Xingqiu Graphite(SH:688633) Guoyuan Securities·2025-04-07 06:23Investment Rating - The report assigns a "Buy" rating for the company, indicating a favorable outlook for its stock performance [4][28]. Core Insights - The company is a leading manufacturer of graphite materials and equipment in China, focusing on the research, production, sales, and maintenance of graphite equipment, which is primarily used in chemical production processes [1][13]. - The company has been actively expanding its overseas market presence, with significant contracts in India and Southeast Asia, including a notable sales contract worth approximately 44.33 million USD with Adani Group [2][15]. - The company aims to create a four-in-one industrial structure encompassing materials, equipment, systems, and services, which is expected to enhance its competitive advantage and form a core barrier in the industry [3][16]. Summary by Sections Company Overview - The company, Nantong Planet Graphite Co., Ltd., established in 2001, specializes in high-performance graphite equipment, including synthesis furnaces, heat exchangers, and towers, serving various sectors such as chlor-alkali, polysilicon, fine chemicals, and pharmaceuticals [1][13]. Financial Performance and Forecast - The company is projected to achieve revenues of 6.36 billion, 8.99 billion, and 11.38 billion CNY for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of -17.54%, 41.38%, and 26.69% [4][28]. - The net profit attributable to the parent company is expected to be 1.53 billion, 2.31 billion, and 3.02 billion CNY for the same years, with growth rates of 3.42%, 51.05%, and 30.75% [4][28]. Market Expansion - The company has signed a cooperation agreement to establish Beijing Plannide Engineering Technology Co., Ltd. to accelerate its international market penetration [2][15]. - The company has successfully sold products to multiple countries, including India, Vietnam, and Russia, indicating a robust international demand for its offerings [2][15]. Competitive Positioning - The company possesses complete independent research and design capabilities, placing it at the forefront of the domestic industry, and aims to leverage its technological advantages to benefit from strong overseas market demand [3][16].