【Tianfeng New Energy & Auto】Key Points from Last Night and This Morning - 0730

English summary

1. Copper foil - 【Hailiang Co., Ltd.】 Plans to acquire 18.69% of its copper foil subsidiary Gansu Hailiang for 970 million yuan, increasing its stake to 67.3% after completion. Gansu Hailiang (copper foil business): Net profit of 256 million yuan in the first five months of 2026, shipments of 35,000-36,000 tons, corresponding to profit per ton of 7,000+ yuan, and even better in June at 8,000+ yuan per ton. Looking ahead: 1) Watch the ramp-up of HVLP; 2) Increased equity stake enhances confidence in 40+ billion yuan profit next year, currently at 10X PE, key recommendation. 2. SOFC expert meeting - Core: Technology paths are diverse, but the key is SOFC moving from non-mainstream to mainstream. BE is diaphragm-supported, as first-generation technology, with advantages of stability, current cost $1800/KW, ultimate limit $600-700; Expected #second-generation technology# 【Sanhuan】-led anode-supported, long-term target <$500/KW; Third-generation technology 【Ceres Weichai】-led metal-supported, price $200-300/KW. ...