XWXN(688778) 国信证券·2024-08-08 02:03Investment Rating - The report maintains an "Outperform" rating for the company [14] Core Views - The company achieved a net profit attributable to the parent company of 239 million yuan in H1 2024, a year-on-year decrease of 6% [1] - Revenue for H1 2024 was 6.3 billion yuan, a year-on-year decrease of 22%, with a gross margin of 9.51%, up 1.86 percentage points year-on-year [1] - In Q2 2024, the company's revenue was 3.001 billion yuan, a year-on-year decrease of 34%, and a quarter-on-quarter decrease of 9% [1] - The company's cobalt lithium sales grew steadily in Q2, with significant improvement in the profitability of cathode materials [1] - The company's overseas project layout is progressing smoothly, with a joint venture in France for a 40,000-ton ternary cathode material project [1] Financial Performance - The company's cathode material sales in H1 2024 were 44,800 tons, a year-on-year increase of 57%, with cobalt lithium sales of 18,400 tons, up 30% year-on-year, and ternary cathode sales of 26,300 tons, up 109% year-on-year [1] - The company's estimated cathode sales in Q2 2024 were 20,500 tons, a quarter-on-quarter decrease of 16%, with cobalt lithium sales of 10,000 tons, up 19% quarter-on-quarter, and ternary cathode sales of 10,400 tons, down 35% quarter-on-quarter [1] - The company's estimated non-GAAP net profit per ton of cathode material in Q2 2024 was approximately 5,700 yuan, an increase of 1,500 yuan quarter-on-quarter [1] Product Development and Market Expansion - The company's new generation Ni 6-series high-voltage materials are expected to be mass-produced in H2 2024 [2] - The company's 4.53V cobalt lithium products have passed multiple terminal project certifications and have begun small-scale shipments [2] - The company is actively expanding new application scenarios for its products, such as in the drone and robotics sectors [12] Overseas Projects - The company's joint venture in France for a 40,000-ton ternary precursor project is progressing smoothly, with a total investment of 3.16 billion yuan [1] Profit Forecast - The report revised the company's net profit forecast for 2024-2026 to 592 million yuan, 743 million yuan, and 895 million yuan, respectively, with year-on-year growth rates of 12%, 26%, and 20% [14] - The EPS for 2024-2026 is forecasted to be 1.41 yuan, 1.77 yuan, and 2.13 yuan, with dynamic P/E ratios of 21x, 17x, and 14x, respectively [14]