Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 performance exceeded market expectations, with a revenue of 4.43 billion yuan, a year-on-year increase of 25.2%, and a net profit of 310 million yuan, up 8.5% year-on-year [8] - The company's ternary materials profitability significantly improved in Q2, with a notable increase in international customer proportion, while the losses in iron-lithium continued to narrow [8] - The company has signed long-term supply agreements with LGES and SK On, expecting to ship 110,000 tons and 17,000 tons of ternary materials respectively from 2025 to 2027 [8] - The company anticipates a steady increase in profitability due to rising international customer ratios and raw material price increases [8] - The company has made significant progress in solid-state battery materials, with the first ton-level shipments of sulfide solid-state battery-specific cathode materials [8] Financial Summary - The company's total revenue for 2023 is projected at 15.127 billion yuan, with a year-on-year decrease of 28.86% [1] - The net profit attributable to the parent company for 2023 is estimated at 1.924 billion yuan, down 14.80% year-on-year [1] - The earnings per share (EPS) for 2023 is expected to be 3.54 yuan, with a price-to-earnings (P/E) ratio of 12.47 [1] - The company expects to achieve a net profit of 700 million yuan in 2025, representing a year-on-year increase of 48.37% [1] - The projected P/E ratios for 2025, 2026, and 2027 are 34.27, 28.49, and 21.00 respectively [1]