CNGR(SZ:300919) Xin Lang Cai Jing·2025-05-07 02:42Core Insights - The company reported a revenue of 40.22 billion yuan for 2024, a year-on-year increase of 17.36%, but a net profit attributable to shareholders of 1.47 billion yuan, a decrease of 24.64% [1] - In Q4 2024, the company experienced a revenue of 10.06 billion yuan, a year-on-year increase of 24.46%, but a significant drop in net profit by 74.41% year-on-year [1][2] - Q1 2025 showed a recovery with a revenue of 10.79 billion yuan, a year-on-year increase of 16.09%, and a net profit of 308 million yuan, down 18.88% year-on-year but up 114.66% quarter-on-quarter [1][2] Financial Performance - Q4 2024 saw a gross margin of 10.85%, a decrease of 1.26 percentage points quarter-on-quarter, and a net margin of 1.40%, down 3.46 percentage points [2] - In Q1 2025, the gross margin improved to 11.94%, an increase of 1.09 percentage points, and the net margin rose to 3.14%, up 1.74 percentage points [2] - Return on equity (ROE) in Q4 2024 was 0.71%, down 1.59 percentage points, while in Q1 2025, ROE increased to 1.52%, up 0.81 percentage points [2] Market Position - The company maintained its leading market share in the precursor industry, with a 20.3% market share in ternary precursors for 2024, and a 28% market share in cobalt tetroxide, both for five consecutive years [2] - The sales volume of positive precursors reached 302,100 tons in 2024, a year-on-year increase of 10.83% [2] - The average gross margin for positive precursors in 2024 was 17.85%, an increase of 1.10 percentage points year-on-year, with ternary precursor gross margin at 19.97%, up 2.01 percentage points [2] Production Capacity - The company reported successful new capacity construction and delivery in 2024, including several domestic and international projects [3] - Notable achievements include the delivery of 4N electric cobalt from the Qinzhou base and the production of battery-grade lithium carbonate at the Tongren base [3] - The company also established a ternary production base in Morocco, marking a significant expansion in overseas operations [3] Profit Forecast and Valuation - The company adjusted its profit forecast due to slower sales growth, projecting net profits of 1.94 billion, 2.54 billion, and 3.03 billion yuan for 2025-2027 [3] - The corresponding price-to-earnings (PE) ratios are estimated at 15, 12, and 10 times for the respective years [3]