CNANO(SH:688116) Soochow Securities·2025-09-02 12:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 performance met expectations, with a revenue of 650 million yuan and a net profit of 120 million yuan, both showing a year-on-year increase of 1.1% [8] - The company is reducing the shipment of low-priced first-generation products, with significant growth expected in single-wall carbon tubes [8] - The average selling price of products increased by 3% in Q2, with a projected single-ton profit of approximately 3,000 yuan, reflecting a 10%+ increase [8] - The single-wall carbon tubes are anticipated to be applied in new fields such as solid-state batteries, sodium batteries, robotics, and electronic devices, with a potential market size reaching billions of dollars in the next five years [8] - The company has turned positive in operating cash flow, with a significant increase in cash flow in Q2 [8] - The profit forecast for 2025-2027 has been adjusted downwards, but the company maintains a strong growth outlook with a projected net profit growth of 40%/61%/34% for these years [8] Financial Summary - Total revenue for 2023 is projected at 1,404 million yuan, with a year-on-year decrease of 23.75% [1] - The net profit attributable to the parent company for 2023 is estimated at 297.16 million yuan, reflecting a year-on-year decrease of 29.96% [1] - The earnings per share (EPS) for 2023 is expected to be 0.81 yuan [1] - The company’s total assets are projected to reach 5,139 million yuan by 2024, with total liabilities of 2,175 million yuan [9] - The operating cash flow for 2024 is estimated at 276 million yuan [9]