Soochow Securities Co., Ltd.: Maintains "Buy" rating on Easpring, with ternary forming the foundation for profitability, and the latecomer advantage of iron lithium gradually becoming prominent

Dongxing Securities recently pointed out in a research report that Easpring's solid-state lithium battery cathode materials have achieved batch shipments at the 10-ton level and have been introduced to multiple solid-state battery customers. At the same time, the company has overcome key technical issues in lithium-rich manganese-based materials, developing medium-high capacity and ultra-high capacity products. In addition, the company has successfully developed various electrolyte systems for solid-state electrolytes and achieved large-scale supply capabilities. The ternary structure continues to be a cornerstone for profitability, while the late-mover advantage of lithium iron phosphate is gradually becoming apparent. In terms of lithium cobalt oxide cathodes, the market share of the 25H1 rate type exceeds 50%. We expect shipments of 6,000/8,500/10,000 tons from 2025 to 2027, with year-on-year growth of 100%/42%/18%, mainly supplying Shida, Yiwei, Haopeng, Liwei, and Guanyu. Looking ahead to 2027, all-solid-state NCM is expected to achieve shipments at the kiloton level, while lithium-rich manganese-based materials are expected to achieve shipments at the hundred-ton level. The company is developing liquid LRM medium-high capacity and solid-state LRM high capacity, with comprehensive performance leading the industry. Considering the significant improvement in the company's profitability, we have raised the profit forecast for 2025-2027 and maintained a "Buy" rating