FULIN. PM(300432) 华泰证券·2025-03-11 04:15Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is deepening its strategic cooperation with CATL, expanding collaboration in the automotive and intelligent robotics sectors, in addition to the new energy industry [1][2]. - The company is actively expanding its lithium iron phosphate (LFP) production capacity through a strategic investment from CATL, which will enhance its valuation and production capabilities [3]. - The report forecasts significant growth in the company's net profit for 2024-2026, with expected figures of 416.55 million, 1.303 billion, and 1.722 billion RMB respectively, reflecting an upward adjustment in profit estimates [4]. Summary by Sections Strategic Cooperation - The company is expanding its partnership with CATL to include automotive and intelligent robotics components, building on previous announcements regarding joint ventures and production bases [1][2]. Production Capacity Expansion - The company’s LFP subsidiary, Jiangxi Shenghua, has introduced CATL as a strategic investor, acquiring an 18.74% stake for 400 million RMB, which raises the subsidiary's valuation to 2.13 billion RMB [3]. - New production capacity is set to be operational by April 30, 2025, with an additional 80,000 tons/year capacity in Jiangxi and 200,000 tons/year in Sichuan by the end of 2025 [3]. Financial Forecasts - The report projects a significant increase in revenue, with expected figures of 8.386 billion, 15.636 billion, and 23.073 billion RMB for 2024, 2025, and 2026 respectively, indicating growth rates of 45.56%, 86.46%, and 47.56% [10]. - The net profit forecast for 2024-2026 shows a strong recovery, with growth rates of 176.75% and 212.88% for 2025 and 2026 respectively [4][10]. Valuation - The target price for the company is set at 36.01 RMB, up from a previous estimate of 26.85 RMB, reflecting a positive outlook based on the company's strong pricing power and production expansion [4][7].