Dongwu Securities: Maintain a "Buy" rating on Blue Lithium Core, with a target price of 26 yuan.

Dong Wu Securities research report pointed out that Weilan Lithium Battery's performance exceeded market expectations, and the production of Full Extreme Ear products has begun. The company's revenue in 2025 was 8.1 billion yuan, a year-on-year increase of 20%, with a net profit attributable to the parent company of 710 million yuan, a year-on-year increase of 46%. The company is expected to ship 900 million particles in 2026, a year-on-year increase of 34%, with 100 million particles of Full Extreme Ear products shipped, mainly used in BBU, robots, Evtol and other fields, with a significant increase in unit price, and further improvement in profit expected. In terms of LED, the company's revenue in 2025 was 1.6 billion yuan, a year-on-year increase of 4%, with a gross profit margin of 22.9%, a year-on-year increase of 3.5 percentage points, and a net profit of 145 million yuan, with a profit contribution of 10-20 million yuan in Q4. The company has launched CSP chip-level packaging products, which are expected to contribute to growth, with a profit contribution of 200 million yuan expected in 2026. Due to the volume increase of high-end products, the performance for 2026-2027 has been revised to be 1.01/1.39 billion yuan, and the forecast for the net profit attributable to the parent company in 2028 has been added to 2.01 billion yuan, a year-on-year increase of 42%/38%/45%. The corresponding PE ratios for 2026-2028 are 22x/16x/11x. A PE ratio of 30x for 2026 is given, with a target price of 26 yuan, maintaining a "buy" rating.