Dynanonic(SZ:300769) Soochow Securities·2024-04-28 13:30Investment Rating - The investment rating for the company is "Buy" [5][18]. Core Views - The Q1 performance was slightly below expectations, with revenue of 1.9 billion yuan, a year-on-year decrease of 62% and a quarter-on-quarter decrease of 29%. The net profit attributable to the parent company was -185 million yuan, with a year-on-year increase of 74% and a quarter-on-quarter increase of 71% [5]. - The company is expected to see a 38% year-on-year increase in shipments for 2024, with an estimated shipment of 300,000 tons [6]. - The unit loss has narrowed quarter-on-quarter, and processing fees are expected to have bottomed out, indicating a potential turnaround in profitability [6]. - The company maintains a competitive edge as a leader in iron lithium batteries, despite current performance pressures [7]. Financial Forecasts - The total revenue for 2023 is projected at 16.973 billion yuan, with a year-on-year decrease of 24.76%. The net profit attributable to the parent company is forecasted to be -1.636 billion yuan, reflecting a year-on-year decrease of 168.74% [4]. - For 2024, the net profit is expected to recover to 178 million yuan, with a year-on-year increase of 110.90% [4]. - The earnings per share (EPS) for 2024 is projected at 0.64 yuan, with a price-to-earnings (P/E) ratio of 49.92 [4].