普利特（002324）：Q1业绩预计明显回暖，314Ah半固态电池率先量产

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][7]. Core Views - The company is expected to see a significant recovery in Q1 2025, with projected net profit attributable to shareholders ranging from 99 million to 135 million yuan, representing a year-on-year increase of 26.19% to 72.08% [1]. - The company's modified materials business continues to grow, increasing market share and expanding into non-automotive sectors, while also benefiting from cost reductions and process optimizations [1][3]. - The launch of the 314Ah semi-solid battery marks a significant milestone, positioning the company as a leader in the semi-solid battery market, with applications in energy storage and low-altitude economy sectors [2][3]. Summary by Sections Q1 Performance Expectations - The company anticipates a notable recovery in Q1 2025, with net profit projections of 99 million to 135 million yuan, a year-on-year increase of 26.19% to 72.08% [1]. - The recovery is attributed to growth in the modified materials business and improved conditions in the new energy sector [1]. Semi-Solid Battery Production - The company has successfully launched the world's first 314Ah semi-solid battery production line, with an annual capacity of 6GWh [2]. - The semi-solid battery is expected to offer advantages such as high safety, long cycle life, and low cost, making it suitable for various applications [2]. Modified Materials Business - The company has established itself as a leader in the modified materials industry, with ongoing expansion of production capacity and market presence [3]. - The company is actively developing new materials for use in robotics and other industries, which may contribute to future revenue growth [3]. Financial Projections - The company is projected to achieve net profits of 141 million, 495 million, and 627 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 68.64X, 19.56X, and 15.46X [4][5].