CNGR(300919) 光大证券·2024-04-26 11:02Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company demonstrated robust profitability with a 2023 revenue of 34.273 billion, a year-on-year increase of 12.95%, and a net profit of 1.947 billion, up 26.11% year-on-year [2] - The company is a leader in ternary precursor production, holding a 27% market share in 2023, despite a revenue decline in this segment [2][3] - The company is benefiting from strong overseas demand, with significant revenue growth from key clients such as Tesla and LG Chem [2] Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 8.083 billion, a slight increase of 0.31% year-on-year, but a decrease of 9.43% quarter-on-quarter [2] - Q1 2024 revenue reached 9.292 billion, marking a 17.58% year-on-year increase and a 14.97% quarter-on-quarter increase [2] - The gross margin for Q1 2024 was 13.52%, down 2.93 percentage points from the previous quarter but up 2.30 percentage points year-on-year [2] Market Position - The company has established nearly 400,000 tons/year of ternary precursor capacity and is expanding its resource integration globally [3] - The company achieved a ternary precursor revenue of 21.733 billion in 2023, with a gross margin of 17.96%, an increase of 5.36 percentage points from the previous year [2][3] Growth Prospects - The report forecasts a decrease in net profit estimates for 2024 and 2025 due to product price reductions, projecting net profits of 2.345 billion and 2.746 billion respectively [3] - The company is expected to benefit from increasing overseas demand, maintaining its leading position in the industry [3]