CNGR(SZ:300919) Changjiang Securities·2025-09-16 13:45Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 21.32 billion yuan for the first half of 2025, representing a year-on-year increase of 6.16%. However, the net profit attributable to shareholders decreased by 15.20% to 733 million yuan, and the net profit excluding non-recurring items fell by 14.77% to 653 million yuan [2][4]. - In Q2 2025, the company achieved a revenue of 10.54 billion yuan, which is a decrease of 2.40% year-on-year and a decrease of 2.34% quarter-on-quarter. The net profit attributable to shareholders was 425 million yuan, down 12.32% year-on-year but up 38.24% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - The company’s revenue for the first half of 2025 was 213.23 billion yuan, with a year-on-year growth of 6.16%. The net profit attributable to shareholders was 7.33 billion yuan, down 15.20% year-on-year, and the net profit excluding non-recurring items was 6.53 billion yuan, down 14.77% year-on-year [2][4]. - In Q2 2025, the revenue was 105.35 billion yuan, showing a year-on-year decline of 2.40% and a quarter-on-quarter decline of 2.34%. The net profit attributable to shareholders was 4.25 billion yuan, down 12.32% year-on-year but up 38.24% quarter-on-quarter [2][4]. Business Segments - The company saw positive growth in the shipment of nickel, cobalt, phosphorus, and sodium products in the first half of 2025, with total sales exceeding 188,000 tons, a year-on-year increase of 33.91%. The company maintained a leading market share in its core products [10]. - The revenue from ternary precursor materials was 74.91 billion yuan, with a gross margin of 18.05%, reflecting a 15.2% decline in revenue primarily due to decreased sales volume. The four oxide cobalt business generated 14.52 billion yuan in revenue, with a gross margin of 25.88%, marking a year-on-year increase of 30.21% [10]. - The company’s revenue from the new energy metal segment was 6.70 billion yuan, with a gross margin of 7.44%, benefiting from a vertical integration strategy [10]. Future Outlook - The company is actively expanding its overseas production capacity, with projects progressing in an orderly manner, which is expected to support shipment volumes in 2025. The company is also deepening its supply chain layout, which is anticipated to enhance the self-sufficiency of intermediate products and optimize production cost structures [10]. - With the gradual release of price elasticity for nickel, the company is expected to see significant support for its performance growth, further strengthening its cost competitiveness in the industry [10].