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.

湖南裕能（301358.SZ）2024 年年报点评 业绩稳健向好，出海叠加一体化提高竞争力 2025 年 03 月 16 日 ➢ 事件。2025 年 3 月 14 日公司发布 2024 年年报，公司实现营业收入 225.99 亿元，同比-45.36%；归母净利润为 5.94 亿元，同比-62.45%；扣非后净利润为 5.70 亿元，同比-62.44%。从单 Q4 看，公司实现营业收入 67.19 亿元，同比- 4.41%；归母净利润为 1.03 亿元，同比+164.58%。 ➢ 销量快速增长，吨净利有望向好。出货量方面，2024 年公司磷酸盐正极材 料销量达 71.06 万吨，同比+40.20%，市场占有率连续五年稳居行业第一。产能 方面，公司结合客户需求稳健推进产能建设，截至 2024 年底，公司磷酸盐正极 材料设计产能约 85 万吨。公司高度重视技术迭代，全年新产品 CN-5 系列、YN- 9 系列和 YN-13 系列实现销售 15.93 万吨，在公司产品销量占比中达到约 22%， 得到客户积极认可。盈利方面，据我们测算，2024 年公司铁锂单吨归母净利为 836 元/吨。展望未来，碳酸锂价格趋稳，行业供 ...

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 ...

证券研究报告·公司点评报告·电池 湖南裕能（301358） 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 2 ...

证券研究报告·公司点评报告·电池 湖南裕能（301358） 2024 年年报点评： Q4 业绩符合预期，25Q1 起涨价落地拐点将至 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 ...

证券代码：301358 证券简称：湖南裕能 公告编号：2025-016 湖南裕能新能源电池材料股份有限公司 关于 2025 年度开展商品期货套期保值业务的公告 1 一、投资情况概述 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。 重要内容提示： 1、交易目的：为有效降低原材料价格波动对湖南裕能新能源电池材料股份 有限公司（以下简称"公司"）经营造成的潜在风险，公司及子公司拟根据生产 经营计划择机开展商品期货套期保值业务。 2、交易品种：公司及子公司拟开展的商品期货套期保值业务的期货品种仅 限于与公司生产经营业务有直接关系的锂盐期货品种。 3、交易工具：交易工具包括但不限于期货、期权、远期等衍生品合约。 4、交易场所：交易场所只限于境内合法运营的期货交易所。 5、交易金额：根据公司经营及业务需求情况，公司及子公司 2025 年度拟开 展商品套期保值业务的保证金及权利金上限（包括为交易而提供的担保物价值、 预计占用的金融机构授信额度、为应急措施所预留的保证金等）不超过人民币 10 亿元，且任一交易日持有的最高合约价值不超过人民币 15 亿元。该额度在审 批期限内可 ...