Dongwu Securities: Maintains a "buy" rating on Ganfeng Lithium, with a target price of 112 yuan.

Dongwu Securities research report pointed out that Ganfeng Lithium's 25Q4 performance was impressive, with non-GAAP net profit slightly better than expected. The company expects its net profit attributable to shareholders to be between 1.1 billion and 1.65 billion yuan in 2025, a year-on-year increase of 153% to 180%. Among them, the company expects its net profit attributable to shareholders in Q4 2025 to be between 1.07 billion and 1.62 billion yuan, a year-on-year turnaround to profit, with a quarter-on-quarter increase of 93% to 192%. As the company produces lithium carbonate itself, it is expected that the profit per wh in 2026 will slightly increase to 0.02 yuan/wh. In terms of solid-state batteries, the company is steadily advancing its layout in solid-state electrolytes, lithium metal anodes, and solid-state batteries, with multiple technological routes. Taking into account the elasticity contributed by the increase in lithium carbonate prices, looking forward to 2026, if the price of lithium carbonate is 150,000 yuan/ton, it is estimated that lithium salt could contribute profits of over 9 billion yuan. Therefore, the company's net profit attributable to shareholders for 2025-2027 is raised to 14.8/9.4/10.9 billion yuan, a year-on-year increase of +172%/+532%/+16%, corresponding to PEs of 10.3/16/14 times. Considering the elasticity of lithium carbonate price increases and the company's solid-state full industry chain layout, a 25x valuation is given for 2026, corresponding to a target price of 112 yuan, maintaining a "buy" rating.