CNANO(688116) 民生证券·2024-09-21 06:30Investment Rating - The report gives a "Recommended" rating for the company, which is a global leader in carbon nanotubes, with continuous product technology iterations and a clear growth potential for the future [2][4]. Core Viewpoints - The company has achieved stable revenue growth and significant improvement in profitability in the first half of 2024, with a revenue of 647 million and a net profit of 156 million, representing year-on-year increases of 0.88% and 28.52% respectively [1][11]. - The company is actively expanding its global integrated layout and promoting the research and development of new materials, with a market share of 46.7% in carbon nanotube conductive slurry products in 2023, an increase of 6.4 percentage points from the previous year [1][30]. - The company has established strong relationships with key customers, including major domestic players like CATL and BYD, and is also expanding its customer base internationally, entering the supply chains of renowned Japanese and Korean battery manufacturers [1][30]. Summary by Sections 1. Company Management and Performance - The company has a stable internal management structure and has been continuously growing its performance, focusing on the research, production, and sales of carbon nanotube materials [6][11]. - The company has a strong executive team with significant technical expertise, having been a pioneer in the carbon nanotube industry since its establishment in 2007 [6][8]. 2. Advantages of Carbon Nanotubes and Product Iteration - Carbon nanotubes are highlighted as a new type of conductive agent with superior electrical performance compared to traditional conductive agents [16][18]. - The company has been increasing its R&D investment, with a total R&D expenditure of 50 million in the first half of 2024, reflecting a year-on-year growth of 9.6% [21][23]. 3. Customer Expansion and Integrated Layout - The company has built a robust customer structure by focusing on major clients and developing high-quality secondary customers, ensuring a strong market position [30]. - The company is actively developing its production capacity both domestically and internationally, with plans for new production bases in the U.S. and Europe [1][30]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 1.369 billion, 1.898 billion, and 2.423 billion from 2024 to 2026, with corresponding growth rates of -2.5%, 38.6%, and 27.7% [2][3]. - The projected net profits for the same period are 266 million, 368 million, and 471 million, with growth rates of 10.3%, 38.2%, and 27.9% respectively [2][3].