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]

锂电行业各细分市场陆续公布2024年成绩单。磷酸铁锂领域，湖南裕能作为全球领先的龙头企业，率先 公布业绩。 3月15日，湖南裕能正式发布2024年年度报告，全年实现 营业收入225.99亿元，同比下降45.36%；净 利润5.94亿元，同比下降62.45%；扣非净利润5.70亿元，同比下降62.44%。 | | 2024 年 | 2023 年 | 本年比上年 | 2022 年 | | --- | --- | --- | --- | --- | | | | | 增减 | | | 营业收入(元) | 22, 598, 527, 203. 79 | 41.357.670. 979.28 | -45. 36% | 42.790.361.250.00 | | 归属于上市公司股东的净利润(元) | 593, 552, 116. 99 | 1.580.629.275.19 | -62. 45% | 3.007. 205. 835. 14 | | 归属于上市公司股东的扣除非经常性 损益的净利润(元) | 570. 299. 929. 65 | 1. 518. 360. 333. 91 | -62. 44% | 3.032.6 ...

湖南裕能新能源电池材料股份有限公司 关于独立董事独立性情况的专项意见 根据《上市公司独立董事管理办法》《深圳证券交易所创业板股票上市规则》 《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，湖南裕能新能源电池材料股份有限公司（以下简称"公司"）董事 会就公司在任独立董事钟超凡、夏云峰、戴静的独立性情况进行评估并出具如下 专项意见： 经核查公司独立董事的任职经历以及签署的相关自查文件，上述人员未在公 司担任除独立董事以外的任何职务，也未在公司主要股东公司担任任何职务，与 公司以及主要股东之间不存在利害关系或其他可能妨碍其进行独立客观判断的 关系。因此，公司独立董事符合《上市公司独立董事管理办法》《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》中对独立董事独 立性的相关要求，不存在影响独立性的情形。 董事会 二〇二五年三月十四日 1 湖南裕能新能源电池材料股份有限公司 ...

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 ...