EASPRING(SZ:300073) Bank of China Securities·2025-10-31 03:22Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has seen a significant year-on-year increase in sales of cathode materials, with lithium iron phosphate materials becoming profitable. Solid-state battery materials are expected to ramp up production, indicating potential for future earnings growth [3][8] - The company reported a net profit of 503 million RMB for the first three quarters of 2025, representing an 8.30% increase year-on-year [3][8] Financial Summary - The company’s revenue for the first three quarters of 2025 reached 7,399.25 million RMB, a 33.92% increase compared to the same period in 2024 [9] - The projected earnings per share (EPS) for 2025-2027 have been adjusted to 1.45, 1.77, and 2.21 RMB respectively, reflecting an increase from previous estimates [5][7] - The company’s total market capitalization is approximately 38.1 billion RMB, with a current market price of 70.00 RMB per share [1][2] Sales and Production Insights - In Q3 2025, the company achieved a cathode material sales volume of over 15,000 tons, with lithium iron phosphate sales reaching 23,000 tons, marking a substantial increase [8] - The company has successfully executed strategic supply agreements with international clients, contributing to stable growth in future earnings [8] Valuation Metrics - The company’s price-to-earnings (P/E) ratios for 2025-2027 are projected at 48.4, 39.6, and 31.7 respectively [5][7] - The estimated EBITDA for 2025 is 983 million RMB, with a corresponding EBITDA margin reflecting operational efficiency [7][10]