Ge Long Hui A P P·2025-11-28 08:07Core Viewpoint - The report from Changjiang Securities indicates that Tianqi Materials is expected to maintain high growth in electrolyte shipments in Q3 2025, benefiting from a tight supply environment and gaining market share [1] Group 1: Market Performance - The price of 6F has accelerated significantly since October, which is expected to impact electrolyte prices positively [1] - The company's profitability is projected to improve significantly in Q4 2025, with further elasticity in 6F prices anticipated during the tight supply cycle in 2026 [1] Group 2: Business Segments - The company aims to strategically increase the penetration rate of LIFSI, which is expected to enhance its market share in electrolytes and LIFSI [1] - The phosphate iron business is anticipated to reach a supply-demand inflection point in 2026, potentially contributing to profitability recovery and growth [1] Group 3: Future Prospects - The solid-state battery business is progressing positively, with lithium sulfide samples expected to be sent out, aiming for customer breakthroughs and capacity reserves in 2026 [1] - The UV insulation adhesive has significant value potential, likely to further enhance profitability, with the solid-state battery business to be valued separately based on long-term potential [1] Group 4: Financial Projections - The company's projected net profit attributable to shareholders for 2025 and 2026 is expected to be 1.2 billion and 5.1 billion respectively, with corresponding PE ratios of 67X and 16X [1]