Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 58.3 CNY based on a PE of 23x for 2025 [3][5]. Core Insights - The company holds a leading market share of 27% in lithium iron phosphate (LFP) in 2023, maintaining profitability amidst significant losses in the industry [1][16]. - The company benefits from strong cost control and operational efficiency, with a focus on high-density products that cater to the growing demand for fast-charging and energy storage solutions [2][17]. - The company has established deep partnerships with major clients like CATL and BYD, enhancing customer loyalty and sales stability [2][17]. Summary by Sections 1. Introduction - The lithium iron phosphate industry is expected to see improved profitability due to rising operating rates and demand recovery, with the company positioned to benefit from these trends [16]. 2. Lithium Iron Phosphate Market - The production capacity of lithium iron phosphate in China has significantly increased, with a CAGR of 84% from 2018 to 2023, leading to a potential recovery in profitability as supply-demand dynamics improve [19]. 3. Company Overview - The company has achieved a market share of 27% in lithium iron phosphate, leveraging its integrated supply chain and cost advantages [31][47]. - The company has implemented a strategy of self-supply for key raw materials, enhancing its cost structure and operational efficiency [1][47]. 4. Product Development - The company focuses on high-density lithium iron phosphate products, which are essential for both electric vehicle and energy storage applications, with plans to expand production capacity in Spain [2][17]. 5. Client Relationships - The company has secured long-term supply agreements with leading battery manufacturers, ensuring a stable revenue stream and increased market presence [2][17]. 6. Financial Forecast and Valuation - Revenue projections for 2024-2026 are 28.48 billion, 38.38 billion, and 47.95 billion CNY, with corresponding net profits of 850 million, 1.92 billion, and 2.72 billion CNY, reflecting a recovery trajectory [3][4].

Investment Rating - The investment rating for Hunan YN is "Buy" and is maintained [5]. Core Views - The report highlights that Hunan YN's revenue for the first three quarters of 2024 was 15.879 billion yuan, a year-on-year decrease of 53.74%. The net profit attributable to the parent company was 491 million yuan, down 68.18% year-on-year. The third quarter revenue was 5.098 billion yuan, a year-on-year decline of 54.28% and a quarter-on-quarter decline of 18.59% [6][7]. - The report emphasizes the impact of lithium carbonate price declines on profitability, but maintains a positive outlook on the company's integrated operations and product iterations, which are expected to provide profit elasticity [8]. Summary by Sections Financial Performance - In Q3 2024, the company experienced a slight decline in the shipment of iron-lithium cathode materials, primarily due to the delivery schedule of downstream customers. The estimated net profit per ton in Q3 saw a significant decline compared to Q2, mainly due to inventory impairment [7]. - The Q3 expense ratio was 4.35%, with R&D expenses accounting for 1.49%, showing an increase compared to previous periods. The company recognized asset impairments of 6 million yuan and credit impairments of 2 million yuan, with an ending inventory balance of 2.526 billion yuan, reflecting a 300 million yuan increase [7]. Future Outlook - The report projects that Q3 performance was mainly pressured by lithium carbonate impairments, with limited downward price space for lithium carbonate. The company is nearing full production capacity in Q4, and a new base in Yunnan is expected to start ramping up production by the end of October, supporting an increase in the proportion of new iron-lithium products next year [8]. - The company is expected to demonstrate strong profitability resilience amid overall industry price declines, with potential for price recovery on low-price orders. The proportion of new products is anticipated to continue increasing in 2025, supported by the integration layout and product iterations, which are expected to enhance unit profitability elasticity [8].

Group 1: Production and Sales Outlook - The company expects strong growth in both the energy storage and power battery sectors, benefiting from supportive policies such as trade-in programs, with full production and sales achieved [1] - For 2025, the company plans to adjust production capacity based on market conditions, aiming to synchronize with industry growth and meet the demand for high-end and differentiated products [1] Group 2: Pricing and Market Dynamics - New products offer superior performance, leading to a stronger pricing advantage compared to standard products [2] - The company anticipates volatility in lithium carbonate prices due to a supply-demand imbalance, with plans to maintain normal inventory levels to ensure smooth operations [2] Group 3: International Expansion - The company is steadily advancing the preparatory work for its project in Spain, capitalizing on the growing recognition of lithium iron phosphate batteries in overseas markets [2]

证券时报e公司讯，湖南裕能近日在接待机构调研中表示，随着行业进入"金九银十"的传统旺季，叠加 以旧换新及地方补贴等支持性政策的有力促进，新能源汽车渗透率、储能电池装机规模都保持了较好增 长，目前行业高景气度仍在延续，公司产品产销两旺。 ...

证券代码：301358 证券简称：湖南裕能 湖南裕能新能源电池材料股份有限公司 投资者关系活动记录表 编号：2024-039 | --- | --- | --- | |-----------------------|----------------------------------------------------------|-----------------------------------------------------------------------------------| | 投资者关系活 动类别 | □ 特定对象调研 □ □ 媒体采访 □ □ 新闻发布会 □ 现场参观 | 分析师会议 业绩说明会 路演活动 | | | □ ☑ 其他（电话会议） | | | | 参与单位名称中银基金、东吴证券 | | | 时间 | 2024 年 11 月 11 日 | | | 地点 | 电话会议 | | | 上市公司接待 人员姓名 | 董事、常务副总兼董事会秘书 证券事务代表 何美萱 | 汪咏梅 | | | 1 | 、请问公司目前销售情况如何？ 回复：随着行业进入"金九银十"的传统旺季，叠加以旧换新 ...

证券代码：301358 证券简称：湖南裕能 湖南裕能新能源电池材料股份有限公司 投资者关系活动记录表 编号：2024-040 | --- | --- | --- | |---------------------|---------------------------------------------------------------|------------------------------------------------------------| | 投资者关系活 动类别 | □ 特定对象调研 □ □ 媒体采访 □ □ 新闻发布会 □ □ 现场参观 | 分析师会议 业绩说明会 路演活动 | | | ☑ 其他（电话会议） 参与单位名称国寿资管、长盛基金 | | | 时间 | 2024 年 11 月 11 日 | | | 地点 | 电话会议 | | | 上市公司接待 | 董事、常务副总兼董事会秘书 | 汪咏梅 | | 人员姓名 | 证券事务代表 何美萱 | | | | 1 | 、请问公司第三季度客供碳酸锂比例是多少？ | | | | 回复：公司主要根据实际生产需要和市场情况来调整碳酸锂的 | | | ...

Investment Rating - The report assigns a "Buy" rating for Hunan YN Energy (301358.SZ) [1]. Core Views - Hunan YN Energy is a leading player in the lithium iron phosphate (LFP) market, with significant growth potential due to its integrated layout aimed at cost reduction [1][4]. - The company has experienced rapid revenue growth from 2018 to 2022, driven by strong demand in the new energy vehicle and energy storage markets [3][17]. - The report forecasts a continued increase in global demand for LFP, with expected demand volumes of 2.21 million tons and 3.07 million tons in 2024 and 2025, respectively, reflecting year-on-year growth rates of 41% and 39% [3][26]. Summary by Sections Company Overview - Hunan YN Energy is a leading domestic supplier of lithium iron phosphate materials, with a focus on new energy vehicles and energy storage applications. The company has five production bases across China and has ranked first in LFP shipments for four consecutive years from 2019 to 2023 [13][17]. Revenue and Profit Structure - From 2018 to 2022, the company's revenue surged from 160 million to 42.79 billion yuan, while net profit increased from 10 million to 3.01 billion yuan. The primary driver of this growth has been the robust demand for LFP products in the new energy vehicle and energy storage sectors [17][18]. Market Dynamics - The LFP market is expected to maintain rapid growth, with Hunan YN Energy holding a 32% market share in 2023, making it the global leader in LFP production. Competitors such as Deyang Nano and Hubei Wanrun follow with market shares of 14% and 10%, respectively [23][24]. Production Capacity and Utilization - The company has maintained a high capacity utilization rate of around 90% from 2019 to 2023, with significant orders supporting its production expansion. The LFP output increased from 13,000 tons in 2019 to 504,000 tons in 2023, reflecting a compound annual growth rate of 149.5% [3][5]. Upstream Integration - Hunan YN Energy is actively integrating upstream by acquiring resources such as iron phosphate and phosphate mines, which is expected to lower production costs and enhance competitiveness in the LFP market [4][5]. Financial Projections - The report projects revenues of 22.31 billion, 27.29 billion, and 32.91 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 805 million, 2.24 billion, and 3.01 billion yuan [1][5].

证券代码：301358 证券简称：湖南裕能 湖南裕能新能源电池材料股份有限公司 投资者关系活动记录表 编号：2024-038 | --- | --- | --- | |------------------------------|---------------------------------------------------------------|----------------------------------------------------------------------------------------------------| | 投资者关系活 动类别 | □ 特定对象调研 □ □ 媒体采访 □ □ 新闻发布会 □ □ 现场参观 | 分析师会议 业绩说明会 路演活动 | | | ☑ 其他（电话会议） | | | | 参与单位名称泰康香港、东吴证券 | | | 时间 | 2024 年 11 月 8 日 | | | 地点 上市公司接待 人员姓名 | 电话会议 证券事务代表 何美萱 | | | | 1 | 、请问公司第三季度产能利用率是多少？预计四季度新产品 | | | 销量占比会进一步 ...

Investment Rating - The investment rating for Hunan YN is maintained as "Buy" [1] Core Views - The company is expected to gradually improve profitability as new products ramp up [1] - In Q3 2024, the company reported revenue of 5.098 billion yuan, a year-on-year decrease of 54.28% and a quarter-on-quarter decrease of 18.59% [1] - The net profit attributable to the parent company was 101 million yuan, down 66.56% year-on-year and 56.01% quarter-on-quarter [1] - The sales volume of phosphate materials reached 476,100 tons, an increase of 29.57% year-on-year, with energy storage products accounting for approximately 39.6% of sales [1] - The company has seen an improvement in gross margin, which was 7.27% in Q3 2024, up 1.03 percentage points year-on-year, despite a decrease in revenue leading to an increase in expense ratios [1] Financial Performance Summary - For 2023, the company reported revenue of 41.358 billion yuan, with a year-on-year decrease of 3.3% [2] - The projected revenue for 2024 is 26.110 billion yuan, reflecting a significant year-on-year decrease of 36.9% [2] - The net profit attributable to the parent company for 2023 was 1.581 billion yuan, with a year-on-year decrease of 47.4% [2] - The gross margin is expected to improve to 7.8% in 2024 and further to 10.0% in 2025 [2] - The company’s return on equity (ROE) is projected to be 7.7% in 2024 and improve to 16.8% by 2026 [2] Product and Market Strategy - The company is focusing on product innovation and differentiation, launching high-end new products such as the CN-5 and YN-9 series, which achieved rapid market penetration with sales of approximately 94,000 tons in the first three quarters of 2024 [1] - The integrated strategy of "resource precursor cathode materials - recycling" is being strengthened to enhance control over key segments of the industry chain, leading to a strong comprehensive cost advantage [1] - The company has obtained mining licenses for phosphate mines in Guizhou and is progressing with a lithium battery cathode material project in Spain with an annual production capacity of 50,000 tons [1]

证券代码：301358 证券简称：湖南裕能 湖南裕能新能源电池材料股份有限公司 投资者关系活动记录表 编号：2024-037 | --- | --- | --- | |----------------------|----------------------------------------------|--------------------------------------------------------------------------------------------------| | 投资者关系活 动类别 | ☑ 特定对象调研 □ 媒体采访 □ □ 新闻发布会 □ | □ 分析师会议 业绩说明会 路演活动 | | | □ 现场参观 □ 其他（请文字说明其他活动内容） | | | 参与单位名称中信保诚 | | | | 时间 | 2024 年 11 月 7 日 | | | 地点 | 公司会议室 | | | 上市公司接待 | 董事会工作部部长 | 龙悠怡 | | 人员姓名 | 证券事务代表 何美萱 | | | | 1 回复：今年 1-9 | 、公司前三季度销售情况如何？当前产能利用率高吗？ 月 ...