CNANO(SH:688116) Shanxi Securities·2025-05-13 07:25Investment Rating - The investment rating for the company is "Buy-A" (maintained) [1] Core Views - The company achieved a revenue of 1.45 billion yuan in 2024, a year-on-year increase of 3.1%, with a net profit of 250 million yuan, a decrease of 15.8% year-on-year. The non-recurring net profit was 240 million yuan, an increase of 13.6% year-on-year. In Q1 2025, the company reported a revenue of 330 million yuan, a year-on-year increase of 9.0%, and a net profit of 60 million yuan, a year-on-year increase of 8.1% [3][4] - The single-walled carbon nanotube slurry has started to be shipped, which is expected to enhance profitability. The revenue from carbon nanotube conductive slurry in 2024 was 1.44 billion yuan, a year-on-year increase of 5.8%, with a gross margin of 35.1%, up 1.34 percentage points year-on-year [4][5] - The demand for carbon nanotube (CNT) industry is growing rapidly, with the company maintaining a market share of 53.2% in China for carbon nanotube conductive slurry in 2024, an increase of 6.5 percentage points from 2023. The compound annual growth rate (CAGR) for the period from 2024 to 2030 is expected to be 26.7% [5] Financial Performance - The company is projected to achieve net profits of 440 million yuan, 690 million yuan, and 850 million yuan for the years 2025, 2026, and 2027, respectively, corresponding to a dynamic price-to-earnings (P/E) ratio of 36 times in 2025. The main business profitability is stable, and the new single-walled carbon nanotube products are expected to be a significant growth driver [6] - The financial data shows that the company’s revenue is expected to grow from 1.45 billion yuan in 2024 to 2.03 billion yuan in 2025, representing a year-on-year growth of 40.3% [9][10]