According to the Dongwu Securities Research Report, Everweft lithium energy products+ customers continue to be optimized, and the profit trend continues to rise. The company's net profit from H1 to mother in '26 was 3.3 billion yuan, up 106%. Among them, net profit from H1 to mother in '26 was 1.85 billion yuan, +268%/+28% over the same period last year. Q2 shipments increased 31% to 46 GWh, and we expect to ship 200 GWh throughout the year. The company continues to create new products. The large square plan is 240 GWh, and the large cylinder plan is 80 GWh. It is expected to usher in volume in the future, and its competitiveness will be further improved. The target is 300 GWh+ shipments in 27 years, an increase of 50%. The profit of Q2 mobile storage is expected to be 0.025 yuan/wh+, an increase of 20%. With the adjustment of the price strategy and the optimization of the product and customer structure, the annual profit is expected to remain at 0.025 yuan/wh+, contributing more than 5 billion yuan in profit. The consumer business is developing steadily. Lithium carbonate and midstream materials H1 contributed 560 million yuan in investment income, of which Q2 contributed 320 million yuan in profit, and is expected to contribute 1 billion yuan in profit for the whole year. A 27-year 20x valuation was given, corresponding to a target price of 89 yuan/share, maintaining a “buy” rating.

According to the Dongwu Securities Research Report, Everweft lithium energy products+ customers continue to be optimized, and the profit trend continues to rise. The company's net profit from H1 to mother in '26 was 3.3 billion yuan, up 106%. Among them, net profit from H1 to mother in '26 was 1.85 billion yuan, +268%/+28% over the same period last year. Q2 shipments increased 31% to 46 GWh, and we expect to ship 200 GWh throughout the year. The company continues to create new products. The large square plan is 240 GWh, and the large cylinder plan is 80 GWh. It is expected to usher in volume in the future, and its competitiveness will be further improved. The target is 300 GWh+ shipments in 27 years, an increase of 50%. The profit of Q2 mobile storage is expected to be 0.025 yuan/wh+, an increase of 20%. With the adjustment of the price strategy and the optimization of the product and customer structure, the annual profit is expected to remain at 0.025 yuan/wh+, contributing more than 5 billion yuan in profit. The consumer business is developing steadily. Lithium carbonate and midstream materials H1 contributed 560 million yuan in investment income, of which Q2 contributed 320 million yuan in profit, and is expected to contribute 1 billion yuan in profit for the whole year. A 27-year 20x valuation was given, corresponding to a target price of 89 yuan/share, maintaining a “buy” rating.