HNZK Electric.(300035) Minsheng Securities·2025-04-24 09:29Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company's performance in 2024 met expectations, with a revenue of 5.581 billion yuan, a year-on-year increase of 13.72%, and a net profit attributable to shareholders of 303 million yuan, a significant year-on-year growth of 626.56% [3][4]. - The first quarter of 2025 showed strong growth, with revenue reaching 1.598 billion yuan, up 49.92% year-on-year, and a net profit of 134 million yuan, reflecting a year-on-year increase of 465.80% [3][4]. - The lithium battery anode business saw a substantial increase in shipments, with a total of 225,800 tons shipped in 2024, representing a year-on-year growth of 55.66% [5][6]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 1.697 billion yuan, a year-on-year increase of 22.53%, and a net profit of 119 million yuan, up 21.43% year-on-year [4]. - The gross margin for Q4 2024 was 24.20%, an increase of 2.11 percentage points year-on-year [4]. - The company expects revenues of 6.918 billion yuan, 9.243 billion yuan, and 11.650 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 23.9%, 33.6%, and 26.0% [6][7]. Business Development and Market Position - The company is actively expanding its overseas customer base, establishing stable partnerships with major domestic and international lithium battery manufacturers [6]. - The company is progressing with the construction of its integrated anode material project in Qujing, Yunnan, and planning a production base in Morocco [5][6]. - The magnetic equipment business generated revenue of 388 million yuan, maintaining stability [5].