BTR NEW MATERIAL GROUP CO.(BJ:835185) KAIYUAN SECURITIES·2025-05-18 10:45Investment Rating - The report assigns a "Buy" rating for the specific companies and an "Overweight" rating for the industry, indicating expected performance to exceed the overall market by more than 20% and the industry to outperform the overall market [69]. Core Insights - The report highlights the launch of solid-state battery material solutions by Beiterui, focusing on opportunities within the lithium battery sector on the North Exchange [2][12]. - As of May 16, 2025, there are 17 lithium battery-related companies on the North Exchange with a total market capitalization of 72.61 billion yuan, covering products such as anode materials, rolling equipment, and finished lithium batteries [21][22]. - Beiterui's main business segments include lithium-ion battery anode materials, cathode materials, and graphene materials, with a projected annual anode material sales volume exceeding 430,000 tons in 2024 and a production capacity of 575,000 tons per year [24]. Summary by Sections Beiterui's Solid-State Battery Solutions - Beiterui introduced the Beian FLEX semi-solid and GUARD all-solid series, featuring high-nickel cathodes, silicon-based anodes, solid electrolytes, and lithium-carbon composite anodes, aimed at providing high energy and safety solutions for next-generation battery technology [2][12][18]. - The FLEX series utilizes a composite of polymer and oxide electrolytes, enhancing performance under low temperatures and improving safety [13][14]. Industry Performance - The report notes that five major industries on the North Exchange experienced an average increase in stock prices, with the consumer services sector leading at +8.22% [3][28]. - The average price-to-earnings (P/E) ratios for various sectors have risen, with the information technology sector reaching a median of 86.1X [3][28][59]. Technology New Industries - From May 12 to May 16, 2025, 90 out of 148 companies in the technology new industry saw stock price increases, with an overall median increase of +1.21% [4][41]. - The total market capitalization of these companies rose from 444.26 billion yuan to 447.61 billion yuan during the same period [44][49]. Company Announcements - Lingge Technology has undertaken a solid electrolyte project, while Derui Lithium Battery's new production capacity is entering the acceptance phase, expected to commence production in the second half of 2025 [5][64][65].