HNZK Electric.(SZ:300035) Great Wall Securities·2025-09-03 02:23Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][15]. Core Insights - The company has shown strong performance in its fast-charging products, with a significant revenue increase of 59.6% year-on-year in the first half of 2025, achieving a net profit of 272 million yuan, up 293.13% year-on-year [1][2]. - The sales volume of lithium battery anode materials reached 157,000 tons in the first half of 2025, a year-on-year increase of 70.47%, contributing 3.446 billion yuan in revenue, which is a 65.79% increase [2]. - The company is focusing on integrated production and international expansion, with plans to build the world's largest integrated production base for lithium-ion battery anode materials in Oman, aiming to enhance product pricing and reduce production costs [2]. Financial Summary - The company is projected to achieve revenues of 75.51 billion yuan, 91.92 billion yuan, and 109.17 billion yuan from 2025 to 2027, with corresponding net profits of 6.64 billion yuan, 8.59 billion yuan, and 11.16 billion yuan, reflecting growth rates of 119.3%, 29.2%, and 30% respectively [3]. - The latest diluted EPS is expected to be 0.97 yuan, 1.25 yuan, and 1.63 yuan for the years 2025, 2026, and 2027, with current P/E ratios of 16.1X, 12.4X, and 9.6X [3][4]. - The company has a projected ROE of 13.6%, 15.2%, and 16.9% for the years 2025, 2026, and 2027, indicating improving profitability [3].