EASPRING(300073) 长江证券·2024-11-18 02:33Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 5.525 billion yuan for the first three quarters of 2024, a year-on-year decrease of 55.95%. The net profit attributable to the parent company was 464 million yuan, down 68.87% year-on-year, and the net profit after deducting non-recurring gains and losses was 322 million yuan, down 80.35% year-on-year. In Q3 alone, the revenue was 1.984 billion yuan, a year-on-year decrease of 52.10% and a quarter-on-quarter decrease of 2.01% [6][7]. Summary by Sections Revenue Analysis - In Q3 2024, the company's ternary cathode shipments are expected to decline quarter-on-quarter, while lithium iron phosphate cathode shipments continue to grow significantly. This is influenced by a slowdown in overseas ternary demand and the company's commitment to a diversified technology route. The lithium iron phosphate cathode has been successfully introduced to clients such as Yiwei Lithium Energy and Lanjun New Energy, and is in a ramp-up phase, with expectations for continued high growth in shipments by 2025 [7][8]. Profitability Insights - The overall gross margin for Q3 was 11.41%, a decrease of 2.1 percentage points quarter-on-quarter, primarily due to the increased proportion of lithium iron phosphate cathode shipments. The net profit margin for Q3 was 8.94%, showing a slight improvement quarter-on-quarter [7][8]. Future Outlook - The company is steadily advancing its multi-category cathode material development strategy. Currently, it has a ternary production capacity of 51,000 tons, with projects in Changzhou, Haimen, and Panzhihua gradually coming online. A European project is also in progress, planning for a total capacity of 500,000 tons (200,000 tons of ternary and 300,000 tons of manganese lithium iron phosphate), with the first phase of 60,000 tons expected to be operational by the end of 2025. The company maintains a strong first-mover advantage with overseas clients and is actively onboarding domestic clients [8][9]. Financial Projections - The company is projected to achieve net profits of 570 million yuan and 680 million yuan in 2024 and 2025, respectively, indicating a positive growth trajectory [8].