XWXN(688778) 中银国际·2025-05-13 08:03Investment Rating - The report maintains a rating of "Accumulate" for the company [1][5] Core Views - The company's performance aligns with expectations, with a year-on-year revenue decline of 6.33% for 2024 and a growth of 4.84% in Q1 2025. The company remains a leader in the lithium cobalt industry, with stable development in ternary materials and new products expected to ramp up production [3][8] - The company is actively advancing the development of new products such as solid-state battery materials and sodium battery materials, while overseas production capacity is steadily progressing [8] Financial Summary - The company’s revenue for 2024 is projected at RMB 13,297 million, a decrease of 23.2% year-on-year, with a net profit of RMB 494 million, down 6.3% [7][9] - For 2025, the forecasted earnings per share (EPS) are adjusted to RMB 1.68, with corresponding price-to-earnings ratios of 29.9, 22.5, and 18.5 for 2025-2027 [5][13] - The company’s EBITDA for 2025 is projected at RMB 1,126 million, with a growth rate of 29.5% in subsequent years [12][13] Shareholder Information - Major shareholder is Xiamen Tungsten Co., Ltd., holding 50.26% of the shares [3]