CNANO(SH:688116) Soochow Securities·2026-03-02 08:24Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2025 is projected to be 12.99 billion yuan, a year-on-year decrease of 10.3%, while the net profit attributable to the parent company is expected to be 2.3572 billion yuan, down 5.79% year-on-year [1] - The report highlights a strategic adjustment in product structure, with a focus on optimizing the sales mix of multi-wall carbon tubes and single-wall carbon tubes, which is expected to enhance profitability in 2026 [7] - The company anticipates stable volume and price for multi-wall carbon tubes in 2026, with expected sales of 70,000 to 80,000 tons, while single-wall carbon tubes are projected to see significant growth, contributing positively to earnings [7] Financial Projections - Total revenue is forecasted to increase to 22.10 billion yuan in 2026, representing a growth rate of 70.11% compared to 2025 [1] - The net profit attributable to the parent company is expected to reach 5.3221 billion yuan in 2026, reflecting a year-on-year growth of 125.78% [1] - The earnings per share (EPS) is projected to be 1.45 yuan in 2026, with a price-to-earnings (P/E) ratio of 32.83 [1][8]