CNANO(688116) 山西证券·2024-09-11 11:10Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Views - The company holds a leading position in the industry with long-term stable cooperation with high-quality domestic and international enterprises [1] - The company's carbon nanotube conductive paste accounts for 46.7% of the Chinese market share, and it is expected to exceed 50% in the next two years [1] - The company is advancing cooperation with Panasonic, planning to supply Panasonic's overseas factories starting from Q4 2025, and is in the process of onboarding more overseas customers [1] - The company's Q2 shipments increased by 40% quarter-over-quarter, with H1 carbon nanotube shipments reaching 36,000 tons [2] - The company's profitability is expected to improve in Q3 due to an increase in high-margin product orders [2] Financial Performance - In 2023, the company's ROE was 4.08% [1] - The company achieved revenue of 650 million yuan in H1 2024, a year-over-year increase of 0.88%, with net profit attributable to the parent company of 120 million yuan, a year-over-year increase of 28.5% [1] - Q2 revenue was 340 million yuan, a year-over-year decrease of 6.3%, with net profit attributable to the parent company of 62 million yuan, a year-over-year increase of 23.1% [1] - The company's carbon nanotube conductive paste achieved revenue of 640 million yuan in H1 2024, with a gross margin of 36.6% [2] - The average price of carbon nanotubes in H1 2024 was approximately 18,000 yuan/ton, with a gross profit of 7,000 yuan/ton and a net profit of 3,000 yuan/ton [2] - In Q2, the average price of carbon nanotubes decreased by 21.7% quarter-over-quarter to 16,000 yuan/ton, with a gross profit of 6,000 yuan/ton and a net profit of 3,000 yuan/ton [2] Capacity Expansion - The company's US facility, with an annual production capacity of 10,000 tons of carbon nanotube conductive paste, is expected to be operational in Q4 2025, with capacity release in H2 2026 [2] - The Meishan production base in Sichuan is expected to be operational within the next year, gradually increasing capacity [2] Financial Forecasts - The company's EPS for 2024-2026 is forecasted to be 0.92, 1.22, and 1.49 yuan, respectively [1] - Net profit attributable to the parent company for 2024-2026 is expected to be 320, 420, and 520 million yuan, respectively [1] - The company's PE ratio for 2024-2026 is estimated to be 22.5, 16.9, and 13.8, respectively [1] - Revenue for 2024-2026 is projected to be 1,647, 2,046, and 2,446 million yuan, with year-over-year growth rates of 17.3%, 24.3%, and 19.6%, respectively [3] - Net profit for 2024-2026 is expected to be 316, 420, and 515 million yuan, with year-over-year growth rates of 6.4%, 32.7%, and 22.6%, respectively [3] - Gross margin for 2024-2026 is forecasted to be 34.2%, 35.1%, and 35.1%, respectively [3] Valuation Metrics - The company's P/E ratio for 2024-2026 is estimated to be 22.5, 16.9, and 13.8, respectively [3] - The company's P/B ratio for 2024-2026 is projected to be 2.5, 2.2, and 1.9, respectively [3] - ROE for 2024-2026 is expected to be 10.6%, 12.6%, and 13.6%, respectively [3]