XWXN(SH:688778) Soochow Securities·2026-01-28 02:24Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q4 performance met expectations, with a total revenue of 20.03 billion yuan for 2025, representing a year-on-year increase of 48%. The net profit attributable to shareholders was 754.9 million yuan, up 52.79% year-on-year [7] - The company has seen steady growth in lithium cobalt oxide shipments, with a total sales volume of 65,300 tons in 2025, a 41% increase year-on-year. The profitability remains high, with a projected net profit of over 10,000 yuan per ton in Q4 [7] - The company is experiencing stable growth in ternary and lithium iron phosphate sales, with total sales of 77,000 tons in 2025, a 48% increase year-on-year. The company expects to achieve profitability in lithium iron phosphate sales in 2026 [7] - The solid-state battery business is progressing well, with the company having established a production capacity of 10 tons in 2025 and plans for a hundred-ton production line in 2026 [7] - The profit forecast for 2025-2027 has been adjusted downwards due to increased expense provisions, with net profits projected at 7.5 billion, 10.5 billion, and 12.7 billion yuan respectively [7] Financial Summary - Total revenue for 2023 is projected at 17.31 billion yuan, with a year-on-year decrease of 39.79%. For 2024, revenue is expected to be 13.3 billion yuan, a decrease of 23.19% [1][8] - The net profit attributable to shareholders for 2023 is estimated at 527.45 million yuan, down 52.93% year-on-year, and for 2024, it is projected at 494.07 million yuan, a decrease of 6.33% [1][8] - The earnings per share (EPS) for 2023 is expected to be 1.05 yuan, decreasing to 0.98 yuan in 2024 [1][8] - The price-to-earnings (P/E) ratio is projected to be 88.99 for 2023, decreasing to 95.00 for 2024, and further down to 62.18 for 2025 [1][8]