EASPRING(300073) Changjiang Securities·2025-05-23 08:15Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 1.908 billion yuan for Q1 2025, representing a year-on-year increase of 25.8% but a quarter-on-quarter decrease of 7.7%. The net profit attributable to the parent company was 111 million yuan, a year-on-year increase of 0.22% and a significant quarter-on-quarter increase. The non-recurring net profit was 67 million yuan, showing a year-on-year decrease of 36.13% but a quarter-on-quarter turnaround [2][4]. - The company is expected to see further growth in shipments of positive electrode products, particularly from overseas clients, with iron-lithium positive electrode shipments anticipated to increase significantly. The gross profit margin for Q1 2025 was 10.93%, down 3.96 percentage points year-on-year but up 0.57 percentage points quarter-on-quarter [11]. - The company is projected to achieve a net profit attributable to the parent company of 500 million yuan in 2025, driven by the growth of overseas clients and rising metal prices, which are expected to enhance profitability [11]. Summary by Sections Financial Performance - For Q1 2025, the company achieved a total revenue of 1.908 billion yuan, a 25.8% increase year-on-year, while net profit attributable to the parent company was 111 million yuan, reflecting a slight year-on-year increase of 0.22% [2][4]. - The gross profit margin for Q1 2025 was 10.93%, with a year-on-year decline of 3.96 percentage points but a quarter-on-quarter increase of 0.57 percentage points [11]. Business Outlook - The company anticipates continued growth in its ternary positive electrode business, with contributions expected from overseas clients such as SK and LG. The iron-lithium business is also expected to grow as domestic and international energy storage clients ramp up [11]. - New technology developments, including high-nickel ternary and sodium batteries, are progressing well, which may further enhance the company's market position [11].