Senior(300568) 华创证券·2024-11-18 08:47Investment Rating - Strong Buy (Maintained) with a target price of 13.12 CNY, compared to the current price of 11.30 CNY [1] Core Views - Revenue for the first three quarters of 2024 reached 2.605 billion CNY, a year-on-year increase of 17.86% [1] - Net profit attributable to the parent company was 349 million CNY, a year-on-year decrease of 47.66% [1] - Non-GAAP net profit attributable to the parent company was 267 million CNY, a year-on-year decrease of 53.49% [1] - The fifth-generation production line significantly improved production efficiency, with a single-line capacity of 250 million square meters and a width of over 8 meters, setting new industry standards in quality, efficiency, intelligence, and low-carbon production [1] - The company is actively developing solid-state battery technology, with oxide and polymer solid electrolyte membranes ready for mass production, showing excellent performance in low-temperature conditions, cycle stability, and safety [1] - The company is expanding its overseas customer base and capacity construction, with ongoing projects in Sweden and Malaysia, and has established deep collaborations with global battery manufacturers such as LG, Samsung SDI, NorthVolt, Sony, Nissan, CATL, and BYD, as well as automotive manufacturers like Mercedes-Benz, BMW, Volkswagen, and Toyota [1] Financial Projections - Expected net profit attributable to the parent company for 2024-2026 is 477 million CNY, 550 million CNY, and 688 million CNY, respectively [1] - The current market value corresponds to a PE ratio of 32x, 28x, and 22x for 2024-2026 [1] - Revenue growth rates for 2024-2026 are projected at 12.8%, 22.4%, and 30.0%, respectively [5] - Net profit growth rates for 2024-2026 are projected at -17.2%, 15.4%, and 24.9%, respectively [5] Key Financial Indicators - Total revenue for 2023 was 3.013 billion CNY, with a projected increase to 3.400 billion CNY in 2024, 4.160 billion CNY in 2025, and 5.408 billion CNY in 2026 [5] - Gross margin for 2023 was 44.4%, with projected margins of 31.0%, 30.0%, and 30.0% for 2024-2026 [5] - ROE for 2023 was 5.9%, with projected ROE of 4.8%, 5.4%, and 6.4% for 2024-2026 [5] - EPS for 2023 was 0.43 CNY, with projected EPS of 0.36 CNY, 0.41 CNY, and 0.51 CNY for 2024-2026 [5]