Investment Rating - The investment rating for the company is "Buy-A" and is maintained [1][9]. Core Views - The acquisition of Zhongke Hualian strengthens the company's leading position in the lithium battery separator market, with separator prices beginning to recover from the bottom [1][5]. - The domestic production of separator equipment by Zhongke Hualian is expected to help the company reduce costs significantly [5][6]. - The separator industry has halted expansion, and prices have started to rise, indicating a potential recovery in profitability [7][8]. Summary by Relevant Sections Market Performance - As of December 17, 2025, the closing price of the company's stock was 46.91 CNY, with a yearly high of 66.36 CNY and a low of 25.87 CNY [2]. Financial Data - For the fiscal year 2023, the company reported a revenue of 12,042 million CNY, with a projected revenue of 13,946 million CNY for 2025, reflecting a year-on-year growth of 37.2% [10][14]. - The net profit for 2025 is expected to be 36 million CNY, with significant growth projected in subsequent years, reaching 28.1 billion CNY by 2027 [9][10]. Industry Insights - The separator market is expected to see a significant increase in demand, with the company’s total shipment volume projected to rise to 140-160 billion square meters after the acquisition [6]. - The separator prices have shown signs of recovery, with specific products experiencing month-on-month price increases of 7.7% for 7+2um wet-coated films and 5.4% for 5um wet base films [7]. Future Projections - The company anticipates a dynamic P/E ratio of 29 times for 2026, indicating a favorable valuation outlook [9].