CNGR(SZ:300919) Soochow Securities·2025-04-28 04:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q1 performance of the company met market expectations, with total revenue of 10.79 billion yuan, a year-on-year increase of 16.1% and a quarter-on-quarter increase of 7.2%. The net profit attributable to shareholders was 310 million yuan, down 18.9% year-on-year but up 114.7% quarter-on-quarter [7] - The company expects to ship approximately 480,000 tons of ternary precursors in Q1, with a quarter-on-quarter increase of over 35% and a year-on-year decrease of over 15%. The profit per ton of precursors is expected to increase slightly due to cobalt price rises [7] - The company anticipates a significant increase in shipments of iron phosphate, projecting a year-on-year growth of over 500% in Q1 [7] - The NNI project is expected to double its output in 2025, with Q1 nickel product shipments exceeding 30,000 tons, a year-on-year increase of over 200% [7] - The company maintains its profit forecast for 2025-2027, expecting net profits of 1.86 billion, 2.49 billion, and 3.19 billion yuan respectively, with corresponding P/E ratios of 16x, 12x, and 9.4x [7] Financial Summary - Total revenue for 2023 is projected at 34.273 billion yuan, with a year-on-year growth of 12.95%. By 2027, revenue is expected to reach 65.989 billion yuan, reflecting a growth rate of 17.50% [1][8] - The net profit attributable to shareholders for 2023 is estimated at 1.947 billion yuan, with a year-on-year increase of 26.15%. By 2027, this is expected to grow to 3.192 billion yuan, with a growth rate of 28.18% [1][8] - The latest diluted EPS for 2023 is projected at 2.08 yuan per share, with an expected increase to 3.41 yuan per share by 2027 [1][8] - The company's P/E ratio is expected to decrease from 15.37 in 2023 to 9.37 in 2027, indicating an improving valuation [1][8]