Ronbay Technology(SH:688005) Guohai Securities·2024-04-18 05:00Investment Rating - The investment rating for the company is "Buy" [10][18]. Core Views - The company maintains a leading position in the ternary materials business, with significant advancements in global market penetration and technology development [21][22]. - Despite a decline in revenue and profit in 2023 due to raw material price drops and increased competition, the company is expected to rebound in the coming years as material prices stabilize [4][20]. Summary by Sections Financial Performance - In 2023, the company achieved revenue of 22.657 billion yuan, a year-on-year decrease of 24.78%, and a net profit attributable to shareholders of 581 million yuan, down 57.07% [20]. - Revenue projections for 2024, 2025, and 2026 are adjusted to 21.529 billion yuan, 25.136 billion yuan, and 30.800 billion yuan, respectively, with corresponding net profits of 653 million yuan, 930 million yuan, and 1.373 billion yuan [5][10]. Market Position - The company has maintained the largest global market share in ternary materials for three consecutive years, with a shipment of approximately 100,000 tons in 2023, reflecting an 11% year-on-year growth [21]. - The company has established significant partnerships with major clients in Japan and South Korea, enhancing its brand influence in overseas markets [21][24]. Technology and Innovation - The company has a strong focus on R&D, with 357 patent applications filed in 2023, resulting in 110 patents granted, totaling 450 authorized patents [21]. - The company is recognized for its high-voltage nickel-manganese binary materials and lithium-rich manganese-based cathode materials, which are industry-leading [21]. Global Expansion - The company is the first domestic cathode manufacturer to establish high-nickel cathode production projects overseas, with a 20,000-ton annual capacity in South Korea and plans for further expansion [22][24]. - The establishment of a North American office and ongoing preparations for a European project indicate a rapid acceleration of global operations [24].