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：2025-003 | | □媒体采访 ☑业绩说明会 | □特定对象调研 | □分析师会议 | | | --- | --- | --- | --- | --- | | 投资者关系活 | | | | | | 动类别 | □新闻发布会 □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 | 与会投资者约 293 人。 | | | | | 时间 | 年 月 日 2025 3 17 | | | | | 地点 | 电话会议 | | | | | 上市公司接待 | 董事、常务副总经理兼董事会秘书 汪咏梅 | | | | | 人员姓名 | 财务总监 王洁 | | | | | | 证券事务代表 何美萱 | | | | | | 一、公司经营情况介绍 | | | | | | 2024 年，磷酸盐正极材料市场需求快速增长，碳酸锂价格震荡 | | | | | | 下行，前三季度行业竞争仍然激烈，但四季度行业爆发式增长，至 | | | | | | 今行业有效产能供需处于 ...

Summary of Hunan YN Energy Conference Call Industry Overview - The Chinese new energy vehicle (NEV) production and sales for 2024 are projected to reach 12.888 million and 12.866 million units, respectively, representing year-on-year growth of 34.4% and 35.5% [3] - The demand for lithium iron phosphate (LFP) batteries is strong, with LFP accounting for nearly 74% of the total cathode material shipments in China [4][7] Company Performance - The company achieved total sales of over 710,000 tons in 2024, with Q4 sales reaching 230,000 tons. The first quarter of 2025 is expected to exceed 200,000 tons, with energy storage products making up about 41% of sales [4][12] - New products, including the CN5, YN9, and One 13 series, sold 159,300 tons in 2024, accounting for approximately 22% of total sales [4][8] - The company plans to increase the proportion of new products in sales to 30%-40% in 2025 [12] Strategic Initiatives - The company is actively exploring various acid production processes and optimizing the precursor process for lithium iron phosphate, as well as developing lithium carbonate processing and battery recycling technologies [4][9] - The company has obtained mining licenses for phosphate mines and is working on copper smelting projects to enhance raw material control and resource utilization efficiency [4][9] Pricing Strategy - The company is determined to implement price increases due to industry-wide losses and rising raw material costs. Negotiations with clients are nearing completion, with price increases expected to be finalized by the end of March [4][13] - The overall impact of price increases on profitability remains uncertain, but the company aims to mitigate losses and ensure normal operations [13][14] Market Dynamics - The new energy storage sector is accelerating, with a reported growth of over 130% in installed capacity by the end of 2024 compared to 2023 [5] - The international market for LFP batteries is expanding, with major automakers adopting LFP technology [6] Customer Relationships - The company continues to deepen collaborations with strategic clients like CATL and BYD while expanding its customer base [10][18] - The customer concentration has decreased as the company scales, with energy storage product sales growing rapidly [17] Future Outlook - The company’s total production capacity is projected to reach 850,000 tons by 2025, with 30%-40% allocated for high-pressure new products [4][15][25] - The company is closely monitoring market conditions to decide on potential capacity expansions [29] Financial Health - The company reported an accounts receivable balance of 5.665 billion yuan at the end of 2024, a 17.32% increase year-on-year, reflecting strong sales performance [16] - The company has made provisions for credit losses and inventory depreciation based on market demand [16] Innovation and R&D - The company is focused on continuous innovation, with significant advancements in the CN5, YN9, and One 13 series products, which have received positive feedback from customers [8][20] - The company is also developing fifth-generation lithium iron phosphate products, with expected results in 2025 [20] Cost Management - The company is implementing detailed management strategies across procurement, production, quality, and equipment management to drive cost reductions and efficiency improvements [11][38] - The integration of phosphate mining is expected to provide cost savings, with internal estimates suggesting a significant reduction in raw material costs compared to purchasing [39] This summary encapsulates the key points from the conference call, highlighting the company's performance, strategic initiatives, market dynamics, and future outlook.

Core Viewpoint - Hunan Yuno's 2024 annual report indicates significant declines in revenue and profit, primarily due to falling lithium carbonate prices and increased competition, despite a growing demand in the electric vehicle and energy storage markets [1][2]. Financial Performance - Hunan Yuno achieved a revenue of 22.599 billion yuan in 2024, a year-on-year decrease of 45.36% - Net profit was 594 million yuan, down 62.45% year-on-year - Deducted non-recurring net profit was 570 million yuan, also down 62.44% year-on-year [1]. Product and Market Analysis - The main revenue source for Hunan Yuno is phosphate-based cathode materials, generating 22.215 billion yuan, accounting for 98.30% of total revenue - The company reported a shipment volume of 710,600 tons of phosphate cathode materials in 2024, representing a year-on-year increase of 40.20% - Hunan Yuno has maintained the highest market share in the industry for five consecutive years since 2020 [1]. Regional Sales Distribution - Hunan Yuno's sales are primarily concentrated in domestic markets, particularly in East China, South China, Southwest China, and Central China [1]. Production Capacity and Expansion - As of the end of 2024, Hunan Yuno has a designed production capacity of approximately 850,000 tons for phosphate cathode materials - The company plans to establish its first overseas production base in Spain, with a total investment of 982 million yuan, aimed at producing 50,000 tons of lithium iron phosphate cathode materials annually [2].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [4][6]. Core Insights - The company reported a revenue of 22.599 billion yuan in 2024, a decrease of 45.36% year-on-year, with a net profit attributable to shareholders of 594 million yuan, down 62.45% year-on-year [1]. - In Q4 2024, the company achieved a revenue of 6.719 billion yuan, a slight decline of 4.41% year-on-year, but a significant increase in net profit of 1.03 billion yuan, up 164.58% year-on-year [1]. - The sales volume of phosphate-based cathode materials reached 710,600 tons in 2024, an increase of 40.20% year-on-year, maintaining the highest market share in the industry for five consecutive years [2]. - The company is expanding internationally with new entities in Singapore and Spain, and is progressing on a project in Spain to produce 50,000 tons of cathode materials annually [3]. - The company has received a mining license for the Huangjiapo phosphate mine, which has a production capacity of 2.5 million tons per year, enhancing its integrated operations and cost stability [3]. - A cash dividend of 1.57 yuan per 10 shares is proposed for 2024, totaling approximately 118.89 million yuan [3]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 30.014 billion yuan, 37.080 billion yuan, and 42.641 billion yuan, reflecting year-on-year growth rates of 32.8%, 23.5%, and 15.0% respectively [4][5]. - Net profit attributable to shareholders is expected to reach 1.916 billion yuan, 2.676 billion yuan, and 3.052 billion yuan for the same years, with growth rates of 222.7%, 39.7%, and 14.1% respectively [4][5]. - The projected earnings per share for 2025, 2026, and 2027 are 2.53 yuan, 3.53 yuan, and 4.03 yuan [5][10].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [4][6]. Core Views - The company achieved a revenue of 22.599 billion yuan in 2024, a year-on-year decrease of 45.36%, with a net profit attributable to shareholders of 594 million yuan, down 62.45% [1]. - In Q4 2024, the company reported a revenue of 6.719 billion yuan, a slight decline of 4.41% year-on-year, but a significant increase in net profit of 1.03 billion yuan, up 164.58% [1]. - The company’s phosphate-based cathode material sales reached 710,600 tons in 2024, a 40.20% increase year-on-year, maintaining the industry’s leading market share for five consecutive years [2]. - The company is expanding internationally with new entities in Singapore and Spain, and is constructing a 50,000-ton annual cathode material project in Spain [3]. - The company plans to distribute a cash dividend of 1.57 yuan per 10 shares, totaling approximately 118.89 million yuan [3]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 30.014 billion yuan, 37.080 billion yuan, and 42.641 billion yuan, representing year-on-year growth rates of 32.8%, 23.5%, and 15.0% respectively [4][5]. - The net profit attributable to shareholders is expected to rise to 1.916 billion yuan in 2025, 2.676 billion yuan in 2026, and 3.052 billion yuan in 2027, with growth rates of 222.7%, 39.7%, and 14.1% respectively [4][5]. - The projected earnings per share for 2025, 2026, and 2027 are 2.53 yuan, 3.53 yuan, and 4.03 yuan [5][10].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [4][6]. Core Views - The company achieved a revenue of 22.599 billion yuan in 2024, a year-on-year decrease of 45.36%, with a net profit attributable to shareholders of 594 million yuan, down 62.45% [1]. - In Q4 2024, the company reported a revenue of 6.719 billion yuan, a slight decline of 4.41% year-on-year, but a significant increase in net profit of 1.03 billion yuan, up 164.58% [1]. - The company’s phosphate-based cathode material sales reached 710,600 tons in 2024, a year-on-year increase of 40.20%, maintaining the industry’s leading market share for five consecutive years [2]. - The company is expanding internationally with new entities in Singapore and Spain, and is progressing on a project in Spain to produce 50,000 tons of cathode materials annually [3]. - The company plans to distribute a cash dividend of 1.57 yuan per 10 shares, totaling approximately 118.89 million yuan [3]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 30.014 billion yuan, 37.080 billion yuan, and 42.641 billion yuan, reflecting year-on-year growth rates of 32.8%, 23.5%, and 15.0% respectively [4][5]. - The net profit attributable to shareholders is expected to reach 1.916 billion yuan, 2.676 billion yuan, and 3.052 billion yuan for the same years, with growth rates of 222.7%, 39.7%, and 14.1% respectively [4][5]. - The projected earnings per share for 2025, 2026, and 2027 are 2.53 yuan, 3.53 yuan, and 4.03 yuan [5][10].

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） | 41358 | 22599 | 33978 | 43475 | 54317 | | 同比（%） | (3.35) | (45.36) | 50.35 | 27.95 | 24.94 | | 归母净利润（百万元） | 1,580.63 | 593.55 | 2,285.49 | 3,233.66 | 4,049.34 | | 同比（%） | (47.44) | (62.45) | 285.05 | 41.49 | 25.22 | | EPS-最新摊薄（元/股） | 2.09 | 0.78 | 3.02 | 4.27 | 5.35 | | P/E（现价&最新摊薄） | 19.23 | 51.21 | 13.30 | 9.40 | 7.51 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·电池 湖南裕能（301358） 2 ...

Investment Rating - The report maintains a "Buy" rating for Hunan Youneng [1] Core Views - Q4 performance met market expectations with 2024 revenue projected at 22.6 billion, down 45% year-on-year, and net profit at 593.55 million, down 62% year-on-year [8] - The company is expected to see a turning point in price increases starting Q1 2025, with anticipated shipment growth of 30-40% in 2025 [8] - The report forecasts a significant increase in high-end product shipments, expected to reach 50% of total shipments by 2025 [8] Financial Performance Summary - 2023 total revenue was 41.36 billion, with a projected decline to 22.6 billion in 2024, followed by growth to 33.98 billion in 2025 [1] - Net profit is expected to recover significantly from 593.55 million in 2024 to 2.29 billion in 2025, reflecting a year-on-year growth of 285.05% [1] - The report anticipates an increase in gross margin from 7.85% in 2024 to 12.11% in 2025 [9] Shipment and Pricing Insights - The company is projected to ship 711,000 tons of lithium iron phosphate in 2024, a 40% increase year-on-year, with Q4 shipments expected to reach 235,000 tons [8] - The average selling price for lithium iron phosphate is projected at 35,000 per ton in 2024, with expected profitability improvements in Q1 2025 due to price increases from major clients [8] Cost Management and Cash Flow - The report indicates effective cost control with a 32% reduction in per-ton expenses in 2024 [8] - Operating cash flow turned negative in 2024, with a net cash flow of -1.04 billion, indicating challenges in cash generation [9] Valuation and Price Target - The report adjusts net profit forecasts for 2025-2027 to 2.3 billion, 3.2 billion, and 4.0 billion respectively, with a target price of 60.4 per share based on a 20x PE ratio for 2025 [8]

Investment Rating - The report maintains a "Buy" rating for Hunan YN Energy [1] Core Views - Q4 performance met market expectations with a revenue of 6.72 billion yuan, a 4% decrease quarter-on-quarter but a 32% increase year-on-year. The net profit attributable to the parent company was 100 million yuan, reflecting a 165% increase quarter-on-quarter [8] - The company is expected to see a significant increase in shipments in 2025, with a forecast of 900,000 to 1,000,000 tons, maintaining a growth rate of 30-40% year-on-year [8] - The report anticipates an increase in profitability due to price hikes from major customers starting in Q1 2025, with expected profit per ton rising to 1,000-2,000 yuan [8] Financial Forecasts - For 2024, total revenue is projected at 22.6 billion yuan, a 45.36% decrease year-on-year, with a net profit of 593.55 million yuan, down 62.45% year-on-year [1][9] - The earnings per share (EPS) for 2024 is estimated at 0.78 yuan, with a price-to-earnings (P/E) ratio of 51.21 [1][9] - By 2025, the net profit is expected to rebound to 2.29 billion yuan, with an EPS of 3.02 yuan and a P/E ratio of 13.30 [1][9] Market Data - The closing price is 40.14 yuan, with a market capitalization of 30.4 billion yuan [5] - The company has a price-to-book (P/B) ratio of 2.65 and a debt-to-asset ratio of 58.14% [6][5] Operational Insights - The company’s operational cash flow turned negative in 2024, with a net cash flow of -1.04 billion yuan [9] - Inventory levels increased significantly, with a year-on-year rise of 111% [8]