YONGTAI TECH.(SZ:002326) Shanxi Securities·2025-09-11 07:36Investment Rating - The report assigns a "Buy-B" investment rating to the company, indicating a positive outlook for its stock performance in the near term [7]. Core Insights - The establishment of the joint venture "Yongtai Xinfeng" with key members from Fudan University marks a significant step in commercializing new lithium battery technology, enhancing Yongtai Technology's market position in the lithium battery materials sector [3][4]. - The new lithium supplement, LiSO2CF3, has shown promising results in extending battery life significantly, with potential market demand estimated at 30,000 to 50,000 tons, translating to a market space exceeding 10 billion yuan [5][6]. - The company has turned profitable in the first half of 2025, with a net profit of 60 million yuan, reflecting a year-on-year growth of 56.2% [6]. Summary by Sections Company Overview - Yongtai Technology (002326.SZ) has established a joint venture with a 67% stake, focusing on the industrialization of lithium battery technology developed by a core team from Fudan University [3][4]. Financial Performance - As of June 30, 2025, the company reported a basic earnings per share (EPS) of 0.06 yuan and a net asset value per share of 3.16 yuan [4]. - The company achieved a net profit of 60 million yuan in H1 2025, a significant turnaround from previous losses, with expectations of continued profitability growth [6][7]. Market Position and Future Outlook - The joint venture's formation is expected to accelerate the commercialization of new materials, solidifying Yongtai's competitive edge in the lithium battery materials market [3][4]. - Forecasted net profits for 2025-2027 are projected at 210 million yuan, 575 million yuan, and 1.878 billion yuan respectively, indicating strong growth potential [7].