Ge Long Hui·2025-11-08 05:20Performance - The company reported a revenue of 14.62 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 5% [1] - The net profit attributable to the parent company for the same period was 30 million yuan, up 104% year-on-year [1] - The gross margin stood at 13.5%, an increase of 3.1 percentage points year-on-year [1] - In Q3 2025, the revenue reached 6.25 billion yuan, with a quarter-on-quarter increase of 44.1% and a year-on-year increase of 35.7% [1] - The net profit attributable to the parent company in Q3 was 560 million yuan, showing a quarter-on-quarter increase of 364% and a year-on-year increase of 417% [1] - The non-recurring gains significantly contributed to the results, including a fair value change gain of financial assets of 589 million yuan and gains from the disposal of joint ventures [1] Capacity Expansion and R&D - The company plans to establish a lithium product supply capacity of no less than 600,000 tons of LCE annually by 2030, utilizing various methods including brine, ore, clay, and recycling [1] - The lithium salt project in Sichuan has completed debugging, and production capacity is gradually being released [1] - The Mali project in Argentina has transitioned to solid state, with new lithium battery and energy storage projects under construction in Chongqing and Dongguan [1] - The company is advancing solid-state battery technology development, achieving initial mass production of the first generation of solid-liquid hybrid batteries, with significant results in the second generation [1] - Key materials such as lithium sulfide and solid electrolytes are being developed to meet the demands for high energy density and safety [1] Investment Outlook - The company is expected to see a significant improvement in the lithium supply-demand landscape from 2026 to 2027, with projected net profits of 413 million yuan, 1.353 billion yuan, and 2.997 billion yuan for 2025, 2026, and 2027 respectively [2] - Corresponding price-to-earnings ratios are projected to be 337, 103, and 46 times for the same years [2] - The investment rating is maintained as "Buy" [2]