Ronbay Technology(688005) 民生证券·2024-04-13 16:00Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its strong overseas expansion and profitability levels [1][3]. Core Insights - The company reported a revenue of 22.657 billion yuan in 2023, a decrease of 24.78% year-on-year, with a net profit attributable to shareholders of 581 million yuan, down 57.07% year-on-year [1]. - Despite the challenges of structural overcapacity and raw material price fluctuations, the company maintained a positive growth trajectory in shipment volume and market share, solidifying its position as a leader in high-nickel ternary materials [1]. - The company has made significant progress in new product development, including ultra-high nickel products and solid-state battery materials, which are expected to enhance its competitive edge [1]. - The company's global strategy is firmly in place, with ongoing construction of production facilities in South Korea and plans for expansion into North America and Europe [1]. Financial Forecasts - The company is projected to achieve revenues of 19.691 billion yuan in 2024, 24.011 billion yuan in 2025, and 29.339 billion yuan in 2026, with year-on-year growth rates of -13.1%, +21.9%, and +22.2% respectively [2][5]. - Net profit forecasts for the same years are 626 million yuan, 836 million yuan, and 1.196 billion yuan, reflecting growth rates of +7.7%, +33.6%, and +43.0% respectively [2][5]. - The price-to-earnings (PE) ratio is expected to decrease from 27x in 2023 to 13x by 2026, indicating an improving valuation as earnings grow [2][5].