Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is benefiting from the new cycle of electrification in Europe, leading to a significant improvement in profitability for lithium iron phosphate (LiFePO4) batteries [7] - The company’s revenue for the first three quarters of 2025 is expected to reach 74 billion yuan, a year-on-year increase of 33.9%, with a net profit of 5 billion yuan, up 8.3% year-on-year [7] - The company is projected to achieve a net profit of 8.0 billion yuan in 2025, with a growth rate of 70% year-on-year, and a target price of 97 yuan based on a 50x PE for 2026 [7] Financial Performance Summary - Total revenue for 2023 is forecasted at 15,127 million yuan, with a year-on-year decrease of 28.86% [1] - The net profit attributable to shareholders for 2023 is estimated at 1,924.26 million yuan, down 14.80% year-on-year [1] - The earnings per share (EPS) for 2023 is projected to be 3.54 yuan, with a P/E ratio of 19.25 [1] Sales and Profitability Insights - The company’s sales of ternary cathode materials are expected to reach approximately 60,000 tons in 2025, representing a year-on-year increase of 40-50% [7] - The gross profit margin for Q3 2025 is reported at 12.8%, with a net profit margin of 6.8% [7] - The company’s LiFePO4 cathode material shipments are projected to reach nearly 100,000 tons in 2025, with a year-on-year growth of about 70% [7] Solid-State Battery Developments - The company has achieved initial shipments of solid-state battery-specific cathode materials, with plans to establish a large-scale production line by 2026 [7] - The company’s solid-state electrolyte development is progressing, with a small-scale production line already operational [7] Cash Flow and Capital Expenditure - The operating cash flow for the first three quarters of 2025 is reported at 7.3 billion yuan, a decrease of 36.7% year-on-year [7] - Capital expenditures for the first three quarters of 2025 are projected at 11 billion yuan, an increase of 71% year-on-year [7]

Core Viewpoint - The article discusses the strategic collaboration between companies in the solid-state battery materials sector, focusing on the partnership between Dongsheng Technology and Boyuan Co., which aims to enhance the development and supply of solid-state lithium battery materials [3][4]. Group 1: Strategic Collaboration - Dongsheng Technology and Boyuan Co. signed a strategic cooperation framework agreement to develop solid-state lithium battery materials, including key raw materials like lithium iodide and lithium sulfide [3][4]. - The collaboration will explore capital-level cooperation in upstream materials and establish an integrated supply chain through mutual equity investments [4]. Group 2: Market Dynamics - Iodine, a crucial additive for sulfide solid electrolytes, is projected to see price increases due to limited supply from overseas giants, with estimates suggesting that 90 tons of iodine is needed for every 1 GWh of solid-state batteries [4]. - Boyuan Co., a leader in lithium iodide production, reported a projected revenue of 13.279 billion yuan in 2024, with over 80% of its income derived from fine chemicals [6][7]. Group 3: Product Development and Applications - Dongsheng Technology has established a comprehensive layout in solid-state lithium battery materials, achieving 10-ton level batch shipments of sulfide solid-state battery materials by mid-2025 [8]. - The company has successfully developed high ionic conductivity sulfide solid electrolytes and is positioned to supply materials for applications in drones, eVTOLs, and humanoid robots [8].

Core Viewpoint - The company, Dongsheng Technology, announced that it will achieve significant production of solid-state lithium battery materials in the first half of 2025, with specific products already being adopted by several major clients in the solid-state battery sector [1] Group 1: Product Development and Market Position - The company has successfully achieved ton-level shipments of sulfide solid-state battery-specific cathode materials [1] - The dual-phase composite cathode material has been recognized at the Zhongguancun Forum as one of the top new technologies and products [1] - Products have been integrated into various applications, including drones, eVTOLs, and humanoid robots [1] Group 2: Client Engagement and Industry Collaboration - The solid-state battery-specific lithium cobalt oxide and lithium-rich manganese-based cathode materials have positioned the company to collaborate with leading domestic automotive manufacturers and battery clients such as BYD, FAW, and Zhongke Gonen [1] - The company has established partnerships with multiple solid-state battery clients, including Qingtai, Weilan, Huineng, Ganfeng Lithium, and Zhongqi New Energy [1]

Core Viewpoint - The company has established a comprehensive early layout in solid-state lithium battery materials, including oxides, sulfides, and halides, with significant advancements expected by mid-2025 [1] Group 1: Product Development - The company has achieved ton-level shipments of sulfide all-solid-state battery specialized cathode materials [1] - The dual-phase composite cathode material has been recognized at the Zhongguancun Forum as one of the top new technologies and products [1] - Products have been successfully integrated into various applications, including drones, eVTOLs, and humanoid robots [1] Group 2: Client Engagement - The company has successfully introduced its products to several solid-state battery clients, including Qingtao, Weilan, Huineng, Ganfeng Lithium, and Zhongqi New Energy [1] - All-solid-state battery specialized lithium cobalt oxide and lithium-rich manganese-based cathode materials have been positioned with top domestic automakers and battery clients such as BYD, FAW, and Zhongke Gonen [1] Group 3: Production Capacity - The company has completed the construction of a pilot line for oxide electrolytes with an annual production capacity of 100 tons and a small-scale trial line for sulfide solid-state electrolytes [1] - The company has achieved stable ton-level preparation of solid-state electrolytes and received certifications and integration from several key downstream clients [1]

人民财讯9月10日电，9月10日下午，当升科技在2025年半年度业绩说明会上表示，2025年上半年，公司 固态锂电材料持续放量，其中硫化物全固态电池专用正极材料率先实现吨级出货，双相复合正极材料荣 获中关村论坛百项新技术新产品推介，相关产品已导入清陶、卫蓝、辉能、赣锋锂电、中汽新能等多家 固态电池客户，成功应用在无人机、eVTOL等低空飞行器以及人形机器人领域。 转自：证券时报 ...