GEM(SZ:002340) Xin Lang Cai Jing·2025-04-29 02:43Core Insights - The company reported a revenue of 33.2 billion yuan for 2024, representing an 8.75% year-over-year increase, and a net profit attributable to shareholders of 1.02 billion yuan, up 9.19% year-over-year [1] - The company experienced significant growth in core product shipments, particularly in the battery materials sector, with a notable increase in profitability [2] - Nickel production capacity continues to expand, positioning the company among the top three in global MHP nickel production capacity [3] - Earnings per share (EPS) forecasts for 2025-2027 have been adjusted downward, but the company maintains a positive outlook on future nickel capacity expansion [4] Financial Performance - In Q4 2024, the company achieved a revenue of 8.33 billion yuan, a decrease of 19.15% year-over-year but an increase of 10.53% quarter-over-quarter [1] - The company's comprehensive gross margin improved by 3.05 percentage points to 15.29% in 2024, with specific product gross margins also showing increases [2] Product and Market Developments - The company’s core product, ternary precursor materials for power batteries, saw a shipment volume of 189,000 tons in 2024, a 5% increase year-over-year [2] - The sales of nickel resources are set to increase significantly due to a new investment project in Indonesia, which will produce 66,000 tons of nickel annually [3] Production Capacity and Expansion - The company produced 51,677 tons of nickel metal in 2024, a 91% increase year-over-year, and has established a nickel resource capacity of 150,000 tons per year in Indonesia [3] - Future plans include increasing nickel resources from over 120,000 tons to over 216,000 tons by 2025-2027 [3] Valuation and Forecast - The company’s EPS estimates for 2025-2027 have been revised to 0.31, 0.47, and 0.73 yuan, reflecting a downward adjustment [4] - The target price for the company is set at 6.86 yuan, based on a projected price-to-book (PB) ratio of 1.70 for 2025 [4]