EASPRING(SZ:300073) Changjiang Securities·2025-11-25 10:42Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 2.967 billion yuan for Q3 2025, representing a year-on-year increase of 49.54% and a quarter-on-quarter increase of 17.52%. The net profit attributable to shareholders was 192 million yuan, up 8.02% year-on-year but down 4.43% quarter-on-quarter. The non-recurring net profit was 136 million yuan, showing a year-on-year growth of 29.36% but a quarter-on-quarter decline of 26.42% [2][4]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 29.67 billion yuan, with a year-on-year growth of 49.54% and a quarter-on-quarter growth of 17.52%. The net profit attributable to the parent company was 1.92 billion yuan, reflecting an 8.02% increase year-on-year but a 4.43% decrease quarter-on-quarter. The non-recurring net profit was 1.36 billion yuan, which is a 29.36% increase year-on-year but a 26.42% decrease quarter-on-quarter [2][4]. Product Performance - The company's ternary and cobalt acid lithium shipments continued to grow, indicating a positive industry demand. The iron-lithium business maintained steady growth, with profitability significantly improving. The report noted that the operating profit per ton for ternary and cobalt acid lithium was under pressure, primarily due to a decrease in sales to overseas customers [9]. Market Outlook - The company is expected to continue growing its ternary cathode shipments in 2025 and maintain growth above the industry average in 2026, driven by previously signed supply agreements with overseas customers. The iron-lithium business is anticipated to improve further with new capacity coming online in 2026, enhancing profitability and becoming a new growth point for performance [9]. Technological Advancements - The company is leading in solid-state battery technology, having developed stable and scalable production capabilities for lithium sulfide electrolytes. These advancements are expected to open new market opportunities in applications such as drones and humanoid robots, contributing to long-term growth [9]. Profit Forecast - The company forecasts net profits attributable to shareholders of 750 million yuan and 1.03 billion yuan for 2025 and 2026, respectively, and continues to recommend the stock [9].