Putailai Targets 43.5 Yuan as 2026 Anode Shipments Poised to Double

Edgen Stock

·Jan 21 2026, 10:58

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Key Takeaways

Soochow Securities reaffirmed its "Buy" rating for Putailai with a 43.5 yuan price target, citing a highly positive long-term outlook extending to 2026. The analysis projects anode shipments will nearly double to 250,000 tons in 2026 and highlights the company's strategic advantage in solid-state battery technology, which underpins the bullish valuation.

Soochow Securities maintained its "Buy" rating for Putailai on January 21, issuing an aggressive 43.5 yuan price target based on long-range forecasts.
Anode shipments are projected to nearly double to 250,000 tons in 2026, driven by new low-cost capacity coming online and recovering profitability.
Putailai's strategic capabilities in solid-state battery solutions support the valuation, which applies a 30x P/E multiple to the company's 2026 earnings forecast.

Anode Shipments Forecast to Hit 250,000 Tons by 2026

A January 21 research report from Soochow Securities reaffirmed a "Buy" rating for battery materials supplier Putailai, setting a 43.5 yuan price target based on a strong long-term growth trajectory. The analysis identifies a significant turning point for the company's anode business, which is showing signs of a profitability recovery. With its Sichuan Phase I 100,000-ton facility now ramping up, the firm projects anode shipments will reach 250,000 tons in 2026, nearly doubling from the previous year. This expansion is expected to be accompanied by a recovery in profitability to nearly 2,000 yuan per ton as lower-cost production scales.

Film Shipments to Grow 40% Annually Through 2026

The bullish forecast extends to Putailai's coating film division, which is set for sustained expansion. Soochow Securities projects film shipments will surpass 10 billion square meters in 2025, marking a year-over-year increase of over 40%. This growth is expected to continue into 2026, with volumes climbing another 40% to a range of 14 to 15 billion square meters.

This strong operational outlook, combined with the company's strategic position in next-generation battery technology, underpins the aggressive valuation. The report highlights Putailai's ability to offer complete line solutions for solid-state batteries as a key differentiator. This prompted the analysts to apply a 30x price-to-earnings (P/E) multiple on its 2026 earnings forecast to derive the 43.5 yuan price target, signaling high confidence in the company's long-term market position.