Caitong's research report pointed out that due to downstream cost pressure and market competition, Yunnan Energy New Material (002812.SZ) is under pressure in Q3 profit. Actively exploring overseas markets and steadily promoting construction: In 2020, the first phase of the Yunnan facility in Hungary started investment and construction, which has been completed and is currently in the verification stage with multiple overseas customers. It is expected to start production and supply in the fourth quarter of this year. Currently, the company has established long-term cooperation with many top overseas customers such as Panasonic, LG Energy Solution, ACC in France, Ultium, a large overseas car manufacturer, major domestic well-known lithium battery companies Contemporary Amperex Technology, CHAM Battery, EVE Energy Co.,Ltd., and deeply bound with downstream customers. It is expected to continuously explore existing customers and expand new customers to increase overseas market share. The company is a leader in the separator industry with significant economies of scale. Maintaining a 'neutral' rating.