CNGR(SZ:300919) 智通财经网·2025-04-23 10:23Core Viewpoint - Zhongwei Co., Ltd. is accelerating its overseas expansion and has officially applied for a listing on the Hong Kong Stock Exchange, aiming to leverage international capital for further growth [1][3]. Group 1: Financial Performance - In 2024, Zhongwei's revenue from overseas reached 17.884 billion RMB, accounting for 44.5% of total revenue, an increase of over 10 percentage points compared to two years ago [1][2]. - The company's total revenue for 2022, 2023, and 2024 is projected to be 30.344 billion RMB, 34.273 billion RMB, and 40.223 billion RMB, respectively, indicating steady growth [4]. - The revenue from new energy metal products has grown significantly, reaching 13.483 billion RMB in 2024, accounting for 33.5% of total revenue [4]. Group 2: Business Structure and Strategy - Zhongwei has established a vertically integrated business model, with a product matrix that includes nickel, cobalt, phosphorus, sodium, and other innovative materials [4]. - The company is expanding its production capacity in Indonesia and Morocco and is evaluating plans to build a nickel material production line in South Korea [2][8]. - The shift towards a platform-type materials company is evident, as Zhongwei aims to create a complete ecosystem from resource extraction to recycling [8]. Group 3: Market Dynamics and Challenges - The traditional new energy battery materials segment has seen a decline in revenue and market share, with nickel and cobalt materials experiencing significant price drops [5][6]. - The average selling price of nickel materials fell from 102.9 thousand RMB/ton in 2023 to 82.9 thousand RMB/ton in 2024, while cobalt materials also saw a price decrease [7]. - The company faces challenges from raw material price fluctuations, particularly in nickel and cobalt, which have historically impacted profitability [9][10].