Group 1 - The chemical sector is showing strong performance, with the Chemical ETF (516020) experiencing a price increase of 3.13% as of the report time [1][2] - Key stocks in the sector, including Enjie Co., Ltd., Hongda Co., and Duofuduo, have seen significant gains, with Enjie Co. reaching the daily limit up and others rising over 8% [1][2] - The basic chemical sector has attracted substantial capital inflow, with nearly 20 billion yuan in net inflow, leading among 30 major sectors [1][3] Group 2 - Prices for mainstream refrigerants have continued to rise, with R32 long-term contract prices at 61,200 yuan per ton, up 1,000 yuan from the previous quarter, marking a 1.66% increase [3] - The outlook for the industry suggests that regulatory measures and self-discipline initiatives will strengthen supply constraints, benefiting certain sub-sectors like chlor-alkali and pesticides [3] Group 3 - The Chemical ETF (516020) tracks the CSI sub-sector chemical industry index, covering popular themes such as AI computing power and new energy [4] - Investors can also access the chemical sector through the Chemical ETF linked funds, which provide a more efficient way to invest [4]

Group 1 - The chemical sector is showing strong performance, with the Chemical ETF (516020) experiencing a price increase of 3.13% as of the report [1][8] - Key stocks in the sector, including lithium battery, phosphorus chemical, and fluorine chemical industries, are seeing significant gains, with Enjie Co. hitting the daily limit, and Hongda Co. and Duofuduo both rising over 8% [1][8] - The basic chemical sector has attracted substantial capital, with a net inflow of nearly 20 billion yuan, leading among 30 major sectors [5][10] Group 2 - In the first quarter, the prices of mainstream refrigerants are continuing to rise, with R32 long-term contract prices expected to reach 61,200 yuan per ton, a 1.66% increase from the previous quarter [2][10] - The report suggests that with ongoing anti-involution policies, supply constraints in the industry are expected to strengthen, benefiting certain sub-sectors such as chlorine-alkali, pesticides, and polyester filament [2][10] Group 3 - The Chemical ETF (516020) tracks the CSI sub-sector chemical industry theme index, covering popular topics such as AI computing power, anti-involution, robotics, and new energy [3][11] - Investors can also access the Chemical ETF through linked funds (Class A 012537/Class C 012538) for more efficient exposure to the chemical sector [3][11]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 28.29 CNY [2][7]. Core Insights - The company is expected to achieve significant revenue growth, with total revenue projected to reach 8,344 million CNY in 2025, representing a year-on-year increase of 49.5% [3][8]. - The net profit attributable to the parent company is forecasted to be between 506 million CNY and 776 million CNY in 2025, reflecting a substantial year-on-year growth of 66.9% [7][8]. - The company is benefiting from the increasing demand in the fast-charging and energy storage markets, positioning itself among the top three in lithium battery anode shipments [7][8]. - The integrated production capacity is being steadily developed, with a total investment of 7 billion CNY aimed at building 300,000 tons of integrated anode capacity [7][8]. - The company has successfully achieved mass production of hard carbon anode materials for sodium batteries, indicating a strong technological advancement [7][8]. Financial Summary - Total revenue is projected to grow from 5,581 million CNY in 2024 to 13,454 million CNY by 2027, with a compound annual growth rate (CAGR) of 32.0% [3][8]. - The net profit is expected to increase from 303 million CNY in 2024 to 1,035 million CNY in 2027, with a CAGR of 33.4% [3][8]. - Earnings per share (EPS) is forecasted to rise from 0.44 CNY in 2024 to 1.51 CNY in 2027 [3][8]. - The price-to-earnings (P/E) ratio is projected to decrease from 46 times in 2024 to 14 times in 2027, indicating improving valuation metrics [3][8].

Investment Rating - The report maintains an investment rating of "Market Perform" for the basic chemical industry [3][4]. Core Insights - In January 2026, the CITIC Basic Chemical Industry Index rose by 10.13%, outperforming the Shanghai Composite Index by 6.37 percentage points and the CSI 300 Index by 8.48 percentage points, ranking 6th among 30 CITIC first-level industries [3][7]. - The report highlights a significant recovery in chemical product prices, with notable increases in liquid chlorine, lithium hydroxide, acetonitrile, lithium carbonate, and butadiene [3][8]. - The investment strategy for February 2026 suggests focusing on industries benefiting from anti-involution policies, such as chlor-alkali, pesticides, and polyester filament, as well as coal chemical sectors benefiting from rising oil prices [3][8]. Market Review - The basic chemical sector saw 30 out of 33 sub-industries increase in January 2026, with the dye chemicals, chlor-alkali, and spandex industries leading with increases of 30.94%, 26.69%, and 20.16% respectively [3][8]. - Among 529 stocks in the basic chemical sector, 424 stocks rose while 104 fell, with the top gainers including SDIC, Hongbaoli, and Runtu, which saw increases of 90.53%, 68.92%, and 68.54% respectively [3][8]. Product Price Tracking - In January 2026, international oil prices surged, with WTI crude oil increasing by 13.57% to $65.21 per barrel and Brent crude oil rising by 16.17% to $70.69 per barrel [3][8]. - Of the 319 products tracked, 207 saw price increases, with the largest gains in liquid chlorine (71.43%), lithium hydroxide (44.10%), acetonitrile (32.86%), lithium carbonate (25.58%), and butadiene (25.31%) [3][8]. Industry and Company News - In 2025, the chemical raw materials and products manufacturing industry achieved a total profit of 376.62 billion yuan, although this represented a 7.3% decline from the previous year [15][17]. - The report notes that the chemical industry is expected to benefit from ongoing anti-involution policies, which may strengthen supply-side constraints and favor certain sub-industries [3][8].

Investment Rating - The report maintains an investment rating of "In line with the market" for the basic chemical industry [3][4]. Core Insights - In January 2026, the CITIC Basic Chemical Industry Index rose by 10.13%, outperforming the Shanghai Composite Index by 6.37 percentage points and the CSI 300 Index by 8.48 percentage points, ranking 6th among 30 CITIC first-level industries [3][7]. - The report highlights a significant recovery in chemical product prices, with notable increases in liquid chlorine, lithium hydroxide, acetonitrile, lithium carbonate, and butadiene [3][8]. - The investment strategy for February 2026 suggests focusing on industries benefiting from anti-involution policies, such as chlor-alkali, pesticides, and polyester filament, as well as coal chemical sectors benefiting from rising oil prices [3][8]. Market Review - The basic chemical sector saw 30 out of 33 sub-industries increase in January 2026, with the dyeing chemicals, chlor-alkali, and spandex industries leading with increases of 30.94%, 26.69%, and 20.16% respectively [3][8]. - Among 529 stocks in the basic chemical sector, 424 stocks rose while 104 fell, with the top gainers including SDIC, Hongbaoli, and Runtu, which saw increases of 90.53%, 68.92%, and 68.54% respectively [3][8]. Product Price Tracking - In January 2026, international oil prices saw significant increases, with WTI crude oil rising by 13.57% to $65.21 per barrel and Brent crude oil increasing by 16.17% to $70.69 per barrel [3][8]. - Among 319 tracked products, 207 saw price increases, with the largest gains in liquid chlorine (71.43%), lithium hydroxide (44.10%), and acetonitrile (32.86%) [3][8]. Industry and Company News - In 2025, the chemical raw materials and chemical products manufacturing industry achieved a total profit of 376.62 billion yuan, although this represented a 7.3% decline from the previous year [15][17]. - The report notes that the chemical industry is expected to benefit from ongoing anti-involution policies, which may strengthen supply-side constraints and favor certain sub-industries [3][8].

证 券 研 究 报 告 业绩拐点已至，持续布局固态电池新材料 目标价：59.74 元 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 12,518 | 18,050 | 33,940 | 39,630 | | 同比增速(%) | -18.7% | 44.2% | 88.0% | 16.8% | | 归母净利润(百万) | 484 | 1,403 | 8,100 | 8,523 | | 同比增速(%) | -74.4% | 189.9% | 477.4% | 5.2% | | 每股盈利(元) | 0.24 | 0.69 | 3.98 | 4.19 | | 市盈率(倍) | 171 | 59 | 10 | 10 | | 市净率(倍) | 6.3 | 5.7 | 3.7 | 3.0 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 2 月 2 日收盘价 公司研究 锂电化学品 2026 年 02 月 03 日 天赐材料（00270 ...

证 券 研 究 报 告 业绩拐点已至，持续布局固态电池新材料 目标价：59.74 元 [ReportFinancialIndex] 主要财务指标 证券分析师：张一弛 邮箱：zhangyichi@hcyjs.com 执业编号：S0360525080005 证券分析师：何家金 邮箱：hejiajin@hcyjs.com 执业编号：S0360523010001 证券分析师：程嘉琳 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 12,518 | 18,050 | 33,940 | 39,630 | | 同比增速(%) | -18.7% | 44.2% | 88.0% | 16.8% | | 归母净利润(百万) | 484 | 1,403 | 8,100 | 8,523 | | 同比增速(%) | -74.4% | 189.9% | 477.4% | 5.2% | | 每股盈利(元) | 0.24 | 0.69 | 3.98 | 4.19 | | 市盈率(倍) | 171 | 59 | 10 | 10 ...

Investment Rating - The report assigns an "Accumulate-A" investment rating to the company [6]. Core Views - The company plans to issue 3.175 billion yuan in stock to introduce CATL as a strategic investor, aiming to strengthen its partnership and enhance its competitive edge in lithium battery cathode materials and intelligent control components [1][2]. - The company has shifted from a major asset restructuring plan to a comprehensive strategic cooperation involving equity and business collaboration with CATL, with funds raised to support various projects including high-end energy storage lithium iron phosphate and key components for electric vehicle drive systems [2]. - The report highlights the importance of maintaining a healthy and orderly development in the lithium iron phosphate materials industry, emphasizing the need for self-discipline and innovation to avoid vicious competition [3]. - The company is actively expanding its robotics business, collaborating with leading firms like Zhiyuan Robotics to develop humanoid robot applications [4]. Financial Projections - Revenue growth is projected at 79%, 50%, and 33% for 2025, 2026, and 2027 respectively, with net profit growth expected at 40%, 35%, and 38% for the same years [5][9]. - The company’s estimated earnings per share (EPS) for 2026 is projected to be 0.58 yuan, with a target price of 23.2 yuan based on a price-to-earnings (PE) ratio of 40 times [8][9]. - The financial forecast indicates a significant increase in revenue from 5.761 billion yuan in 2023 to 30.237 billion yuan by 2027, with net profit turning from a loss of 543 million yuan in 2023 to a profit of 1.371 billion yuan in 2027 [9][10].

Investment Rating - The report assigns an "Accumulate-A" investment rating to the company, with a target price of 52.65 CNY for the next six months [5]. Core Insights - The company is expected to achieve a net profit of 1.1 to 1.6 billion CNY in 2025, representing a year-on-year increase of 127% to 231% [1]. - The price of lithium hexafluorophosphate has increased significantly, from approximately 50,000 CNY/ton in July 2025 to 160,000 CNY/ton, a rise of 220%, benefiting the company as a leading electrolyte producer [2]. - The supply of lithium hexafluorophosphate is expected to remain cautious in the short term, with prices likely to rise further in 2026 due to strong demand outpacing supply growth [3]. Financial Projections - Revenue growth rates for the company are projected at 40% for 2025, 87% for 2026, and 16% for 2027, while net profit growth rates are expected to be 185%, 418%, and 7% respectively [4]. - The estimated earnings per share (EPS) for 2026 is projected to be 3.51 CNY, with a price-to-earnings (PE) ratio of 15 times [4]. - The company's total revenue is forecasted to reach 32.89 billion CNY in 2026, with a net profit of 7.13 billion CNY [10].

- The report introduces a quantitative framework for market trend analysis, emphasizing the inherent attributes of assets and their lifecycle stages, categorized into five styles: external growth, quality growth, quality dividend, value dividend, and bankruptcy value[6][7][10] - The framework prioritizes asset comparison using metrics such as expected growth (gf), actual growth (g), profitability (ROE), high dividend (D), and bankruptcy value (PB/SIZE), each tailored to specific lifecycle stages[7][10] - The quantitative model has demonstrated strong historical performance, achieving an annualized return of 27.45% since 2009, with notable positive excess returns in most years, particularly post-2017[17][20][18] - The report recommends three dominant styles for January 2026: expected growth, actual growth, and profitability, supported by metrics like Δgf, Δg, and ΔROE, all showing expansion trends[15][33][29] - Expected growth strategy selects industries with the highest analyst forecasted growth rates, achieving significant excess returns since 2019. Recommended sectors for January 2026 include automotive sales, home appliances, tungsten, emerging financial services, and lithium[37][39][36] - Actual growth strategy focuses on industries with the highest Δg and related factors (sue, sur, jor), showing strong long-term excess returns. Recommended sectors for January 2026 include photovoltaic equipment, electronic chemicals, lithium battery chemicals, aerospace military, and home appliances[39][40][36] - Profitability strategy targets industries with high ROE and low PB-ROE valuation residuals, with notable excess returns from 2016 to 2020. Recommended sectors for January 2026 include agriculture, liquor, power distribution equipment, non-dairy beverages, and network connection/tower setup[42][43][36] - Quality dividend strategy uses DP+ROE scoring to select industries, with significant excess returns in 2016, 2017, and 2023. Recommended sectors for January 2026 include forestry/processing, boiler equipment, public transportation, fuel cells, and network connection/tower setup[45][46][36] - Value dividend strategy employs DP+BP scoring, achieving notable excess returns in 2009, 2017, and 2021-2023. Recommended sectors for January 2026 include security, daily chemicals, pet food, buses, and network connection/tower setup[48][50][36] - Bankruptcy value strategy selects industries with the lowest PB+SIZE scores, showing strong excess returns in 2015-2016 and 2021-2023. Recommended sectors for January 2026 include automotive sales, ceramics, cotton textiles, dyeing, and building decoration[52][53][36]