EASPRING(SZ:300073) Changjiang Securities·2024-04-09 16:00Investment Rating - The investment rating for the company is "Buy" and is maintained [5] Core Views - The company reported a revenue of 15.127 billion yuan in 2023, a year-on-year decrease of 28.9%, and a net profit attributable to shareholders of 1.924 billion yuan, down 14.8% year-on-year [6] - The company achieved a shipment of 62,700 tons of cathode materials for the entire year, a slight decline of 1.2% year-on-year, primarily due to a slowdown in overall terminal demand [7] - The company is optimistic about new customers and product volume growth in 2024, with an expected net profit of 1.2 to 1.3 billion yuan [8] Summary by Sections Financial Performance - In 2023, the company’s total revenue was 15.127 billion yuan, with a gross profit of 2.732 billion yuan, representing 18% of revenue. The net profit attributable to shareholders was 1.924 billion yuan, with an EPS of 3.80 yuan [13] - The company’s average product price in 2023 was 238,900 yuan per ton, showing a significant decline due to falling resource prices [7] - The estimated net profit for Q4 2023 was around 4.33 billion yuan, with a decrease in single-ton profit due to customer structure adjustments [8] Production and Capacity - The company has optimized its customer structure, with the top three customers accounting for 42.94% of revenue, indicating a relatively good customer diversification [7] - The company currently has a total capacity of 77,000 tons for ternary materials and is actively expanding its production capabilities [7] Market Outlook - The company is focusing on expanding its domestic customer base while maintaining strong relationships with overseas clients like SK, LG, and Northvolt [8] - The company anticipates that adjustments in customer structure and processing fees will exert pressure on single-ton profitability in 2024, but overall profitability is expected to benefit from industry premiums [8]