1、?CompanyUBS tickerMkt capShr priceUpsideOldNewRmb mRmbOldNew2025E2026E2027E2025E2026E2027E2025E2026E2027E2025E2026E2027EPutailai603659.SSBuyBuy38,591 18.05 19.2024.0033%1.9x1.7x1.6x12%14%15%16x13x11x105%23%23%Easpring300073.SZBuyBuy21,633 42.71 50.0055.0029%1.5x1.4x1.5x7%10%12%22x15x13x108%51%29%Cna

2、no688116.SSNeutralNeutral14,788 43.05 48.0011%4.4x3.7x3.5x15%19%19%31x21x20 x92%46%16%Yunnan Energy002812.SZNeutralNeutral28,307 31.72 37.0033.004%1.2x1.2x1.3x1%3%6%124x38x22x-141%222%107%Wuxi Lead300450.SZBuyNeutral40,934 26.18 22.0027.003%2.9x2.7x2.0 x13%14%14%24x20 x15x366%17%15%Ronbay688005.SSBu

3、yNeutral16,246 22.73 28.0023.001%2.0 x1.8x2.2x1%9%11%138x22x20 x-60%517%39%Yinghe300457.SZNeutralSell13,835 21.30 20.0017.00-20%2.1x2.0 x1.7x5%7%9%40 x30 x19x-32%33%51%Nuode600110.SSBuySell10,927 6.29 4.503.90-38%2.0 x1.9x1.3x-1%2%3%-133x112x43x-77%-219%84%EPS growth(YoY)Price targetRatingP/BVROEPE?

4、This report has been prepared by UBS Securities Asia Limited.ANALYST CERTIFICATION AND REQUIRED DISCLOSURES,INCLUDING INFORMATION ON THE QUANTITATIVE RESEARCH REVIEW PUBLIHSED BY UBS,BEGIN ON PAGE 37.UBS does and seeks to do business with companies covered in its research reports.As a result,investo

5、rs should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment decision.China Battery Supply Chain 12 August 2025ab 2China Battery Supply ChainUBS ResearchFunda

6、mentals:limited pricing opportunity Prices of key materials remain on a downward trend YTD,suggesting continued price competition and low bargaining power with battery clients.In the subsectors:Anode prices seem resilient,partly due to increasing raw materials prices(pet coke).Separator price cuts c