GEM(002340) 浙商证券·2024-09-11 08:03Investment Rating - Maintains a "Buy" rating [5][7] Core Views - The company achieved significant revenue and profit growth in the first half of 2024, with revenue reaching 17.34 billion yuan, a year-on-year increase of 33.99%, and net profit attributable to the parent company reaching 701 million yuan, a year-on-year increase of 69.70% [1] - The company's profitability has significantly improved, with the gross profit margin increasing to 13.51%, up by 0.93 percentage points year-on-year, and the net profit margin reaching 4.61%, up by 0.32 percentage points year-on-year [2] - The company's product shipments have grown rapidly, with the utilization rate of mainstream product capacity reaching 100%, and the sales of ternary precursors exceeding 100,000 tons, a year-on-year increase of 45% [3] - The company has deepened its industrial chain cooperation, signing a memorandum of understanding with ECOPRO BM for the supply of 265,000 tons of precursors from 2025 to 2028, and securing long-term strategic nickel ore supply from MDK in Indonesia [4] Financial Performance - The company's operating cash flow increased significantly, reaching 1.32 billion yuan in the first half of 2024, a year-on-year increase of 111.34% [2] - The company's revenue is expected to grow steadily, with projected revenues of 38.61 billion yuan, 44.53 billion yuan, and 51.20 billion yuan for 2024, 2025, and 2026, respectively [6] - The company's net profit attributable to the parent company is expected to be 1.88 billion yuan, 2.47 billion yuan, and 2.66 billion yuan for 2024, 2025, and 2026, respectively [5][6] Product and Market Performance - The company's ternary precursor business has seen strong growth, with sales exceeding 100,000 tons, a year-on-year increase of 45%, and high-end products accounting for over 90% of total shipments [3] - The company's nickel resource business has also performed well, with shipments of MHP products exceeding 20,000 tons, a year-on-year increase of 101%, and capacity utilization reaching 100% [3] - The company's urban mining business, including power battery, cobalt resource, tungsten resource, and scrapped car recycling, has shown steady growth [3] Strategic Developments - The company has signed a strategic cooperation agreement with MDK in Indonesia, ensuring a long-term supply of at least 75,000 nickel metal tons per year for its nickel resource projects [4] - The company's new high-nickel ternary precursor production capacity in Indonesia, with an annual output of 50,000 tons, is expected to be completed and put into operation in the second half of 2024, with all capacity already pre-sold to customers [4] Valuation and Forecast - The company's EPS is expected to be 0.37 yuan, 0.48 yuan, and 0.52 yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 15, 12, and 11 times [5][6] - The company's EV/EBITDA ratios are projected to be 9.40, 7.54, and 6.75 for 2024, 2025, and 2026, respectively [11]