Ronbay Technology(SH:688005) EBSCN·2025-04-12 06:59Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 15.088 billion yuan in 2024, a year-on-year decrease of 33.41%, with a net profit attributable to shareholders of 296 million yuan, down 49.06% year-on-year [1] - In Q4 2024, the company achieved a revenue of 3.764 billion yuan, a year-on-year decrease of 7.81%, but a net profit of 180 million yuan, marking a return to profitability [1][2] - The company continues to lead the global market for ternary cathode materials, with a shipment of 120,000 tons in 2024, representing a year-on-year growth of over 20% and a global market share exceeding 12% [1][2] Financial Performance - The gross margin for 2024 was 10.02%, an increase of 1.43 percentage points year-on-year, while the net margin was 2.18%, a decrease of 0.59 percentage points year-on-year [2] - In Q4 2024, the gross margin improved to 12.75%, with a net margin of 4.86%, reflecting a significant recovery [2] - The company’s profitability improved due to the first profitability of its Korean factory and increased sales of high-nickel products [2] Product Development and Market Position - The company is transitioning to a comprehensive cathode material supplier, with significant growth in manganese iron lithium and sodium battery cathodes expected [3] - The shipment of manganese iron lithium products grew over 100% year-on-year, maintaining the top market share [3] - The company has secured orders for 3,000 tons of layered oxide cathode materials and hundreds of tons of polycation cathode materials, with mass production expected to start in 2025 [3] Profit Forecast and Valuation - The report forecasts a decline in revenue for 2025 and 2026, with net profit estimates of 816 million yuan, 1.004 billion yuan, and 1.224 billion yuan for 2025, 2026, and 2027 respectively [3][8] - The company’s overseas capacity is considered rare, with expectations for overseas clients to enter a harvest period, enhancing the valuation attractiveness [3][8]