前驱体龙头加速革新，一体化布局增强竞争力

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 58.45 CNY [2]. Core Views - The company is benefiting from integrated cost reduction, with a stable growth forecast for 2023, expecting a net profit of 1.9 to 2.0 billion CNY, representing a year-on-year increase of 23.09% to 29.57% [1][8]. - The demand for ternary materials is high, with a steady increase in shipment volumes, projected to reach 750,000 tons in 2024 [1][15]. - The company is accelerating its overseas expansion, with three nickel processing bases in Indonesia now operational, and further projects in Korea, Morocco, and Finland underway [1][29]. - The company is deepening its integrated supply chain layout, enhancing its competitive edge through vertical integration from resource extraction to recycling [1][31]. Summary by Sections 1. Steady Growth in Shipment Volume and Profitability - The company expects to achieve a net profit of 1.9 to 2.0 billion CNY in 2023, driven by the rapid growth of the global new energy market [1][8]. - The total sales volume of existing battery materials exceeded 270,000 tons in 2023, with a significant contribution from government subsidies [1][8]. - The gross profit margin has improved from 11.54% to 13.17% from 2021 to the first three quarters of 2023, indicating enhanced profitability [10]. 2. Leading Position in Ternary Precursor Market - The company holds a 25.5% market share in the domestic ternary precursor market, maintaining its leading position [1][18]. - The shipment volume of ternary precursors increased by 10.6% year-on-year in the first half of 2023, with a focus on high-nickel products [1][18]. - The company is expanding its product matrix, including high-nickel low-cobalt series and sodium battery projects, to meet diverse market needs [21][22]. 3. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 298.90 billion CNY, 323.04 billion CNY, and 397.58 billion CNY from 2023 to 2025, with net profits of 19.75 billion CNY, 23.24 billion CNY, and 31.47 billion CNY respectively [1][2]. - The report suggests a valuation of 20, 17, and 12 times PE for the years 2023, 2024, and 2025, respectively, reflecting the company's improving profitability due to its integrated layout [1][2].