LOPAL TECH (02465) surged over 10% in late trading, reaching a high of HK$11.35 and setting a new record since its IPO. As of press time, the stock was up 10.62% to HK$11.25, with trading volume of HK$322 million.

LOPAL TECH is primarily engaged in the research, development, production and sales of lithium iron phosphate cathode materials and automotive environmental fine chemicals. As one of the world's major lithium iron phosphate cathode material manufacturers, the company has established strong business relationships with renowned lithium-ion battery manufacturers including CATL, LG Energy Solution, Ruipu Lanjun, Sunwoda, Chenergy, and Blue Oval.

Additionally, the company's wholly-owned subsidiary Jiangsu Sanjin Lithium Battery Technology Co., Ltd. is involved in the development of solid-state battery ternary precursors, which is currently still in the research and trial phase.

Soochow Securities noted that as an emerging "0-1" industry trend sector, the medium-term growth logic for solid-state batteries is difficult to disprove, and there are still many industry catalysts yet to materialize this year. This could attract overflow funds from high-performing sectors and draw in cash-holding investors. If more positive industry developments emerge, it could further consolidate market consensus and drive significant upside potential.

Great Wall Securities believes that LOPAL TECH leads in overseas capacity construction and has deep partnerships with top-tier clients, which enhances the certainty of capacity utilization. The improvement in industry concentration and market conditions is expected to bring considerable earnings elasticity.