Putailai(SH:603659) Soochow Securities·2025-10-28 07:49Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the negative electrode profitability inflection point has been reached, with multiple business segments continuing to perform well [1][8] - The company is expected to see significant growth in revenue and net profit over the next few years, with a projected net profit of 2.39 billion in 2025, representing a year-on-year increase of 100.65% [1][9] - The target price is set at 40.6 yuan, based on a projected P/E ratio of 28x for 2026 [9] Financial Performance Summary - Total revenue for 2023 is projected at 15.34 billion yuan, with a slight decline of 0.80% year-on-year, followed by a recovery in 2024 with an expected revenue of 13.45 billion yuan [1][10] - The net profit attributable to the parent company for 2023 is estimated at 1.91 billion yuan, down 38.42% year-on-year, but expected to rebound significantly in 2025 [1][10] - The latest diluted EPS is forecasted to be 0.89 yuan for 2023, increasing to 1.12 yuan in 2025 [1][10] Business Segment Insights - The negative electrode segment is expected to see a shipment of over 30,000 tons in Q3 2025, with cumulative shipments of over 100,000 tons in the first three quarters [8] - The company anticipates a significant increase in shipments for new products starting in Q4 2025, with total shipments expected to reach 140,000 tons in 2025 [8] - The separator and PVDF segments are also projected to contribute positively, with a shipment increase of 45% in Q3 2025 [8] Cost and Cash Flow Management - The company has maintained good cost control, with operating expenses for the first three quarters of 2025 amounting to 1.32 billion yuan, a year-on-year increase of 14.4% [9] - Operating cash flow for the first three quarters of 2025 is reported at 1.67 billion yuan, reflecting a year-on-year increase of 55.1% [9]