Ronbay Technology(SH:688005) Soochow Securities·2025-04-10 01:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q4 performance showed a turnaround with the Korean factory achieving profitability and a significant improvement in profit levels [8] - The company is expected to benefit from overseas customer growth, with a projected 20-30% increase in shipments in 2025 [8] - The average price of ternary cathode materials decreased by 50% in 2024, but profitability per ton improved significantly in Q4 due to the Korean factory reaching full production [8] - The company has achieved stable shipments of manganese iron lithium and sodium batteries, with plans for mass production and delivery in 2025 [8] - Operating cash flow improved significantly in Q4, and capital expenditures have slowed down [8] - The profit forecast for 2025-2027 has been raised, with expected net profits of 8.1 billion, 10.4 billion, and 13.1 billion respectively, reflecting a year-on-year growth of 172%, 29%, and 27% [8] Financial Summary - Total revenue for 2024 is projected at 15.1 billion, a decrease of 33.41% year-on-year, with a net profit of 295.91 million, down 49.06% [1] - The earnings per share (EPS) for 2024 is expected to be 0.41 yuan, with a price-to-earnings (P/E) ratio of 44.97 [1] - The company's total assets are projected to reach 29.5 billion by 2025, with a debt-to-equity ratio of 65.22% [9]