Dynanonic(300769) 中泰证券·2024-07-26 06:00Investment Rating - The report maintains a "Buy" rating for the company with a market price of 26.44 CNY [2] Core Views - The company is expected to experience a recovery in demand starting from Q2 2024, with a gradual improvement in gross margins for lithium iron phosphate products [4] - The company's market share in lithium iron phosphate remains stable, ranking second in the industry, with a high concentration of market share among top competitors [11] - The forecast for net profit has been adjusted downwards due to losses in Q1 2024, with expected net profits for 2024-2026 being 200 million, 550 million, and 760 million CNY respectively [4] Financial Summary - Total shares outstanding: 280 million; circulating shares: 252 million; market capitalization: 7,408 million CNY; circulating market capitalization: 6,659 million CNY [1] - Revenue forecast for 2023A is 16,973 million CNY, with a YoY growth rate of -25% [2] - Net profit for 2023A is projected at -1,636 million CNY, reflecting a YoY decline of 169% [2] - The company’s P/E ratio for 2024E is estimated at 3.1, with a P/B ratio of 0.8 [2] - The company’s cash flow per share is projected to be -21.90 CNY in 2024E, improving to 7.78 CNY by 2025E [2] Industry Insights - Domestic lithium iron phosphate battery sales and exports are experiencing high growth, with a 32% YoY increase in sales for the first half of 2024 [3] - The domestic energy storage battery sales reached 84.5 GWh in the first half of 2024, marking a 137% YoY increase, with lithium iron phosphate batteries accounting for nearly 100% of this segment [3] - The competitive landscape shows that the top five companies in the industry hold a combined market share of 61% [11]