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 ...

目 录 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明…………………………………………………………第 1—2 页 非经营性资金占用及其他关联资金往来情况的 专项审计说明 天健审〔2025〕874 号 永兴特种材料科技股份有限公司全体股东： 我们接受委托，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 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表， 2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所 有者权益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审 计了后附的永兴材料公司管理层编制的 2024 年度《非经营性资金占用及其他关 联资金往来情况汇总表》（以下简称汇总表）。 一、对报告使用者和使用目的的限定 本报告仅供永兴材料公司年度报告披露时使用，不得用作任何其他目的。我 们同意将本报告作为永兴材料公司年度报告的必备文件，随同其他文件一起报送 并对外披露。 二、非经营性资金占用及其他关联资金往来情况汇总表…………… 第 3 页 为了更好地理解永兴材料公司 2024 年度非经营性资金占用及其他关联资金 往来 ...

永兴特种材料科技股份有限公司 独立董事 2024 年度述职报告 各位股东及股东代表： 本人系永兴特种材料科技股份有限公司（以下简称"公司"）第六届董事会 独立董事，2024 年度，本人根据《中华人民共和国公司法》（以下简称"《公司 法》"）《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指 引第 1 号——主板上市公司规范运作》（以下简称"《规范运作指引》"）等相 关法律法规的规定和《公司章程》的要求，忠实、勤勉地履行职责，独立、谨慎、 负责地行使公司所赋予独立董事的权力，积极出席公司相关会议并认真审议各项 议案，充分发挥独立董事的独立作用，维护全体股东特别是中小股东的利益。现 将 2024 年度本人履行独立董事职责情况述职如下： 一、独立董事的基本情况 本人赵敏，1965 年 3 月出生，中国国籍，会计学硕士、教授、硕士生导师。 1987 年 7 月至今，在浙江财经大学会计学院从事教学、科研、培训工作；现任浙 江财经大学会计学教授。2019 年 9 月至今任本公司独立董事。 作为公司的独立董事，经自查，本人符合《上市公司独立董事管理办法》《规 范运作指引》等相关法律法规中对独立董事独立性的相关要 ...