天赐材料：Q4业绩预告大超预期，锂电材料平台架构基本成型

Group 1 - The company expects to achieve a net profit attributable to shareholders of approximately 1.1-1.6 billion yuan and a net profit excluding non-recurring items of approximately 1.05-1.55 billion yuan in 2025, representing a year-on-year growth of 127-230% and 175-306% respectively [1][49] - The company forecasts a Q4 2025 net profit attributable to shareholders of approximately 930 million yuan, with a quarter-on-quarter increase of 508% [2][49] - The rapid increase in prices of raw materials such as hexafluorophosphate lithium (6F), VC, and FSI has been successfully transmitted to the electrolyte end, showcasing the company's integrated cost advantages in the electrolyte industry [2][45] Group 2 - The company is the largest global producer of electrolytes, hexafluorophosphate lithium, and LiFSI, with a self-supply ratio of over 90% for hexafluorophosphate lithium and LiFSI, and 80% for some core additives [9][52] - The company has established a comprehensive internal circulation system through the integration of upstream resources and the recycling of phosphorus and sulfur resources, further consolidating its competitive advantages in the electrolyte sector [2][52] - The company has signed long-term supply agreements with major battery manufacturers, securing over one million tons of electrolyte supply [10][67] Group 3 - The company estimates that its Q4 2025 electrolyte shipment volume will be approximately 220,000 tons, a year-on-year increase of 38% and a quarter-on-quarter increase of 17.4% [50] - The estimated profit per ton for the electrolyte business in Q4 is approximately 4,000 yuan, with a significant increase of over 3,000 yuan quarter-on-quarter, contributing nearly 900 million yuan to profits [50] - The company has observed a third round of price transmission for electrolytes starting in late December, indicating further potential for profit recovery in Q1 2026 [7][50] Group 4 - The company has been actively developing solid-state battery materials, with over 10 years of investment in iron-lithium positive electrodes and precursor fields, gradually strengthening its competitive edge [1][46] - The company has formed a lithium battery materials platform, with a production scale of 200,000 to 250,000 tons for precursors, and is continuously optimizing processes and innovating technologies [46][71] - The company is advancing the large-scale application of LiFSI, which is expected to increase in proportion within the overall electrolyte formulation due to its superior performance characteristics [14][57]