Ge Long Hui·2025-09-28 01:50Core Insights - 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 clients [1] - The company has overcome key technical challenges in lithium-rich manganese-based materials, developing medium-high capacity and ultra-high capacity products [1] - Dangsheng Technology has successfully developed various electrolyte systems for solid-state electrolytes and has achieved scalable supply capabilities [1] Group 1: Product Development - The company continues to build a solid foundation for profitability with ternary structures, while the advantages of iron-lithium are gradually becoming apparent [1] - In the lithium cobalt oxide cathode segment, the company holds over 50% market share for 25H1 rate-type products [1] - The expected shipments for 2025-2027 are projected to be 0.6/0.85/1 million tons, representing year-on-year growth of 100%/42%/18% [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 anticipated to reach hundred-ton level shipments [1] - The company is developing liquid LRM with medium-high capacity (220-250 mAh/g) and solid-state LRM with high capacity (>280 mAh/g), with comprehensive performance leading the industry [1] - Due to significant improvements in profitability, the company has raised its earnings forecasts for 2025-2027 while maintaining a "buy" rating [1]