According to the Dongwu Securities Research Report, Putailai's negative electrode and diaphragm volume contributed to profit elasticity, and the performance was in line with market expectations. Net profit of 26H1 to mother is forecast to be 1.4-1.5 billion yuan, up 33%-42%. Corresponding to the median net profit of Q2 to mother of 750 million, +31%/+6% year-on-month, in line with market expectations. On the coating side, the company is expected to ship 4.6 billion square meters in 26Q2, an increase of 88%/35% over the same period. Downstream demand is strong, orders from major customers are full. Shipments are expected to be upgraded to 18 billion square meters+ in '26, and expected to maintain 30% growth in '28. We expect stable unit profit, contributing to a steady increase in profit. The contribution of new anode products has increased over 26 years, and the increase in cost is expected to be transmitted. On the profit side, the company's negative pole is expected to lose slightly due to fluctuations in raw materials. As the price of raw materials increases, net profit per ton is expected to increase, and is expected to contribute 800 to 1 billion dollars in profit in 28 years. 26H1's performance is in line with our expectations, so we maintain our original expectations. The company's net profit for 2026-2028 is 33.3/43.8/5.35 billion yuan, +41%/+32%/+22% year-on-year, corresponding PE is 14x/11x/9x, giving a 27-year 20x valuation, and a target price of 41 yuan, maintaining a “buy” rating.

According to the Dongwu Securities Research Report, Putailai's negative electrode and diaphragm volume contributed to profit elasticity, and the performance was in line with market expectations. Net profit of 26H1 to mother is forecast to be 1.4-1.5 billion yuan, up 33%-42%. Corresponding to the median net profit of Q2 to mother of 750 million, +31%/+6% year-on-month, in line with market expectations. On the coating side, the company is expected to ship 4.6 billion square meters in 26Q2, an increase of 88%/35% over the same period. Downstream demand is strong, orders from major customers are full. Shipments are expected to be upgraded to 18 billion square meters+ in '26, and expected to maintain 30% growth in '28. We expect stable unit profit, contributing to a steady increase in profit. The contribution of new anode products has increased over 26 years, and the increase in cost is expected to be transmitted. On the profit side, the company's negative pole is expected to lose slightly due to fluctuations in raw materials. As the price of raw materials increases, net profit per ton is expected to increase, and is expected to contribute 800 to 1 billion dollars in profit in 28 years. 26H1's performance is in line with our expectations, so we maintain our original expectations. The company's net profit for 2026-2028 is 33.3/43.8/5.35 billion yuan, +41%/+32%/+22% year-on-year, corresponding PE is 14x/11x/9x, giving a 27-year 20x valuation, and a target price of 41 yuan, maintaining a “buy” rating.