CNGR(SZ:300919) Soochow Securities·2025-04-16 12:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's operating profit from precursors remains stable, while nickel smelting continues to contribute incremental growth [1] - The report highlights a decrease in Q4 performance, with revenue of 10.1 billion yuan, a year-on-year increase of 24.5%, but a significant drop in net profit [1] - The company is expected to see a rebound in sales of ternary precursors in Q1 2025, with annual sales projected to increase by 15-20% [1] Financial Forecasts - Total revenue is forecasted to grow from 40.2 billion yuan in 2024 to 66.0 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 17.5% [1][8] - The net profit attributable to the parent company is expected to recover from 1.5 billion yuan in 2024 to 3.2 billion yuan in 2027, reflecting a growth rate of 28.18% [1][8] - The earnings per share (EPS) is projected to increase from 1.57 yuan in 2024 to 3.41 yuan in 2027 [1][8] Market Data - The closing price of the company's stock is 31.51 yuan, with a market capitalization of approximately 29.5 billion yuan [5] - The company has a price-to-earnings (P/E) ratio of 20.76 for 2024, which is expected to decrease to 9.54 by 2027 [1][8] Operational Insights - The company sold over 300,000 tons of battery materials in 2024, with ternary precursor sales around 200,000 tons, a year-on-year decrease of 13% [1] - Nickel product shipments are expected to double in 2025, with a projected output of 160,000 to 180,000 tons [1] - The company plans to increase its production capacity for iron phosphate significantly, with expected sales of nearly 200,000 tons in 2025 [1]