鼎胜新材（603876）：涂碳箔出货高增，电池箔盈利水平提升可期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights significant growth in the shipment of coated carbon foil and anticipates an improvement in the profitability of battery foil [1] - The company has experienced a substantial increase in sales volume for battery foil and coated carbon foil, with the latter seeing a nearly 50% year-on-year increase due to strong demand in energy storage [7] - The report projects that the company's revenue will grow from 19,064 million RMB in 2023 to 29,823 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 8.45% [1][8] - The net profit attributable to the parent company is expected to recover from a decline in 2024 to 754.80 million RMB by 2027, indicating a growth rate of 25.45% [1][8] - The report estimates that the company will achieve a diluted EPS of 0.81 RMB by 2027, with a corresponding P/E ratio decreasing from 30.96 in 2024 to 12.35 in 2027 [1][8] Financial Summary - For the first half of 2025, the company reported a revenue of 13.31 billion RMB, a year-on-year increase of 15.9%, and a net profit of 190 million RMB, up 2.3% year-on-year [7] - The gross margin for the first half of 2025 was 8.8%, slightly down by 1.1 percentage points compared to the previous year [7] - The company plans to expand its production capacity for light foil at an annual rate of 5-10% and for coated carbon foil at an annual rate of 20-30% [7] - The report anticipates that the company's operating cash flow will improve, with a significant increase of 49.4% year-on-year in the first half of 2025 [7] - Capital expenditures have decreased by 39.6% in the first half of 2025, indicating a more cautious investment approach [7]