HNZK Electric.(300035) Minsheng Securities·2025-04-24 10:23Investment Rating - The report maintains a "Recommended" rating for the company, considering its continuous improvement in profitability and increasing self-supply rate of graphite [6][8]. Core Views - The company achieved a revenue of 5.581 billion yuan in 2024, representing a year-on-year growth of 13.72%, and a net profit attributable to shareholders of 303 million yuan, which is a significant increase of 626.56% year-on-year [3][4]. - In Q1 2025, the company reported a revenue of 1.598 billion yuan, up 49.92% year-on-year, and a net profit of 134 million yuan, reflecting a growth of 465.80% year-on-year [3]. - The lithium battery anode business saw a substantial increase in shipments, with a total of 225,800 tons shipped in 2024, marking a year-on-year growth of 55.66% [5]. Financial Performance Summary - 2024 Financials: Revenue reached 5.581 billion yuan, with a net profit of 303 million yuan. The gross margin was 20.87% [7][13]. - 2025-2027 Projections: Expected revenues of 6.918 billion yuan, 9.243 billion yuan, and 11.650 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 655 million yuan, 864 million yuan, and 1.182 billion yuan [6][7]. - Profitability Metrics: The projected PE ratios for 2025, 2026, and 2027 are 16, 12, and 9 respectively, indicating a favorable valuation trend [6][7]. Business Development - The company is actively expanding its overseas customer base, establishing stable partnerships with major domestic and international battery manufacturers, including CATL and BYD [6]. - The company is progressing with the construction of its integrated anode material production project in Yunnan and planning a production base in Morocco [5].