XWXN(SH:688778)2025-04-30 12:23Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported its 2024 annual results and 2025 Q1 results, with 2024 achieving operating revenue of 13.3 billion yuan, a year-on-year decrease of 23.2%. The net profit attributable to shareholders was 500 million yuan, down 6.3% year-on-year, and the net profit after deducting non-recurring gains and losses was 450 million yuan, down 4.1% year-on-year. For Q1 2025, the company achieved operating revenue of 2.977 billion yuan, a year-on-year decrease of 9.8%, with a net profit attributable to shareholders of 120 million yuan, an increase of 4.8% year-on-year, but a decrease of 7.8% quarter-on-quarter. The net profit after deducting non-recurring gains and losses was 110 million yuan, up 8.5% year-on-year and 5.6% quarter-on-quarter [4][12][13] Financial Performance - In 2024, the company achieved a gross profit margin of 9.76%, an increase of 1.77 percentage points year-on-year, and a net profit margin of 3.67%, an increase of 0.61 percentage points year-on-year. In Q1 2025, the gross profit margin was 9.59%, an increase of 1.99 percentage points year-on-year but a decrease of 0.45 percentage points quarter-on-quarter. The net profit margin was 3.85%, an increase of 0.5 percentage points year-on-year and 0.22 percentage points quarter-on-quarter [13] Product and Technology Advantages - The company has a significant advantage in NL cathode materials, with a more stable structure and wider interlayer spacing compared to traditional cathode materials, leading to improved energy density and rate performance. This technology is expected to be widely applied in various fields, including consumer electronics, robotics, and solid-state batteries. The company has already achieved supply of oxide route solid-state cathodes and is in the R&D phase for sulfide route solid-state battery cathodes. The company has also made progress in sodium battery technology, with high-voltage sodium materials entering pilot testing, indicating a promising future in energy storage applications [14] Earnings Forecast and Investment Suggestions - The company is expected to achieve operating revenues of 15.87 billion yuan, 20.52 billion yuan, and 23.36 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 19.36%, 29.28%, and 13.84%. The net profit attributable to shareholders is projected to be 761 million yuan, 1.011 billion yuan, and 1.204 billion yuan for the same years, with growth rates of 54.06%, 32.88%, and 19.03% respectively. The three-year CAGR is estimated at 34.6% [15][16]