Dowstone(SZ:300409) Great Wall Securities·2025-08-18 08:47Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company is expected to achieve revenue growth from 2025 to 2027, with projected revenues of 9.718 billion, 11.500 billion, and 13.303 billion respectively, reflecting growth rates of 25.4%, 18.3%, and 15.7% [3][8] - The net profit attributable to shareholders is projected to increase significantly, with estimates of 458 million, 708 million, and 910 million for the same period, indicating growth rates of 192.0%, 54.5%, and 28.7% [3][8] - The company is focusing on new technologies and strategic resources, which are expected to enhance profitability and operational efficiency [3][8] Financial Summary - For 2023, the company reported a revenue of 7.296 billion with a year-on-year growth of 6.3% [9] - The net profit for 2023 was -28 million, with a significant recovery expected in subsequent years [9] - The company’s return on equity (ROE) is projected to improve from -0.4% in 2023 to 10.5% by 2027 [9] - The earnings per share (EPS) is expected to rise from -0.04 in 2023 to 1.16 by 2027 [9] Business Segments - The lithium battery materials segment contributed 12.68 billion in revenue, down 43.37% year-on-year, primarily due to slower delivery schedules from major clients [2] - The carbon materials segment showed stability with a revenue contribution of 3.29 billion, down slightly by 1.68% year-on-year, but with an improved gross margin of 18.49% [2] - Strategic resources are expected to support profit growth, with new capacity and technological upgrades leading to a revenue contribution of 17.34 billion, up 53.67% year-on-year [2]