1月21日，湖南裕能新能源电池材料股份有限公司发布2024年度业绩预告。 圆柱电池论坛： 行业首届圆柱电池技术论坛定档2025年2月28日，深圳举办！ 预计2024年度归母净利润将为5.6亿元至6.6亿元，同比下降64.57%至58.24%。上年同期的归母 净利润为15.81亿元。此外，扣除非经常性损益后的净利润预计为5.2亿元至6.2亿元，同比下降 65.75%至59.17%，上年同期为15.18亿元。 业绩变动原因说明： 锂电池产业链在经历 2020-2022 年的高增长后，2023 年以来增速换挡、供需关系发生显著变 化。2024 年锂电池产业链处于筑底阶段，碳酸锂价格总体震荡下行，磷酸盐正极材料价格同比 上年大幅下降，对行业内企业的盈利水平产生较大压力。同时，磷酸盐正极材料行业竞争激 烈，行业总体产能利用率仍处于回升过程。 在此背景下，公司作为磷酸盐正极材料行业头部企业，保持较高的产能利用率和产销率以满足 下游需求。2024 年，公司磷酸盐正极材料销量同比增长约40%，持续推进一体化布局和降本增 效，并积极实施出海战略。2024 年，公司得以保持一定的盈利，但受行业周期及实施股权激励 的股份支付费用等 ...

Investment Rating - The investment rating for Hunan YN is "Buy" (maintained) [1] Core Views - The company is expected to see a significant rebound in profits in 2025 after a challenging 2024, with a projected net profit of 6.2 billion to 6.6 billion yuan for 2024, reflecting a year-on-year decline of 58% to 65% [7] - The company anticipates a 40% increase in shipments in 2024, with expectations to maintain this growth rate into 2025, driven by strong domestic and overseas demand [7] - The report highlights that the profitability is expected to improve significantly in 2025, with net profit per ton projected to reach 0.25 to 0.3 thousand yuan [7] Financial Forecasts - Total revenue for 2024 is estimated at 22.3 billion yuan, down 46.06% year-on-year, with a recovery expected in 2025 to 33.4 billion yuan, representing a growth of 49.92% [1][8] - The net profit for 2024 is forecasted at 623.9 million yuan, a decrease of 60.53% year-on-year, with a strong recovery anticipated in 2025 to 2.53 billion yuan, reflecting a growth of 305.72% [1][8] - The earnings per share (EPS) is projected to be 0.82 yuan for 2024, with a significant increase to 3.34 yuan in 2025 [1][8] Market Data - The closing price of Hunan YN is 45.69 yuan, with a market capitalization of approximately 34.6 billion yuan [5] - The company has a price-to-earnings (P/E) ratio of 55.46 for 2024, which is expected to decrease to 13.67 in 2025 and further to 9.76 in 2026 [1][8]

Financial Projections - The estimated net profit attributable to shareholders for 2024 is projected to be between 560 million and 660 million RMB, representing a year-on-year decline of 64.57% to 58.24% compared to 1,580.63 million RMB in the previous year[3]. - The estimated net profit after deducting non-recurring gains and losses is projected to be between 520 million and 620 million RMB, reflecting a year-on-year decline of 65.75% to 59.17% compared to 1,518.36 million RMB in the previous year[3]. - The financial data provided is preliminary and has not been audited by the accounting firm, with detailed financial data to be disclosed in the 2024 annual report[7]. Industry Dynamics - The lithium battery industry is currently in a bottoming phase, with significant changes in supply and demand dynamics since 2023, leading to downward pressure on profitability[5]. - The overall price of lithium carbonate has been fluctuating downward, and the price of phosphate-based cathode materials has significantly decreased compared to the previous year, impacting industry profitability[5]. Company Strategy - The company expects a year-on-year increase of approximately 40% in the sales volume of phosphate-based cathode materials in 2024, maintaining high capacity utilization and sales rates to meet downstream demand[6]. - The company is actively implementing a cost reduction and efficiency enhancement strategy while pursuing an overseas expansion strategy[6]. - The company has maintained a certain level of profitability in 2024 despite the industry cycle and the impact of stock incentive share payment expenses[6].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook based on its market position and growth potential [3]. Core Views - Hunan YN Energy is a leading player in the lithium iron phosphate (LFP) market, holding a 27% market share as of 2023, with a significant increase in sales volume [1][2]. - The company has experienced a decline in revenue and net profit in 2023, with revenues of approximately 41.36 billion yuan, down 3.35% year-on-year, and a net profit of about 1.58 billion yuan, down 47.44% year-on-year [1][5]. - The demand for LFP products is expected to rise significantly, driven by the growth in the electric vehicle and energy storage sectors, with projected compound annual growth rates (CAGR) of 17% and 30% respectively from 2024 to 2030 [1][2]. Summary by Sections Company Overview - Hunan YN Energy was established in 2016 and is headquartered in Xiangtan, Hunan Province. The company primarily focuses on lithium iron phosphate products and went public on February 9, 2023 [1]. Market Position - The company is recognized for its comprehensive product range, including high-density products like CN-5B and YN-9, which have received broad customer recognition [2]. - The company has established strong ties with major clients such as CATL and BYD, positioning itself to benefit from increasing industry demand [1][2]. Financial Performance - In 2023, the company sold approximately 507,000 tons of lithium iron phosphate, marking a year-on-year increase of 56.49% [1]. - The company's gross margin in 2023 was 7.65%, significantly higher than the average gross margin of 0.02% for its peers [2]. Revenue and Profit Forecast - Revenue projections for 2024, 2025, and 2026 are estimated at 24 billion, 33.52 billion, and 47.77 billion yuan respectively, with expected growth rates of -42%, +40%, and +42% [3][5]. - Net profit forecasts for the same years are 883 million, 2.07 billion, and 2.99 billion yuan, with growth rates of -44.1%, +134%, and +45% [3][5]. Valuation Metrics - The report provides a price-to-earnings (P/E) ratio forecast of 38, 16, and 11 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation outlook as earnings are expected to recover [3][5].

Group 1 - The company, Hunan Yuneng (301358), is actively negotiating with customers regarding product price increases, with some customers already confirming the price hikes [1] - The industry is expected to maintain a high level of prosperity in the fourth quarter of 2024, benefiting from supportive policies such as trade-in programs, leading to strong production and sales for the company's products [1]

Group 1: Pricing and Supply - The company is actively negotiating with clients regarding product price increases, with some clients already confirming price hikes [2] - The self-supply ratio of iron phosphate has been achieved, providing both cost and quality advantages for the company's lithium iron phosphate products [2] Group 2: Sales Performance - In Q4 2024, the company benefited from supportive policies like trade-in programs, maintaining a high industry demand, with specific sales data to be disclosed in future reports [2] - New product series sales reached approximately 94,000 tons in the first three quarters of 2024, accounting for about 19.76% of total product sales, indicating strong market demand [3] Group 3: Client Development and Financial Matters - The company is maintaining existing core clients while steadily expanding its client base to explore market potential and diversify its customer structure [3] - The company has recognized stock incentive expenses in Q3 2024 according to relevant accounting standards [3] Group 4: Capital Raising - The company is working on a private placement of shares, pending approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [3]

Group 1: Production Capacity and Market Strategy - The company aims to align its future production capacity with market demand to maintain competitive advantages [2] - In the first three quarters of 2024, the new product series CN-5 and YN-9 achieved sales of approximately 94,000 tons, accounting for about 19.76% of total product sales [2] - The new products have a stronger pricing advantage compared to ordinary products due to their superior performance [2] Group 2: Project Developments - The company is developing a copper smelting project to leverage synergies between the copper smelting industry and phosphate materials [3] - The company is preparing to establish its first overseas production base in Spain to meet the rising demand for lithium iron phosphate [3] - The company has secured mining licenses for phosphate mines in Guizhou, achieving self-sufficiency in phosphate iron production [3]

根据《中华人民共和国证券法》（以下简称《证券法》）第四十四条第一 款、第二款的规定，上述行为构成短线交易。根据《证券法》第一百七十条第 二款的规定，我局决定对你采取出具警示函的行政监管措施。你应当认真吸取 教训，引以为戒，切实加强本人及亲属对证券法律法规的学习，严格规范交易 行为，杜绝此类违规行为再次发生。 如果对本监督管理措施不服，可以在收到本决定书之日起60日内向中国证 券监督管理委员会提出行政复议申请，也可以在收到本决定书之日起6个月内 向有管辖权的人民法院提起诉讼。复议与诉讼期间，上述监督管理措施不停止 执行。 湖南证监局 2024年12月24日 索 引 号 bm56000001/2024-00016355 分 类 发布机构 发文日期 1735145916000 名 称 关于对彭建规采取出具警示函措施的决定 文 号 主 题 词 关于对彭建规采取出具警示函措施的决定 彭建规： 经查，你担任湖南裕能新能源电池材料股份有限公司（以下简称湖南裕 能）监事期间，你父亲彭宏亮于2024年10月22日至2024年10月23日通过其证券 账户买卖湖南裕能股票，存在买入后六个月内卖出的情形。其中，累计买入 13900股 ...

深 圳 证 券 交 易 所 你作为湖南裕能新能源电池材料股份有限公司（以下简 称"公司"）监事，你的父亲彭宏亮于 2024 年 10 月 22 日合 计买入公司股票 1.39 万股，累计金额 54.64 万元；于 10 月 23 日卖出公司股票 1.39 万股，卖出金额 59.60 万元。上述 买入和卖出行为间隔不足六个月，构成《证券法》第四十四 条规定的短线交易。 你作为公司监事，未能督促亲属合规交易公司股票，违 反了本所《创业板股票上市规则（2024 年修订）》第 1.4 条、 第 2.3.1 条和《上市公司自律监管指引第 2 号——创业板上 市公司规范运作（2023 年 12 月修订）》第 3.3.39 条的规定。 请你充分重视上述问题，吸取教训，及时整改，杜绝上述问 题的再次发生。 我部提醒你：上市公司董事、监事、高级管理人员必须 按照国家法律、法规和本所《创业板股票上市规则》《上市 1 公司自律监管指引第 2 号——创业板上市公司规范运作》等 相关规定，诚实守信，合规交易上市公司股票并及时履行信 息披露义务。 关于对彭建规的监管函 创业板监管函〔2024〕第 192 号 彭建规： 特此函告。 深圳证 ...

湖南裕能新能源电池材料股份有限公司 向特定对象发行股票方案论证分析报告（修订稿） 湖南裕能新能源电池材料股份有限公司（以下简称"公司"）是深圳证券交 易所创业板上市的公司。为满足公司业务发展的资金需求，增强公司资本实力， 提升盈利能力，根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华 人民共和国证券法》（以下简称"《证券法》"）《上市公司证券发行注册管理办法》 （以下简称"《注册管理办法》"）等有关法律、法规和规范性文件的规定，公司 拟向特定对象发行股票，募集资金将用于产能建设类项目和补充流动资金。 在加快推进实现"双碳"目标的背景下，交通运输行业作为碳减排的重要领 域，向新能源转型的趋势已经确立，新能源汽车行业正面临着前所未有的发展机 遇；随着传统能源向清洁能源转型成为全球共识，风光等清洁能源渗透率快速提 升，但新能源发电相较于传统能源存在不稳定、不均衡的特点，催生了储能快速 增长的需求。国家出台了一系列产业政策，大力鼓励和支持新能源汽车和储能行 业发展，新能源汽车和储能行业正迎来广阔发展空间。2020 年以来，中国新能源 汽车渗透率加速提升，根据工信部数据，我国新能源汽车渗透率由 2020 年 ...