EASPRING(SZ:300073) Guotai Junan Securities·2024-09-13 07:10Investment Rating - The report maintains a rating of "Buy" for the company [5] Core Views - The company is expected to benefit from the growth in solid-state battery demand and the increase in lithium iron phosphate installations, despite a slowdown in multi-element demand in the first half of 2024 due to weak overseas demand [4][11] - The target price has been adjusted to 39.43 CNY, down from the previous forecast of 43.10 CNY, reflecting a decrease in expected earnings per share (EPS) for 2024 and 2025 [5][11] Financial Summary - The company reported a revenue of 21,264 million CNY in 2022, which is expected to decline to 8,110 million CNY in 2024, representing a year-on-year decrease of 46.4% [11] - Net profit attributable to shareholders is projected to drop from 2,259 million CNY in 2022 to 626 million CNY in 2024, a decrease of 67.5% [11] - The company’s gross margin for Q2 2024 was 13.51%, showing relative stability compared to 14.89% in Q1 2024 [11] Market Data - The current stock price is 32.21 CNY, with a 52-week price range of 27.15 to 52.51 CNY [6] - The total market capitalization is 16,314 million CNY, with a total share capital of 507 million shares [6] Industry Insights - The solid-state battery market is expected to grow, with companies like Penghui Energy and Nandu Power announcing developments in solid-state battery technology [11] - The company has successfully developed high ionic conductivity and stability nano solid-state electrolyte products, which have been adopted by leading solid-state battery manufacturers [11]