Investment Rating - Investment rating: Positive (maintained) [2] Core Views - The European electric vehicle market shows a significant recovery trend in 2025, with April sales of 211,000 units, a year-on-year increase of 30.7% and a penetration rate of 26.3%, up by 6.4 percentage points [6][15] - The EU Parliament approved amendments to carbon emission assessments, delaying the tightening of targets but maintaining the overall trend towards stricter regulations [44][45] Summary by Sections 1. Electric Vehicle Sales in Europe - In April 2025, Germany's BEV sales reached 46,000 units, up 53.5% year-on-year, with a penetration rate of 18.8% [16] - In the UK, BEV sales were 25,000 units, up 8.1% year-on-year, with a penetration rate of 20.4% [22] - France's BEV sales were 26,000 units, up 2.3% year-on-year, with a penetration rate of 18.4% [27] - Sweden's BEV sales reached 9,000 units, up 25.8% year-on-year, with a penetration rate of 35.2% [30] - Norway's BEV penetration rate hit 97%, with sales of 11,000 units, up 8.9% year-on-year [34] - Italy's BEV sales were 7,000 units, up 105.2% year-on-year, with a penetration rate of 4.8% [36] - Spain's BEV sales reached 7,000 units, up 77.9% year-on-year, with a penetration rate of 6.9% [40] 2. Policy Developments - The German coalition agreement includes multiple measures to promote electric vehicle development, such as increasing tax incentives and supporting charging infrastructure [17][18] - The UK government adjusted ZEV sales targets to provide more flexibility and reduced penalties for non-compliance, while maintaining the 2030 ban on petrol and diesel cars [23] 3. Investment Recommendations - Recommended stocks in lithium batteries include CATL, Yiwei Lithium Energy, and Xinwangda, with beneficiaries including Zhongxin Innovation and Guoxuan High-Tech [45] - For lithium materials, recommended stocks include Hunan Youneng and Huayou Cobalt, with beneficiaries like Fulin Precision and Wanrun New Energy [45][46] - Beneficiaries in lithium battery structural components include Keda Li and Minglida [46]

Core Viewpoint - The company has announced its 2024 annual profit distribution plan, which includes a cash dividend of 1.57 RMB per 10 shares, totaling approximately 118.89 million RMB to be distributed to shareholders [1][4]. Group 1: Profit Distribution Plan - The profit distribution plan was approved at the 2024 annual shareholders' meeting, with a total share capital of 757,253,070 shares as the basis for the distribution [1][4]. - The cash dividend will be distributed as 1.57 RMB per 10 shares (before tax), with specific tax implications for different types of shareholders [4][1]. - The company will not issue bonus shares or convert capital reserves into share capital for this fiscal year [1][4]. Group 2: Dividend Payment Details - The record date for the dividend distribution is set for May 20, 2025, and the ex-dividend date is May 21, 2025 [4][5]. - Cash dividends will be directly credited to shareholders' accounts through their securities companies on the ex-dividend date [7][4]. - The company will bear all legal responsibilities if there are any discrepancies in the dividend distribution due to changes in shareholders' accounts during the application period [7]. Group 3: Adjustments and Consultations - The company will adjust the grant price of restricted stock options in accordance with the profit distribution plan [6]. - For inquiries regarding the distribution, shareholders can contact the company's board office [7].

Investment Rating - Investment rating for the power equipment industry is "Positive" (maintained) [2] Core Insights - The European electric vehicle market shows a significant recovery trend in 2025, with April sales reaching 211,000 units, a year-on-year increase of 30.7% [7][16] - The penetration rate of new energy vehicles in Europe reached 26.3%, up by 6.4 percentage points year-on-year [16] - The German electric vehicle market is recovering significantly, with BEV sales in April 2025 increasing by 53.5% year-on-year [17] - The EU Parliament has passed a carbon emission assessment amendment, delaying the tightening of carbon emission targets but maintaining the overall trend [47] Summary by Sections 1. European New Energy Vehicle Sales - In April 2025, sales of new energy vehicles in nine European countries reached 211,000 units, a year-on-year increase of 30.7% [7][16] - Germany's BEV sales reached 46,000 units in April, up 53.5% year-on-year, while PHEV sales increased by 60.7% [17] - The UK saw BEV sales of 25,000 units in April, a year-on-year increase of 8.1%, despite an overall decline in traditional vehicle sales [24] - France's BEV sales were 26,000 units in April, up 2.3% year-on-year, with expectations for stronger sales post-September due to the return of the social leasing plan [29] - Norway's BEV penetration rate reached 97% in April, moving closer to the 100% target [37] - Italy's BEV sales increased by 105.2% year-on-year in April, attributed to a low base effect [39] - Spain's BEV sales rose by 77.9% year-on-year in April, supported by extended subsidies and tax reductions [43] 2. EU Carbon Emission Assessment Amendment - The EU Parliament voted to change the carbon emission assessment from a 2025 target to an average over 2025-2027, delaying the timeline but not altering the overall trend [47] 3. Investment Recommendations - Recommended investments in lithium batteries include Ningde Times, Yiwei Lithium Energy, and Xinneng Technology [48] - For lithium materials, recommended companies include Hunan Youneng and Zhongwei Co., with beneficiaries like Fulin Precision and Wanrun New Energy [48] - Beneficiaries in lithium battery structural components include Keda Li and Minglida [48] - Recommended companies for power/electric drive systems are Weimaisi and Fute Technology [48] - Beneficiaries in automotive safety components include Zhongrong Electric and Zhejiang Rongtai [48]

Group 1 - The company announced a cash dividend of 118,888,731.99 yuan (including tax) following the approval of the profit distribution plan by the shareholders' meeting [1] - The 2024 annual profit distribution plan involves a cash distribution of 1.57 yuan per 10 shares (including tax) based on the current total share capital of 757,253,070 shares [1][2] - The dividend will be distributed to all shareholders registered by the close of trading on May 20, 2025, with the ex-dividend date set for May 21, 2025 [2] Group 2 - The company will not issue bonus shares or convert capital reserves into share capital for this fiscal year [1] - The distribution method will involve direct transfer to shareholders' accounts through their securities companies on May 21, 2025 [2] - Adjustments to the grant price of restricted stock will be made in accordance with the company's incentive plan due to this profit distribution [2]

证券代码：301358 证券简称：湖南裕能 公告编号：2025-029 湖南裕能新能源电池材料股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 湖南裕能新能源电池材料股份有限公司（以下简称"公司"或"本公司"） 2024 年年度权益分派方案已获 2025 年 4 月 18 日召开的 2024 年度股东大会审议 通过，现将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案的情况 1、公司 2024 年度股东大会审议通过的利润分配方案为：以公司现有总股本 757,253,070 股为基数，向全体股东每 10 股派发现金 1.57 元（含税），共计派发 现金红利 118,888,731.99 元（含税）。本次利润分配预案实施后，公司剩余未分 配利润结转至以后年度，本年度不送红股，不以资本公积转增股本。若在本次利 润分配预案披露之日起至实施权益分派股权登记日期间公司总股本发生变动的， 公司则以未来实施分配预案时股权登记日的总股本为基数，按照现金分红分配比 例不变的原则对现金分红总额进行相应调整。 本公司 2024 年 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a Q1 2025 revenue of 6.76 billion yuan, representing a year-on-year increase of 49.6% and a quarter-on-quarter increase of 0.6%. However, the net profit attributable to the parent company was 90 million yuan, a year-on-year decrease of 40.6% and a quarter-on-quarter decrease of 8.4% [2][4]. - The company achieved a shipment of approximately 223,000 tons of lithium iron phosphate materials, a year-on-year increase of 63.68%. The sales in the energy storage sector accounted for about 38%, and new product sales were approximately 82,000 tons, accounting for about 37% [8]. - The company is expected to maintain a rapid year-on-year growth rate throughout the year, with anticipated improvements in profitability due to price adjustments and structural changes in product offerings [8]. Summary by Sections Financial Performance - Q1 2025 revenue was 6.76 billion yuan, up 49.6% year-on-year and 0.6% quarter-on-quarter. The net profit attributable to the parent company was 90 million yuan, down 40.6% year-on-year and 8.4% quarter-on-quarter. The non-recurring net profit was 80 million yuan, down 44.1% year-on-year and 10.0% quarter-on-quarter [2][4]. - The estimated single-ton profit for Q1 2025 faced pressure due to rising costs of iron and phosphorus sources, as well as the decline in lithium carbonate prices [8]. Market Outlook - The company is expected to see continued growth in production and sales, with a projected net profit of approximately 1.5 billion yuan for 2025. The anticipated price increases from "processing fees + discount coefficient adjustments" are expected to further enhance profitability in Q2 [8]. - The company's integrated layout and new product iterations are expected to provide high elasticity in product unit profitability [8].

华安证券（600909）股份有限公司张志邦近期对湖南裕能（301358）进行研究并发布了研究报告《Q4业 绩筑底，涨价落地驱动盈利拐点显现》，给予湖南裕能买入评级。 湖南裕能 主要观点： 事件：公司发布2024年年报及一季报，碳酸锂价格下跌导致业绩承压2024年营收226亿元，同比-45.4%， 主因碳酸锂价格下跌传导至正极材料售价下降加之产能未出清。归母净利润5.94亿元，同比-62.45%，扣 非净利润5.70亿元，同比-62.44%。经营性净现金流-10.4亿元，主要系存货备货增加。Q4营收67.2亿元环 比+32%，归母净利1.03亿元。2025年Q1实现营业收入67.62亿元，同比+49.6%，主要得益于磷酸盐正极材 料销量增长63.68%至22.26万吨。归母净利润同比下滑40.56%至0.94亿元，主因营业成本增长52.82%至 63.89亿元，部分原材料价格上涨叠加销售规模扩大导致成本压力加剧。 磷酸铁锂出货量稳步增加，高端系列进展迅速 最新盈利预测明细如下： | 报告日期 | 机构简称 | 研究员 | 沂三年业绩 | 研报数 覆盖时长 | | 2025预测 | 2026预测 | 2027预测 ...

Investment Rating - The investment rating for Hunan YN is "Buy" (maintained) [1] Core Views - The company reported a significant decline in revenue for 2024, with a total revenue of 22.6 billion yuan, down 45.4% year-on-year, primarily due to the drop in lithium carbonate prices affecting the pricing of cathode materials [4] - The net profit attributable to the parent company for 2024 was 594 million yuan, a decrease of 62.45% year-on-year, with a non-recurring net profit of 570 million yuan, also down 62.44% [4] - In Q1 2025, the company achieved a revenue of 6.76 billion yuan, an increase of 49.6% year-on-year, driven by a 63.68% increase in phosphate cathode material sales [4] - The company maintained its leading market share in lithium iron phosphate, with a total sales volume of 711,000 tons in 2024, up 40.2% year-on-year [5] - The company is advancing its capacity construction and cost reduction initiatives, with projects in Guizhou and Spain, and is exploring markets in Southeast Asia and North America [6] Financial Summary - The projected revenues for 2025, 2026, and 2027 are 31.9 billion yuan, 39.65 billion yuan, and 45.22 billion yuan, respectively, with year-on-year growth rates of 41.2%, 24.3%, and 14.0% [8] - The net profit attributable to the parent company is expected to rise to 1.69 billion yuan in 2025, 2.27 billion yuan in 2026, and 2.59 billion yuan in 2027, reflecting year-on-year growth rates of 184.7%, 34.2%, and 14.2% [8] - The company's P/E ratios for 2025, 2026, and 2027 are projected to be 13.42x, 10.01x, and 8.76x, respectively [7][8]

Investment Rating - The investment rating for Hunan YN is maintained as "Buy" [1] Core Views - The company reported a significant decline in revenue for 2024, with a total revenue of 22.6 billion yuan, down 45.4% year-on-year, primarily due to the drop in lithium carbonate prices affecting the pricing of cathode materials [4] - The net profit attributable to the parent company for 2024 was 594 million yuan, a decrease of 62.45% year-on-year, with a negative operating cash flow of 1.04 billion yuan due to increased inventory [4] - In Q1 2025, the company achieved a revenue of 6.76 billion yuan, up 49.6% year-on-year, driven by a 63.68% increase in phosphate cathode material sales [4] - The company has seen a steady increase in lithium iron phosphate sales, with a total of 711,000 tons sold in 2024, marking a 40.2% year-on-year increase, maintaining the industry's leading market share [5] - The company is advancing its capacity construction to reduce costs and enhance efficiency, with projects in Guizhou and Spain underway, and is exploring markets in Southeast Asia and North America [6] - The company’s technology and scale advantages are expected to drive future profitability, with projected net profits of 1.69 billion yuan, 2.27 billion yuan, and 2.59 billion yuan for 2025, 2026, and 2027 respectively [7] Financial Summary - For 2024, the company reported a revenue of 22.6 billion yuan and a net profit of 594 million yuan, with a gross margin of 7.8% [8] - The projected revenues for 2025, 2026, and 2027 are 31.9 billion yuan, 39.65 billion yuan, and 45.22 billion yuan respectively, with corresponding net profits of 1.69 billion yuan, 2.27 billion yuan, and 2.59 billion yuan [8] - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 13.42x, 10.01x, and 8.76x respectively, indicating a favorable valuation trend [8]

Core Viewpoint - The announcement details the public disclosure and verification of the list of incentive recipients for the 2024 restricted stock incentive plan by Hunan YN Energy Battery Materials Co., Ltd, ensuring compliance with relevant regulations and confirming that no objections were raised during the public notice period [1][2][3] Disclosure and Verification - The company published the list of proposed incentive recipients and their positions on April 29, 2025, on the designated information disclosure website and internally through its OA system, allowing for feedback from stakeholders [1][2] - The verification process included checking the identity documents, employment contracts, and positions held by the proposed incentive recipients [2] Supervisory Board's Verification Opinion - The supervisory board confirmed that all proposed incentive recipients meet the qualifications set forth in relevant laws, regulations, and the company's articles of association, ensuring their eligibility for the incentive plan [2][3] - Specific disqualifications were outlined, including being deemed inappropriate by the stock exchange or regulatory bodies within the last 12 months, or having legal restrictions on serving as company directors or senior management [2]