CNGR(SZ:300919) Changjiang Securities·2025-12-15 11:16Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company has been officially included in the Hong Kong Stock Connect, which accelerates its overseas expansion [3]. - In Q3 2025, the company achieved revenue of 11.975 billion yuan, representing a year-on-year increase of 18.84% and a quarter-on-quarter increase of 13.67%. However, the net profit attributable to the parent company was 380 million yuan, down 17.33% year-on-year and down 10.65% quarter-on-quarter [3][8]. - The company completed its H-share issuance and was listed on the Hong Kong Stock Exchange on November 17, 2025, marking a key step in its strategy for technological diversification and global development [8]. Financial Performance - The company’s Q3 2025 financial data shows a gross profit margin of 12%, with total revenue projected to reach 40.223 billion yuan in 2027, increasing to 66.928 billion yuan by 2027 [13]. - The net profit attributable to the parent company is expected to reach 2.2 billion yuan in 2026 and 2.775 billion yuan in 2027 [13]. - The company’s financial expenses in Q3 2025 were 345 million yuan, reflecting an increase due to exchange rate impacts [8]. Market Position and Outlook - The company’s three-element precursor materials and cobalt oxide materials are expected to continue growing, with growth rates anticipated to exceed industry levels [8]. - The utilization rate of phosphate iron has significantly improved, and profitability is expected to show improvement, contributing to incremental performance [8]. - Nickel resource production is expected to remain stable, with potential for improved profitability if nickel prices recover [8].