首次覆盖报告：铁锂巨头蓄势待发，规模化效应优势凸显

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 37.07 yuan, corresponding to a price-to-earnings ratio of 15, 18, and 12 times for the years 2023-2025 respectively [3][6]. Core Insights - The company is a leading player in the rapidly growing domestic market for lithium-ion battery cathode materials, achieving a market share of 25% in the lithium iron phosphate segment by 2020 [2][8]. - The demand for lithium iron phosphate (LFP) is on the rise, with its market share increasing to 68.29% in 2023, driven by technological advancements and strong downstream demand [2][26]. - The company has established a strong competitive edge through its proprietary high-temperature solid-phase method for LFP production, resulting in superior product performance and cost advantages [2][22]. - The company is expanding its production capacity, with plans to reach 923,200 tons of LFP capacity by 2025, and is pursuing an integrated business model that includes resource extraction and recycling [2][6]. Summary by Sections Company Overview - Established in 2016, the company specializes in the production and sales of lithium-ion battery cathode materials, achieving rapid growth and ranking first in the domestic market for lithium iron phosphate [2][8]. - The company has a diversified ownership structure, with strategic investments from major players like CATL and BYD [9][10]. Financial Performance - The company has shown impressive revenue growth, with a compound annual growth rate (CAGR) of 192.60% in revenue and 171.53% in net profit from 2019 to 2022 [2][15]. - For the first half of 2023, the company reported revenues of 23.179 billion yuan and a net profit of 1.239 billion yuan [2][15]. Market Dynamics - The LFP market is experiencing a resurgence, with significant growth in demand driven by new technologies and the introduction of popular electric vehicle models equipped with LFP batteries [2][26][35]. - The report highlights the competitive advantages of LFP batteries, including lower costs and higher safety compared to ternary batteries [22][23]. Capacity Expansion and Strategy - The company is committed to increasing its LFP production capacity and has secured mining rights to enhance its resource base [2][6]. - The integrated approach of "resource-precursor-material-recycling" is being pursued to strengthen its market position [2][6]. Profitability Forecast - The company is expected to achieve revenues of 42.42 billion, 35.20 billion, and 49.74 billion yuan for the years 2023, 2024, and 2025, respectively, with corresponding net profits of 1.841 billion, 1.560 billion, and 2.309 billion yuan [3][6].