CNANO(688116) 天风证券·2024-06-24 02:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 24.88 yuan [9] Core Views - The penetration rate of carbon nanotubes (CNT) in the lithium battery industry is expected to reach an inflection point in 2024, driven by the fast-charging trend and the economic advantages of CNT over traditional carbon black [1][2] - The company's overseas expansion is progressing, with its US factory under construction and potential for significant growth in the international market, particularly due to the lack of restrictions on conductive additives under the US IRA Act [3][30] Market and Industry Analysis - From 2020 to 2023, the compound growth rate of CNT in China was 34%, significantly lower than the 84% growth rate of lithium batteries during the same period [1] - In Q1 2024, the company's sales growth reached 43%, outperforming the industry average of 20%, indicating a potential inflection point in CNT penetration [1] - The fast-charging trend in electric vehicles is expected to further boost the adoption of CNT, as it enhances the rate performance of lithium batteries [23][25] Financial Projections - The company is expected to achieve net profits of 320 million yuan and 570 million yuan in 2024 and 2025, respectively, with a year-on-year growth of 7% and 80% [38] - Revenue is projected to grow from 1.63 billion yuan in 2024 to 2.95 billion yuan in 2026, with a compound annual growth rate of 30% [4] Overseas Expansion - The company's US factory, located in Kansas, is under construction with a planned annual production capacity of 10,000 tons of CNT conductive paste [34] - The company has already started supplying small batches to Japanese and Korean battery manufacturers and is expected to benefit from the proximity to Panasonic's new US factory [34] Competitive Advantages - CNT offers superior performance in terms of energy density, cycle life, and rate performance compared to traditional conductive agents like carbon black [26][27] - The price of CNT has been decreasing, with the average price dropping from 31,600 yuan/ton in 2020 to 24,900 yuan/ton in 2023, making it more economically competitive [27][28]