CNGR(300919) 国信证券·2024-12-30 07:52Investment Rating - The report assigns an "Outperform" rating for the company, marking its first coverage [2][6]. Core Insights - The company aims to become a leading platform materials enterprise globally, focusing on diversified product offerings and integrated supply chains [19][31]. - The company has maintained a leading market share in domestic ternary precursors and cobalt oxide for several years [19][31]. - The company is expanding its product matrix, including lithium iron phosphate and sodium-based materials, while also enhancing its recycling business to create a closed-loop industry model [19][20]. Financial Projections and Valuation - The company is projected to achieve net profits of 1.846 billion, 2.460 billion, and 2.988 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -5%, +33%, and +22% [7][19]. - The estimated earnings per share (EPS) for the same years are 1.97, 2.63, and 3.19 yuan, with dynamic price-to-earnings (PE) ratios of 19, 14, and 12 times [7][19]. - The reasonable stock value is estimated to be between 44.70 and 47.30 yuan, indicating a premium of 20% to 27% compared to the current stock price of 37.17 yuan [2][7]. Business Segments - Nickel materials cover a full range of ternary precursor products, primarily used in electric vehicles and power tools [20]. - Cobalt materials mainly consist of cobalt oxide, used in 3C electronics, drones, and robotics [20]. - Phosphate materials include lithium iron phosphate, primarily applied in electric vehicles and energy storage [20]. - Sodium materials and nickel products are also part of the portfolio, targeting energy storage and electric vehicle applications [20]. Market Position and Competitive Landscape - The company has established deep collaborations with leading battery and materials companies, including Tesla, LG Chem, and CATL, solidifying its competitive advantage [19][31]. - The global demand for ternary precursors is expected to rebound post-2025, driven by the recovery of electric vehicle demand in Europe and the U.S. [19][31]. - The company is actively extending its supply chain integration, particularly in nickel resource extraction and refining, which is anticipated to enhance profitability [19][31].