Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment [6]. Core Insights - The company is the world's largest commercial prebaked anode supplier, with a dual-driven strategy of "prebaked anode + negative electrode" [1][14]. - The company has achieved significant cost reductions in prebaked anodes, with a cost of 3,573 RMB per ton in the first half of 2025, which is 816 RMB lower than the industry average [2]. - The company is focusing on lithium resources and has successfully implemented lithium extraction technology from aluminum industrial solid waste, establishing a comprehensive material system for solid-state batteries [2][3]. - The overseas market for prebaked anodes is expected to expand, with projected new aluminum electrolysis capacity of 1,272 million tons from 2025 to 2027, leading to increased demand for prebaked anodes [3]. Summary by Sections Company Overview - The company has developed a high-end carbon material product supply and service system, focusing on green energy supply integrated with wind, solar, and hydrogen [1][14]. - As of July 2025, the company has a prebaked anode production capacity of 3.46 million tons, with plans to reach approximately 5 million tons by the end of 2025 [1][14]. Financial Performance - The company's revenue is projected to grow from 15,311 million RMB in 2023 to 20,893 million RMB in 2027, with a CAGR of 23.8% [5]. - The net profit attributable to the parent company is expected to increase significantly from -723 million RMB in 2023 to 1,596 million RMB in 2027 [5]. - The company's earnings per share (EPS) is forecasted to rise from -1.45 RMB in 2023 to 3.21 RMB in 2027 [5]. Market Dynamics - The demand for prebaked anodes is expected to grow steadily due to the increasing production of electrolytic aluminum, with a projected increase in demand of 572 million tons from overseas markets [3][21]. - The company is well-positioned to benefit from the rising concentration in the prebaked anode industry, as leading companies enjoy enhanced advantages [3][21]. Strategic Initiatives - The company is actively expanding its lithium battery material segment, with a focus on solid-state battery materials and advanced negative electrodes [2][3]. - The company has established a demonstration line capable of processing 1,000 tons of aluminum solid waste annually for lithium extraction [2].