EASPRING(300073)：CATHODE SHIPMENTS GROW RAPIDLY YOY PROFITABILITY REMAINS SOLID AND IMPROVING_速讯

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Key takeaway In 2025, the company"s net profit attributable to shareholders of the parent company reached RMB632mn, +34% YoY. In 1Q26, the company"s net profit attributable to shareholders of the parent company reached RMB277mn, +150% YoY and +114% QoQ. In 2025, the company"s total lithium battery material sales reached 149,000 tons, +48% YoY. Among them, ternary cathode shipments are estimated at about 55,000 tons, +40% YoY, with the share of international customers still at a relatively high level. LFP cathode shipments are about 90,000 tons, +60% YoY. Profitability of ternary materials remains stable, benefiting from a relatively high share of international customers, with industry-leading profit per ton. Meanwhile, LFP benefits from the recovery of processing fees and rising lithium carbonate prices, and profitability continues to improve. Event The company released its 2025 annual report and 1Q26 report. In 2025, the company achieved revenue of RMB10.374bn, +37% YoY. Net profit attributable to shareholders of the parent company was RMB632mn, +34% YoY. Net profit excluding non-recurring items was RMB500mn, +83% YoY. Among them, 4Q25 revenue was RMB2.975bn, +44% YoY and +0.3% QoQ. Net profit attributable to shareholders of the parent company was RMB130mn, +1616% YoY and -32% QoQ. Net profit excluding non-recurring items was RMB113mn, +331% YoY and -17% QoQ. In 1Q26, the company achieved revenue of RMB4.526bn, +137% YoY and +52% QoQ. Net profit attributable to shareholders of the parent company was RMB277mn, +150% YoY and +114% QoQ. Net profit excluding non-recurring items was RMB214mn, +221% YoY and +89% QoQ. Quick Take In terms of capacity, projects at the company’s various bases are progressing steadily. The main production line of the Panzhihua base with annual capacity of 120,000 tons of lithium iron (manganese) phosphate materials has been completed and put into operation. By optimizing production processes and equipment configuration, the actual capacity has been increased. The primary sinterin g process is prioritized and can achieve the performance level of secondary sintering. The first-phase 150,000-ton LFP project at the Kunming base in Yunnan, together with the supporting 200,000-ton high-performance iron phosphate precursor project, is under preparation. The first-phase project at the Finland base with annual capacity of 60,000 tons of high-nickel ternary materials started construction in 1H25 and some production lines are expected to be completed and put into operation in 2H26. In terms of volume and profit, both NCM and LFP cathode materials achieved high growth, and profitability remained stable. In 2025, the company"s total lithium battery material sales reached 149,000 tons, +48% YoY. Among them, ternary cathode shipments are estimated at about 55,000 tons, +40% YoY, with the share of international customers still at a relatively high level. LFP cathode shipments are about 90,000 tons, +60% YoY. Shipments of NCM cathode materials are expected to reach about 20,000 tons in 1Q26, while LFP cathode materials are expected to reach about 29,000 tons, continuing to increase QoQ. Profitability of ternary materials remains stable, benefiting from a relatively high share of international customers, with industry-leading profit per ton. Meanwhile, LFP benefits from the recovery of processing fees and rising lithium carbonate prices, and profitability continues to improve. In terms of new technologies, the company has made comprehensive and forward-looking deployments. In the high compaction density LFP cathode field, the company’s Gen 3.5 products have achieved stable mass production and supply. The Gen 4.5 products have a compaction density of 2.68g/cm3, with shipments continuing to increase. The Gen 5 ultra? high compaction density LFP products have a compaction density exceeding 2.75g/cm3. The company has established deep cooperation with domestic and overseas battery customers including CALB, Ganfeng Lithium Battery, REPT BATTERO, and PowerCo. Monthly shipments are close to 10,000 tons, and profitability continues to improve. In the sodium battery cathode field, the company covers the two mainstream technology routes of polyanion and layered oxides. Product performance meets differentiated customer needs. The company maintains close cooperation with multiple domestic and overseas customers, and the products have been applied in batches in downstream energy storage, start-stop, and small power projects. In the solid-state field, on the one hand, the company has deployed sulfide solid electrolytes and lithium sulfide products. Targeting the compatibility and supporting requirements between lithium sulfide and the solid electrolyte developed by the company, it has developed a lithium sulfide preparation process with proprie tary technology. On the other hand, the company has successfully developed new solid electrolyte products such as chlorine? iodine composite solid electrolytes with high ionic conductivity and good interfacial wettability. These can be used in all-solid-state batteries. While maintaining high ionic conductivity, they significantly reduce interfacial pressure, providing a technical solution for lowering manufacturing difficulty and cost of solid-state lithium batteries and enabling large-scale application. The related electrolyte products have entered the batch verification stage with leading customers. At present, the company’s ultra ? high nickel ternary materials and ultra? high capacity lithium? rich manganese-based materials for all-solid-state batteries have achieved batch supply exceeding 20 tons. Cathode materials for semi-solid batteries, including medium? nickel, high? nickel, and lithium manganese oxide, have achieved cumulative shipments at the kiloton level. These products have been introduced to multiple leading solid-state battery customers and have been successfully applied in batches in high-end electric vehicles, embodied intelligence and drones, as well as low-altitude aircraft such as eVTOL. Net profit attributable to shareholders of the parent company is expected to reach RMB1.195bn, RMB1.517bn, and RMB1.741bn in 2026–2028, corresponding to PE of 26.2x, 20.7x, and 18.0x. Risks 1) Risk of weaker-than-expected downstream demand: Sales volume may fall short of expectations due to weak demand, thereby affecting the shipment volume and profitability of the company’s related businesses. 2) The raw material prices may fluctuate more than expected: Since 2021, the prices of raw materials have shown high periodical volatility. The high upstream prices, combined with its volatility will affect terminal demand, and disrupt companies" performance in the short run. In particular, lithium carbonate is the core raw material for lithium iron phosphate cathode producers. If its price drops rapidly in a short period, the company will incur impairment losses. 3) The progress of the company"s key projects is slower than expected: as a participant in the new energy sector, the progress of major projects is the key to supporting the revenue and profits, and is also a reflection of the company"s growth potential. The slower-than-expected progress of major projects will affect its current and long-term performance.【免责声明】本文仅代表第三方观点，不代表和讯网立场。投资者据此操作，风险请自担。

【免责声明】本文仅代表第三方观点，不代表和讯网立场。投资者据此操作，风险请自担。