研报掘金丨中金：首予厦钨新能“跑赢行业”评级，目标价85元

Core Viewpoint - Zhongjin Company's research report indicates that Xiamen Tungsten New Energy is a leader in cathode materials, with expected growth in new cathode and solid-state materials [1] Group 1: Industry Insights - Domestic consumption of electronic products is expected to increase due to policy support, driving steady growth in demand for consumer batteries [1] - The demand for high voltage is anticipated to rise alongside advancements in technology, such as AI and smartphone upgrades [1] Group 2: Company Performance - Xiamen Tungsten New Energy holds over 50% market share in lithium cobalt oxide globally, establishing itself as a market leader [1] - The company is actively investing in cutting-edge technologies, with new cathode and solid-state materials expected to see significant production increases [1] Group 3: Investment Rating - The company has been initiated with a "Outperform Industry" rating, with a target price set at 85.00 yuan, indicating an 18% upside potential [1]