Company Insights - Donggang Co., Ltd. focuses on printing business as a cornerstone, with rapid development in smart cards and robotics. The company was established in 1996 and has gradually expanded into related products such as smart cards and RFID tags, leveraging its accumulated customer resources [9][12] - The company's main business shows steady growth, with the smart card segment experiencing explosive growth. It is actively positioning itself in the high-potential robotics sector. Projected net profits for 2025-2027 are expected to be CNY 188 million, CNY 228 million, and CNY 276 million, representing year-on-year growth of 19.3%, 20.9%, and 21.1% respectively [9][12] - In the first half of 2025, Donggang achieved revenue of CNY 581 million, a year-on-year increase of 0.3%, with Q2 revenue reaching CNY 305 million, up 10.5% year-on-year. The net profit for the same period was CNY 78 million, reflecting a 10.9% increase year-on-year [9][12] Industry Insights - The cobalt import from the Democratic Republic of Congo (DRC) has significantly decreased, with expectations for cobalt prices to continue rising. The DRC is a major supplier of cobalt, and the recent export ban has led to a notable decline in imports, with June to August 2025 showing a continuous drop [10][12] - The DRC's export ban, which began in February 2025, is expected to reduce global cobalt supply by 34%, from 282,000 tons to 185,000 tons, if the ban is extended. This supply constraint is likely to support higher cobalt prices in the short term [10][12] - The demand for cobalt is projected to grow by 5.06% in 2025, reaching 210,900 tons, driven by applications in power batteries and emerging sectors such as drones and 3C products. The long-term outlook for cobalt demand remains positive due to new applications in low-altitude economies and robotics [10][12]
申万宏源证券晨会报告-20250922
Shenwan Hongyuan Securities·2025-09-22 01:42