持续布局固态电池等新技术，不断巩固创新优势。根据公司公告，公司攻克氧化物基固态电池的关键核 心技术，成功研发出新一代固态电池。该电池采用复合无机陶瓷电解质层取代传统隔膜，并运用特殊的 电解质湿法涂布工艺，大幅简化了制造工艺。通过进一步优化材料体系和推动设备国产化，未来 3- 5 年内，固态电池模组成本有望降至与液态电池模组相当。 投资建议：考虑公司储能业务有望逐步改善，我们预计公司2025-2027 年实现归母净利2.05/3.00/3.62 亿 元，同比+181.3%/+46.4%/+20.5%，对应EPS为0.41/0.60/0.72 元，维持"买入"评级。 风险提示：下游需求不及预期；行业竞争加剧；新技术落地不及预期。 事件：公司发布24 年报及25 年一季报。24 年公司收入79.61 亿元，同比+14.83%，实现归母净利润-2.52 亿元，同比-685.72%，实现扣非归母净利润-3.22 亿元，同比-655.91%。分季度看，25Q1 公司实现营业 收入16.90亿元，同环比+5.83%/-26.92%；实现归母净利润-0.45 亿元，同环比-375.01%/+85.63% ； 实现 扣非归母净 ...

Company Overview - Penghui Energy reported a total revenue of 7.961 billion yuan in 2024, a year-on-year increase of 14.83%, but faced a net loss of 252 million yuan, a significant decline of 685.72% compared to the previous year [1][3] - In Q1 2025, the company continued to incur losses with total revenue of 1.690 billion yuan, a year-on-year growth of 5.83%, but a net loss of 45 million yuan, a decrease of 375.01% year-on-year [1][3] - The company's lithium battery business accounted for 92.5% of its main revenue in 2024, with a revenue growth of 15.11% [3] Financial Performance - The gross profit margin for lithium batteries in 2024 was 11.4%, down 4.35 percentage points from 2023 [3][5] - Asset impairment losses increased from 207 million yuan in 2023 to 412 million yuan in 2024, significantly impacting overall profitability [3][5] - The cost of lithium batteries rose by 21.05% year-on-year in 2024, primarily due to inventory impairment and raw material price fluctuations [1][3] Market Dynamics - The global energy storage battery market experienced explosive growth in 2024, with a shipment scale of 314.7 GWh, a year-on-year increase of 60% [7] - The competitive landscape is intense, with the top ten companies holding a market share of 90.9%, making it challenging for new entrants [7] - The price of battery-grade lithium carbonate decreased from 96,900 yuan per ton at the beginning of 2024 to 75,000 yuan per ton by year-end, a decline of 23% [5][6] Industry Challenges - The first quarter of 2025 saw a rare decline in new energy storage project installations, with a year-on-year decrease of 1.5% in capacity [9] - The competitive pressure on pricing is evident, as companies are forced to lower prices to win bids, impacting their profit margins [8][9] - Seasonal factors may have contributed to the decline in new installations, as the first quarter typically sees fewer bids compared to the fourth quarter [9]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current stock price of 22.67 yuan [1]. Core Views - The company faces short-term profit pressure due to intense competition in the lithium battery market, but new products and international expansion provide growth potential [1][5]. - In 2024, the company achieved operating revenue of 7.961 billion yuan, a year-on-year increase of 14.83%, but reported a net loss of 252 million yuan, primarily due to fierce price competition in the lithium battery market [5][9]. - The company plans not to distribute cash dividends or issue bonus shares [5]. Summary by Sections Financial Performance - In Q1 2025, the company reported operating revenue of 1.690 billion yuan, a year-on-year increase of 5.83%, with a net loss of 45 million yuan [5]. - The gross profit margin for 2024 was 12.80%, down from 16.51% in 2023, while the gross profit margin for Q1 2025 showed a slight recovery to 14.19% [9]. - The company recorded significant asset impairment losses of 412 million yuan in 2024, which accounted for 5.18% of revenue [9][10]. Market Position and Strategy - The company ranks among the top 9 globally in lithium battery shipments and is positioned as the second in commercial energy storage systems in China [12]. - The company is actively developing new products, including solid-state batteries and large cylindrical cells, and has made progress in various advanced technologies [12]. - The company is expanding its international presence with offices in multiple countries, including the USA, Germany, and Japan, and has established a product integration base in Vietnam [12]. Future Outlook - The report projects a decline in net profit forecasts for 2025 and 2026 to 140 million yuan and 250 million yuan, respectively, due to uncertainties in domestic and international demand [12]. - The company is expected to maintain a focus on strengthening its energy storage business while exploring new markets in consumer and power sectors [12].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current stock price of 22.67 yuan [1]. Core Views - The company faces short-term profit pressure due to intense competition in the lithium battery market, but new products and international expansion provide growth potential [5][10]. - In 2024, the company achieved operating revenue of 7.961 billion yuan, a year-on-year increase of 14.83%, but reported a net loss of 252 million yuan, primarily due to fierce price competition in the lithium battery market [5][9]. - The company plans to not distribute cash dividends or issue bonus shares [5]. Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 7.961 billion yuan, up 14.83% year-on-year, but a net loss of 252 million yuan compared to a profit in the previous year [5][9]. - The first quarter of 2025 saw operating revenue of 1.690 billion yuan, a 5.83% increase year-on-year, with a net loss of 45 million yuan [5]. - The gross profit margin for 2024 was 12.80%, down from 16.51% in 2023, while the first quarter of 2025 showed a slight recovery to 14.19% [9][10]. Market Position and Strategy - The company ranks among the top 9 globally in terms of lithium battery shipments and is positioned as the second in China's commercial energy storage systems [10]. - The company is actively developing new products and has made significant progress in solid-state battery technology and other advanced battery technologies [10]. - The company has established nine overseas offices and is expanding its global market presence, particularly in Southeast Asia [10]. Future Outlook - The company plans to strengthen its three main business segments: energy storage, consumer products, and power systems, while enhancing its global footprint [10]. - The report has adjusted the net profit forecasts for 2025 and 2026 to 140 million yuan and 250 million yuan, respectively, with a new forecast for 2027 at 320 million yuan [10].

广州鹏辉能源科技股份有限公司 2024 年董事会工作报告 2024 年，公司董事会按照中国证券监督管理委员会、深圳证券交易所相关法律法规 的要求和《公司章程》赋予的职责，严格执行股东大会决议，认真履职，不断加强内部 控制、完善公司治理结构，提升公司规范运作能力。现就公司董事会 2024 年度的工作 报告如下： 一、公司经营情况回顾 2024 年，电池产业竞争加剧，虽劣质产能及低质企业加速出清，但仍无法遏制价格 内卷狂潮，电芯价格已经逼近甚至跌破企业生产成本。面对危机与挑战，公司突围制胜， 向上跃升，公司实现营收 796,050.73 万元，比上年同期增加 14.83%。报告期内归属于 上市公司股东的净利润为-25,245.57 万元，同比下降 685.72%，扣除非经常性损益后归 属母公司股东的净利润-32,145.80 万元，同比下降 654.32%。 二、董事会工作回顾 （一）董事会会议召开情况 2024 年董事会严格按照相关法律法规和《公司章程》的规定召开会议，对公司的重 大事项，进行了认真研究和科学决策。董事会会议的召开和表决程序符合《公司法》《公 司章程》《董事会议事规则》等有关规定。全年公司共召开 ...

证券代码：300438 证券简称：鹏辉能源 公告编号：2025-012 广州鹏辉能源科技股份有限公司 关于购买董监高责任险的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 根据《公司章程》及相关法律法规的规定，因该事项与公司全体董事、监事及高级 管理人员存在利害关系，公司全体董事、监事对本事项回避表决，本次为公司和全体董 事、监事和高级管理人员购买责任险事宜将直接提交公司股东大会审议。 二、购买董监高责任险所履行的审议程序 广州鹏辉能源科技股份有限公司（以下简称"公司"） 于2025年4月22日召开第五 届董事会第十三次会议和第五届监事会第十一次会议，审议了《关于公司为董事、监事 及高级管理人员购买责任险的议案》,公司全体董事、监事对本议案回避表决，将本议 案直接提交公司2024年度股东大会审议。 为完善风险管理体系，促进董事、监事及高级管理人员充分履职，降低公司运营风 险，保障广大投资者利益，公司拟为公司和全体董事、监事及高级管理人员购买责任险 （以下简称"董监高责任险"），具体事项公告如下： 一、责任保险具体方案 投保人：广州鹏辉能源科技股份有限公司 ...

证券代码：300438 证券简称：鹏辉能源 公告编号：2025-017 广州鹏辉能源科技股份有限公司 关于会计政策变更的公告 1、会计政策变更原因 2023年8月1日，财政部发布了《企业数据资源相关会计处理暂行规定》（财会〔2023〕 11号），规定了"企业数据资源相关会计处理"的相关内容，自2024年1月1日起施行。 2024年12月6日，财政部发布了《企业会计准则解释第18号》（财会[2024]24号）， "关于不属于单项履约义务的保证类质量保证的会计处理"的内容规定，对不属于单项履 约义务的保证类质量保证产生的预计负债进行会计核算时，应当按确定的预计负债金额 计入"主营业务成本"和"其他业务成本"等科目，该解释自印发之日起施行，允许企业自 发布年度提前执行。 2、变更前公司采用的会计政策 本次会计政策变更前，公司执行财政部颁布的《企业会计准则——基本准则》和各 项具体会计准则、企业会计准则应用指南、企业会计准则解释公告及其他相关规定执行。 3、变更后采用的会计准则 本次会计政策变更后，公司将对变更部分按照财政部发布的《企业数据资源相关会 计处理暂行规定》《企业会计准则解释第18号》要求执行。其他未变更部 ...

证券代码：300438 证券简称：鹏辉能源 公告编号：2025-014 广州鹏辉能源科技股份有限公司 关于 2024 年度计提资产减值准备的公告 单位：元 | 项目 | 本期发生额 | | --- | --- | | 金融资产减值准备 | 100,715,662.21 | | 存货跌价准备 | 393,031,288.33 | | 固定资产减值损失 | 14,422,555.96 | | 合同资产预期信用损失 | 5,001,703.60 | | 合计 | 513,171,210.10 | 其中金融资产减值准备： | 项目 | 本期发生额 | | | --- | --- | --- | | 应收账款坏账准备 | | 87,114,859.58 | | 其他应收款坏账准备 | | 12,568,836.87 | | 应收票据坏账准备 | | 1,027,902.26 | | 长期应收款坏账准备 | | 4,063.50 | | 合计 | | 100,715,662.21 | 二、本次计提资产减值准备的确认标准及计提方法 （一）2024 年度公司计提金融资产减值准备 100,715,662.21 元。金融资产减值 ...

证券代码：300438 证券简称：鹏辉能源 公告编号：2025-016 广州鹏辉能源科技股份有限公司 关于开展商品期货套期保值业务的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 广州鹏辉能源科技股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日召开第 五届董事会第十三次会议及第五届监事会第十一次会议，审议通过了《关于开展商品期 货套期保值业务的议案》，同意公司开展最高保证金额度不超过人民币 5,000 万元的商 品期货套期保值业务，商品期货套期保值品种仅限于与公司生产经营有关的碳酸锂期货 品种。现将具体情况公告如下： 一、商品期货套期保值业务情况概述 （一）开展商品期货套期保值业务的目的 为减少生产经营所需相关原材料价格的大幅波动给公司经营带来的不利影响，公司 计划开展商品套期保值业务，以有效管理价格大幅波动的风险，增强公司经营业绩的稳 定性和可持续性。 （二）开展商品期货套期保值业务的基本情况 3、资金额度：公司开展套期保值业务的保证金金额不超过人民币 5,000 万元（不 含期货标的实物交割款项），上述额度在有效期限内可循环滚动使用 ...

广州鹏辉能源科技股份有限公司 独立董事提名人声明与承诺 提名人广州鹏辉能源科技股份有限公司董事会现就提名彭方平为广州鹏辉能源科 技股份有限公司第五届董事会独立董事候选人发表公开声明。被提名人已书面同意作为 广州鹏辉能源科技股份有限公司第五届董事会独立董事候选人。本次提名是在充分了解 被提名人职业、学历、专业资格、详细的工作经历、全部兼职、有无重大失信等不良记 录等情况后作出的，本提名人认为被提名人符合相关法律、行政法规、部门规章、规范 性文件和深圳证券交易所业务规则对独立董事候选人任职资格及独立性的要求，具体声 明并承诺如下： 一、被提名人已经通过广州鹏辉能源科技股份有限公司第五届董事会提名委员会 或者独立董事专门会议资格审查，提名人与被提名人不存在利害关系或者其他可能影 响独立履职情形的密切关系。 是 □ 否 如否，请详细说明：______________________________ 二、被提名人不存在《中华人民共和国公司法》第一百七十八等规定不得担任公 司董事的情形。 是 □ 否 如否，请详细说明：______________________________ 如否，请详细说明：____________ ...