证券研究报告·公司点评报告·电池 当升科技（300073） 三元构筑盈利基石，固态材料实现关键卡位 2025 年 09 月 26 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 15,127 | 7,593 | 12,293 | 16,670 | 19,999 | | 同比（%） | (28.86) | (49.80) | 61.90 | 35.61 | 19.97 | | 归母净利润（百万元） | 1,924.26 | 471.83 | 803.67 | 1,050.88 | 1,367.65 | | 同比（%） | (14.80) | (75.48) | 70.33 | 30.76 | 30.14 | | EPS-最新摊薄（元/股） | 3.54 | 0.87 | 1.48 | 1.93 | 2.51 | | P/E（现价&最新摊薄） | 18.05 | 73.61 | 43.22 | 33.05 | 2 ...

Core Viewpoint - The company, Dangsheng Technology, is making significant advancements in solid-state lithium battery materials, achieving mass production and establishing partnerships with major clients in the industry [1][2][3][4][5][6][7]. Group 1: Solid-State Lithium Battery Materials - Solid-state lithium battery cathode materials have reached a production scale of 10 tons, showcasing high energy density and safety [1]. - The company has developed lithium-rich manganese-based materials that address key technical challenges, positioning itself as a leader in the industry [2]. - Solid electrolytes with high ionic conductivity have been successfully developed, enabling stable production and large-scale supply capabilities [3]. Group 2: Diverse Material Business - The company has secured over 10 billion yuan in orders for ternary materials, establishing deep collaborations with international giants like LGES and SK on [4]. - Lithium cobalt oxide products have achieved performance breakthroughs, leading to mass supply for high-end digital products and major lithium battery manufacturers [5]. - Phosphate (manganese) lithium products have seen significant sales growth, with monthly shipments nearing 10,000 tons and a total production capacity expected to reach 120,000 tons [6]. Group 3: International Market and Financial Performance - The proportion of international customers is increasing, with the construction of a Finnish base to meet local demand from global clients [7]. - In the first half of 2025, the company reported revenue of 443.25 million yuan, a year-on-year increase of 25.17%, and a net profit of 31.12 million yuan, up 8.47%, indicating a recovery in operational performance [7].

Group 1: Company Overview and Financial Performance - The company achieved a revenue of 443,249.77 million yuan in the first half of 2025, representing a year-on-year growth of 25.17% [15] - The net profit attributable to shareholders was 31,115.43 million yuan, with a year-on-year increase of 8.47% [15] Group 2: Solid-State Lithium Battery Materials - The company has developed solid-state lithium battery cathode materials with high energy density and safety, achieving batch shipments of 10 tons [3] - The solid electrolyte has been successfully developed with high ionic conductivity and stability, with production capacity established for both oxide and sulfide electrolytes [5][6] Group 3: Lithium Manganese-Based Materials - Lithium manganese-based materials are positioned as a key development direction, with industry-leading performance in density, capacity, and cycle life [4] - The company has established a comprehensive layout for lithium manganese-based materials, covering both liquid and solid-state battery applications [4] Group 4: Three-Dimensional Materials Business - The company has established deep cooperation with international giants like LGES and SK on, securing orders exceeding 100 billion yuan for the next three years [9] - The products are integrated into high-end electric vehicle supply chains, including partnerships with major brands like Volkswagen and BMW [9] Group 5: Lithium Cobalt Oxide and Lithium Iron Phosphate - High-rate lithium cobalt oxide products dominate markets in electronic cigarettes and drones, while high-capacity variants have shown significant performance improvements [10] - Lithium iron phosphate products have seen a substantial increase in sales, with monthly shipments nearing 10,000 tons [12] Group 6: International Market Development - The company has expanded its international customer base, with a growing proportion of international clients contributing to revenue growth [14] - The Finnish base construction is underway to enhance local supply capabilities for international clients [15]