Investment Rating - The report assigns an "Accumulate" rating to the company, indicating an expected stock price increase of 5% to 15% relative to the benchmark over the next 6 to 12 months [21]. Core Viewpoints - The company is a leader in lithium primary batteries, with steady growth in revenue and profit. From 2018 to 2023, the compound annual growth rate (CAGR) for revenue and net profit attributable to the parent company was 15% and 10%, respectively. In 2023, the company achieved a revenue of 346.38 million yuan, a year-on-year increase of 24%, and a net profit of 53.30 million yuan, up 21% year-on-year [2][37]. - The demand for lithium primary batteries is expected to grow due to diverse downstream applications. The global lithium primary battery market is projected to reach 4.247 billion USD by 2031, with a CAGR of 4.8% from 2021 to 2031. Emerging applications for lithium manganese batteries, particularly in IoT devices, are anticipated to drive growth [3][4]. - The company focuses on research and development to strengthen its technological moat and expand production capacity to meet high demand. The company has a strong market position, ranking eighth globally in lithium manganese battery sales in 2019. It plans to release 180 million battery units by the second half of 2025 to support steady growth [4][10]. Summary by Sections 1. Company Overview - The company, established in 2012, specializes in the research, production, and sales of lithium primary batteries, particularly lithium manganese and lithium iron batteries. It has developed key technologies and maintains a stable customer base, including partnerships with well-known international brands [4][94]. 2. Market Demand and Growth - The lithium primary battery market is experiencing robust growth, with lithium manganese batteries being the main revenue source. The company’s revenue from lithium manganese batteries increased from 140 million yuan in 2018 to 326 million yuan in 2023, reflecting a CAGR of 15.1% [37][124]. 3. Research and Development - The company emphasizes R&D, with a significant increase in R&D expenses, which reached 4.4% of revenue in 2023. It has completed several key projects, enhancing product quality and meeting customer needs [6][131]. 4. Financial Projections - The company is projected to achieve net profits of 102 million yuan, 136 million yuan, and 166 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 11, 8, and 6 [34][19].
德瑞锂电：锂一次电池先行者，扩产顺应市场高需求