CNANO(688116) 东吴证券·2024-09-02 06:13Investment Rating - Buy (Maintained) [1] Core Views - Performance in line with expectations: 24H1 revenue reached 650 million yuan, up 0.9% YoY, with net profit attributable to shareholders of 120 million yuan, up 29% YoY Gross margin was 36.7%, up 5.1 percentage points YoY, and net profit margin attributable to shareholders was 17.9%, up 3.8 percentage points YoY [2] - Q2 shipments increased by approximately 40% sequentially, with full-year shipments expected to grow over 40% YoY: 24H1 carbon nanotube paste shipments were around 36,000 tons, up over 40% YoY, with Q2 shipments of 21,000 tons, up approximately 40% sequentially [2] - Q2 single-ton profit slightly decreased sequentially, but profitability is expected to recover in Q3 due to product mix improvement: Q2 carbon nanotube paste average price was around 18,000 yuan per ton, down 21% sequentially, mainly due to increased proportion of low-price orders and some customers directly providing raw material NMP [2] - Q2 operating cash flow under pressure, capital expenditure slowed: 24H1 operating cash flow was 60 million yuan, down 43% YoY, with Q2 operating cash flow at -10 million yuan, down 121% YoY and 118% sequentially [2] Financial Forecasts and Valuation - Revenue forecast: 2024E revenue expected to be 1,726 million yuan, up 22.91% YoY, with 2025E and 2026E revenues projected at 2,229 million yuan and 2,894 million yuan, respectively, up 29.16% and 29.83% YoY [1] - Net profit forecast: 2024E net profit attributable to shareholders expected to be 298.57 million yuan, up 0.47% YoY, with 2025E and 2026E net profits projected at 364.13 million yuan and 500.33 million yuan, respectively, up 21.96% and 37.41% YoY [1] - EPS forecast: 2024E EPS expected to be 0.87 yuan per share, with 2025E and 2026E EPS projected at 1.06 yuan and 1.45 yuan per share, respectively [1] - Valuation: 2024E P/E ratio of 23.15x, with 2025E and 2026E P/E ratios projected at 18.98x and 13.81x, respectively [1] Financial Performance - 24H1 operating income: 650 million yuan, up 0.9% YoY [2] - 24H1 net profit attributable to shareholders: 120 million yuan, up 29% YoY [2] - 24H1 gross margin: 36.7%, up 5.1 percentage points YoY [2] - 24H1 net profit margin attributable to shareholders: 17.9%, up 3.8 percentage points YoY [2] Market Data - Closing price: 20.06 yuan [5] - 52-week low/high: 15.45 yuan / 34.28 yuan [5] - P/B ratio: 2.59x [5] - Market capitalization: 6,911.93 million yuan [5] Key Financial Ratios - ROIC: 6.72% in 2023A, expected to increase to 7.64% in 2024E, 8.48% in 2025E, and 10.39% in 2026E [10] - ROE: 10.98% in 2023A, expected to be 9.95% in 2024E, 10.93% in 2025E, and 13.20% in 2026E [10] - Debt-to-asset ratio: 43.77% in 2023A, expected to decrease to 42.43% in 2024E, and then increase to 43.43% in 2025E and 45.49% in 2026E [10]