Ronbay Technology(688005) 长江证券·2024-05-06 01:02Investment Rating - The investment rating for the company is "Buy" and is maintained [24]. Core Insights - In 2023, the company achieved revenue of 22.657 billion yuan, a year-on-year decrease of 24.78%, and a net profit attributable to shareholders of 581 million yuan, down 57.07% year-on-year [30][24]. - The company has made significant progress in expanding its overseas market, signing framework cooperation agreements with clients in Japan and South Korea, and increasing shipments to mainstream automotive clients in Europe and the United States [3][32]. - The average selling price of cathode materials in 2023 was 228,900 yuan per ton, a decline attributed to falling resource prices, particularly lithium carbonate [3]. Financial Performance Summary - The company reported a gross profit of 1.944 billion yuan in 2023, with a gross margin of 9% [6]. - The projected revenue for 2024 is 28.163 billion yuan, with a forecasted net profit of 1.192 billion yuan [6]. - The company expects to achieve a net profit of 1.2 billion yuan in 2024, supported by increased overseas shipments and a recovery in demand for ternary batteries [32]. Production Capacity and Market Position - The company currently has a cathode production capacity of 200,000 tons, with 20,000 tons completed in South Korea [3][32]. - The company holds over 10% of the global market share in cathode materials, with a sales volume of 100,000 tons in 2023, reflecting an 11% year-on-year increase [3]. Future Outlook - The company anticipates a year-on-year growth of over 20% in shipments for 2024, driven by the recovery of overseas market demand and the expansion of its production capacity [32]. - The company is actively advancing the development of manganese iron lithium and sodium-ion battery materials, with small-scale shipments already initiated [32].