Senior(SZ:300568) Haitong Securities·2024-11-17 02:21Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company has signed a framework agreement with Volkswagen's battery subsidiary, expecting to supply over 2.09 billion square meters of wet-coated lithium-ion battery separator materials from 2025 to 2032 [8] - The company has demonstrated strong market competitiveness by signing strategic memorandums with renowned overseas manufacturers such as LG Energy Solution and Samsung SDI [9] - The company is actively expanding its overseas market presence, with production bases being established in Malaysia and ongoing projects in Sweden [9] Financial Performance and Forecast - The company’s projected revenue for 2024-2026 is expected to grow from 36.3 billion yuan to 62.2 billion yuan, with a year-on-year growth rate of 20.5% in 2024 and 37.2% in 2025 [12][15] - The net profit forecast for 2024-2026 is 4.01 billion yuan, 4.82 billion yuan, and 6.09 billion yuan, reflecting a decline of 30.5% in 2024 followed by growth of 20.2% and 26.4% in the subsequent years [10][12] - The company is expected to achieve a gross margin of 30% for its separator products from 2024 to 2026 [14] Market Position and Strategy - The company is positioned as a global leader in lithium battery separators, with a competitive edge highlighted by its partnerships with major battery manufacturers and automotive companies [9][10] - The expansion of overseas production capacity is anticipated to drive growth in international orders, enhancing the company's profitability [9]