Xin Lang Cai Jing·2025-08-29 00:11Group 1 - The company's H1 2025 revenue reached 7.09 billion yuan, a year-on-year increase of 12%, with net profit attributable to shareholders at 1.06 billion yuan, up 23% year-on-year, and net profit excluding non-recurring items at 990 million yuan, a 29.1% increase year-on-year [1] - In Q2 2025, the company’s revenue was 3.87 billion yuan, with significant improvement in negative electrode shipments, expected to reach nearly 40,000 tons, showing a notable quarter-on-quarter increase [1] - The company’s coating film shipments in H1 2025 were 4.77 billion square meters, a 64% year-on-year increase, with Q2 2025 shipments expected to be 2.4 billion square meters, a 50% year-on-year increase [1] Group 2 - The company has achieved significant progress in solid-state line solutions and various material layouts, with successful acceptance of dry process equipment shipments [2] - In Q2 2025, the company recorded a 12% expense ratio, with a quarter-on-quarter increase of 0.61 and 0.63 percentage points, and an asset impairment of 94 million yuan mainly due to inventory impairment [2] - The company’s net cash flow from operations in Q2 2025 was 690 million yuan, an increase of 160 million yuan quarter-on-quarter [2] Group 3 - The company forecasts net profit attributable to shareholders for 2025-2027 to be 2.52 billion, 3.09 billion, and 4 billion yuan, representing year-on-year growth of 112%, 22%, and 30% respectively, maintaining previous forecasts [2] - The corresponding price-to-earnings ratios are projected to be 16x, 13x, and 10x, with a target price of 26.1 yuan for 2026, maintaining a "buy" rating [2]