CNANO(SH:688116) Soochow Securities·2025-04-30 01:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, with a revenue of 1.448 billion yuan, a year-on-year increase of 3.13%, and a net profit attributable to shareholders of 250.2 million yuan, a year-on-year decrease of 15.80% [8] - The company is expected to see significant growth in single-wall carbon tube production in 2025, with an estimated sales volume of 12 million tons, a year-on-year increase of 40% [8] - The report anticipates a recovery in profit margins in the second half of 2025, driven by the single-wall product line, which is expected to achieve a profit of 10,000 yuan per ton [8] Financial Forecasts - Total revenue projections for the company are as follows: 2023A: 1.404 billion yuan, 2024A: 1.448 billion yuan, 2025E: 2.174 billion yuan, 2026E: 2.902 billion yuan, 2027E: 3.867 billion yuan [1] - Net profit attributable to shareholders is forecasted to be: 2023A: 297.16 million yuan, 2024A: 250.20 million yuan, 2025E: 450.04 million yuan, 2026E: 652.68 million yuan, 2027E: 912.76 million yuan [1] - The earnings per share (EPS) estimates are: 2023A: 0.86 yuan, 2024A: 0.73 yuan, 2025E: 1.31 yuan, 2026E: 1.89 yuan, 2027E: 2.65 yuan [1] Market Data - The closing price of the company's stock is 40.70 yuan, with a market capitalization of approximately 14.03 billion yuan [5] - The price-to-earnings (P/E) ratio is projected to be 56.08 for 2024A, decreasing to 15.37 by 2027E [1] Operational Insights - The company has seen a significant increase in carbon tube slurry shipment volume, reaching 85,000 tons in 2024, a year-on-year increase of 56% [8] - The gross margin for carbon tube slurry is expected to stabilize around 35% in 2024, with an average price of 17,000 yuan per ton [8]