Dongwu Securities: Maintain a "buy" rating on Yiwei Lithium Energy, with a target price of 105 yuan.

Dongwu Securities research report pointed out that Yawei Lithium Energy's Q4 performance in 2025 was slightly better than market expectations. The company's revenue in 2025 was 61.5 billion yuan, a 26% increase, and net profit attributable to the mother was 4.1 billion yuan, a 1% increase; among which, in Q4 of 2025, revenue was 16.5 billion yuan, a month-on-month increase of +13%/-2%, and net profit attributable to the mother was 1.32 billion yuan, a month-on-month increase of +49%/+9%. Energy storage competitiveness continues to strengthen, and profitability performance is remarkable. Energy storage + large cylinders + commercial vehicles contribute to incremental growth, with an estimated total of over 200 GWh in 2026. Price hikes have been implemented, upstream layout has been established, and profitability for 2026 can be maintained at 0.025 yuan/wh. In addition, the consumer business is developing steadily, contributing high-quality cash flow. Considering that downstream demand exceeds expectations, the net profit attributable to the mother for 2026-2027 is revised downwards to 7.23/9.52 billion yuan, with an additional expected net profit attributable to the mother for 2028 of 12.42 billion yuan. The growth rate for 2026-2028 is 75%/32%/30%, with corresponding PEs of 21x/16x/12x. Considering the company's high-speed shipment growth, a valuation of 30x is given for 2026, with a corresponding target price of 105 yuan/share, and a "buy" rating is maintained.