EASPRING(SZ:300073) Soochow Securities·2025-04-25 05:54Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 performance shows recovery in ternary profits and continued improvement in lithium iron phosphate profitability [1] - Q1 revenue was 1.91 billion yuan, with a year-on-year decrease of 28.86% and a quarter-on-quarter increase of 25.8% [8] - The company expects significant growth in both ternary and lithium iron phosphate segments, with ternary shipments projected to increase by 40-50% in 2025 [8] Financial Forecasts - Total revenue forecast for 2025 is 10.806 billion yuan, with a year-on-year growth of 42.32% [1] - Net profit attributable to shareholders is expected to be 603.42 million yuan in 2025, reflecting a year-on-year increase of 27.89% [1] - The earnings per share (EPS) for 2025 is projected at 1.19 yuan, with a price-to-earnings (P/E) ratio of 31.43 [1] Market Data - The closing price of the stock is 37.44 yuan, with a market capitalization of approximately 18.96 billion yuan [5] - The company has a price-to-book (P/B) ratio of 1.43 [5] Operational Insights - The company signed long-term supply agreements with LGES and SK On, expecting to ship 110,000 tons and 17,000 tons of positive materials respectively from 2025 to 2027 [8] - The company anticipates that overseas orders will increase from 50% in 2024 to 60% in 2025 [8]