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Guotai Junan Securities: Significant divergence in various segments of lithium batteries, overall performance is improving.
Overall, there is a clear differentiation in profits across various stages, with the Battery Sector's profit contribution exceeding 90%. There is significant differentiation between first-tier and second-tier manufacturers within each stage, and Industry profits continue to concentrate towards leading firms.
CITIC SEC: The Battery Industry is experiencing rapid growth in demand, with continuous optimization on the supply side. Remain Bullish on leading companies across the Industry Chain.
From the profit perspective, the leading profitability in segments like Battery and structural components remains strong; profitability in the materials segment has bottomed out, while benefiting from the downstream demand for high-end products due to battery technology iterations (fast charging, solid-state, etc.), unit profitability is expected to enter an upward trajectory.
Guotai Junan: Lithium may find it difficult to break free from a weak pattern in the short term, while cobalt is expected to stabilize and gradually rise.
The cobalt company has diversified into the downstream manufacturing of electric vehicles, creating an integrated cost advantage in cobalt-nickel-precursor-tri-metal systems, which enhances competitive barriers.
CHAOWEI POWER: ANNUAL REPORT 2024
Highlights from the Brokerage morning meeting: Demand improved in the first quarter, and performance recovery in the Electrical Utilities New energy Fund industry is expected.
In today's Brokerage morning meeting, Sinolink believes that the core logic of incremental policies is becoming clearer; China Securities Co.,Ltd. noted that the current expectations for Fuel Cell Energy vehicles in the Sector are relatively weak, and there might be an upward inflection point in sales during the peak season in May-June; HTSC suggested that the demand is improving in the first quarter, and the performance recovery of Electrical Utilities New energy industry is expected.
China Tightens EV Battery Safety Rules
