EASPRING(300073) 民生证券·2024-10-27 15:17Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [1][3]. Core Insights - The company reported a revenue of 5.525 billion yuan for the first nine months of 2024, a year-on-year decrease of 55.95%, and a net profit attributable to shareholders of 464 million yuan, down 68.87% year-on-year [1]. - Despite short-term performance pressures, the long-term growth trend remains intact, with a gross margin of 11.41% in Q3 2024, down 8.28 percentage points year-on-year, primarily due to declining raw material prices and intensified industry competition [1]. - The company is actively developing solid-state batteries and lithium iron manganese phosphate, with significant progress in technology and production capacity, leading to increased shipments and strategic partnerships with major clients [1]. - The internationalization strategy is yielding results, with the company expanding its global footprint and collaborating with leading battery manufacturers, positioning itself for stronger profitability in the future [1]. Financial Performance Summary - For the first nine months of 2024, the company reported a revenue of 5.525 billion yuan, a decrease of 55.95% year-on-year, and a net profit of 464 million yuan, down 68.87% year-on-year [1][4]. - The projected revenues for 2024, 2025, and 2026 are 6.975 billion yuan, 8.470 billion yuan, and 10.343 billion yuan, respectively, with growth rates of -53.9%, +21.4%, and +22.1% [2][4]. - The net profit attributable to shareholders is expected to be 620 million yuan in 2024, 759 million yuan in 2025, and 904 million yuan in 2026, reflecting year-on-year changes of -67.8%, +22.5%, and +19.0% [2][4]. Strategic Developments - The company is focusing on solid-state battery technology, having established key technical routes and partnerships with major manufacturers, which enhances its competitive edge in the market [1]. - The international strategy emphasizes expanding in Europe and optimizing operations in the U.S., with ongoing collaborations with top-tier automotive brands [1]. - The company is also increasing its market share among domestic clients, with significant growth in high-nickel product sales [1].