EASPRING(SZ:300073) ZHONGTAI SECURITIES·2024-08-31 03:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the next 6 to 12 months compared to the benchmark index [8]. Core Views - The company is experiencing a significant increase in the shipment of phosphate-based products, with domestic multi-product sales growing [2]. - The forecast for the company's net profit for 2024-2026 has been adjusted downwards due to a decline in sales and gross margins for multi-metal and lithium cobalt products, with expected net profits of 700 million, 900 million, and 1.08 billion yuan respectively [4]. - The company is actively expanding its customer base in the phosphate (manganese) lithium market, significantly increasing its sales volume [4]. Financial Performance Summary - Revenue Forecast: The company's revenue is projected to decline from 15,127 million yuan in 2023 to 6,966 million yuan in 2024, with a YoY growth rate of -29% [2][6]. - Net Profit Forecast: The net profit is expected to decrease from 1,924 million yuan in 2023 to 696 million yuan in 2024, reflecting a YoY decline of -64% [2][6]. - Earnings Per Share (EPS): EPS is projected to drop from 3.80 yuan in 2023 to 1.37 yuan in 2024 [6]. - Return on Equity (ROE): The ROE is expected to decline from 14% in 2023 to 5% in 2024 [2][6]. - Price-to-Earnings (P/E) Ratio: The P/E ratio is forecasted to be 22, 17, and 14 for 2024, 2025, and 2026 respectively [2][6]. Market Dynamics - Sales Volume: The company's sales volume for multi-metal and lithium cobalt products is expected to decline by 21% YoY in 2024, primarily due to decreased overseas demand [4]. - Phosphate Product Growth: The sales volume of phosphate (manganese) lithium products is projected to reach 13,000 tons in the first half of 2024, more than quadrupling the total sales for 2023 [4]. - Price Trends: The average price for multi-metal and lithium cobalt products is expected to drop by 54% YoY to 127,000 yuan per ton due to a significant decrease in raw material prices [4].