CNGR(SZ:300919) Guoxin Securities·2025-09-10 07:39Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][23] Core Views - The company has seen a rapid increase in shipments of cobalt and phosphate materials, maintaining a leading position in ternary precursors [1][2] - The demand for cobalt tetroxide has surged due to a recovery in the consumer electronics market, resulting in a 30% year-on-year revenue increase to 1.45 billion yuan in H1 2025 [2] - The company is actively developing solid-state battery materials and enhancing the efficiency of phosphate resource development [3][2] Financial Performance Summary - In H1 2025, the company achieved a revenue of 21.32 billion yuan, a year-on-year increase of 6%, with a net profit of 733 million yuan, down 15% year-on-year [1] - The gross margin for H1 2025 was 12.10%, a decrease of 0.67 percentage points year-on-year, while the net margin was 3.30%, down 2.46 percentage points year-on-year [1] - The company’s cobalt products performed well, with cobalt tetroxide revenue increasing by 30% year-on-year to 1.45 billion yuan, and production rising by 34% to 16,000 tons [2] - The ternary precursor revenue decreased by 15% year-on-year to 7.49 billion yuan, with production down 20% to 91,700 tons, but still maintaining the top global position [2] - Phosphate iron revenue surged by 172% year-on-year to 670 million yuan, with production increasing by 388% to 71,800 tons [3] Earnings Forecast and Financial Indicators - The company’s earnings forecast for 2025-2027 has been adjusted to net profits of 1.723 billion yuan, 2.133 billion yuan, and 2.586 billion yuan respectively, reflecting a year-on-year growth of 17%, 24%, and 21% [4][5] - The projected earnings per share (EPS) for 2025-2027 are 1.84 yuan, 2.27 yuan, and 2.76 yuan, with dynamic price-to-earnings ratios (PE) of 24.5, 19.8, and 16.3 respectively [4][5] - The company’s revenue is expected to grow from 34.27 billion yuan in 2023 to 60.47 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 12.9% [5][21]