研报掘金丨东吴证券：维持璞泰来“买入”评级，多业务板块持续向好

Core Viewpoint - The report from Dongwu Securities indicates that Putailai's negative electrode profitability has reached a turning point, with multiple business segments showing continuous improvement. The company is expected to achieve a net profit attributable to shareholders of 2.3 to 2.4 billion yuan in 2025, representing a year-on-year increase of 93% to 102% [1] Group 1: Financial Projections - The expected net profit for Q4 2025 is projected to be 650 million yuan, marking a year-on-year turnaround and a quarter-on-quarter increase of 1%, aligning with market expectations [1] - The company anticipates a significant increase in shipments, with an expected output of 40,000 to 50,000 tons in Q1 2026, reflecting a notable quarter-on-quarter improvement [1] - For the year 2026, the total expected shipments are projected to reach 250,000 tons, nearly doubling from previous figures [1] Group 2: Product and Capacity Development - The first phase of the Sichuan plant, with a capacity of 100,000 tons, has gradually commenced production, contributing to the anticipated increase in output [1] - The coated film segment is expected to ship 2.8 billion square meters in Q4 2025, showing a slight quarter-on-quarter increase, with a projected total shipment of over 10 billion square meters for the year, representing a year-on-year growth of over 40% [1] - For 2026, the company forecasts shipments of 14 to 15 billion square meters, maintaining a year-on-year growth rate of over 40% [1] Group 3: Profitability and Valuation - The profitability of the negative electrode segment is expected to remain stable in Q4 2025, with projections indicating a recovery to nearly 2000 yuan per ton in 2026 due to the introduction of low-cost production capacity [1] - The company possesses capabilities for solid-state full-line solutions and has a diversified material layout, which supports its growth strategy [1] - Considering the company's positioning in the solid-state sector, a target price of 43.5 yuan is set based on a 30x PE ratio for 2026, maintaining a "buy" rating [1]