Ronbay Technology(688005) 中银国际·2025-05-13 06:53Investment Rating - The report maintains a rating of "Accumulate" for the company [2][4][6] Core Views - The company has seen a significant increase in its market share in the ternary cathode materials sector, with a global market share exceeding 12%, up 2 percentage points from 2023, maintaining its position as the global leader for four consecutive years [4][9] - The company reported a year-on-year revenue decline of 33.41% for 2024, with a net profit decrease of 49.06%, but showed a strong recovery in Q4 2024 with a net profit increase of 612.94% year-on-year [9][10] - The company is advancing its global expansion strategy, with overseas sales surpassing 20,000 tons for the first time in 2024, and has established production capacities in Korea and Europe [9][10] Financial Summary - The company’s revenue for 2023 was 22,657 million RMB, projected to decline to 15,088 million RMB in 2024, before recovering to 17,503 million RMB in 2025, representing a growth rate of 16.0% [8][10] - The adjusted earnings per share (EPS) for 2025 is forecasted at 0.88 RMB, with subsequent increases to 1.31 RMB in 2026 and 1.68 RMB in 2027 [6][8] - The company’s EBITDA is expected to rise from 1,094 million RMB in 2024 to 2,076 million RMB in 2026, indicating a strong recovery trajectory [8][10]