CNGR(SZ:300919) Minsheng Securities·2024-08-29 12:30Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Viewpoints - The company achieved a revenue of 20.086 billion yuan in the first half of 2024, representing a year-on-year increase of 16.33%. The net profit attributable to shareholders was 864 million yuan, up 12.48% year-on-year, while the net profit after deducting non-recurring gains and losses was 767 million yuan, reflecting a growth of 26.73% year-on-year [1]. - The company is successfully commercializing new products and expanding its global production capacity, with a total product shipment exceeding 140,000 tons, an increase of 15% year-on-year. The company has established close partnerships with leading global clients such as Tesla, Samsung SDI, and LG Chem [1]. - The company is enhancing its global outreach through projects in South Korea and Morocco, which will significantly increase its production capacity for key materials [1]. - The company is implementing an integrated strategy, establishing production bases in Indonesia, which will help reduce costs and improve profitability [1]. - Revenue forecasts for 2024-2026 are projected at 39.06 billion, 44.89 billion, and 52.00 billion yuan, with year-on-year growth rates of 14.0%, 14.9%, and 15.9% respectively. Net profit attributable to shareholders is expected to reach 2.00 billion, 2.43 billion, and 3.26 billion yuan during the same period [1][2]. Summary by Relevant Sections Financial Performance - In the first half of 2024, the company reported a revenue of 20.086 billion yuan, a 16.33% increase year-on-year, and a net profit of 864 million yuan, up 12.48% year-on-year. The operating cash flow net amount was 1.305 billion yuan, reflecting a 42.19% increase year-on-year [1]. - The company’s revenue projections for 2024, 2025, and 2026 are 39.055 billion, 44.888 billion, and 52.004 billion yuan, with corresponding growth rates of 14.0%, 14.9%, and 15.9% [2][6]. Product and Market Development - The company has successfully commercialized new products, achieving positive growth in the shipment of nickel, cobalt, phosphorus, and sodium products, with total shipments exceeding 140,000 tons, a 15% increase year-on-year [1]. - The company is focusing on global partnerships, having established close relationships with major clients such as Tesla and LG Chem, and is expanding its production capacity both domestically and internationally [1]. Strategic Initiatives - The company is advancing its international strategy with significant projects in South Korea and Morocco, which will enhance its production capabilities and market reach [1]. - The integrated strategy in Indonesia is expected to yield cost savings and improved profitability, with a total production capacity nearing 200,000 metal tons [1].