负极产销持续放量，稳步推进海内外产能建设2023 年公司负极产品产量为14.35 万吨，同比+14.38%，销量为14.11 万吨，同比+23.84%，产销率为98.34%，维持高位。2024 年公司将稳步推进云南中科星城年产10 万吨负极材料一体化项目一期以及海外负极材料生产基地的规划及建设，公司有望通过提高石墨化自给率和产线绿色智能化水平等途径实现降本增效。Incidents:
The company released the 2023 annual report and the 2024 quarterly report. In 2023, it achieved revenue of 4.908 billion yuan, -6.64% year-on-year, and net profit of 42 million yuan, or -88.55% year-on-year. The company achieved revenue of 1,066 billion yuan in 2024Q1, +2.38% year-on-year, and net profit to mother of 0.24 million yuan, +117.57% year-on-year, turning a year-on-year loss into a profit.
Product price reduction performance was under pressure in the short term. 2024Q1 turned the company's gross margin of 15.46% year on year, down 4.04pct year on year; net interest rate was 0.21%, down 6.60 pct year on year; competition in the negative electrode market intensified in 23 years, affected by product price cuts and relatively lagging price changes in graphitized processing fees, and the company's profitability in 2023 was under pressure; compared to the loss situation in the first three quarters of 23, 2023Q4's profitability gradually recovered and achieved positive profits throughout the year. 2024Q1's gross margin was 17.40%, up 9.55pct year on year, net profit margin was 3.84%, up 17.63pct year on year, turning a loss into a profit year on year.
Anode production and sales continued to increase, steadily promoting production capacity at home and abroad. In 2023, the company's anode product output was 143,500 tons, +14.38% year over year, sales volume was 141,100 tons, +23.84% year over year, and production and sales rate was 98.34%, maintaining a high level. In 2024, the company will steadily advance the first phase of the Yunnan Zhongke Star City anode material integration project with an annual output of 100,000 tons and the planning and construction of an overseas anode material production base. The company is expected to reduce costs and increase efficiency by increasing the graphitization self-sufficiency rate and the level of green and intelligent production lines.
The magnetoelectric equipment business is progressing smoothly and is expected to contribute to a new increase in performance. In 2023, the company's magnetoelectric equipment sector achieved revenue of 389 million yuan, +30.24% over the same period last year. The company's magnetoelectric equipment business and lithium battery anode business have the advantage of collaborative development, and can develop special equipment for lithium batteries such as automated electrical control equipment suitable for lithium battery production processes and a new generation of fully automatic intelligent graphitization furnaces.
With the optimization of the product structure, expansion of production lines and expansion of the company's magnetoelectric equipment business, the company's performance is expected to further increase.
Profit Forecasts, Valuations, and Ratings
We expect the company's revenue for 2024-2026 to be 59.32/73.25/9.086 billion yuan, respectively, with year-on-year growth rates of 20.88%/23.49%/24.03%, net profit to mother of 3.68/5.73/917 million yuan respectively, corresponding growth rates of 781.64%/55.88%/60.03%, EPS 0.51/0.79/1.27 yuan/share, respectively, corresponding PE is 20/13/8 times, respectively.
Risk warning: Negative market competition intensifies; overseas production capacity construction falls short of expectations.
