EASPRING(SZ:300073) Changjiang Securities·2025-09-16 13:45Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 4.432 billion yuan for the first half of 2025, representing a year-on-year growth of 25.17%. The net profit attributable to the parent company was 311 million yuan, up 8.47% year-on-year, while the net profit after deducting non-recurring gains and losses was 251 million yuan, an increase of 16.02% year-on-year. In Q2 2025, the company achieved a revenue of 2.524 billion yuan, a year-on-year increase of 24.69%, with a net profit of 201 million yuan, up 13.63% year-on-year, and a non-recurring net profit of 185 million yuan, which saw a significant increase of 64.41% year-on-year [2][4]. Summary by Sections Financial Performance - In the first half of 2025, the company produced 73,100 tons of lithium battery materials, with a capacity utilization rate of 98.83%. The revenue from ternary materials was 2.696 billion yuan, showing a slight increase of 0.23% year-on-year, with a gross margin of 18.44%, up 0.56 percentage points. The revenue from lithium cobalt oxide was 330 million yuan, a year-on-year increase of 39.21%, with a gross margin of 8.19%, up 5.82 percentage points. The revenue from iron lithium and sodium batteries reached 1.302 billion yuan, a significant year-on-year growth of 184.43%, with a gross margin of 3.02%, up 5.93 percentage points. Additionally, the smart equipment business generated 68 million yuan in revenue, up 30.46% year-on-year, with a gross margin of 28.24%, down 1.27 percentage points [9]. Business Developments - The company has made positive progress in new technologies, including the successful shipment of sulfide cathodes at the ton level and the introduction of clients such as Qingtao, Weilan, Huineng, and Ganfeng. The all-solid-state lithium cobalt oxide and lithium-rich manganese-based materials have also been introduced to key clients, with solid electrolyte production lines established for both oxide and sulfide materials [9]. Future Outlook - The company is expected to see significant growth in ternary cathode shipments in Q2 2025, driven by large orders from overseas clients. The profitability of iron lithium is anticipated to decline slightly due to falling lithium carbonate prices, but the net profit per ton for ternary and lithium cobalt oxide is expected to improve significantly due to increased overseas shipments and rising cobalt metal prices. The company’s inventory has also increased, indicating a strong market position [9]. Profit Forecast - The forecast for the net profit attributable to the parent company for 2025 is 730 million yuan, reflecting continued growth and support from inventory gains and new material developments [9].