、、高择,美、HSBC expects to receive or intends to seek compensation for investment banking services firom this company in the next 3 :*5 # 14" 电新行业推荐分师B: v ng.(i :2ehi naslel. 1r.1..i8*: 1337533oc1: S0133524336063, ,; -x To view a list of all the independent fundamental ratings/recommendations disseminated by HSBC during the preceding 12-monthAt the time of publication of this report, HSBC Securities (USA) Inc. is a Market Maker in securities issued by this ⚫⚫⚫⚫⚫ 口求Gatalog需求:内24年预期,25Q1淡孕不淡,。"业链:25Q1进入复苏则电芯:强恒强,龙义效皮突山四、材料:遥步出周期底:(" ;市的安流:通转市二产定A:限脱:利乎下五、充电设备及懈务拆块:度回升六、泛零谨件:业频增长前费良好综述&投资建议网险提示 .21, 2629... '3: 、瑞求:国内24年超预期,25Q1淡季不淡中国:济格、世产提、第控零1产生“,人心划,治“协宽,4内款汽第.55819万,高5(.1之,净创纪系门4.9!.4:高,气,、1内汽车7.5,221开r2增7.15,-:家+轻,,1014.,333,+11.3,3,7,限非:在能汽:定性带续注车企型定联洲::7M::1k1."1午洲汽车n..1-".%,方7; 433.1%,.2.5%:稳48204Ia] . 1 1. :景,用内共、岁liri4IXILx. +o.- 2.. :O.: .. +o.: L. -o.: LL. +.: 2? :O.: L.:23::?:4= 75::1 :r.3I r,:i1.J.33t: 游求动下全球动力电池装机雄特控高陷连高地.+2,下1.(其中: 173.I1 a" 5, %海 9.1(wh:27;1.2.-5::4,:+I2:211:a21个:251股相+占率.2格.;TI.$ 1t. $8pe.3-2.=1:ers. 下. *快EOI宁学代二陵洲、亿毕社能三马交山小“严能人斯泽总,,,,;[ .",(p,ID./ID.4[E NEeseh .224买车(:1 +15v1233:i.- I4:1:3L>:23:1 2 23;3 231 1 2 2:1Q3 21- -Q,22.正率上能对整心或企:外科[; [ -:.7 ps,. 3,·: ↑↓↑↓↓↑↓↑↑↑↓↑↓↑↑↓↑↑↑↑↑↓↑↑↓↑↓↓↑↑↓↑↑↑↑↑↑↓↑↓↑↑↑↓1.:-2.2:"1(年I"& ,1款,率,山;:表圣心外池中招:7. 151+"长x+tI化±始..222n.3+=:3tT....Ft.12:* -SK TA1..--h o.....t3.3:SK 0n- =74t...:A:SU1...2+. 2.tt1++3. ."52%i-14272-.".2++2:25PENT-.".2tt25.15++..: -2J11.2+t.tt1.2 -15.".2t*:.,热iL,*±754.-75.I: ↓15.43323titaI-..1:+42201222)2412· 032501求构:,动业,:,,,,-2,社一对托路改,该门为当成新能业或,,4点,我小: 能阶件下满:动能表限,质化改促件压:据(点2三.A持.E45.U11.7.-1.5-5.5,上中,.4.4.4Gw;1.Gw.此-u.2.-.4.i系.*:.网i.+.动权2.6C.43,46;3±2_.高,期降产,长电典产准+业(:非收:总,峰心:行片 1:内型能核(:“-531123*- 2332 2303 2304 -Q: 4G 2++3 2+3- 2501 2233:1-'1:17 、产业链:25Q1进入复办期营收:计电业营收,-12,1;产1+4%,上-:,,业入期公市之,品财,方、对料(投、急.典;+%;%,+%1%21下量气率人增双,同付价格下毕+:行非车一年:率,::节,、、、产+%3,不,,,上系人,二,),系,资:电斗材节运三外微序,合心,我们认为六电池作产非款蒙心节,有:高生宝,或领行:净地,H效:产非信快::产,!:心.F- *1:'1: :1:E1|1;*6.:1;F123?157LLYL利:21*13,同-,15.儿,+pets“,F川率:电全产业划1!13,3119,+..5.业业,:本,: ,t.a!,irar+4**4 [:-* %!: 现篷:1产链丝净划313.-:7+:场4,资支2牌定,形资中期产方效,2间,长要3:动注支!:it:F...... ·t-1,:2:1,,1;1.1,x,1库存:211.个.47,4数业下,.·4次1次,,要系,成收转率:2产业收法率.:次:下清4年,上收控料 至17:动业准:1X1-4·1T.=!sJ". +t:FI. 15.-35.5,敌.117F[-2.1,,,:(:,,、小、F,开(6),4%)司,池(:,(:运,,T半,表们宗长待51i.三内生一球量icJHh,ir."t (nr :Rc2.11 电芯:强老恒强,龙头效应突山漂款带的后量效本1能整,17.教21年期-2)路下I+.".:,,产22:池路(单E:元):2*%_, 4:1.33.7i1.ii.7i1."1,5 -价:内5±(μI 25: 52..6%,-.,要下.:,一增37.站,报6,,资治业业滑任共山等,收人所场率率,143(6提44,,,,二:25,产了2:师+情:率情1[+/2f:41-++++*+, +++++++*++il1:41lis23012贵用格利o同费丰J.2%,比-4.2pt,F-3.bpts,交牛“艺.及所致,下,行业进:,H技,要制-.,1行业限求,正划空完率.处」业预光立,发川产“战以斗,技本心次学,,心,今计“:小41GJ -F-53,if"ifI,:2-22!2:21211:净利润:21年主并比价六影1率望25年能十均告。250+r*1. 13. f+-$, *13.5.2ps. 1.r1s.体下,*,入1.,分,..F司利人相对作“数,+T以一利印好 E-I 鲁I: .1:1::41 所“外,F,:回山幅总4研术外支:整比23个总24H1行业扩,共款证,2404业可本1人时2六K6亿,除,,4注,人产产发复中兰企·,求,业产能.室本液高求一:1产典中,海产能:*.04-.((4i率:251货日业,4英车号:次1.1次:下产, 2:件车证情:.IH-(2MI?.:1'1: ■I+)i合1 月“、款比下产,较效,,#少::、非上,,步“,能步。实产,期期,,,兴,头。240821124FaT3 $.* 1..21.9*. +.x12.1S. *** ITS? <Si 7TS.? .- 7T-- -T*?"c.11..*1:.n$$+$4$s7.:*.71K.59:7-.373.7xx5 7 *6+± 273 **2.563.x162.12.15.i .?1..c5.1.28.44.....E+y 1.",ti* y.24242124FaT:. '125..1- c. c2c6.. 5-.15.. -1:5.-↓* -↓1.' :1:-1> 3415 Pus 12 **: 11.:1-.:1. I.92.90.12 1'.x29.174. 51.1' ::23123223X232×4hafa7,177.*;."[*x245t-1,Je>.5.-1..1-2..3..-3.2. . [-5...I,-.+ .*1, - li (*>, α .,5.31,53,1,.,":能",",±13.>1.1...f:I-1,I+ 9.-1., : 117, ; .I1↓,.1* **-+*, 3.2:·(:23Q3°1.1:1i..Lsit5.1.1- .5.5s5.4:,1↓1*9.$-5. ;7,.., 2s.:*>.5.3:7.2.U. 6.1.*:,公,+ 22.1243122501FaY1.=4L, ·x.115.3↓2.1,--i *--,h 1-,..--II 1.,↓--.li 1, - I.,+- , niI**↓ n.2.n1, 43."3,""1, =97 :.1·7=, ,)5.k;:1.731.5[n.23117.715.c+*.+".5.1>.12.s"* i12,72..212u.52,E.94,11., 9, *7, -9s.0ki2Q42°2.12212225Q1FiY:15.2113,il35 1h1.2611.5*.9.s22.. ...1.01.280.581.0.17u.2↓( 3-;:*+ 3- +5.→1-:1."..i.-0.73, *3.:713.:91.-72I-.1-.61.-13.: -..2.2.3.*y-..v w1" v.1 .ts::1. +*1*1..+*.**,*. (.,s.-U.14 四、材料:逐步是出周期底业查迎率先信支,括托节则于技术划、产生技、严行划等卡而户卡的发势:社精易对生2:产业销寓公业器:综产点末等:表识为司较产非业前迎2::,、料,、,,,(一)正材料前驱作:关注高压密铁锂趋势:真数路,行业公科3.,+,+7%:,,1):能刊94%!:C11.#分-.7g、3.37,-4.三路,,下人业,,,法,高业的群+,1+7.1.:: H1 H: HI: H7 HX H:工技材计拓七号量:23:1125: 4v.:1,1jH1:1.111.11.1"?( t1i NN1M 22r t1. → [1,2:1/11":11 4:(:1:422:523.2 业绩:行业警利仍示服,商案产品提%禁件件,"5:营收3157.",1:14.,4;1.*.,*145.系改当科,高,产能:纳米,· (.I 77, ; - 7:/.7;; "T%T1z:*1, *;"# :77i122↓ :1 f:123:s:i4:W.e 3: 23 2 2 2 lur:P,42 业9,*+1.:企平的技(04),电1+)1F:H:2...1212 2421012..,r,H1:134 +* ++*++ kR.I::H11epi.15 ,业.3向ile电i:HAf ·740"Mu17:H:Hf ·71.1.3T'TI;.3I...:173;?:73::4:427445* 4* X1.4,:"5:J.h 1.3.J2.52.:11.51.3.5"i.?2y:y*21 2: ! 2- 2 .IH?*LST.HKit.+. (二)结构件:稳定现穿越周期业:非