CNGR(SZ:300919) Haitong Securities·2024-09-13 02:44Investment Rating - The investment rating for the company is "Outperform the Market" [2][8] Core Insights - The company maintains a leading position in precursor materials, with steady revenue growth expected in H1 2024, achieving a revenue of 20.086 billion yuan, a year-on-year increase of 16.33%, and a net profit of 864 million yuan, up 12.48% year-on-year [5][6] - The company has seen rapid growth in precursor shipments, with a total shipment of over 140,000 tons in H1 2024, representing a 15% year-on-year increase, maintaining the global market share leader position in nickel and cobalt products [6][7] - The company is accelerating its integrated production capacity in nickel, with a total capacity nearing 200,000 tons, and is expected to achieve a self-supply ratio of nearly 50% in 2024 [6][9] - The company is expanding its international production capabilities, with projects in South Korea and Morocco, aiming to cover markets in Europe, North America, and Southeast Asia [6][9] - Continuous focus on R&D innovation, with advancements in nickel, cobalt, phosphorus, sodium, and manganese precursor technologies, leading to a 20% reduction in comprehensive costs [6][9] Financial Summary - The company is projected to achieve revenues of 40.556 billion yuan in 2024, with a year-on-year growth of 18.3%, and net profits of 1.928 billion yuan, reflecting a slight decrease of 0.9% [7][10] - The estimated earnings per share (EPS) for 2024 is 2.06 yuan, with a projected price-to-earnings (P/E) ratio of 18-20 times, indicating a reasonable valuation range of 37.08-41.20 yuan [8][10] - The company’s gross margin is expected to be 12.3% in 2024, slightly decreasing from previous years, while the net asset return rate is projected to be 9.0% [7][12]