GLONGHUI June 30丨Huaan Securities Research Report on the 29th pointed out that after signing the first composite copper foil order, Wanshun New Materials (300057.SZ) made an important breakthrough in the field of composite fluid collection, which has important nodal significance. It marks technological breakthroughs and industrialization entering a strategic industrial node, and will further expand the company's new energy materials product structure. Compared with traditional copper foil, composite copper foil has advantages such as weight reduction, low cost, high energy density, and long cycle life. At the same time, the company's existing customer resources are of high quality, which is expected to further accept multiple customer orders and open up new momentum for growth. The company's main aluminum foil business grew strongly, and production capacity ushered in a continuous expansion cycle; high value-added businesses such as carbon foil coating and high barrier film continued to advance; composite copper foil broke through from 0 to 1, starting a new era of growth. It is estimated that the company's net profit from parent in 23-25 will be 285/4.21/523 million yuan, +39.6%, 47.4%, and 24.4% year-on-year. The corresponding PE is 25.18X/17.08X/13.74X, maintaining the “buy” rating.