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Policy promotion is gradually becoming clearer, and energy storage will face an explosive rise. Recently, the National Energy Administration announced a notice confirming the participation of electric energy storage in auxiliary services, gradually clarifying the promotion of the energy storage industry, and accelerating the explosion of the energy storage industry. Lithium batteries are currently the most widely used electrochemical batteries globally and in China. We believe that with the gradual implementation of national policy subsidies, the maturity of energy storage technology, and the realization of large-scale commercial applications, the company's performance in energy storage applications will significantly improve.

The promotion of the independent brand of e-cigarettes has achieved significant results, and the performance has seen a high increase: the company's Vaporesso private brand has been promoted to the end market, gaining good reputation and market influence. At the same time, the continuous involvement of large tobacco companies in the terminal market and the increasingly concentrated market pattern are very beneficial to the company's existing customer structure. The company has achieved a full industry chain layout for e-cigarettes, covering important links in the entire e-cigarette industry.

Profit forecast and investment suggestions: It is expected that the company's EPS for 2016-2018 will be 0.82 yuan, 1.28 yuan, and 1.62 yuan, respectively, corresponding to dynamic PE distributions of 47 times, 30 times, and 24 times. The cornerstone of the company's lithium-ion primary battery is stable, and lithium-ion batteries will benefit from the explosive increase in new energy vehicle production and energy storage. We are optimistic about the company's future development prospects and have covered it for the first time, giving it a "buy" rating.

Risk reminder: Risks such as production not meeting expectations and fierce competition leading to a decrease in battery unit price.

Dangsheng Technology: The equity of Xingcheng Graphite is sold, and the quality of the positive lead remains unchanged

Selling equity in Xingcheng Graphite to boost the company's development with investment income: Dangsheng Technology announced that Zhongke Electric plans to purchase 32.8125% of the company's equity in Xingcheng Graphite through a combination of stock issuance and cash payment. Zhongke Electric has a valuation of approximately 500 million yuan for Xingcheng graphite and paid a total consideration of 164 million yuan for Dangsheng Technology. Among them, cash is 49.22 million yuan, and the remaining 70% is paid through the issuance of shares, which can only be unlocked after December from the end of the issuance. In September 2011, the company used its own funds of 26.67 million yuan to invest in Xingcheng Graphite. Afterwards, Xingcheng Graphite increased its capital and shares multiple times, and the company's equity ratio decreased to 32.812%. If the sale is completed, the company will no longer hold any shares in Xingcheng Graphite and will instead hold shares in Zhongke Electric. The investment income is in line with the interests of shareholders and has room for appreciation, which is beneficial for the improvement of the company's financial situation and long-term development.

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