EASPRING(SZ:300073) Guolian Securities·2024-03-03 16:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 46.40 CNY, based on a 16x PE for 2024 [6][8]. Core Viewpoints - The company is focusing on enhancing investor confidence and maintaining shareholder interests through a quality return improvement plan, which includes strengthening its core lithium battery anode business, improving corporate governance, and increasing market confidence [2]. - Despite a slight decline in performance due to slowing market demand and intensified competition, the company is implementing measures such as a stock buyback plan to boost market confidence [3]. - The company has established a comprehensive product layout in high-nickel and ultra-high-nickel materials, with leading performance in the industry, and has successfully supplied high-nickel products to international high-end customers [4]. - The company has formed deep strategic partnerships with global leaders in the battery industry, which is expected to enhance its performance in overseas markets [5]. Financial Summary - The company is projected to achieve revenues of 158.52 billion CNY in 2023, with a year-on-year decline of 25.45%. The net profit attributable to shareholders is expected to be between 18.5 billion CNY and 20.0 billion CNY, reflecting a decrease of 18.1% to 11.5% year-on-year [3][6]. - The earnings per share (EPS) for 2023 is estimated at 3.76 CNY, with a projected decline in net profit for 2024 to 14.71 billion CNY, before recovering to 18.39 billion CNY in 2025 [6][7]. - The company’s financial metrics indicate a significant drop in revenue growth rates, with a forecasted recovery in 2025 [7].