CNGR(SZ:300919) Soochow Securities·2024-04-26 08:02Investment Rating - The report maintains a "Buy" rating for Zhongwei Co., Ltd. (300919) [1] Core Views - In Q1 2024, the company's net profit attributable to shareholders reached 380 million yuan, aligning with market expectations. Revenue for Q1 2024 was 9.3 billion yuan, representing an 18% year-on-year increase and a 15% quarter-on-quarter increase. The net profit attributable to shareholders increased by 11% year-on-year but decreased by 32% quarter-on-quarter [3] - The company is expected to maintain a 20-25% growth in ternary precursor shipments in 2024, supported by increased demand from downstream customers like Tesla and Samsung SDI. Total shipments are projected to reach 340,000 tons, a year-on-year increase of approximately 25% [3] - The report forecasts net profits for 2024-2026 to be 2.37 billion, 2.85 billion, and 3.47 billion yuan respectively, with corresponding growth rates of 22%, 20%, and 22% [4] Financial Summary - Total revenue for 2022 was 30.34 billion yuan, with a year-on-year growth of 51.17%. For 2023, revenue is projected at 34.27 billion yuan, a 12.95% increase, and is expected to reach 39.86 billion yuan in 2024, reflecting a 16.30% growth [2][9] - The company's diluted EPS for 2024 is estimated at 3.53 yuan per share, with a P/E ratio of 13.82 based on the current price [2][10] - The gross profit margin for Q1 2024 was 14%, a year-on-year increase of 2.3 percentage points, while the net profit margin was 4.1%, a slight decrease of 0.2 percentage points year-on-year [3][4] Market Data - The closing price of the stock is 48.81 yuan, with a market capitalization of approximately 32.69 billion yuan [6] - The company has a price-to-book ratio of 1.65 and a debt-to-asset ratio of 55.10% [7][10]