XWXN(SH:688778) CAITONG SECURITIES·2024-05-15 08:02Investment Rating - The report maintains an "Accumulate" rating for the company [1][16] Core Views - The company is expected to face short-term performance pressure but has long-term growth potential in the hydrogen energy business [3][5] - The company has made significant advancements in high-voltage ternary materials, which are being supplied for hybrid and low-altitude applications [6][22] - The lithium cobalt oxide industry is anticipated to see a demand peak in the second half of the year, with the company maintaining a leading market share [15] Financial Performance - In 2023, the company's revenue was 17.31 billion yuan, a year-on-year decrease of 39.79%, with a net profit of 527 million yuan, down 52.93% [5][17] - For Q1 2024, the company reported revenue of 3.30 billion yuan, a quarter-on-quarter decrease of 8.02% and a year-on-year decrease of 21.24% [5] - The company plans to distribute a cash dividend of 7.00 yuan per 10 shares, with a dividend payout ratio of 55.72% [5] Market Position and Growth Prospects - The company has a 40% market share in the lithium cobalt oxide sector, with sales of 34,600 tons in 2023, reflecting a year-on-year increase of 4.15% [15] - The new Ni6 series high-voltage ternary materials have begun mass production, targeting the growing hybrid vehicle market [6] - The company is also developing high-power, high-voltage ternary products for low-altitude flying vehicles and drones, with monthly production reaching hundreds of tons [6] Future Projections - The company is projected to achieve net profits of 572 million yuan, 690 million yuan, and 870 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 26.51, 21.98, and 17.44 [16][17]