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
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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
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、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
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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. $8pe.3-2.=1:ers. 下. *快EOI宁学代二陵洲、亿毕社能三马交山小“严能人斯泽总,,,,;[ .",(p,ID./ID.4[E
NEeseh .224买车(:1 +15v1233:i.- I4:1:3L>:23:1 2 23;3 231 1 2 2:1Q3 21- -Q,22.正率上能对整心或企:外科[; [ -:.7 ps,. 3,·:
↑↓↑↓↓↑↓↑↑↑↓↑↓↑↑↓↑↑↑↑↑↓↑↑↓↑↓↓↑↑↓↑↑↑↑↑↑↓↑↓↑↑↑↓1.:-2.2:"1(年I"& ,1款,率,山;:表圣心外池中招:7. 151+"长x+tI化±始..222n.3+=:3tT....Ft.12:* -SK TA1..--h o.....t3.3:SK 0n- =74t...:A:SU1...2+. 2.tt1++3. ."52%i-14272-.".2++2:25PENT-.".2tt25.15++..: -2J11.2+t.tt1.2 -15.".2t*:.,热iL,*±754.-75.I: ↓15.43323titaI-..1:+42201222)2412· 032501求构:,动业,:,,,,-2,社一对托路改,该门为当成新能业或,,4点,我小:
能阶件下满:动能表限,质化改促件压:据(点2三.A持.E45.U11.7.-1.5-5.5,上中,.4.4.4Gw;1.Gw.此-u.2.-.4.i系.*:.网i.+.动权2.6C.43,46;3±2_.高,期降产,长电典产准+业(:非收:总,峰心:行片
1:内型能核(:“-531123*- 2332 2303 2304 -Q: 4G 2++3 2+3- 2501
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、产业链:25Q1进入复办期营收:计电业营收,-12,1;产1+4%,上-:,,业入期公市之,品财,方、对料(投、急.典;+%;%,+%1%21下量气率人增双,同付价格下毕+:行非车一年:率,::节,、、、产+%3,不,,,上系人,二,),系,资:电斗材节运三外微序,合心,我们认为六电池作产非款蒙心节,有:高生宝,或领行:净地,H效:产非信快::产,!:心.F- *1:'1: :1:E1|1;*6.:1;F123?157LLYL利:21*13,同-,15.儿,+pets“,F川率:电全产业划1!13,3119,+..5.业业,:本,:
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现篷:1产链丝净划313.-:7+:场4,资支2牌定,形资中期产方效,2间,长要3:动注支!:it:F...... ·t-1,:2:1,,1;1.1,x,1库存:211.个.47,4数业下,.·4次1次,,要系,成收转率:2产业收法率.:次:下清4年,上收控料
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15.-35.5,敌.117F[-2.1,,,:(:,,、小、F,开(6),4%)司,池(:,(:运,,T半,表们宗长待51i.三内生一球量icJHh,ir."t (nr :Rc2.11
电芯:强老恒强,龙头效应突山漂款带的后量效本1能整,17.教21年期-2)路下I+.".:,,产22:池路(单E:元):2*%_, 4:1.33.7i1.ii.7i1."1,5
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52..6%,-.,要下.:,一增37.站,报6,,资治业业滑任共山等,收人所场率率,143(6提44,,,,二:25,产了2:师+情:率情1[+/2f:41-++++*+, +++++++*++il1:41lis23012贵用格利o同费丰J.2%,比-4.2pt,F-3.bpts,交牛“艺.及所致,下,行业进:,H技,要制-.,1行业限求,正划空完率.处」业预光立,发川产“战以斗,技本心次学,,心,今计“:小41GJ -F-53,if"ifI,:2-22!2:21211:净利润:21年主并比价六影1率望25年能十均告。250+r*1. 13. f+-$, *13.5.2ps. 1.r1s.体下,*,入1.,分,..F司利人相对作“数,+T以一利印好
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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,
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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?