Investment Rating - The report assigns a "Hold" rating to the company, indicating a forecasted stock performance that is expected to be in line with the market index [9]. Core Insights - Hunan YN's 2023 annual report and 2024 Q1 report show slightly better-than-expected performance despite a decline in revenue and net profit due to intensified industry competition and significant fluctuations in upstream material prices [5][6]. - The company achieved a revenue of 41.36 billion yuan in 2023, a year-on-year decrease of 3.35%, and a net profit attributable to shareholders of 1.58 billion yuan, down 47.44% year-on-year [5][6]. - In Q1 2024, the company reported a revenue of 4.52 billion yuan, a year-on-year decline of 65.69%, with a net profit of 159 million yuan, down 43.56% year-on-year [5][6]. - Despite the overall industry downturn, Hunan YN maintained a certain level of net profit, showcasing its competitive strength [5]. Financial Performance - The company produced 504,400 tons of lithium iron phosphate in 2023, a year-on-year increase of 49.6%, with sales reaching 506,800 tons, up 56.49% year-on-year [5]. - The sales volume for Q1 2024 was 136,000 tons, reflecting a year-on-year growth of 32.63%, with a capacity utilization rate exceeding 98% [5]. - The projected revenue for 2024-2026 is estimated at 24.95 billion yuan, 31.70 billion yuan, and 38.28 billion yuan, respectively, with corresponding net profits of 1.07 billion yuan, 2.02 billion yuan, and 2.77 billion yuan [6][7]. Strategic Developments - The company is enhancing its integrated and global layout, having recently obtained a mining license for phosphate rock, which will support its upstream resource integration [5]. - Hunan YN plans to invest in Spain to build a 50,000-ton lithium battery cathode material facility, aligning with global renewable energy trends [5].

证券代码：301358 证券简称：湖南裕能 公告编号：2024-031 湖南裕能新能源电池材料股份有限公司 监事会关于 2024 年限制性股票激励计划 首次授予激励对象名单的公示情况说明及核查意见 本公司及监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。 截至公示期满，监事会及董事会工作部均未收到任何异议。 2、公司监事会对拟激励对象的核查方式 公司监事会核查了本次拟激励对象的名单、人员身份证件信息、与公司（含 子公司，下同）签订的劳动合同或聘用协议、拟激励对象在公司担任的职务等内 容。 二、监事会核查意见 根据《管理办法》《自律监管指南 1 号》《公司章程》《激励计划（草案）》 的有关规定，针对本次拟激励对象名单及职务的公示情况，结合监事会的审核结 果，监事会发表审核意见如下： 湖南裕能新能源电池材料股份有限公司（以下简称"公司"）于 2024 年 4 月 18 日召开第二届董事会第三次会议和第二届监事会第三次会议审议通过了《关 于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》等相关议案， 于 2024 年 4 月 30 日召开第二届董事会第五次会议和 ...

华福证券 电池化学品 2024年05月04日 公 司 湖南裕能（ ） 301358.SZ 买入（维持评级） 研 究 盈利能力逆势回升，一体化布局进一步完善 当前价格： 35.02元 目标价格： 52.17元 投资要点： 基本数据  单吨盈利触底回升，大幅领先行业水平 总股本/流通股本(百万股) 757.25/383.43 流通A股市值(百万元) 13,427.83 24Q1实现收入45.2亿元（同-66%，环-36%），实现归母净利 每股净资产(元) 15.12 资产负债率(%) 56.10 润1.59亿元（同-44%，环+308%），毛利率修复到8%（环+4.18pct）， 一年内最高/最低价(元) 50.74/22.28 净利率修复到4%（环+2.96pct）。24Q1公司磷酸铁锂销量13.6万 一年内股价相对走势 吨，同比+33%。单吨归母净利润（按一体化算）达到0.12万元/吨， 公 环比提升0.09万元/吨。在行业加工费普降的情况下，实现盈利能 司 力逆势回升（根据鑫椤锂电统计，参考原料和成品市场报价计算的 财 报 Q1行业平均磷酸铁锂净利润1-3月分别为-0.18、-0.17、-0.32万元/ ...

Investment Rating - The investment rating for Hunan YN is "Buy" and is maintained [5]. Core Views - The company reported a total revenue of 41.358 billion yuan in 2023, a year-on-year decrease of 3.35%, and a net profit attributable to shareholders of 1.581 billion yuan, down 47.44% year-on-year [6][7]. - Despite the decline in profit, the company achieved a significant increase in iron lithium cathode shipments, reaching 506,800 tons, a year-on-year growth of 56.49%, maintaining a market share of over 30% for four consecutive years [7]. - The company is actively expanding its vertical supply chain and has made progress in acquiring mining rights for phosphate resources, which is expected to enhance its competitive position [7]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 41.358 billion yuan, with a gross profit of 3.162 billion yuan, resulting in a gross margin of 8% [12]. - The net profit for the fourth quarter was 39 million yuan, with a non-recurring net profit of 24 million yuan [6][7]. - The company’s earnings per share (EPS) for 2023 was 2.18 yuan, with projections of 1.24 yuan for 2024 [12]. Market Position and Strategy - The company’s iron lithium products are increasingly used in energy storage applications, accounting for approximately 28% of total shipments [7]. - The customer base is diversifying, with the top two customers now accounting for 40.98% and 37.84% of sales, indicating a reduction in concentration risk [7]. - The company is focusing on the development of new products, including manganese iron lithium and long-cycle iron lithium products, which have shown significant progress [7]. Future Outlook - The overall profitability in the iron lithium industry is currently low, but there is potential for recovery as demand increases and capacity expansion slows down [7]. - The company is expected to maintain a steady growth trajectory in shipments due to its existing capacity and strong customer relationships [7]. - The strategic acquisition of phosphate mining rights is anticipated to provide a competitive edge and enhance profitability in the long term [7].

2024年04月30日 公司研究●证券研究报告 湖南裕能（ ） 公司快报 301358.SZ 基础化工 | 锂电化学品Ⅲ 磷酸铁锂正极龙头企业，全面推进一体化布局 投资评级 增持-A(维持) 股价(2024-04-29) 34.99元 投资要点 交易数据 总市值（百万元） 26,496.28 事件：公司发布2023年度财报和2024年一季报，2023年实现营业总收入413.58 流通市值（百万元） 13,416.33 亿元，同比-3.35%，归属于上市公司股东的净利润15.81亿元，同比-47.44%； 总股本（百万股） 757.25 公司拟向全体股东每10股派发现金股利4.18元（含税）。2024Q1实现营业总收 流通股本（百万股） 383.43 入45.20亿元、同比-65.69%、环比-35.70%，归属于上市公司股东的净利润1.59 12个月价格区间 48.20/24.35 亿元、同比-43.56%、环比+307.75%。 一年股价表现 出货量连续四年蝉联全国第一，产能持续扩张。公司磷酸铁锂产品具有高能量密度、 长循环寿命、低温性能优异等特性，同时产品质量稳定可靠，具有高稳定性。2023 年，公司 ...

湖南裕能（301358.SZ）2024年一季报点评 龙头地位稳固，一体化持续推进 2024年04月27日 ➢ 事件。2024年4月26日公司发布2024年一季度报告，营业收入为45.20 推荐 维持评级 亿元，同比下降65.69%；归母净利润为1.59亿元，同比下降43.56%；扣非后 当前价格： 32.21元 净利润为1.52亿元，同比下降43.13%。单一季度经营性现金流净额-0.97亿元， 同比+91.57%。 ➢ 接近满产，盈利或触底企稳。季度出货量方面，磷酸铁锂销量达13.6万吨， [Table_Author] 较上年同期增加32.63%，其中储能部分销量占比约21%，有效满足客户差异化 需求。公司积极研制新产品，CN-5系列、YN-9系列销售0.84万吨，性能受到 下游客户的高度认可，虽然售价较高但是销量却逐渐增大，充分印证公司技术迭 代能力及市场洞察力。从单3 月份看，公司磷酸铁锂销量达5.94 万吨，产能利 用率超98%。北京车展彰显国内电车强大产品力，五一黄金周来临预计将进一步 带动电车及中游锂电材料销量提升，公司排产有望继续保持高位，从而有效摊薄 成本，增强定价端弹性，产生良性循环，巩固长 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [2][5]. Core Views - The company's performance is under short-term pressure, with 2023 revenue at 41.358 billion yuan, a year-on-year decrease of 3.35%. Operating profit fell to 1.876 billion yuan, down 47.79% year-on-year, and net profit was 1.581 billion yuan, a decline of 47.44% [2][5]. - Despite the short-term challenges, the company is expected to maintain a high growth rate in LFP (Lithium Iron Phosphate) shipments, driven by the increasing demand for power batteries and energy storage batteries in China [3][5]. - The company has established long-term stable partnerships with major clients such as CATL and BYD, which contributes to its competitive position in the market [3][5]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 41.358 billion yuan, a decrease of 3.35% year-on-year. The operating profit was 1.876 billion yuan, down 47.79%, and net profit was 1.581 billion yuan, a decline of 47.44% [2][6]. - The gross profit margin for 2023 was 7.65%, a decrease of 4.83 percentage points year-on-year, with a significant drop in the fourth quarter to 3.33% [4][5]. Market Dynamics - The demand for LFP materials is expected to remain strong due to the growth in China's new energy vehicle sales, which reached 9.4481 million units in 2023, a year-on-year increase of 37.48% [2][3]. - The company’s LFP shipments in 2023 were 506,800 tons, a year-on-year increase of 56.49%, significantly outpacing industry growth [3][5]. Strategic Initiatives - The company plans to raise up to 6.5 billion yuan through a non-public stock issuance to fund several projects, including the production of LFP materials [4][5]. - A stock incentive plan has been announced, aiming to boost employee confidence and align their interests with the company's long-term growth objectives [4][5]. Future Outlook - The company is projected to face continued pressure in 2024, with expected earnings per share of 1.52 yuan and 2.92 yuan for 2024 and 2025, respectively [5][6]. - The report anticipates that the company will maintain a competitive position in the LFP market, with a market share exceeding 30% and a production capacity utilization rate of 89.77% as of the end of 2023 [3][5].

证券研究报告·公司点评报告·电池 湖南裕能（301358） 2024 年一季报点评：Q1 业绩略超预期，一体 2024年 04月 26日 化布局持续推进 证券分析师 曾朵红 买入（维持） 执业证书：S0600516080001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zengdh@dwzq.com.cn 证券分析师 阮巧燕 营业总收入（百万元） 42,790 41,358 26,395 36,810 46,034 执业证书：S0600517120002 同比（%） 505.44 (3.35) (36.18) 39.46 25.06 021-60199793 归母净利润（百万元） 3,007 1,581 1,026 2,534 3,415 ruanqy@dwzq.com.cn 同比（%） 153.96 (47.44) (35.08) 146.89 34.80 证券分析师 刘晓恬 EPS-最新摊薄（元/股） 3.97 2.09 1.36 3.35 4.51 执业证书：S0600523070005 P/E（现价&最新摊薄 ...

Revenue and Profit - The company's revenue for Q1 2024 was ¥4,520,109,354.29, a decrease of 65.69% compared to ¥13,175,600,429.77 in the same period last year[4] - Net profit attributable to shareholders was ¥158,663,275.86, down 43.56% from ¥281,135,250.41 year-on-year[4] - The company reported a net profit margin of approximately 3.5% for Q1 2024, compared to a significantly higher margin in the previous year[17] - The net profit for Q1 2024 was CNY 158,709,532.25, a decrease of 43.5% compared to CNY 281,123,736.64 in the same period last year[18] - Operating profit for Q1 2024 was CNY 194,210,143.32, down 42.7% from CNY 339,682,306.66 year-over-year[18] - The total comprehensive income for Q1 2024 was CNY 163,397,361.30, compared to CNY 281,123,736.64 in the previous year, reflecting a significant decline[19] Operating Costs and Cash Flow - The company experienced a 66.50% reduction in operating costs, amounting to ¥4,180,679,184.82, compared to ¥12,480,740,125.63 in the previous year[8] - The net cash flow from operating activities improved significantly, with a net outflow of ¥97,027,159.32, a 91.57% reduction from the previous year's outflow of ¥1,151,321,359.93[8] - The company reported a cash flow from operating activities of CNY -97,027,159.32, an improvement from CNY -1,151,321,359.93 in the previous year[20] Assets and Liabilities - Total assets at the end of Q1 2024 were ¥26,149,463,244.95, a decrease of 2.41% from ¥26,794,644,913.16 at the end of the previous year[4] - Total liabilities decreased to CNY 14,670,079,618.04 from CNY 15,478,861,790.09, a reduction of about 5.2%[16] - Long-term borrowings increased to CNY 3,532,852,902.75 from CNY 2,600,779,056.89, reflecting a rise of about 35.7%[16] Shareholder Information - The total number of common shareholders at the end of the reporting period is 38,777, with the largest shareholder, Xiangtan Electric Chemical Group Co., holding 10.11% of shares[9] - The top ten shareholders collectively hold significant stakes, with the second-largest shareholder, Shanghai Jinseng New Materials Technology Co., owning 7.93%[9] - The company has a total of 250,858,406 shares that became tradable on February 19, 2024, representing 33.13% of the total share capital[13] - As of the end of the reporting period, the total number of restricted shares is 373,819,924, with 250,913,906 shares released from restrictions during the period[12] - The company has 76,566,514 shares held by Xiangtan Electric Chemical Group, which are subject to a lock-up period until February 9, 2026[11] - The largest shareholder's pledged shares amount to 43,283,250, indicating a significant level of leverage[9] - The company has a diverse shareholder base, with significant stakes held by both state-owned and private entities[9] Investment and Financing Activities - The net cash flow from investment activities was -389,498,943.75 CNY, a decrease from -574,430,459.43 CNY in the previous year[21] - Total cash inflow from financing activities was 1,726,453,180.65 CNY, compared to 6,069,773,877.12 CNY in the same period last year[21] - The net cash flow from financing activities was 781,775,117.73 CNY, down from 4,676,551,601.05 CNY year-over-year[21] - The company incurred 908,361,350.00 CNY in cash payments for debt repayment, compared to 1,298,000,000.00 CNY last year[21] Other Financial Metrics - The company reported a significant increase in prepayments, totaling ¥517,312,250.60, up 503.97% from ¥85,652,344.64, primarily due to increased prepayments for lithium carbonate[7] - Research and development expenses decreased to CNY 38,427,923.83 from CNY 49,360,290.87, a reduction of 22.1%[18] - Financial expenses were reduced to CNY 40,028,618.74 from CNY 64,376,969.86, a decrease of 37.9%[18] - The tax expense for Q1 2024 was CNY 35,838,987.06, down from CNY 57,449,334.13, a decrease of 37.5%[18] Accounting and Reporting - The company has not yet adopted the new accounting standards as of the first quarter of 2024[22] - The first quarter report was not audited, indicating preliminary financial results[22]

湖南裕能新能源电池材料股份有限公司 关于子公司取得采矿许可证的公告 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"）全资子公司贵 州裕能新能源电池材料有限公司下属控股子公司贵州裕能矿业有限公司（以下简 称"贵州裕能矿业"）2023 年竞得贵州省福泉市打石场磷矿探矿权和贵州省福 泉市道坪镇黄家坡磷矿探矿权（以下简称"黄家坡磷矿探矿权"）。详细内容参 见公司于 2023 年 11 月 29 日刊登在巨潮资讯网上的《关于子公司签署探矿权出 让合同的公告》（公告编号：2023-072）。 证券代码：301358 证券简称：湖南裕能 公告编号：2024-022 已经获得贵州省自然资源厅评审备案。截止 2024 年 2 月 16 日，黄家坡磷矿探矿 权范围（估算标高+928.53m～+769.52m）获得总资源量为 2622.48 万吨，其中开 采消耗量 119.32 万吨，保有资源量 2503.16 万吨。保有资源量中探明资源量 1090.32 万吨，控制资源量 222.09 万吨，推断资源量 1190.75 万吨。 ...