CNGR(SZ:300919) Guoxin Securities·2025-10-30 05:29Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company's ternary precursor shipments have significantly rebounded, with an estimated shipment volume of approximately 55,000 tons in Q3 2025, representing a year-on-year increase of 17% and a quarter-on-quarter increase of nearly 10% [2]. - The company has shown steady development in cobalt and phosphate materials, with the shipment volume of cobalt oxide exceeding 9,000 tons in Q3 2025, a year-on-year increase of over 30% [2]. - The company is actively expanding its new materials and technologies, including collaborations on solid-state battery materials and sodium battery materials [3]. Financial Performance Summary - In Q3 2025, the company achieved a net profit attributable to shareholders of 380 million yuan, a year-on-year decrease of 17% [1]. - For the first three quarters of 2025, the company reported revenue of 33.297 billion yuan, a year-on-year increase of 10%, and a net profit of 1.113 billion yuan, a year-on-year decrease of 16% [1]. - The company's revenue forecast for 2025 is set at 47.157 billion yuan, with a projected net profit of 1.582 billion yuan, reflecting a year-on-year growth of 7.8% [5]. Production and Capacity Outlook - The company anticipates that the precursor shipment volume for 2025 will reach nearly 220,000 tons, with a year-on-year growth of over 10% [2]. - The nickel self-supply volume is expected to reach 90,000 to 100,000 tons in 2025, with ongoing capacity release [3]. Market Position and Strategy - The company maintains a leading position in the ternary precursor market, supported by recovering overseas customer demand [2]. - The company is focusing on developing high-nickel ternary precursors for solid-state batteries and collaborating on layered oxide materials for sodium batteries [3].