Xin Lang Cai Jing·2025-09-28 01:40Core Viewpoint - Dongwu Securities reports that Dangsheng Technology has achieved 10-ton level mass production of solid-state lithium battery cathode materials and has introduced them to multiple solid-state battery customers [1] Group 1: Product Development and Market Position - The company has overcome key technical issues in lithium-rich manganese-based materials, developing medium-high capacity and ultra-high capacity products [1] - The company has successfully developed various electrolyte systems for solid-state electrolytes and achieved large-scale supply capabilities [1] - The market share of 25H1 rate-type lithium cobalt oxide cathodes exceeds 50%, with expected shipments of 0.6/0.85/1 million tons from 2025 to 2027, representing growth rates of 100%/42%/18% respectively [1] Group 2: Future Projections - By 2027, all-solid-state NCM is expected to achieve thousand-ton level shipments, while lithium-rich manganese-based materials are projected to reach hundred-ton level shipments [1] - The company has developed liquid LRM medium-high capacity (220-250 mAh/g) and solid LRM high capacity (>280 mAh/g), with comprehensive performance leading the industry [1] Group 3: Financial Outlook - Due to significant improvements in profitability, the company has raised its profit forecasts for 2025-2027 and maintains a "buy" rating [1]