Investment Rating - The investment rating for the company is "Buy" (maintained) [4][9] Core Views - The company is expected to see a significant increase in net profit for the year 2024, with estimates ranging from 145 to 155 million yuan, representing a year-on-year growth of 172.04% to 190.80% [4] - The growth is primarily driven by the expanding application scenarios for lithium primary batteries and the increasing market scale, alongside a reduction in raw material costs and an increase in production and sales volume [4][7] - The company has established a strategic cooperation agreement with Saiterwell for lithium battery products used in security and fire protection, indicating a broadening customer base and application fields [7] Financial Summary - The total revenue for 2024 is projected to be 546.14 million yuan, with a growth rate of 57.67% compared to 2023 [6] - The net profit for 2024 is forecasted at 147.58 million yuan, with a growth rate of 176.88% [6] - The earnings per share (EPS) for 2024 is expected to be 1.46 yuan, with corresponding price-to-earnings (P/E) ratios of 16.71 for 2024, 13.46 for 2025, and 11.10 for 2026 [6][7] Market Performance - The company's stock has shown strong relative performance, with a 12-month relative return of 104.90% and an absolute return of 115.99% [2][6] - The current stock price is 24.74 yuan, with a 12-month high of 32.30 yuan and a low of 9.32 yuan [4] Production Capacity - The company is currently facing a supply-demand imbalance, with existing production capacity unable to meet downstream demand [7] - A new high-performance lithium battery production project is expected to increase capacity to 180 million units, with completion anticipated in the second half of 2025 [7]
德瑞锂电：原材料价格回落+产销规模扩大，2024年业绩预告高增