HNZK Electric.(300035) 民生证券·2024-09-01 03:30Investment Rating - The report maintains a "Recommend" rating for the company, citing its overseas expansion and technological advancements as key drivers for future growth [1][3] Core Views - The company's revenue for the first half of 2024 reached 2.264 billion yuan, a year-on-year increase of 1.32%, with net profit attributable to the parent company at 69 million yuan, a significant increase of 155.44% year-on-year [1] - The gross margin of the anode materials segment improved to 16.23% in H1 2024, up 9.07 percentage points year-on-year, driven by increased shipments and cost reductions [1] - The company secured a new order from a well-known international automaker's battery subsidiary, further solidifying its position in the global market [1] - The company is accelerating its overseas expansion with a planned 100,000-ton anode material production base in Morocco, with a total investment of up to 5 billion yuan [1] - The magnetic and electrical equipment business achieved revenue of 185 million yuan in H1 2024, up 11.06% year-on-year, showing synergy with the lithium battery anode business [1] Financial Forecasts - Revenue is expected to grow to 5.11 billion yuan in 2024, 6.22 billion yuan in 2025, and 7.52 billion yuan in 2026, with year-on-year growth rates of 4.1%, 21.8%, and 20.8% respectively [1][4] - Net profit attributable to the parent company is projected to reach 188 million yuan in 2024, 328 million yuan in 2025, and 454 million yuan in 2026, with growth rates of 350.9%, 74.5%, and 38.4% respectively [1][4] - The company's PE ratio is expected to decline from 29x in 2024 to 12x in 2026, reflecting improved profitability [1][4] Business Segments - The lithium battery anode materials segment achieved revenue of 2.079 billion yuan in H1 2024, with shipments of 92,100 tons, up 52.86% year-on-year [1] - The company's self-designed graphite furnace technology offers advantages in energy efficiency, automation, and environmental friendliness, giving it a competitive edge in the domestic market [1] - The magnetic and electrical equipment segment is developing specialized equipment for lithium battery production, including automation control systems and next-generation graphite furnaces [1] Overseas Expansion - The company plans to establish a wholly-owned subsidiary in Hong Kong or overseas to indirectly invest in a Moroccan project, aiming to build a 100,000-ton anode material production base [1] - The project will be constructed in two phases, each with a capacity of 50,000 tons per year, and is expected to take 24 months per phase [1] - This expansion is expected to enhance the company's global presence and improve profitability by meeting the high-quality demands of international customers [1]