CNGR(SZ:300919) EBSCN·2025-04-14 03:18Investment Rating - The report maintains a "Buy" rating for Zhongwei Co., Ltd. [6] Core Views - The company's 2024 revenue reached 40.22 billion yuan, a year-on-year increase of 17.36%, while the net profit attributable to shareholders decreased by 24.64% to 1.47 billion yuan, primarily due to lower-than-expected demand for ternary materials [1] - The significant revenue growth is driven by the ramp-up of the nickel smelting project, with the new energy metal business revenue soaring by 297.96% and sales volume increasing by 454.40% [1] - The company maintains its leading position in the ternary precursor market, with a market share of 20.3% and a total sales volume exceeding 270,000 tons in 2024 [2] - The company has established strategic partnerships with major clients like Tesla and LG Chem, with overseas revenue accounting for 44.46% of total revenue, reflecting a 27.08% year-on-year growth [3] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 10.06 billion yuan, a 24.46% increase year-on-year, but a 0.17% decrease quarter-on-quarter [1] - The gross margin for the new energy metal business was 7.54%, down by 1.35 percentage points compared to the previous year [1] - The ternary precursor revenue for 2024 was 16.16 billion yuan, a decrease of 25.63%, with a gross margin of 19.97%, up by 0.53 percentage points [2] Market Position and Strategy - The company has a strong foothold in high-voltage cobalt oxide technology, filling a gap in the market for high-voltage applications [2] - The global expansion strategy includes establishing raw material bases in Indonesia and accelerating material base construction in South Korea and Morocco [3] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been adjusted downwards, with net profit estimates of 2.05 billion yuan and 2.47 billion yuan, respectively, reflecting a 25% and 22% downward adjustment [3] - The company is expected to maintain a leading position in capacity scale and global integration, with a projected PE ratio of 15 for 2025 and 12 for 2026 [3]