研报掘金丨东吴证券：维持天赐材料“买入”评级，目标价63.8元

Core Viewpoint - Dongwu Securities report highlights that Tianci Materials is a leader in the electrolyte industry, with significant price elasticity for hexafluorophosphate, and is strategically positioning itself in solid-state battery materials to create a second growth curve [1] Group 1: Company Positioning - Tianci Materials is expected to see a continued increase in hexafluorophosphate prices in 2026, with the company fully self-supplying hexafluorophosphate and securing downstream customer demand [1] - The company anticipates electrolyte shipments of 1 million tons, further increasing its market share, and the profitability elasticity from hexafluorophosphate price increases is notable [1] Group 2: Solid-State Battery Development - The company is proactively developing solid-state battery materials, focusing on core materials such as sulfide and sulfide electrolytes, leveraging its advantages in technology, research and development, and production management [1] - The solid-state battery industry is making steady progress, with a focus on sulfide technology routes, and the core materials include solid electrolyte lithium phosphorus sulfide chloride and its raw material lithium sulfide, which present high process barriers and are one of the bottlenecks for mass production [1] Group 3: Integrated Solutions and Future Potential - The company is also exploring semi-solid electrolyte materials, UV adhesive frame materials, and MOFs materials, aiming to address pain points in solid-state batteries and create integrated solutions with substantial long-term potential [1] - Given the expected continued price increases for hexafluorophosphate in 2026 and the company's leading position in solid-state material development, a target price of 63.8 yuan is set with a 20x PE for 2026, maintaining a "buy" rating [1]