Ronbay Technology(688005) 华创证券·2024-04-19 15:01Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 37.8 CNY, compared to the current price of 32.71 CNY [2][16]. Core Insights - The company is a leading player in the high-nickel ternary cathode materials market, with a 2023 shipment of 101,000 tons, representing a year-on-year increase of 11.97% and a global market share exceeding 10% [3]. - The company has established a solid position in the high-nickel sector, with nearly 10,000 tons of ultra-high nickel ternary cathode materials shipped in 2023, contributing to its competitive advantage [3]. - The company is experiencing significant growth in lithium iron phosphate (LFP) materials, with a 2023 shipment increase of 85%, and is expected to make breakthroughs in the automotive market in 2024 [3]. - The company has formed a comprehensive partnership with Weilan New Energy in the solid-state battery field and has successfully developed several high-nickel/ultra-high nickel ternary cathode materials suitable for solid-state batteries [3]. - The company has built a ternary cathode production capacity of over 200,000 tons, the largest globally, and is actively pursuing international expansion, including establishing offices in the U.S. and progressing with factory site selection in Europe [3]. Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are 731 million, 983 million, and 1.269 billion CNY, respectively, with corresponding price-to-earnings ratios of 22, 16, and 12 times [3][17]. - The total revenue for 2023 was 22.657 billion CNY, reflecting a year-on-year decrease of 24.78% [16][17]. - The company reported a net profit of 581 million CNY for 2023, down 57.07% year-on-year, with a significant decline in Q4 2023 revenue and profits [16][17].