Huaxin Securities: Maintains a "buy" rating on Ganfeng Lithium, and capacity construction continues to progress.

Huaxin Securities research report pointed out that Ganfeng Lithium's net profit attributable to mother in 25Q1-Q3 was 0.3 billion yuan, a year-on-year increase of +104%. Among them, the net profit attributable to mother in 25Q3 was 5.6 billion yuan, an increase of +364%/+417% compared to the previous quarter. The company plans to have an annual production capacity of lithium products of not less than 600,000 tons of LCE by 2030, covering various paths such as brine, ore, clay, and lithium recovery. The 50,000-ton lithium salt project in Sichuan Ganfeng has completed debugging, and capacity is gradually being released; the Mali project in Argentina has been successfully transf erred, and new lithium battery and energy storage projects in Chongqing, Dongguan, and other places are also under construction. Solid-state batteries and high-performance materials: The company continues to promote the development of solid-state battery technology, has achieved preliminary mass production of the first generation of solid-liquid hybrid batteries, and significant progress in the development of the second generation. Simultaneously developing key materials such as lithium sulfide and solid electrolytes to meet the demands for high energy density and high security. Considering the significant improvement in the supply-demand situation of lithium in 2026-2027, it is expected that the company's net profit attributable to mother in 2025-2027 will be 4.13 billion, 13.53 billion, and 29.97 billion yuan respectively, with corresponding PE ratios of 337, 103, and 46 times, maintaining a "buy" rating.