当升科技（ [Table_StockNameRptType] 300073） 公司点评 固态深度布局，三元正极加速出海 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-11-21 | | | [Table_BaseData] 收盘价（元） | | 61.81 | | 近 12 个月最高/最低（元） | 76.11/33.47 | | | 总股本（百万股） | 544 | | --- | --- | | 流通股本（百万股） | 506 | | 流通股比例（%） | 92.96 | | 总市值（亿元） | 336 | | 流通市值（亿元） | 313 | [公司价格与沪深 Table_Chart] 300 走势比较 -39% -15% 10% 34% 58% 11/24 2/25 5/25 8/25 当升科技 沪深300 ⚫ 公司产品种类丰富，各类新品研发进展顺利 公司已在高镍、中镍高电压、磷酸铁锂及下一代固态电池材料等领域 形成完整产品布局。1) 多元材料技术领先：公司高镍、超高镍 NCM/NCA 及中镍高电压等多元材料技术 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has seen a significant year-on-year increase in sales of cathode materials, with lithium iron phosphate materials becoming profitable. Solid-state battery materials are expected to ramp up production, indicating potential for future earnings growth [3][8] - The company reported a net profit of 503 million RMB for the first three quarters of 2025, representing an 8.30% increase year-on-year [3][8] Financial Summary - The company’s revenue for the first three quarters of 2025 reached 7,399.25 million RMB, a 33.92% increase compared to the same period in 2024 [9] - The projected earnings per share (EPS) for 2025-2027 have been adjusted to 1.45, 1.77, and 2.21 RMB respectively, reflecting an increase from previous estimates [5][7] - The company’s total market capitalization is approximately 38.1 billion RMB, with a current market price of 70.00 RMB per share [1][2] Sales and Production Insights - In Q3 2025, the company achieved a cathode material sales volume of over 15,000 tons, with lithium iron phosphate sales reaching 23,000 tons, marking a substantial increase [8] - The company has successfully executed strategic supply agreements with international clients, contributing to stable growth in future earnings [8] Valuation Metrics - The company’s price-to-earnings (P/E) ratios for 2025-2027 are projected at 48.4, 39.6, and 31.7 respectively [5][7] - The estimated EBITDA for 2025 is 983 million RMB, with a corresponding EBITDA margin reflecting operational efficiency [7][10]