EASPRING(300073) 东方证券·2024-10-30 02:42Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 51.24 yuan, based on a projected PE of 28 times for 2025 [2][4]. Core Insights - The company demonstrates strong resilience in performance, with a steady operating income of 55.25 billion yuan for the first three quarters of 2024, despite a year-on-year decline of 55.95%. The net profit attributable to the parent company was 4.64 billion yuan, down 68.87% year-on-year [1]. - The company is advancing its international high-end production capacity, achieving a gross margin of 21.1% in overseas lithium battery materials, which is 9.3 percentage points higher than the domestic market. This is a significant contributor to the company's profitability [1]. - The rapid growth of phosphate-based cathodes and early positioning in solid-state battery materials are key strategies. The company has successfully introduced phosphate (manganese) lithium iron materials to leading domestic battery clients, achieving a significant increase in sales volume [1]. Financial Summary - The company forecasts earnings per share (EPS) of 1.58, 1.83, and 2.31 yuan for 2024, 2025, and 2026 respectively. The previous estimates for 2024 and 2025 were 4.57 and 5.11 yuan, respectively, reflecting a downward adjustment due to slower overseas demand growth and initial capacity ramp-up challenges [2]. - The projected revenue for 2024 is 8.845 billion yuan, with a year-on-year decline of 41.5%, followed by a recovery in 2025 with an expected growth of 15.5% [3][2]. - The net profit margin is expected to be 9.0% in 2024, improving to 9.1% in 2025 and 10.5% in 2026, indicating a gradual recovery in profitability [3].