Haoyou Securities research report pointed out that the leading position of the precursor is stable, and the performance of cngr advanced material (300919.SZ) in the first half of 2024 has grown steadily. In the first half of the year, the company achieved revenue of 20.086 billion yuan, a year-on-year increase of +16.33%; net income attributable to the parent company was 0.864 billion yuan, a year-on-year increase of +12.48%; gross margin was 12.77%, a year-on-year increase of +1.67 percentage points, with good performance growth. In the first half of the year, the company's shipments of nickel, cobalt, phosphorus, and sodium products in the four series exceeded 0.14 million tons, a year-on-year increase of 15%. The total sales of nickel and cobalt products reached 0.12 million tons +, and the market share is both the first in the world. It is expected that the company's self-supply ratio of nickel in 2024 can reach nearly 50%. With the increase in the capacity of the Indonesian nickel smelting project, the self-supply ratio will further improve. Reference comparable companies give the company a 2024 PE valuation of 18-20 times, corresponding to a reasonable value range of 37.08-41.20 yuan, and give an "outperform the market" rating.