Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company reported significant performance improvement, achieving a revenue of 6.542 billion yuan in 2024, representing a year-on-year growth of 18.02%, and a net profit attributable to shareholders of 685 million yuan, which increased by 81.24% year-on-year [4][6] - In Q1 2025, the company generated a revenue of 1.461 billion yuan, a decrease of 3.59% year-on-year, and a net profit of 123 million yuan, down 14.27% year-on-year [4] - The company is accelerating new technology development and continues to promote integrated layout, with significant production capacity achieved in various cobalt-related products [5] Financial Performance Summary - 2024 Revenue: 6.542 billion yuan, 2025E Revenue: 7.461 billion yuan, 2026E Revenue: 8.394 billion yuan, 2027E Revenue: 9.044 billion yuan [8] - 2024 Net Profit: 685 million yuan, 2025E Net Profit: 875 million yuan, 2026E Net Profit: 1.082 billion yuan, 2027E Net Profit: 1.326 billion yuan [8] - Gross Margin: 22.1% in 2024, expected to rise to 24.8% by 2026 [8] - P/E Ratio: 19.40 in 2024, decreasing to 10.05 by 2027 [8] - ROE: 7.8% in 2024, projected to reach 10.9% by 2027 [8]
腾远钴业（301219）：业绩提升明显，打造产业一体化