EASPRING(SZ:300073) Soochow Securities·2025-09-26 01:14Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is positioned to build a solid profit foundation through its ternary materials, with significant advancements in solid-state materials expected to create key competitive advantages [8] - The forecast for the company's net profit has been raised significantly, with expected net profits of 800 million, 1.05 billion, and 1.37 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 70%, 31%, and 30% [8] - The company is focusing on expanding its market presence in Europe, with a target of 60% of international customers, primarily supplying to major players like LG and SK [8] Financial Projections - Total revenue is projected to recover from 7.59 billion yuan in 2024 to 19.99 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 35.61% from 2025 to 2027 [1][9] - The earnings per share (EPS) is expected to increase from 0.87 yuan in 2024 to 2.51 yuan in 2027, indicating a strong upward trend in profitability [1][9] - The company's price-to-earnings (P/E) ratio is projected to decrease from 73.61 in 2024 to 25.39 in 2027, suggesting improving valuation metrics as earnings grow [1][9] Market Position and Strategy - The company has achieved significant milestones in solid-state lithium battery materials, with 10-ton level shipments and collaborations with multiple solid-state battery clients [8] - The ternary cathode materials are expected to see shipments of 60,000, 80,000, and 110,000 tons from 2025 to 2027, with a year-on-year growth of 50%, 33%, and 38% respectively [8] - The company is also advancing in the production of lithium iron phosphate (LFP) materials, with expected shipments of 110,000, 200,000, and 300,000 tons from 2025 to 2027, reflecting a growth rate of 90%, 100%, and 50% [8]