Investment Rating - The report maintains a "Buy" rating for the company [3] Core Viewpoints - The company is accelerating its business transformation and enhancing its layout in the lithium battery industry, benefiting from long-term industry trends [2][7] - The solid-state battery industrialization process is accelerating, with emerging field demands contributing to incremental space [2][29] - The company is continuously improving the product structure of its lithium battery industry chain, benefiting from long-term industry trends [2][62] Summary by Sections 1. Company Overview - The company is involved in the research, production, and sales of lithium compounds through its subsidiaries, with a focus on enhancing its capabilities in the lithium battery sector [13][28] 2. Financial Performance - In 2024, the company achieved a revenue of 2,136 million yuan, a year-on-year increase of 41.7%, and a net profit of 15 million yuan, a year-on-year increase of 102.3% [15][20] - The company forecasts net profits of 79 million yuan, 140 million yuan, and 213 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 136.9, 76.8, and 50.6 [7] 3. Solid-State Battery Market - Solid-state batteries are seen as the next-generation power battery technology due to their high energy density, safety, and long cycle life, with significant applications in various fields [2][29] - The market for solid-state batteries is expected to grow rapidly, driven by the increasing demand from the electric vehicle sector and other emerging applications [29][42] 4. Lithium Battery Product Structure - The company’s lithium-related products include lithium metal, butyl lithium, anhydrous lithium chloride, and chlorinated butane, primarily used in new pharmaceuticals, new materials, and new energy sectors [2][62] - The company has signed a procurement framework agreement worth 400 million yuan for copper-lithium composite strips, indicating strong market recognition of its lithium battery business layout [2][7] 5. Industry Trends - The report highlights the ongoing demand in the rail transit industry, which is expected to benefit from the company's continued development in this area [48][54] - The solid-state battery market is projected to enter a rapid growth phase, with significant potential in the Chinese market as it is still in its early stages [33][42]

Group 1 - The core achievement of Tian Tie Technology in the new energy materials sector is the signing of a procurement framework agreement with Zhuhai Xinjie Energy Technology, involving an order worth 400 million yuan for copper-lithium composite strips used in lithium metal batteries [1][2] - Anhui Tian Tie, a wholly-owned subsidiary, has established advanced production lines capable of producing high-quality lithium products, including lithium particles, sheets, and strips, to meet diverse application needs [1][2] - The strategic cooperation between Tian Tie Technology and Shenzhen Xinjie Energy aims to enhance collaboration in the supply, research, and production of lithium metal anodes for solid-state batteries, further solidifying their market position [2][3] Group 2 - The lithium materials business of Tian Tie Technology is supported by its subsidiaries, Jiangsu Changjili New Energy Technology and Anhui Tian Tie, with Changjili holding significant technological expertise and patents in the field [3] - The global demand for lithium resources is expected to experience a rapid growth cycle, with an average annual compound growth rate of nearly 30% during the 14th Five-Year Plan period, reaching a market size of approximately 1.5 million tons of LCE by 2025 [3] - Tian Tie Technology plans to continue focusing on lithium materials, enhancing core product advantages, increasing technological innovation, and developing high-value products to improve operational efficiency [4]

Core Viewpoint - The strategic cooperation agreement between Tian Tie Technology and Xin Jie Energy focuses on the supply of solid lithium metal anode materials, new material research and development, and production line construction, aiming for mutual benefits and expanded collaboration [1][2]. Company Overview - Tian Tie Technology is engaged in dual-driven operations of vibration reduction and lithium material new energy business, with subsidiaries focusing on lithium materials [2][3]. - Xin Jie Energy specializes in the research and production of lithium metal solid-state batteries, holding core patents and having established a production line with a capacity of hundreds of MWh, with plans for a GWh-level production line [2][3]. Strategic Cooperation Details - The agreement stipulates that Tian Tie Technology will initially provide two types of battery-grade lithium metal products for sample testing, with a commitment to supply at least 100 tons annually for a minimum of five years once Xin Jie Energy's production line is operational [3]. - The collaboration aims to integrate resources for the research of new lithium metal anode materials and explore the establishment of a joint venture or co-construction of solid-state battery production lines [3]. Market Context - The partnership is strategically aligned with the solid-state battery sector, which is gaining traction due to its high energy density, safety, and long cycle life, positioning lithium metal as a critical component for enhancing battery performance [3][4]. - The anticipated breakthrough in solid-state battery technology could position lithium metal as a preferred anode material, especially for batteries exceeding 400 Wh/kg in energy density [4]. Future Outlook - The cooperation is expected to create a virtuous cycle of "upstream material innovation and downstream application validation," leveraging Tian Tie Technology's cost and process advantages in lithium production alongside Xin Jie Energy's battery technology capabilities [3]. - The proactive positioning of Tian Tie Technology in the solid-state battery market may allow it to seize opportunities as the technology matures, although challenges such as lithium price volatility and research conversion efficiency remain [4].

Core Viewpoint - The strategic cooperation between Tian Tie Technology and Shenzhen Xinjie Energy Technology focuses on the supply, research, and production of solid-state battery lithium metal anode materials, aiming to enhance the development of high-energy density and high-safety lithium metal solid-state batteries [1][2]. Group 1: Strategic Cooperation - Tian Tie Technology signed a strategic cooperation framework agreement with Shenzhen Xinjie Energy Technology on May 22, 2023 [1]. - Tian Tie Technology will supply battery-grade lithium metal products to Xinjie Energy and will be responsible for the supply of lithium metal materials for Xinjie Energy's first ≥450Wh/kg solid-state 2GWh production line after it is put into operation [1]. - The annual procurement volume is expected to be no less than 100 tons, with a contract duration of at least 5 years [1]. Group 2: Company Profiles - Zhejiang Tian Tie Technology Co., Ltd. was established in 2003 and specializes in vibration reduction and lithium-based new energy fields [1]. - The company is a leading enterprise in the domestic vibration reduction and noise reduction sector, with products widely used in rail and subway transportation [1]. - Shenzhen Xinjie Energy Technology Co., Ltd. was founded in 2020, focusing on the research and production of high-energy density and high-safety lithium metal solid-state batteries, with applications in drones, eVTOL, consumer electronics, and power sectors [2]. - Xinjie Energy's solid-state batteries have an energy density exceeding 450Wh/kg and have passed extreme environment tests [2].