SMM News: Guojin Securities released 100 million latitude lithium energy research report pointed out that there is a short-term fluctuation risk of power batteries, but the long-term high growth trend remains unchanged. The company is the original leader of lithium, gradually expanding to the field of lithium-ion batteries and electronic cigarettes. Demand for smart meters and new ETC has driven a rebound in lithium primary battery growth, which is expected to rise to 20% to 30% in 2019. The cylindrical battery turns to the consumer market, the power focuses on the square battery, the company synchronously develops the square aluminum shell three yuan and the iron lithium line, seeks the broader market space. The investment income of e-cigarette continues to increase. The predicted EPS from 2019 to 21 years is 0.98,1.37 and 1.74 yuan, respectively, and the corresponding PE is 26.65,19.16and 15.04 times. Considering that the company's power software package has been designated by Daimler and Hyundai Kia and the high growth of McWeill e-cigarettes, the company is valued at 32 times in 2019, corresponding to the stock price of 31.42 yuan, covering the "buy" rating for the first time.