EASPRING(300073) 长江证券·2024-09-10 02:10Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Views - The company reported a revenue of 3.54 billion yuan for the first half of 2024, a year-on-year decrease of 57.85%. The net profit attributable to the parent company was 287 million yuan, down 69.01% year-on-year, while the net profit excluding non-recurring items was 217 million yuan, down 79.66% year-on-year. In Q2 alone, the net profit attributable to the parent company was 177 million yuan, showing a quarter-on-quarter increase of 59.87%, and the net profit excluding non-recurring items was 112 million yuan, up 7.77% quarter-on-quarter [5][6]. Summary by Sections Financial Performance - In H1 2024, the combined output of ternary and lithium cobalt materials was 22,700 tons, showing a year-on-year decline, primarily due to a decrease in terminal ternary demand. The production of lithium iron phosphate was 13,300 tons, and solid-state battery cathode materials achieved bulk shipments. The profitability of ternary and lithium iron phosphate materials saw a year-on-year decline due to reduced processing fees from domestic and foreign customers, as well as a decrease in the proportion of overseas customers. The company also faced increased fixed costs and depreciation, which raised the unit cost. The lithium iron phosphate products remained in a state of unit loss [5][6]. Future Outlook - Looking ahead, the company is steadily advancing its multi-category cathode material development strategy. It currently has a ternary production capacity of 53,000 tons, with new phases in Changzhou, Haimen, and Panzhihua gradually coming online. The overseas planning aims for a total capacity of 500,000 tons (200,000 tons of ternary and 300,000 tons of manganese iron phosphate). The company maintains a strong first-mover advantage with overseas customers while actively onboarding domestic clients. As overseas capacity is gradually built, the customer structure is expected to continue optimizing. The company is also focused on continuous technological iterations of high-nickel ternary materials and the development of advanced cathode materials such as ultra-high nickel multi-element, cobalt-free, solid-state lithium batteries, sodium batteries, and new lithium-rich manganese-based materials, indicating a positive growth outlook [5][6]. Financial Projections - The company is projected to achieve a net profit attributable to the parent company of 700 to 800 million yuan in 2024, and the recommendation to buy remains in place [5].