HNZK Electric.(SZ:300035) Changjiang Securities·2025-05-05 12:45Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 5.581 billion yuan for 2024, representing a year-on-year growth of 13.72%. The net profit attributable to shareholders was 303 million yuan, a significant increase of 626.56%. The net profit excluding non-recurring items reached 345 million yuan, up 269.37% [2][4]. - In Q4 2024, the company achieved a revenue of 1.697 billion yuan, with a year-on-year growth of 22.52%. The net profit attributable to shareholders was 119 million yuan, growing by 21.93%, while the net profit excluding non-recurring items was 140 million yuan, up 15.43% [2][4]. - For Q1 2025, the company reported a revenue of 1.598 billion yuan, marking a year-on-year increase of 49.92%. The net profit attributable to shareholders was 134 million yuan, a growth of 465.80%, and the net profit excluding non-recurring items was 126 million yuan, up 285.41% [2][4]. Financial Performance - The company's negative electrode sales reached 223,700 tons in 2024, reflecting a year-on-year increase of 58.5%. The capacity utilization rate for lithium battery materials was 95.66%, with an overall gross margin of 18.73%, which is an increase of 6.5 percentage points year-on-year [10]. - In Q4 2024, the company is expected to maintain stable sales, with a continuous increase in gross profit per ton. The operating profit margin is anticipated to improve due to product structure upgrades and lower petroleum coke prices [10]. - For Q1 2025, sales are expected to remain high, although gross profit per ton may face pressure due to rising petroleum coke prices. The overall decline in profit margins is expected to be in line with industry trends [10]. Future Outlook - The company is expected to benefit from the market share and profitability improvements associated with its fast-charging negative electrodes. The anticipated net profit for 2025 is projected to be 670 million yuan, corresponding to a PE ratio of approximately 15.5 times [10].