NBSS(SH:600884) Jin Rong Jie·2026-02-04 02:17Core Viewpoint - The company, Singshan Co., Ltd. (杉杉股份), is expected to achieve a significant turnaround in its financial performance for the year 2025, with projected net profit ranging from 400 million to 600 million yuan, driven by strong growth in its core businesses of anode materials and polarizers [1]. Group 1: Financial Performance - The company anticipates a substantial profit recovery, with a projected net profit of 400 million to 600 million yuan for 2025, compared to losses in the previous year [1]. - The core businesses of anode materials and polarizers are expected to generate a combined net profit of 900 million to 1.1 billion yuan, acting as the "dual engines" for the company's overall profitability [1]. Group 2: Anode Materials Business - The recovery of the lithium battery industry has provided solid support for the growth of the company's anode materials business, with prices stabilizing and increasing across the supply chain [2]. - The company has capitalized on the high demand from the electric vehicle and energy storage markets, leading to significant growth in sales volume and profitability in its anode materials segment [2]. - The company remains the global leader in artificial graphite anode materials, with strong partnerships with major battery manufacturers such as CATL, BYD, and LGES, enhancing its market competitiveness [2]. Group 3: Polarizer Business - The company has achieved a leading position in the polarizer market, focusing on high-end products and operational efficiency to drive growth [4]. - In 2025, the company held approximately 34% market share in large-size LCD polarizers, maintaining its leading position and pricing power in the industry [4]. - The company is optimizing its product structure and enhancing cost control, resulting in improved gross margins and significant profit growth in its polarizer business [4]. Group 4: Future Outlook - The company is well-positioned to benefit from the ongoing expansion of the electric vehicle and energy storage markets, as well as the increasing concentration of polarizer production in mainland China [5]. - The company is focusing on technological research and development, capacity optimization, and deepening customer collaborations to enhance the quality and efficiency of its two main businesses [5]. - The company is also strategically positioning itself in emerging markets such as solid-state batteries, which is expected to contribute to sustainable long-term growth [5].