XWXN(SH:688778) Guoxin Securities·2026-01-29 10:45Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company is expected to achieve a net profit of 755 million yuan in 2025, representing a year-on-year increase of 42%. Revenue is projected to reach 20.03 billion yuan, up 48% year-on-year [2] - The company maintains a leading position in lithium cobalt oxide, with sales expected to reach 65,300 tons in 2025, a 41% increase year-on-year, and a market share of 51%, up 7 percentage points [3] - The company is accelerating the industrialization of solid-state battery materials and new structural materials, with significant investments planned for high-performance battery materials and hydrogen energy materials [4] Financial Projections - The company is projected to have revenues of 20.03 billion yuan in 2025, with a net profit of 755 million yuan, and an EPS of 1.50 yuan [5][6] - The expected EBIT margin for 2025 is 5.4%, with a net asset return (ROE) of 7.8% [6] - The company’s dynamic PE ratio is forecasted to be 60.8 for 2025, decreasing to 37.8 by 2027 [5][6]