HNZK Electric.(SZ:300035) Changjiang Securities·2024-09-10 02:10Investment Rating - The investment rating for the company is "Buy" and is maintained [2]. Core Views - The company reported a revenue of 2.264 billion yuan for H1 2024, representing a year-on-year increase of 1.32%. The net profit attributable to the parent company was 69 million yuan, a significant year-on-year growth of 155.44%. The non-recurring net profit reached 88 million yuan [2][3]. - In Q2, the company achieved a net profit of 46 million yuan, with a quarter-on-quarter increase of 91.41%, and a non-recurring net profit of 56 million yuan, up 71.01% quarter-on-quarter [2][3]. - The company’s negative electrode shipments reached 92,100 tons in H1 2024, with confirmed receipts of 88,400 tons, marking increases of 52.86% and 53.09% year-on-year, respectively, driven by increased demand from major clients [3]. - The company’s current production capacity for graphite negative electrode products stands at 237,000 tons, with an additional 93,800 tons under construction [3]. - The gross profit per ton of negative electrode is estimated to have improved in H1 2024 compared to H2 2023, primarily due to the consumption of high-priced raw material inventory and a decrease in graphite processing costs following the commissioning of a new facility [3]. - Looking ahead to H2 2024, the company expects strong production and sales growth, supported by new capacity coming online and increasing demand from domestic and international major clients [3]. Financial Summary - The company’s total revenue for 2023 is projected at 4.908 billion yuan, with estimates of 6.149 billion yuan for 2024, 7.908 billion yuan for 2025, and 9.648 billion yuan for 2026 [7]. - The net profit attributable to the parent company is forecasted to reach 350 million yuan in 2024, 421 million yuan in 2025, and 529 million yuan in 2026 [7]. - The company’s earnings per share (EPS) is expected to be 0.51 yuan in 2024, 0.61 yuan in 2025, and 0.77 yuan in 2026 [7].