ENERGY TECHNOLOGY(002812) 华创证券·2024-11-18 10:09Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 42.48 CNY, compared to the current price of 37.59 CNY [1]. Core Insights - The company's performance in the first three quarters of 2024 met expectations, with a revenue of 7.465 billion CNY, down 17.91% year-on-year, and a net profit of 443 million CNY, down 79.41% year-on-year [1]. - Significant growth in shipment volume was observed in the third quarter, driven by the introduction of high-value new products. The company is focusing on developing new products to improve its product structure and profitability [1]. - The company is successfully expanding its overseas production capacity, with projects in Hungary, the USA, and Malaysia, and has established long-term partnerships with major global lithium battery clients [1]. Financial Summary - The company is projected to have net profits of 613 million CNY, 1.086 billion CNY, and 1.739 billion CNY for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 60, 34, and 21 [1]. - Revenue is expected to decline by 12.1% in 2024 but is projected to grow by 15.9% in 2025 and 19.7% in 2026 [5]. - The company’s total revenue for 2023 is estimated at 12.042 billion CNY, with a year-on-year decrease of 4.4% [5].