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]

Group 1: Sales Performance - The sales volume of phosphate cathode materials reached 476,100 tons in the first three quarters of 2024, representing a year-on-year increase of 29.57% [1] - The company maintains a good production and sales momentum, with capacity utilization remaining at a favorable level during the peak season [1] Group 2: New Product Development - The company launched a series of new products, including the CN-5 series aimed at energy storage applications, which features long cycle life and excellent low-temperature performance [1] - The YN-9 series targets power battery applications, improving packing density while ensuring material capacity and rate performance [1] - Sales of the CN-5 and YN-9 series reached approximately 9,400 tons in the first three quarters of 2024, injecting strong momentum into the company's market competitiveness [1] Group 3: Market Trends and Strategic Decisions - The company views the factors influencing lithium carbonate prices as complex, involving market supply and demand, futures, and sentiment [2] - The decision to establish overseas factories is driven by the growing recognition of lithium iron phosphate batteries in international markets, with a project in Spain aiming for an annual production capacity of 50,000 tons of lithium battery cathode materials [2] - The company plans to leverage its domestic manufacturing advantages and management experience for the successful construction of overseas projects [2]

Group 1: Sales and Product Performance - The new product series CN-5 and YN-9 achieved record sales in Q3, with total sales reaching approximately 9.4 thousand tons, accounting for about 19.76% of total product sales [1] - The company maintains a competitive pricing advantage compared to regular products due to continuous innovation and superior performance [1] Group 2: Inventory and Market Strategy - The company's inventory strategy aims to ensure normal production and operations, with significant changes anticipated in Q4 [1] - The market competition is intensifying, leading to a potential risk of elimination for manufacturers with outdated technology and high costs, while industry concentration is expected to increase [1] Group 3: Resource and Capacity Development - The company is extending its industrial chain by securing upstream phosphate resources, having obtained mining licenses for key phosphate sites [2] - Current orders are robust, and future production capacity will be adjusted based on market demand, with new production lines utilizing advanced equipment and technology [2] Group 4: Financing and Regulatory Considerations - The company is awaiting the right timing for refinancing, considering the latest regulatory policies and market conditions, with specific updates to be announced [2]

Group 1: Integrated Business Layout - The company focuses on a comprehensive layout of "resources - precursors - cathode materials - recycling" to enhance its core competitiveness [1] - The company has obtained mining licenses for the Dashi phosphate mine and Huangjiapo phosphate mine, securing resource supply [1] - The company has achieved self-supply of precursor iron phosphate, ensuring quality [1] - Future plans include strengthening control over key technology and talent reserves for large-scale lithium battery retirement [1] Group 2: Copper Smelting Project Advantages - The company has no copper resources but leverages its ability to utilize by-products from copper smelting to reduce costs and support its main business [2] Group 3: Maintaining Core Technological Competitiveness - The company implements long-term, flexible incentive mechanisms and competitive salary systems to retain its core technology team [2] - Increased R&D efforts are focused on customer needs to enhance innovation capabilities [2] - The company has adopted various technical confidentiality measures to prevent technology leakage [2] Group 4: Overseas Business Expansion - The company is actively preparing for a project in Spain to produce 50,000 tons of lithium battery cathode materials annually, responding to the rising demand in the overseas iron phosphate market [2]

Group 1 - The core viewpoint of the article is that Hunan Yuneng is committed to a differentiated competitive strategy and is continuously promoting product innovation and iteration [1] - The company has launched a series of high-end new products, including the CN-5 and YN-9 series, which achieved rapid market breakthroughs in the first three quarters of this year [1] - The sales volume of these new products reached approximately 94,000 tons, accounting for about 19.76% of the company's total product sales [1] Group 2 - Currently, the new products are experiencing strong production and sales, and future production capacity will be planned reasonably based on market demand [1] - It is expected that the proportion of new products will increase rapidly in the future [1]

Group 1: Product Performance - The new product shipment accounted for approximately 19.76% of total sales, with a volume of about 94,000 tons in the first three quarters of this year [1] - The company plans to enhance the production capacity of new products in response to market demand, expecting a rapid increase in their market share [1] Group 2: Competitive Advantages - The company emphasizes research and development, which strengthens its differentiation and customer loyalty [1] - Strategic capacity layout in resource-rich areas enhances the company's control over key segments of the supply chain, leading to significant cost advantages [1][2] - The company has improved its procurement bargaining power through its production capacity advantages [2] - Enhanced management practices allow for quick market response [2] Group 3: Resource Development - The company has obtained mining licenses for the Huangjiapo and Dashichang phosphate mines in Guizhou, with designed capacities of 1.2 million tons and 2.5 million tons of phosphate rock per year, respectively [2] Group 4: International Expansion - The company is advancing its project in Spain for the production of 50,000 tons of lithium battery cathode materials annually, with strong interest from both domestic and international clients [2]

Investment Rating - The report maintains a "Recommended" rating for Hunan Yuneng (301358.SZ) [1][3] Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue at 15.879 billion yuan, down 53.74% year-on-year, and net profit at 491 million yuan, down 68.18% year-on-year [1] - Despite the decline, the company has seen a 29.57% year-on-year increase in the sales volume of phosphate-based cathode materials, reaching 476,100 tons [1] - The company is focusing on high-end product development, with successful advancements in the CN-5 and YN-9 series, which are expected to meet customer demands effectively [1] - The integration of operations is accelerating, with new mining rights and licenses obtained, which will help stabilize raw material costs and enhance profitability [1] - Future revenue projections for 2024-2026 are 24.7 billion, 32.6 billion, and 40.9 billion yuan, with corresponding net profits of 930 million, 1.99 billion, and 2.84 billion yuan, indicating a recovery trend [1][2] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 5.098 billion yuan, down 54.28% year-on-year, and a net profit of 101 million yuan, down 66.56% year-on-year [1] - The projected revenue growth rates for 2024-2026 are -40.3%, +32.1%, and +25.5% respectively [2] Product Development - The company has successfully launched new products, with the CN-5 series focusing on energy storage and the YN-9 series targeting high energy density applications [1] - The company is the only manufacturer meeting the requirements for a major battery manufacturer’s upcoming production [1] Operational Integration - The company has acquired mining rights in Guizhou province, which will enhance its operational integration and reduce cost volatility [1] - The production scale of the newly acquired mining site is expected to reach 2.5 million tons per year [1] Market Outlook - The report anticipates a stabilization in lithium carbonate prices and an improvement in industry supply-demand dynamics, which could lead to better profitability for the company [1] - The current stock price corresponds to a P/E ratio of 38, 18, and 12 for 2024-2026, reflecting the expected scale effects and product volume growth [1][2]

Investment Rating - The report maintains a "Buy" rating for Hunan YN Energy (301358) [1] Core Views - The company's Q3 performance is in line with expectations, with revenue of 5.1 billion yuan, a year-on-year decrease of 54%, and a net profit of 100 million yuan, down 67% year-on-year [2] - Despite a slight slowdown in Q3 shipment growth, a significant acceleration is expected in Q4, with a projected annual shipment of nearly 700,000 tons, representing a year-on-year increase of over 35% [2][3] - The proportion of new products continues to rise, with high-pressure solid products set to ramp up production, enhancing competitive advantages [3] - The decline in lithium carbonate prices has impacted profit margins, but a recovery is anticipated in Q4, with significant profit elasticity expected in 2025 due to new product launches and rising processing fees [3] Financial Performance and Forecast - For 2024, the company is expected to generate total revenue of 23.5 billion yuan, a year-on-year decrease of 43.07%, and a net profit of 900.93 million yuan, down 43% year-on-year [1][4] - The report projects a recovery in profitability in 2025, with net profit expected to reach 2.2 billion yuan, reflecting a year-on-year increase of 144.32% [1][4] - The estimated P/E ratios for 2024, 2025, and 2026 are 37.18, 15.22, and 9.57 respectively, indicating a potential for valuation improvement [1][4] Market Position and Competitive Advantage - The company is positioned as a leader in the iron-lithium cathode market, benefiting from significant cost advantages and an increasing market share driven by strong domestic and overseas demand [2][3] - The introduction of high-end products is expected to enhance profitability, with projections indicating that high-end products could account for 40% of total sales by 2025 [3]

中信建投证券股份有限公司 关于湖南裕能新能源电池材料股份有限公司 首次公开发行股票募集资金投资项目结项并将节余 募集资金永久补充流动资金的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人"）作为湖 南裕能新能源电池材料股份有限公司（以下简称"湖南裕能"或"公司"）首次公开 发行股票并在创业板上市的保荐人，根据《证券发行上市保荐业务管理办法》《深 圳证券交易所创业板股票上市规则》及《深圳证券交易所上市公司自律监管指引 第 2 号——创业板上市公司规范运作》等相关规定，对湖南裕能首次公开发行股 票募集资金投资项目结项并将节余募集资金永久补充流动资金事项进行了审慎 核查，具体核查情况和核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意湖南裕能新能源电池材料股份有限 公司首次公开发行股票注册的批复》（证监许可〔2022〕2321 号），公司由主承 销商中信建投证券采用包销方式，首次公开发行人民币普通股（A 股）股票 189,313,200 股，发行价格为每股人民币 23.77 元，共计募集资金 449,997.48 万 元，坐扣承销和保荐费用（不含增值税）人民币 17,8 ...