China's CNGR Advanced Material nine-month revenue rises on battery material sales

Overview

• China battery materials supplier's nine-month revenue rose 45% yr/yr

• Net profit attributable to shareholders grew 62% for the first nine months

• Growth driven by higher sales of battery materials and new energy metals

Outlook

• Company did not provide specific guidance for future quarters or full year in the press release

Result Drivers

• BATTERY MATERIALS SALES - Co said revenue growth was mainly due to higher sales of battery materials and new energy metals

• INVENTORY IMPAIRMENT - Co recorded higher asset impairment losses due to inventory depreciation

Key Details

Analyst Coverage

• The one available analyst rating on the shares is "buy"

• The average consensus recommendation for the electrical components & equipment peer group is "buy"

• Wall Street's median 12-month price target for CNGR Advanced Material Co., Ltd. is HK$45.00, about 176.8% above its October 29 closing price of HK$16.26

Reuters Recommended Reads

• Oct 29 - BYD's nine-month net income falls 4.2% yr/yr

• Oct 27 - China's Daqo New Energy Q3 revenue jumps on higher polysilicon sales volume

• Oct 29 - Geely Automobile nine-month revenue up 13% on exports, product mix

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)