Investment Rating - The report maintains an "Accumulate" rating for the company [1][11] Core Views - The company's 2024 performance slightly missed expectations, with asset disposals negatively impacting profits. The special steel business remains stable, and lithium carbonate cost control is excellent, with a gradual increase in production expected [3][11] - The target price has been adjusted to 41.80 yuan, down from the previous 55.75 yuan, based on a revised profit forecast due to ongoing weak lithium prices [2][11] Financial Summary - In 2024, the company achieved revenue of 8,074 million yuan, a decrease of 33.8% year-on-year, and a net profit attributable to shareholders of 1,043 million yuan, down 69.4% year-on-year. The fourth quarter saw revenue of 1,843 million yuan, a decline of 25.8%, and a net profit of 73 million yuan, down 79.5% year-on-year [5][11] - The forecast for net profit attributable to shareholders for 2025 and 2026 has been revised to 1,125 million yuan and 1,398 million yuan, respectively, with an additional forecast for 2027 at 1,631 million yuan [11] - The company plans to distribute cash dividends totaling 528 million yuan in 2024, with a payout ratio exceeding 50%, alongside a share buyback of 350 million yuan, representing 84.23% of the net profit for the period [11] Business Operations - The special steel segment reported production and sales of 305,000 tons and 303,000 tons, respectively, both down approximately 2% year-on-year. The company is actively pursuing ultra-low emission upgrades, with clean transportation and unorganized emissions passing audits [11] - In the lithium segment, the total sales volume for lithium carbonate in 2024 is projected at 26,000 tons, with a unit production cost of approximately 47,000 yuan per ton, significantly lower than the 53,000 yuan per ton in 2023 [11] - The company is expanding its mining capacity, with the Huashan porcelain stone mine expansion ongoing, expected to increase raw ore capacity to 9 million tons per year [11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [5][19]. Core Views - The company is expected to experience a significant decline in net profit for 2024, with a projected year-on-year decrease of 69% [2]. - The company's revenue for 2024 is forecasted to be 8.074 billion yuan, representing a 33.76% decline compared to the previous year [2]. - The report highlights the company's cost control measures and production expansion as key factors for future growth potential [5]. Financial Performance Summary - In 2024, the company is projected to achieve a net profit of 1.043 billion yuan, down 69.37% year-on-year, with a non-recurring net profit of 0.894 billion yuan, a decrease of 72.4% [2][5]. - The company's lithium salt sales volume is expected to be approximately 26,000 tons in 2024, a slight decrease of 3.23% year-on-year [3]. - The average price of battery-grade lithium carbonate is anticipated to drop by 65.56% year-on-year to 90,500 yuan per ton in 2024 [3]. - The gross margin for lithium salt products is projected to be 36.65%, down 35 percentage points year-on-year, but still relatively high compared to other lithium companies [3]. Production and Expansion - The company is steadily expanding its resource production capacity, with its subsidiary Huqiao Mining increasing its licensed production capacity from 3 million tons per year to 9 million tons per year [4]. - The company has completed the first phase of a 3 million tons per year lithium ore efficient selection and comprehensive utilization project [4]. - The report notes that the company is implementing technological upgrades in its smelting operations to enhance efficiency [4]. Earnings Forecast - The forecast for the company's net profit for 2025, 2026, and 2027 is 1.007 billion yuan, 1.386 billion yuan, and 1.718 billion yuan, respectively [5]. - The expected earnings per share (EPS) for the same years are projected to be 1.87 yuan, 2.57 yuan, and 3.19 yuan [5].

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 ...