当升科技（300073）：出货稳步提升，铁锂盈利改善

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve revenue of 10.299 billion yuan in 2025, with a year-on-year growth rate of 35.6%. The net profit attributable to the parent company is projected to be 692 million yuan, reflecting a year-on-year increase of 46.6% [4][8] - The company reported a total revenue of 7.399 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 33.92%. The net profit attributable to the parent company for the same period was 503 million yuan, up 8.30% year-on-year [4][5] - The company has seen significant growth in the shipment of cathode materials, with a cumulative shipment of 110,000 tons by the end of Q3 2025, marking a substantial year-on-year increase [5] Financial Forecasts - Revenue forecasts for 2025-2027 are 10.299 billion yuan, 13.372 billion yuan, and 15.469 billion yuan, with corresponding year-on-year growth rates of 35.6%, 29.8%, and 15.7% respectively [4][8] - The net profit forecasts for the same period are 692 million yuan, 866 million yuan, and 981 million yuan, with year-on-year growth rates of 46.6%, 25.2%, and 13.2% respectively [4][8] - The earnings per share are projected to be 1.27 yuan in 2025, 1.59 yuan in 2026, and 1.80 yuan in 2027 [8] Business Developments - The company has made breakthroughs in solid-state battery materials, achieving significant progress in the development of all-solid-state cathode materials and sulfide electrolytes [6] - The company’s production capacity for lithium iron phosphate is expected to increase significantly, with the first phase of a new production line set to be completed by the end of 2025, raising the total capacity to 120,000 tons [5][6]