XFH(300890) Southwest Securities·2024-10-27 12:52Investment Rating - The report suggests a positive outlook for the company, recommending active attention due to its strong R&D capabilities and quality customer base, particularly in the solid-state battery anode research area [2][6]. Core Insights - The company reported a revenue of 1.046 billion yuan for Q3 2024, a year-on-year decrease of 21.07%, and a net profit attributable to shareholders of 56 million yuan, down 37.19% year-on-year [1]. - The company has seen an increase in its anode material production, reaching 34,700 tons in the first half of 2024, a 4% increase year-on-year, despite a decline in gross margin to 18.58% [1]. - The gross margin improved to 20.44% in the first three quarters of 2024, with a significant increase in Q3 due to product shipment structure adjustments [1]. - The company has established strong partnerships with prestigious universities and has a core team with deep industry knowledge, enhancing its R&D capabilities [1]. - The company is well-positioned to benefit from the mass production of solid-state batteries, having developed anode materials suitable for this technology [1]. Summary by Sections Financial Performance - Revenue for the first three quarters of 2024 was 1.046 billion yuan, with a gross margin of 20.44% [1]. - The company forecasts EPS of 0.67 yuan, 0.91 yuan, and 1.29 yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 49, 36, and 25 [2][6]. R&D and Market Position - The company has a robust R&D foundation, with ongoing projects in new carbon materials for anodes, including silicon-carbon and graphene [1]. - Strategic partnerships with companies like Qingtao Energy are in place to advance solid-state battery technology [1]. Customer Base and Sales - The company has a stable customer base, with major clients such as BYD and LG Energy, accounting for 92% of sales from the top three customers as of the end of 2023 [1].