Ronbay Technology(SH:688005) Soochow Securities·2024-10-31 00:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance showed significant improvement, with Q3 revenue at 4.4 billion yuan, a year-on-year decrease of 22% but a quarter-on-quarter increase of 39%. The net profit attributable to the parent company was 110 million yuan, with a year-on-year decrease of 81% but a quarter-on-quarter increase of 55% [2] - The company achieved a sales volume increase of 33% quarter-on-quarter in Q3, with a total of nearly 90,000 tons of ternary sales in the first three quarters, and Q3 sales exceeding 35,000 tons, marking a year-on-year increase of 27% [3] - The company is expected to reach a production capacity of 20,000 tons at its Korean factory in Q4, with further increases anticipated in the future [3] - The company has narrowed losses in new businesses and the Korean factory, leading to a significant improvement in profitability, with Q3 operating cash flow showing a substantial increase [4] - Due to better-than-expected progress in overseas factories, the profit forecast for 2024-2026 has been raised, with expected net profits of 250 million yuan, 700 million yuan, and 1 billion yuan for 2024, 2025, and 2026 respectively [5] Financial Summary - Total revenue for 2023 is projected at 22.657 billion yuan, with a year-on-year decrease of 24.78%. The net profit attributable to the parent company is expected to be 580.91 million yuan, down 57.07% year-on-year [1][11] - The company’s earnings per share (EPS) for 2024 is estimated at 0.52 yuan, with a price-to-earnings (P/E) ratio of 54.89 [1][11] - The company’s operating cash flow for 2024 is projected to be 3.795 billion yuan, with a significant increase compared to previous periods [12]