道氏技术量价齐升扣非涨超280% 海外拓展显效毛利率增至21.25%

Core Viewpoint - Daoshih Technology (300409.SZ) is expected to achieve strong growth in 2025, with projected net profit increasing by 206.01% to 269.76% year-on-year, driven by overseas business expansion and improved profitability in cobalt products [1][2]. Group 1: Financial Performance - The company forecasts a net profit of 480 million to 580 million yuan for 2025, with a non-GAAP net profit of 460 million to 560 million yuan, reflecting significant year-on-year growth [1][2]. - In 2024, the company reported a revenue of 7.752 billion yuan, a year-on-year increase of 6.25%, and turned a profit with a net profit of 157 million yuan [2]. - Quarterly performance shows accelerating growth, with Q2 2025 net profit at 187 million yuan (up 93.57% year-on-year) and Q3 2025 net profit at 185 million yuan (up 408.27% year-on-year) [2][4]. Group 2: Business Expansion and Strategy - The company has successfully expanded its overseas business, with significant increases in cathode copper production capacity, contributing to overall performance growth [3][5]. - The company is transitioning to become a "full-material solution provider" for solid-state batteries, with a focus on developing core components such as cathodes, anodes, electrolytes, and conductive agents [5][6]. - The overseas revenue increased from 1.059 billion yuan in 2021 to 5.1 billion yuan in 2024, representing a growth of 382% and accounting for 65.8% of total revenue [5]. Group 3: Profitability and Margins - The company's gross margin has improved, reaching 21.25% in the first three quarters of 2025, the highest in nearly four years [1][5]. - The gross margins from 2022 to 2024 were 16.35%, 15.97%, and 17.71%, indicating a positive trend in profitability [5]. Group 4: Future Investments - The company plans to invest 165 million USD in a copper wet smelting plant in the Democratic Republic of Congo, aiming to increase self-sufficiency in copper and cobalt resources to 40%-50% [7].