Group 1 - The company's net profit attributable to shareholders for 2024 is expected to decline by 69% [1] - The company achieved an operating revenue of 8.074 billion yuan in 2024, a year-on-year decrease of 33.76%, with a net profit of 1.043 billion yuan, down 69.37% [1] - The lithium salt sales volume for 2024 is approximately 26,000 tons, a decrease of 3.23% year-on-year, while the production volume is also 26,000 tons, down 3.9% year-on-year [1] Group 2 - The company has completed the expansion of its mining license, increasing the production capacity from 3 million tons per year to 9 million tons per year [2] - The lithium mica green intelligent and efficient lithium extraction project has completed approval, with an estimated construction time of 9 months [2] Group 3 - The steel business revenue for 2024 is 5.658 billion yuan, a year-on-year decrease of 18.08%, accounting for 70% of total revenue [3] - The gross profit margin for the steel business has slightly increased to 12.32%, up 0.38 percentage points year-on-year [3] Group 4 - The forecast for net profit attributable to shareholders for 2025-2027 is 1.01 billion yuan, 1.39 billion yuan, and 1.72 billion yuan respectively, with EPS of 1.9 yuan, 2.6 yuan, and 3.2 yuan [4] - The company maintains a "buy" rating due to ongoing cost reduction and steady expansion [4]

Group 1: Company Performance Overview - In 2024, the company achieved a total revenue of 8.074 billion CNY and a net profit attributable to shareholders of 1.043 billion CNY, with a net cash flow from operating activities of 788 million CNY [3][4] - As of December 31, 2024, total assets amounted to 13.799 billion CNY, and net assets were 12.359 billion CNY, resulting in a return on equity of 8.29% [3] - The lithium battery new energy business sold 26,000 tons of lithium carbonate, generating revenue of 2.415 billion CNY, while the special steel new materials business sold 302,800 tons of stainless steel, achieving revenue of 5.658 billion CNY [4] Group 2: Cost Management and Competitive Advantage - The company maintains a stable cost structure for its lithium carbonate business, leveraging its integrated supply chain from mining to deep processing [5] - In 2024, the cost of lithium carbonate decreased compared to 2023 due to improved lithium recovery rates, lower natural gas and soda ash prices, and a decline in market prices for lithium carbonate [5] - The special steel business has seen an increase in gross margin, attributed to stable profit per ton despite a decrease in product prices due to falling nickel prices [10] Group 3: Project Development and Future Plans - The company completed the change of mining license for the Chashan porcelain stone mine, increasing the production capacity from 3 million tons/year to 9 million tons/year [6] - The lithium cloud mother green intelligent high-efficiency lithium extraction project is currently under construction, with an estimated construction period of 9 months [7] - The company is cautious about overseas lithium resource investments due to low lithium carbonate prices and the current state of many overseas lithium resources being unprofitable [9] Group 4: Investor Returns and Shareholder Engagement - In 2024, the company implemented a cash dividend of 264 million CNY in the first half of the year, with an expected total dividend of 264 million CNY for the year [12] - The total amount of dividends and share buybacks since 2015 has exceeded 8.79 billion CNY, accounting for 84.28% of the net profit attributable to shareholders in 2024 [13] - The company has consistently returned profits to shareholders since its IPO, with a dividend-to-fundraising ratio exceeding 2:1, indicating effective capital management and shareholder returns [13]

Investment Rating - The report maintains a "Recommended" rating for the company, highlighting its cost advantages and integrated expansion in the lithium extraction sector [5][7]. Core Views - The company reported a revenue of 8.07 billion yuan in 2024, a year-on-year decrease of 33.8%, and a net profit attributable to shareholders of 1.04 billion yuan, down 69.4% year-on-year [3]. - The company is recognized as a leader in mica lithium extraction, with significant cost advantages and ongoing efforts to optimize production costs [5]. - The report forecasts net profits for 2025-2027 to be 1.02 billion, 1.66 billion, and 2.19 billion yuan, respectively, with corresponding PE ratios of 18, 11, and 8 times based on the closing price on March 25 [5][6]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 8.07 billion yuan, with a net profit of 1.04 billion yuan, reflecting a significant decline compared to the previous year [3]. - The fourth quarter of 2024 saw a revenue of 1.84 billion yuan, down 25.8% year-on-year, and a net profit of 70 million yuan, down 79.5% year-on-year [3]. Lithium Segment - The company maintained stable production and sales in lithium, with a production volume of 26,000 tons in 2024, a decrease of 3.9% year-on-year, and a sales volume of 26,000 tons, down 3.2% year-on-year [4]. - The average selling price of lithium carbonate products in 2024 was 74,000 yuan per ton, a decrease of 60.5% year-on-year, while the operating cost per ton was reduced to 47,000 yuan, down 11.3% year-on-year [4]. Special Steel Segment - The special steel segment produced 305,000 tons in 2024, with a sales volume of 303,000 tons, showing stability [4]. - The gross profit per ton for special steel was 2,300 yuan, with a gross margin of 12.3%, indicating a slight increase in profitability [4]. Asset Impairment and Disposal - The company recorded asset impairment losses of 25 million yuan in 2024, primarily due to goodwill impairment [5]. - Asset disposal losses totaled 840 million yuan, mainly from the technical renovation of a 10,000-ton lithium carbonate production line [5]. Future Outlook - The company is focused on integrated expansion and cost optimization in lithium extraction, with a significant increase in mining capacity from 3 million tons to 9 million tons [5]. - The report emphasizes the company's strong position in the mica lithium extraction market and its ongoing efforts to enhance product structure and profitability in the special steel segment [5].

永兴材料（002756.SZ）2024 年年报点评 产销稳定，云母龙头成本优势显著 2025 年 03 月 26 日 ➢ 事件：公司发布 2024 年年报。2024 年公司实现营收 80.7 亿元，同比- 33.8%，实现归母净利 10.4 亿元，同比-69.4%，扣非归母净利 8.9 亿元，同比- 72.4%；单季度看，24Q4 实现营收 18.4 亿元，同比-25.8%，环比+6.0%，实 现归母净利 0.7 亿元，同比-79.5%，环比-64.2%，扣非归母净利 1.2 亿元，同 比-67.0%，环比-28.9%。归母净利接近前期业绩预告的下限，主要由于年底计 提资产处置损失和商誉减值的影响；2）分红：2024 年度拟每 10 股派发现金红 利 5.0 元（含税），现金分红 2.6 亿元，加上 2024 年半年报现金分红 2.6 亿元， 全年合计现金分红 5.2 亿元，现金分红率 50.0%。 ➢ 锂：产销稳定，成本继续优化。1）量：2024 年碳酸锂产量 2.6 万吨，同比 -3.9%，销量 2.6 万吨，同比-3.2%，基本保持稳定；2）库存：截至 2024 年底 锂盐库存 453 吨，同比+20 ...

Summary of the Conference Call for Yongxing Materials Company Overview - **Company**: Yongxing Materials - **Industry**: Lithium and Specialty Steel Materials Key Financials - **2024 Revenue**: 8.074 billion CNY - **Net Profit**: 1.043 billion CNY - **Net Profit (Excluding Non-recurring Items)**: 894 million CNY - **Total Assets**: 13.799 billion CNY - **Net Assets**: 12.359 billion CNY - **Cash Flow from Operating Activities**: 788 million CNY - **Specialty Steel Sales Volume**: 302,800 tons - **Specialty Steel Revenue**: 5.658 billion CNY - **Gross Profit from Specialty Steel**: 1.697 billion CNY - **Gross Profit per Ton**: Over 2,500 CNY [3][5] Core Business Strategies - **Dual Business Strategy**: Focus on lithium battery new energy and specialty steel materials [3][5] - **Cost Reduction and Efficiency Improvement**: Significant cost reduction in lithium carbonate production, with production costs around 47,000 CNY per ton, down over 10% year-on-year [3][4][11] - **Technological Innovation**: Continuous R&D to enhance production processes and resource utilization [4][10] Future Plans - **2025 Sales Optimization**: Plans to optimize sales models in lithium battery new energy and enhance supply chain systems in specialty steel [6][7] - **Carbonate Lithium Projects**: Ongoing upgrades and new projects expected to increase production capacity significantly by 2025 [7][8] - **Focus on High-Value Products**: Increasing sales of high-value specialty steel products and adjusting product structure to enhance competitiveness [6][9] Market and Cost Management - **Cost Control**: Expected lithium carbonate production costs to be between 50,000 to 55,000 CNY per ton in 2025, with a slight variation between the first and second half of the year [7][8] - **Impact of Market Conditions**: Market fluctuations in raw material prices and energy costs are closely monitored to manage production costs effectively [11][12] Research and Development - **R&D Initiatives**: Focus on improving recovery rates and optimizing processes, with advancements in lithium extraction technology increasing recovery rates from 80% to over 85% [10][11] - **Investment in New Technologies**: Exploring disruptive technologies for comprehensive resource utilization and cost reduction [10][12] Challenges and Regulatory Environment - **Environmental Regulations**: Increased pressure from environmental regulations affecting production capabilities and necessitating compliance [16][24] - **Approval Delays**: The 9 million ton mining expansion project is currently delayed in the approval process, impacting future production capacity [17][21] Financial Outlook and Shareholder Returns - **Dividend Policy**: Expected dividend payout ratio of around 3% for 2025, with plans for stable and moderate dividends [28] - **Profitability Outlook**: Anticipated slight decrease in profits due to market conditions, but overall financial health remains strong with sufficient cash reserves [28][29] Conclusion Yongxing Materials is strategically positioned to leverage its dual business model in lithium and specialty steel, focusing on cost reduction, technological innovation, and market adaptability to navigate current industry challenges and capitalize on future growth opportunities.

Investment Rating - The report maintains an "Outperform the Market" rating for the company [3][5][14] Core Viewpoints - The company reported a revenue of 8.074 billion yuan for 2024, a year-on-year decrease of 33.76%, and a net profit attributable to shareholders of 1.043 billion yuan, down 69.37% year-on-year [1][6] - The lithium business has a significant cost advantage, with an estimated single-ton operating cost of around 50,000 yuan for lithium carbonate, which is crucial in the context of declining lithium prices [1][7] - The company is actively advancing key projects, including the expansion of mining capacity and the construction of lithium extraction projects, which are expected to support future growth [2][8] Financial Performance - The company achieved a net cash flow from operating activities of 788 million yuan in 2024, a decrease of 80.02% year-on-year [1][6] - The projected revenues for 2025-2027 are 8.195 billion, 9.058 billion, and 10.009 billion yuan, with year-on-year growth rates of 1.5%, 10.5%, and 10.5% respectively [3][14] - The estimated diluted EPS for 2025-2027 is 1.96, 2.47, and 3.10 yuan, with corresponding P/E ratios of 17, 14, and 11 times [3][14] Key Projects - The company has completed the change of mining rights for Huqiao Mining, increasing the production capacity from 3 million tons per year to 9 million tons per year [2][8] - The first phase of the 3 million tons per year lithium ore efficient selection and comprehensive utilization project has been completed and put into operation [2][8] Steel Business Performance - The company produced 305,400 tons of special steel materials in 2024, with sales of 302,800 tons, maintaining stable production and sales [2][9] - The expected gross profit per ton of steel for 2024 is around 2,000 yuan [2][9]

证券研究报告·公司点评报告·能源金属 永兴材料（002756） 2024 年年报点评：Q4 业绩受技改项目影响， 成本优势依然显著 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 12189 | 8074 | 8401 | 9410 | 10362 | | 同比（%） | (21.76) | (33.76) | 4.06 | 12.01 | 10.11 | | 归母净利润（百万元） | 3,406.77 | 1,043.47 | 901.20 | 1,214.90 | 1,679.75 | | 同比（%） | (46.09) | (69.37) | (13.63) | 34.81 | 38.26 | | EPS-最新摊薄（元/股） | 6.32 | 1.94 | 1.67 | 2.25 | 3.12 | | P/E（现价&最新摊薄） | 5.36 | 17.51 | 20.28 | 15.04 | 10.88 | ...

证券研究报告 | 2025年03月25日 永兴材料（002756.SZ）——年报点评 优于大市 锂业务成本优势突出，重点项目稳步推进 预计公司 2025-2027 年营收分别为 81.95/90.58/100.09(原预测 91.20/ 100.27/-)亿元，同比增速分别为 1.5%/10.5%/10.5%；归母净利润分别为 10.57/13.29/16.73(原预测 12.80/15.95/-)亿元，同比增速分别为 1.3%/ 25.8%/25.8%；摊薄 EPS 分别为 1.96/2.47/3.10 元，当前股价对应 PE 为 17/ 14/11X。考虑到公司资源优势突出，成长路径清晰，锂业务降本增效成果显 著，能够有效应对锂价下跌带来的不利影响，维持"优于大市"评级。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 12,189 | 8,074 | 8,195 | 9,058 | 10,009 | | (+/-%) | -21.8% | -33 ...

| 二、财务报表……………………………………………………… 第 6—13 | | 页 | | --- | --- | --- | | （一）合并资产负债表…………………………………………… 第 | 6 | 页 | | （二）母公司资产负债表………………………………………… 第 | 7 | 页 | | （三）合并利润表………………………………………………… 第 | 8 | 页 | | （四）母公司利润表……………………………………………… 第 | 9 | 页 | | （五）合并现金流量表……………………………………………第 | 10 | 页 | | （六）母公司现金流量表…………………………………………第 | 11 | 页 | | （七）合并所有者权益变动表……………………………………第 | 12 | 页 | | （八）母公司所有者权益变动表…………………………………第 | 13 | 页 | 目 录 | | | 审 计 报 告 天健审〔2025〕872 号 永兴特种材料科技股份有限公司全体股东： 一、审计意见 | | | 我们审计了永兴特种材料科技股份有限公司（以下简称永兴材料公司）财务 报表，包括 2024 ...

目 录 一、内部控制审计报告…………………………………………第 1—2 页 内部控制审计报告 天健审〔2025〕873 号 永兴特种材料科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了永兴特种材料科技股份有限公司（以下简称永兴材料公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是永兴 材料公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，永兴材料公司于 2024 年 12 月 31 日按照《企业内 ...