CNANO(688116) 长江证券·2024-11-18 02:35Investment Rating - The report maintains a "Buy" rating for Tiannai Technology (688116 SH) [5] Core Views - Tiannai Technology achieved revenue of 394 million yuan in Q3 2024, a year-on-year decrease of 5 64% but a quarter-on-quarter increase of 15 97% [2][6] - Net profit attributable to the parent company was 67 million yuan in Q3 2024, a year-on-year decrease of 6 34% but a quarter-on-quarter increase of 8 72% [6] - The company's sales volume in Q3 2024 increased both year-on-year and quarter-on-quarter, with the cumulative shipment volume in the first three quarters of 2024 increasing by more than 40% compared to the same period last year [6] - The company's net profit margin in Q3 2024 was 16 94% [6] - The company's operating cash flow in Q3 2024 was 18 million yuan, turning positive quarter-on-quarter [7] - Capital expenditure in Q3 2024 was approximately 23 million yuan, showing a significant year-on-year and quarter-on-quarter decline [7] - The company is steadily advancing overseas capacity construction and has successfully supplied products to major clients in Japan and South Korea [7] - The company is expected to achieve a net profit attributable to the parent company of approximately 260 million yuan in 2024, with a corresponding valuation of about 53 times [7] Financial Data Summary - The company's current stock price is 40 07 yuan, with a total share capital of 344 56 million shares [9] - The company's revenue in 2023 was 1 404 billion yuan, and it is expected to reach 1 685 billion yuan in 2024, 2 19 billion yuan in 2025, and 2 694 billion yuan in 2026 [18] - The company's net profit attributable to the parent company in 2023 was 297 million yuan, and it is expected to be 263 million yuan in 2024, 361 million yuan in 2025, and 465 million yuan in 2026 [18] - The company's EPS in 2023 was 0 87 yuan, and it is expected to be 0 76 yuan in 2024, 1 05 yuan in 2025, and 1 35 yuan in 2026 [18] - The company's net profit margin in 2023 was 21 2%, and it is expected to be 15 6% in 2024, 16 5% in 2025, and 17 3% in 2026 [18] Industry and Market Performance - Tiannai Technology is a global leader in carbon nanotube conductive agents and is expected to continue to grow rapidly with the lithium battery industry [7] - The company's stock price has shown significant volatility over the past 12 months, with a high of 47 00 yuan and a low of 15 45 yuan [9] - The company's stock performance has underperformed the CSI 300 index over the past 12 months, with a decline of 47% compared to the index's decline of 14% [11]