Ronbay Technology(SH:688005) Soochow Securities·2025-04-10 02:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q4 performance showed a turnaround in its Korean factory, with significant improvement in profitability [1] - 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 the company's positive electrode 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, with capital expenditures slowing down [8] Financial Projections - For 2024, total revenue is projected at 15.088 billion yuan, a decrease of 33.41% year-on-year, with a net profit of 295.91 million yuan, down 49.06% [1] - The company expects net profits of 805.19 million yuan in 2025, representing a year-on-year increase of 172.10% [1] - The projected earnings per share (EPS) for 2025 is 1.13 yuan, with a price-to-earnings (P/E) ratio of 16.53 [1] - The company's total assets are expected to reach 29.504 billion yuan by 2025, with a debt-to-equity ratio of 65.22% [9]