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The company's performance has increased significantly in the first half of the year compared to the same period last year, with strong demand for positive electrode materials. The company expects a net profit fluctuation range of 36 to 38 million yuan in the first half of the year, a year-on-year increase of 36.6 to 38.7 times. The important reason is that the demand for lithium-ion positive electrode materials for new energy vehicles continued to expand in the first half of the year. The company achieved full load production of multiple materials for automotive power, and the revenue of positive electrode materials business increased by about 60% year-on-year, with sales increasing by about 46% year-on-year. Among them, the sales of multiple materials increased by about 150% year-on-year, and gross profit significantly increased. In the first half of the year, the company's business included Zhongding High Tech, which was not consolidated last year, and its revenue and profit also increased compared to the same period last year.

The rapid development of dual wheel drive and the achievement of leading technology accumulation: After completing the sale of Xingcheng graphite equity, the company will continue to consolidate the layout of high-end diversified materials and high-end equipment manufacturing dual wheel drive, leading by research and development, and developing towards high nickel diversified materials. Further expand the downstream application fields of high-end equipment manufacturing and explore strategic synergy between the two business sectors.

Investment suggestion: Buy - A investment rating, with a 12 month target price of 109.30 yuan. We expect the company's net profit from 2016 to 2018 to be 108 million, 206 million, and 302 million yuan, respectively, with outstanding growth potential; Maintain the investment rating of buy A, with a 12 month target price of 109.30 yuan.

Risk reminder: Production expansion is not as expected, resulting in quality issues with the product.

Nandu Power Supply: Overall performance meets expectations, and commercial energy storage and power lithium battery businesses are developing rapidly

We believe that the traditional business of the company has maintained a stable and solid foundation, while the commercial energy storage and power lithium battery businesses of the forward-looking business are rapidly developing, and future performance is expected to exceed expectations. Therefore, we strongly recommend a rating. It is expected that the EPS for 16-18 years will be 0.47, 0.63, and 0.84 yuan, corresponding to 47x, 35x, and 26 times the PE for 16-18 years, respectively. Provide 60 times PE for 16 years, with a target price of 28.2 yuan.

Risk reminder: The development of electric vehicle lithium battery business is lower than expected, and there is a risk of market fluctuations.

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