Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved total revenue of 7.534 billion yuan in H1 2025, representing a year-on-year increase of 18.04%. The net profit attributable to shareholders was 307 million yuan, up 27.76% year-on-year, and the net profit after deducting non-recurring gains and losses was 291 million yuan, an increase of 32.24% year-on-year [2][4]. - In Q2 2025, the company reported revenue of 4.557 billion yuan, a year-on-year increase of 47.8% and a quarter-on-quarter increase of 53%. The net profit attributable to shareholders was 190 million yuan, up 48% year-on-year, and the net profit after deducting non-recurring gains and losses was 179 million yuan, an increase of 53% year-on-year [2][4]. - The company sold 28,800 tons of lithium cobalt oxide, a year-on-year increase of 56.64%. The sales of power cathode materials (including ternary materials and lithium iron phosphate) reached 31,900 tons, up 20.76% year-on-year. In the hydrogen energy materials segment, sales were 1,974.61 tons, an increase of 6.16% year-on-year [10]. - The company is expected to maintain positive growth in sales, benefiting from differentiated competition in high-voltage and high-power ternary materials and hydrothermal lithium iron phosphate [10]. Summary by Sections Financial Performance - In H1 2025, the company achieved total revenue of 7.534 billion yuan, with a net profit of 307 million yuan and a net profit after deducting non-recurring gains and losses of 291 million yuan [2][4]. - For Q2 2025, revenue was 4.557 billion yuan, with a net profit of 190 million yuan and a net profit after deducting non-recurring gains and losses of 179 million yuan [2][4]. Sales and Market Position - The company sold 28,800 tons of lithium cobalt oxide, 31,900 tons of power cathode materials, and 1,974.61 tons of hydrogen energy materials, indicating strong market demand and a solid industry position [10]. - The company is expected to benefit from the rising cobalt prices, which may further enhance profitability [10]. Future Outlook - The traditional business is expected to see growth due to increased market share and production rates, with a focus on AI applications driving product premium [10]. - New products in the NL cathode materials segment are progressing well, with positive feedback from downstream manufacturers [10]. - The company is well-positioned in the solid-state battery segment, with ongoing developments in lithium sulfide electrolytes and oxide solid-state electrolytes [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported its 2024 annual results and 2025 Q1 results, with 2024 achieving operating revenue of 13.3 billion yuan, a year-on-year decrease of 23.2%. The net profit attributable to shareholders was 500 million yuan, down 6.3% year-on-year, and the net profit after deducting non-recurring gains and losses was 450 million yuan, down 4.1% year-on-year. For Q1 2025, the company achieved operating revenue of 2.977 billion yuan, a year-on-year decrease of 9.8%, with a net profit attributable to shareholders of 120 million yuan, an increase of 4.8% year-on-year, but a decrease of 7.8% quarter-on-quarter. The net profit after deducting non-recurring gains and losses was 110 million yuan, up 8.5% year-on-year and 5.6% quarter-on-quarter [4][12][13] Financial Performance - In 2024, the company achieved a gross profit margin of 9.76%, an increase of 1.77 percentage points year-on-year, and a net profit margin of 3.67%, an increase of 0.61 percentage points year-on-year. In Q1 2025, the gross profit margin was 9.59%, an increase of 1.99 percentage points year-on-year but a decrease of 0.45 percentage points quarter-on-quarter. The net profit margin was 3.85%, an increase of 0.5 percentage points year-on-year and 0.22 percentage points quarter-on-quarter [13] Product and Technology Advantages - The company has a significant advantage in NL cathode materials, with a more stable structure and wider interlayer spacing compared to traditional cathode materials, leading to improved energy density and rate performance. This technology is expected to be widely applied in various fields, including consumer electronics, robotics, and solid-state batteries. The company has already achieved supply of oxide route solid-state cathodes and is in the R&D phase for sulfide route solid-state battery cathodes. The company has also made progress in sodium battery technology, with high-voltage sodium materials entering pilot testing, indicating a promising future in energy storage applications [14] Earnings Forecast and Investment Suggestions - The company is expected to achieve operating revenues of 15.87 billion yuan, 20.52 billion yuan, and 23.36 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 19.36%, 29.28%, and 13.84%. The net profit attributable to shareholders is projected to be 761 million yuan, 1.011 billion yuan, and 1.204 billion yuan for the same years, with growth rates of 54.06%, 32.88%, and 19.03% respectively. The three-year CAGR is estimated at 34.6% [15][16]