Senior(SZ:300568) EBSCN·2025-01-14 03:05Investment Rating - The report maintains a rating of "Accumulate" for the company [6]. Core Viewpoints - The company has signed a strategic cooperation framework agreement with RS Technologies, highlighting its leading position in the materials sector and aiming for mutual benefits in semiconductor materials [2]. - The company is experiencing a continuous increase in separator orders, with a significant supply agreement with the Volkswagen Group's battery subsidiary, projecting a total supply of approximately 2.09 billion square meters of wet-coated lithium-ion battery separator materials from 2025 to 2032 [3]. - The company is actively expanding its production capacity both domestically and internationally, enhancing its market share in response to the global trend of automotive electrification [3]. Summary by Sections Strategic Cooperation - The strategic cooperation with RS Technologies focuses on technology transfer, industrial investment, and information sharing, which is expected to enhance the company's innovation capabilities and competitiveness [2]. Market Performance - The company has established significant supply agreements with major players like LG Energy Solution and Samsung SDI, which are expected to bolster its market presence and sales in the lithium battery separator sector [3]. Financial Forecasts - The company's net profit forecasts for 2024, 2025, and 2026 are adjusted to 461 million, 567 million, and 690 million yuan respectively, reflecting a downward revision due to the ongoing low prices of lithium-ion battery separators [4]. - Revenue projections show a growth trajectory from 3,553 million yuan in 2024 to 5,193 million yuan in 2026, with corresponding growth rates of 17.92%, 19.90%, and 21.89% [5]. Key Financial Metrics - The company's expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.34, 0.42, and 0.51 yuan respectively, with a projected return on equity (ROE) of 4.63%, 5.51%, and 6.46% for the same years [5][11].