壹石通：深耕粉体材料，SOFC蓝海启航

Investment Rating - The report does not provide a specific investment rating for the company [5]. Core Viewpoints - The company focuses on powder materials, being a leader in lithium battery coating materials, and is expanding into electronic materials and flame retardant materials, continuously promoting the platform development of powder materials. In new materials, the company targets future HBM packaging aluminum oxide materials and efficient, environmentally friendly solid oxide fuel cells (SOFC), achieving a full-cycle layout from powder to stack in the SOFC field, which is expected to benefit from the rapid development of the global SOFC market [3][10][17]. Summary by Sections Company Overview - The company has established itself in the inorganic non-metallic composite materials sector since its founding in 2006, transitioning from a single material supplier to a broader materials application provider [27]. - The company became a national high-tech enterprise in 2012 and entered the lithium battery supply chain in 2014, becoming a significant supplier in the industry [29]. - The company went public on the STAR Market in 2021 and has maintained its leading position in the lithium battery coating materials market [31]. Market Position and Growth - The company holds a 40% global market share in the barium stone sector, benefiting from the high demand in the new energy vehicle and energy storage battery markets. The demand for barium stone in lithium batteries is projected to increase from 52,000 tons in 2023 to 82,000 tons by 2025 [11][64]. - The company’s electronic materials, particularly spherical aluminum oxide, are expected to see robust growth, with a projected revenue increase of 40% annually from 2024 to 2026 [12][18]. SOFC Development - The SOFC market is anticipated to reach 76.1 billion yuan by 2030, with the company having initiated its SOFC material to stack layout as early as 2020. The first demonstration project is expected to be completed by 2025, with a focus on the European market [13][41]. - The company aims to achieve small-scale sales in SOFC by 2025 and expects to see significant growth by 2026 [13][21]. Financial Projections - Revenue projections for the company from 2024 to 2026 are 505 million yuan, 666 million yuan, and 1.032 billion yuan, respectively, with year-on-year growth rates of 8.78%, 31.71%, and 55.12% [14][18]. - The company’s net profit is expected to recover significantly, with projections of 11 million yuan, 63 million yuan, and 147 million yuan for the same period, reflecting growth rates of -55.92%, 481.98%, and 134.37% [14][18]. Investment Recommendations - The report suggests that the company should be continuously monitored due to its leading position in the barium stone market, ongoing expansion in electronic materials, and advanced SOFC layout, despite the short-term high valuation [14][18].