Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant performance improvement, focusing on integrated industrial development. In 2024, the company achieved operating revenue of 6.542 billion yuan, a year-on-year increase of 18.02%, and a net profit attributable to shareholders of 685 million yuan, a substantial increase of 81.24% year-on-year [4][6] - The company is accelerating new technology development and continues to advance its integrated layout. It has established production capacities for 20,000 tons of ternary precursors and 10,000 tons of cobalt oxide, ensuring stable supply of cobalt sulfate solution, nickel sulfate solution, manganese sulfate solution, and cobalt chloride solution [5] Financial Performance Summary - In Q1 2025, the company reported operating revenue of 1.461 billion yuan, a year-on-year decrease of 3.59%, and a net profit of 123 million yuan, down 14.27% year-on-year. The net profit attributable to shareholders for Q4 2024 was 67.78 million yuan, a decline of 50.52% year-on-year [4][6] - The company forecasts net profits for 2025-2026 to be 875 million yuan, 1.082 billion yuan, and 1.326 billion yuan respectively, with corresponding P/E ratios of 15, 12, and 10 [6][8] - Key financial metrics for 2024 include a gross margin of 22.1%, a return on equity (ROE) of 7.8%, and earnings per share (EPS) of 2.33 yuan [8]
腾远钴业：业绩提升明显，打造产业一体化-20250428