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]

天铁科技（300587）（300587）在新能源材料领域的前瞻性布局迎来重要成果。7月29日，公司发布公 告称，其全资孙公司安徽天铁锂电新能源有限公司（简称"安徽天铁"）与珠海欣界能源科技有限公司 （简称"珠海欣界"）正式签署《采购框架协议》及首份《框架协议采购订单》，珠海欣界将向安徽天铁 采购应用于锂金属电池的铜锂复合带，订单金额高达4亿元。 此次重大订单的落地，标志着天铁科技在高端锂材领域的技术实力和市场拓展取得突破性进展。安徽天 铁依托母公司在锂化物领域深厚的积累，已成功构建起包括金属锂高效电解、除杂净化、低温蒸馏等在 内的先进生产线体系，可稳定生产锂粒、锂片、锂带等多种形态的高品质金属锂产品，满足包括有机合 成、锂电池负极材料在内的多元化应用场景需求。 目前，天铁科技的锂化物业务版图通过全资子公司江苏昌吉利新能源科技有限公司（简称"昌吉利"）及 孙公司安徽天铁共同构成。昌吉利已在氯代烷烃、烷基锂领域拥有深厚技术积淀和多项核心专利，是相 关行业部分标准的制定者；在锂盐产品方面，其采用创新DTB技术生产的无水氯化锂，品质居于行业领 先地位。安徽天铁则聚焦高端锂材生产，此次大单的获取，是其产业化能力的重要验 ...

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].