HNZK Electric.(300035) Minsheng Securities·2025-01-16 07:39Investment Rating - The report maintains a "Recommended" rating for the company, considering its continuous improvement in profitability and increasing self-supply ratio of graphitization [2][5]. Core Views - The company is expected to achieve a net profit of 288-325 million yuan in 2024, representing a year-on-year growth of 590%-680%, with a non-recurring profit of 327-374 million yuan, a growth of 250%-300% [1][2]. - The production capacity utilization remains high, with Q4 2024 expected shipments of 68,000 tons and a non-recurring profit per ton of approximately 2,000 yuan, indicating a sequential increase in profitability [1][2]. - The company is leading in the fast-charging product sector, with a gradual increase in the self-supply ratio of graphitization, which will effectively reduce costs and enhance profitability [2]. - The magnetic equipment business is stable, with a market share exceeding 60% in electromagnetic metallurgy specialized equipment, establishing the company as an industry leader [2]. Financial Forecasts - Revenue projections for 2024-2026 are 56.90 billion, 73.30 billion, and 96.52 billion yuan, with year-on-year growth rates of 15.9%, 28.8%, and 31.7% respectively [2][4]. - Net profit forecasts for the same period are 297 million, 740 million, and 1,005 million yuan, with growth rates of 613.3%, 148.6%, and 35.8% respectively [2][4]. - The report indicates a significant improvement in earnings per share, projected at 0.43 yuan in 2024, 1.08 yuan in 2025, and 1.47 yuan in 2026 [4][10].