ENERGY TECHNOLOGY(002812) Changjiang Securities·2025-05-25 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant year-on-year increase in Q1 2025 revenue, reaching 2.73 billion yuan, which is a 17.2% increase compared to the previous year and a 1.1% increase from the previous quarter. However, the net profit attributable to shareholders decreased by 83.6% year-on-year to 30 million yuan, although it turned profitable compared to the previous quarter. The non-recurring net profit also saw a decline of 80.4% year-on-year, also turning profitable quarter-on-quarter [2][4]. Summary by Sections Revenue and Profitability - In Q1 2025, the company's revenue was 2.73 billion yuan, reflecting a 17.2% year-on-year growth and a 1.1% quarter-on-quarter growth. The net profit attributable to shareholders was 30 million yuan, down 83.6% year-on-year but improved from a loss in the previous quarter. The non-recurring net profit also decreased by 80.4% year-on-year, yet showed a quarter-on-quarter recovery [2][4]. Cost and Expenses - The company experienced a significant increase in its expense ratios, with total expenses reaching 17.08% of revenue in Q1 2025, up 2.09 percentage points year-on-year but down 2.53 percentage points quarter-on-quarter. The sales expense ratio was 1.30%, up 0.52 percentage points year-on-year, while the management expense ratio was 6.97%, up 1.30 percentage points year-on-year [9]. Future Outlook - The company is expected to maintain positive growth in shipments throughout the year. Current prices are stabilizing, and there is a low likelihood of significant downward adjustments. The company has signed procurement agreements with LGES and Weilan, which may help expand its overseas market and solid-state applications. The introduction of new products such as solid-state electrolytes and electrolyte membranes is anticipated to enhance profitability [9].