HNZK Electric.(SZ:300035) Caixin Securities·2024-05-24 11:30Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected investment return exceeding 15% compared to the CSI 300 Index [6][23]. Core Views - The company has over 20 years of experience in the research and production of lithium-ion battery anode materials, making it one of the earliest entrants in the field, with substantial technical expertise and customer resources [1]. - The company plans to invest in a project in Morocco to establish an integrated base for producing 100,000 tons of lithium-ion battery anode materials annually, with a total investment not exceeding 5 billion RMB, aimed at addressing subsidy and tariff issues in Europe and North America [2]. - The company achieved a sales volume of 145,000 tons of anode materials in 2023, a year-on-year increase of 20.11%, ranking fourth nationally with a market share of 8.77% [10]. Financial Summary - The company's revenue for 2023 was 4.908 billion RMB, a decrease of 6.64% year-on-year, with a net profit attributable to shareholders of 42 million RMB, down 88.55% year-on-year [21]. - Forecasted revenues for 2024, 2025, and 2026 are 5.344 billion RMB, 6.859 billion RMB, and 8.829 billion RMB, respectively, with corresponding net profits of 340 million RMB, 546 million RMB, and 748 million RMB [22]. - The earnings per share (EPS) are projected to be 0.47 RMB, 0.75 RMB, and 1.03 RMB for the years 2024, 2025, and 2026, respectively [22].