Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price compared to the benchmark index of over 20% [6][11]. Core Views - The company achieved a revenue of 22.599 billion yuan in 2024, a year-on-year decrease of 45.36%, and a net profit attributable to shareholders of 0.594 billion yuan, down 62.45% year-on-year. The decline in revenue is attributed to falling prices of upstream raw materials like lithium carbonate, which affected the prices of cathodes [4][6]. - The company leads the industry in single-ton net profit, with an estimated net profit of approximately 0.08 million yuan per ton in 2024, indicating strong profitability despite industry pressures [4]. - The company’s sales volume of lithium iron phosphate cathodes reached 710,600 tons in 2024, a year-on-year increase of 40%, maintaining the top market share for five consecutive years [4][5]. - The company is actively pursuing a global strategy, with its first overseas production base in Spain, planning a capacity of 50,000 tons of lithium battery cathode materials [5]. Financial Performance and Forecast - The company is projected to achieve revenues of 32.373 billion yuan, 39.205 billion yuan, and 44.640 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 43.25%, 21.10%, and 13.86% [6][8]. - The net profit attributable to shareholders is expected to reach 1.849 billion yuan, 2.415 billion yuan, and 2.950 billion yuan for the same years, with significant growth rates of 211.49%, 30.63%, and 22.15% [6][8]. - The company’s earnings per share (EPS) is forecasted to increase from 0.78 yuan in 2024 to 3.90 yuan by 2027 [8].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power equipment and new energy sector, including CATL, Keda, and others [5]. Core Insights - BYD launched the Super e-platform, featuring a new fast-charging battery that reduces internal resistance by 50%, achieving a maximum charging power of 1000kW and a charging speed of 2 km per second [2][12]. - The new platform also includes the world's first mass-produced 30,000 RPM motor, enhancing power density and performance [2][16]. - In the first two months of 2025, solar power installations reached 39.47GW, a year-on-year increase of 7.5% [3][32]. - The inverter exports in January-February 2025 totaled 7.669 billion yuan, a year-on-year increase of 6.24% [3][33]. - The total investment in power grid projects in January-February 2025 was 43.6 billion yuan, a year-on-year increase of 33.5% [4]. Summary by Sections New Energy Vehicles - BYD's Super e-platform features a fast-charging battery and a high-speed motor, significantly improving charging efficiency and vehicle performance [11][19]. - The platform's charging capability allows for a range of 400 km with just 5 minutes of charging [11][19]. New Energy Generation - The solar power sector saw a total of 39.47GW of new installations in the first two months of 2025, with a year-on-year growth of 7.5% [3][32]. - Inverter exports showed steady growth, with a total of 7.669 billion yuan in exports during the same period [3][33]. Power Equipment and Automation - The investment in power grid projects reached 43.6 billion yuan in January-February 2025, marking a 33.5% increase compared to the previous year [4]. - The overall electricity consumption in February 2025 was 743.4 billion kWh, reflecting an 8.6% year-on-year growth [4]. Market Performance - The electric power equipment and new energy sector experienced a decline of 1.72% in the week of March 17-21, 2025, underperforming compared to the Shanghai Composite Index [1].

公司研究丨点评报告丨湖南裕能（301358.SZ） [Table_Title] 减值充分计提，静待谈价落地后的盈利回升 报告要点 [Table_Summary] 湖南裕能发布 2024 年年报，实现营业收入 226.0 亿元，同比下降 45.36%，归母净利润 5.9 亿 元，同比下降 62.45%，扣非归母净利润 5.7 亿元，同比下降 62.44%。单看四季度，实现营收 67.19 亿元，同比下降 4.41%，环比提升 31.82%，归母净利润 1.03 亿元，同比增长 164.58%， 环比微增，扣非净利润 0.94 亿元，同比增长 286.38%，环比微降。 分析师及联系人 邬博华 曹海花 叶之楠 请阅读最后评级说明和重要声明 %% %% %% %% 丨证券研究报告丨 [Table_Title2] 减值充分计提，静待谈价落地后的盈利回升 [Table_Summary2] 事件描述 湖南裕能发布 2024 年年报，实现营业收入 226.0 亿元，同比下降 45.36%，归母净利润 5.9 亿 元，同比下降 62.45%，扣非归母净利润 5.7 亿元，同比下降 62.44%。单看四季度，实现营收 67.1 ...

Summary of Conference Call Notes Industry Overview - **Industry**: Battery and Electric Vehicle (EV) sector in China - **Key Players**: CATL, BYD, Gotion, EVE, CALB, REPT, Hunan Yuneng Core Insights and Arguments 1. **Production Cuts**: CATL has reduced its LFP battery production plan by 12% in March compared to the original plan, leading to order cuts from several LFP cathode suppliers, with reductions in production ranging from 10% to 30% [5][5][5] 2. **Battery Production Growth**: Despite the production cuts, there was a nearly 80% year-on-year increase in battery production in Q1 2025, raising questions about whether this reflects genuine demand or inventory stockpiling [5][5][5] 3. **EV Demand**: The domestic EV market in China grew by 35% year-on-year, while Europe saw a 20% increase in the same period. Chinese NEV wholesales, including exports, increased by over 50% [5][5][5] 4. **ESS Demand**: Demand for Energy Storage Systems (ESS) remains strong, with shipments in Q1 2025 estimated to have increased by over 120% year-on-year, despite recent policy changes in China [5][5][5] 5. **Inventory Concerns**: CATL's inventory days increased to 2.2 months at the end of 2024 from 1.8 months at the end of 2023. Management indicated that 60-70% of inventories are "goods in transit" due to high overseas demand [5][5][5] 6. **Hunan Yuneng Performance**: Hunan Yuneng, a top pick among battery materials suppliers, reported improved gross profit and operating profit per ton in Q4 2024 and plans to increase prices for both ordinary and premium products [5][5][5] 7. **Production Outlook**: The production outlook for March 2025 indicates a mixed performance among major battery manufacturers, with BYD showing a 51% year-on-year increase while CATL's growth was only 12% [15][15][15] Additional Important Information 1. **Market Share Gains**: Chinese EV makers and battery producers are gaining market share, contributing to the overall growth in the sector [5][5][5] 2. **Policy Impact**: Recent policy changes in China, including the removal of mandatory ESS attachment, have not significantly dampened demand, as evidenced by the rush purchases in the domestic market ahead of these changes [5][5][5] 3. **Price Hikes**: Hunan Yuneng's strategy to increase prices aligns with the anticipated growth in premium product contributions, particularly with CATL's increased production of superfast charging batteries [5][5][5] This summary encapsulates the key points from the conference call, highlighting the dynamics within the battery and EV industry, production trends, and market outlook.

Group 1: Financial Performance - In 2023, the company reported a revenue of 41.358 billion, with accounts receivable totaling 4.578 billion, leading to a total of 9.254 billion in receivables [2] - For 2024, the projected revenue is expected to decline by 45.36%, with accounts receivable anticipated to increase to 5.359 billion [2] - The company experienced a significant increase in accounts receivable despite a drop in revenue due to high sales volume in Q4 2024 [2] Group 2: Pricing and Cost Structure - The company’s pricing model is influenced by fluctuations in raw material costs, particularly lithium carbonate, with the price per ton of positive electrode material dropping from 81,100 in 2023 to 31,260 in 2024 [3] - The production of one ton of lithium iron phosphate requires approximately 0.25 tons of lithium carbonate and 2.5 tons of ferrous sulfate [4] - The company has adjusted processing fees in response to market demand, indicating a dynamic pricing strategy [3] Group 3: Research and Development - The YN-13 series, a fourth-generation high-density lithium iron phosphate product, has achieved mass production and meets high-end energy storage needs [3] - The fifth-generation lithium iron phosphate product is in the laboratory development stage and is expected to enhance performance metrics [3] - The company is actively pursuing the development of lithium-rich manganese-based solid-state batteries [4] Group 4: Capital Management and Market Strategy - The company is currently conducting a private placement to support future business development, with an emphasis on strategic investor involvement [4] - There is a focus on improving shareholder returns while managing market perceptions and stock price fluctuations [4] - The company is exploring partnerships with international clients, including LG and Samsung, to expand its market reach [6] Group 5: Production Capacity and Supply Chain - The company is advancing its phosphate chemical project but has not yet achieved large-scale production [4] - The construction of the Guizhou phosphate mine is underway, with expectations for production to commence in the second half of 2025 [5] - The company is committed to maintaining flexibility in production to meet market demands, particularly in the lithium iron phosphate sector [7]

01 在国内新能源车以旧换新政策托底以及海外储能抢装需求逐步释放下，2025年一季度产业链排 产淡季不淡、补库意愿较强，各环节头部厂商稼动率维持高位。 从目前1-2月份来看，电池、铁锂正极、负极、电解液、隔膜等产品排产同比增长幅度较大。 同时，多家龙头企业都在2月份扩建了产能。 电池环节主要企业包括 宁德时代 、 欣旺达 、赣锋锂电等企业相继披露扩产计划，产业链采购 订单频频披露。在此背景下，作为市场最为关注的主材之一，磷酸铁锂迎来价格上涨。 淡季不淡 磷酸铁锂采购需求饱满 数据统计，1-2月，我国动力和其他电池累计销量为170.4GWh，累计同比增长80.3%。 在装车方面，1-2月，磷酸铁锂电池累计装车量58.6GWh，占总装车量79.6%，累计同比增长 199.9%。 以宁德时代为例， 自2024年四季度以来，宁德时代产能利用率攀升至90%，处于满产状态。 2025年初以来，排产持续高位运行。 下游龙头企业排产提速为上游供应商不断带来大额订单。事实上，自去年下半年至今，磷酸铁 锂行业频频出现大单。 富临精工在2024年8月获宁德时代长单，将在2025年至2027年期间至少向宁德时代供货14万吨/ 年。为 ...

Core Viewpoint - Hunan YN Energy announced a record high sales volume for phosphate-based cathode materials in 2024, with products for energy storage applications accounting for approximately 41% of total sales [1] Company Summary - In the second half of 2024, the new product series CN-5, YN-9, and YN-13 are expected to achieve combined sales of approximately 111,300 tons, representing about 27% of total sales for that period [1] - The company anticipates a significant increase in product sales compared to the same period last year, with first-quarter shipments expected to exceed 200,000 tons [1] Industry Summary - The industry continues to maintain a high level of prosperity, contributing to the substantial growth in the company's product sales compared to the previous year [1]

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.