CNGR(SZ:300919) Huaan Securities·2024-09-12 06:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance met expectations, with a focus on accelerating overseas capacity construction [1] - In the first half of 2024, the company achieved revenue of 20.1 billion yuan, a year-on-year increase of 16.3%, and a net profit attributable to the parent company of 860 million yuan, up 12.5% year-on-year [5][6] - The company is enhancing its profitability through overseas projects, including a nickel refining and precursor integration project in South Korea and a collaboration in Morocco for battery materials [6] Financial Performance - The closing price is 28.95 yuan, with a market capitalization of 27.1 billion yuan [2] - The total share capital is 937 million shares, with a circulating share ratio of 97.09% [2] - The overall gross margin for the first half of 2024 was 12.77%, an increase of 1.67 percentage points year-on-year [5] - The net profit margin for the same period was 5.76%, up 0.87 percentage points year-on-year [5] Profit Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is adjusted to 2.02 billion, 2.42 billion, and 2.87 billion yuan, respectively [6] - The corresponding price-to-earnings ratios are projected at 9, 8, and 6 times for the respective years [6] Key Financial Indicators - Revenue for 2024E is projected at 33 billion yuan, with a year-on-year growth of -3.7% [7] - The gross margin is expected to be 13.2% in 2024E, slightly down from 13.9% in 2023A [10] - The return on equity (ROE) is forecasted to be 9.2% in 2024E, compared to 9.8% in 2023A [10]