Ronbay Technology(688005) 国信证券·2024-08-08 02:03Investment Rating - The investment rating for the company is "Outperform the Market" [5][16]. Core Views - The company reported a significant decline in net profit for H1 2024, achieving a net profit of 0.10 billion yuan, down 97% year-on-year, with revenue of 68.88 billion yuan, down 47% year-on-year. The gross margin was 7.79%, a decrease of 0.11 percentage points year-on-year [2][12]. - In Q2 2024, the company achieved revenue of 31.96 billion yuan, down 29% year-on-year and down 13% quarter-on-quarter, with a net profit of 0.48 billion yuan, down 30% year-on-year but turning profitable quarter-on-quarter. The gross margin improved to 10.84%, up 4.46 percentage points year-on-year and up 5.69 percentage points quarter-on-quarter [2][12]. - The company continues to lead in the ternary cathode market with a global market share of 11% and a domestic high-nickel ternary market share of nearly 40%, showing a year-on-year increase of 5 percentage points [2][11]. Summary by Sections Financial Performance - In H1 2024, the company achieved a net profit of 0.10 billion yuan, down 97% year-on-year, and revenue of 68.88 billion yuan, down 47% year-on-year. The gross margin was 7.79% [2][12]. - For Q2 2024, revenue was 31.96 billion yuan, down 29% year-on-year and down 13% quarter-on-quarter, with a net profit of 0.48 billion yuan, down 30% year-on-year but turning profitable quarter-on-quarter. The gross margin was 10.84% [2][12]. Market Position - The company maintained its leading position in the global ternary cathode market with a market share of 11% in H1 2024, achieving a sales volume of 53,000 tons, up 17% year-on-year [2][11]. - The company has a nearly 40% market share in the domestic high-nickel ternary market, reflecting a year-on-year increase of 5 percentage points [2][11]. International Expansion - The company is making steady progress in its overseas operations, with the first phase of a 20,000-ton ternary cathode project in South Korea completed and production ramping up. The second phase of a 40,000-ton project is expected to be completed by the end of 2024 [2][11]. - In Europe, the company has acquired a Polish factory from Johnson Matthey and is starting a 20,000-ton cathode project. In North America, the company has registered its subsidiary and is progressing with site selection for its factory [2][11]. Future Outlook - The company expects continued growth in sales volume due to recovering demand and ongoing customer development both domestically and internationally [2][11]. - The company has signed memorandums of cooperation with global battery companies, indicating strong future sales potential [2][11].