Investment Rating - Maintained rating: Recommend [1] Core Views - The company's net profit attributable to shareholders in 2024 is expected to increase by 108.81%~115.14% YoY, reaching 66~68 million yuan, with a significant turnaround in Q4 2024, achieving a net profit of 23.88~25.88 million yuan, a YoY increase of 95.52%~111.90% [4] - The company's main products, nickel strips and foils, have seen significant sales growth due to increased penetration of new energy vehicles and rapid development of the energy storage market [4] - The company's gross margin has improved in 2024 due to more stable fluctuations in the price of electrolytic nickel, the main raw material, compared to 2023 [4] - The company has a clear advantage in industrial chain integration, with its subsidiary Jintai Ke further processing nickel strips and foils, expanding strategic customer cooperation and diversifying product applications [4] - The company's precision structural component, Thermal Cut-Off (TCO), has seen increasing revenue contribution, with sales growing from 2 million yuan in 2020 to 50 million yuan in 2021, and maintaining a growth rate of over 20% in 2022 and 2023 [4] - The company is expected to achieve net profits of 67/77/88 million yuan in 2024-2026, with YoY growth rates of 112.44%/15.08%/14.36%, and corresponding P/E ratios of 22/19/17 [4] Financial Forecasts Income Statement - Revenue is expected to grow from 836 million yuan in 2024 to 1,137 million yuan in 2026, with growth rates of 3.25%/17.58%/15.67% [5] - Net profit attributable to shareholders is forecasted to increase from 67 million yuan in 2024 to 88 million yuan in 2026, with growth rates of 112.44%/15.08%/14.36% [5] - Gross margin is expected to improve from 10.42% in 2023 to 14.83% in 2024, and remain stable at around 14.55%~14.60% in 2025-2026 [5] Balance Sheet - Total assets are projected to grow from 1,051.47 million yuan in 2024 to 1,266.04 million yuan in 2026, driven by increases in current assets such as cash and receivables [7] - Total liabilities are expected to rise from 127.32 million yuan in 2024 to 176.26 million yuan in 2026, with short-term borrowings increasing significantly [7] Cash Flow Statement - Operating cash flow is forecasted to improve significantly in 2024, reaching 117.42 million yuan, compared to -24.55 million yuan in 2023 [7] - Net cash increase is expected to be 107.89 million yuan in 2024, with continued positive cash flow in subsequent years [7] Key Financial Ratios - ROE is expected to increase from 3.67% in 2023 to 8.11% in 2026, reflecting improved profitability [8] - The company's P/E ratio is projected to decrease from 47.36 in 2023 to 16.94 in 2026, indicating potential undervaluation [8] - The company's net debt ratio is expected to remain negative, indicating a strong financial position with minimal debt [8]
远航精密点评报告：归母净利润高增，镍带、箔应用场景多元化