证券代码：301358 证券简称：湖南裕能 编号：2024-042 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 | --- | --- | --- | --- | |---------------------------|-----------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投 ...

公司报告 | 首次覆盖报告 惟其磨砺，始得玉成 裕能 2023 年磷酸铁锂市占率 27%，为全球龙头。裕能凭借出色的成本控制 能力、供应链管理能力，2023 年在同行大幅亏损情况下仍保持盈利。 短期看，头部磷酸铁锂行业开工率较高，利润有望改善。快充趋势下，产 品向高压实密度迭代升级，头部企业具有先发优势。 成本：深度一体化布局+高运营效率，带来成本端超额优势 在原材料一体化方面，裕能自制磷酸铁，甚至向更上游磷酸、磷矿等也进 行工艺优化或跟资源型企业合作。公司磷酸铁已基本实现自供，远期计划 打造"磷矿-磷化工-磷酸铁-磷酸铁锂"一体化布局，进一步巩固成本优势。 在非原材料部分，公司通过工艺改进不断降低能耗，且人工成本、制造费 用改善明显。此外公司选取广西、四川等低电价地区，进一步降低成本。 裕能采取低库存高周转策略，运营效率高。电池级碳酸锂从 23 年初 51 万 /吨下降至年末 9.7 万/吨，低库存可减少减值带来的损失。裕能在 2023 年、 2024Q1-3 多家磷酸铁锂企业出现亏损的情况下仍保持盈利。 产品：高压实密度，从动力电池延伸至储能 公司产品压实密度高，有利于提高能量密度。公司采用的高温固相法工 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨湖南裕能（301358.SZ） [Table_Title] 湖南裕能 2024 年三季报点评：碳酸锂跌价扰动 盈利，看好一体化及产品迭代的盈利弹性 报告要点 [Table_Summary] 公司发布 2024 年三季报，前三季度实现营收 158.79 亿元，同比下降 53.74%；实现归母净利 润 4.91 亿元，同比下降 68.18%；实现扣非净利润 4.76 亿元，同比下降 68.15%。Q3 实现营 收 50.98 亿元，同比下降 54.28%，环比下降 18.59%；实现归母净利润 1.01 亿元，同比下降 66.56%，环比下降 56.01%；实现扣非净利润 0.96 亿元，同比下降 65.18%，环比下降 58.05%。 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 喻亨一 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 请阅读最后评级说明和重要声明 湖南裕能（301358.SZ） cjzqdt11111 2024-11-16 公司研究丨 ...

Group 1: Production and Sales Outlook - The company expects strong growth in both the energy storage and power battery sectors, benefiting from supportive policies such as trade-in programs, with full production and sales achieved [1] - For 2025, the company plans to adjust production capacity based on market conditions, aiming to synchronize with industry growth and meet the demand for high-end and differentiated products [1] Group 2: Pricing and Market Dynamics - New products offer superior performance, leading to a stronger pricing advantage compared to standard products [2] - The company anticipates volatility in lithium carbonate prices due to a supply-demand imbalance, with plans to maintain normal inventory levels to ensure smooth operations [2] Group 3: International Expansion - The company is steadily advancing the preparatory work for its project in Spain, capitalizing on the growing recognition of lithium iron phosphate batteries in overseas markets [2]

证券时报e公司讯，湖南裕能近日在接待机构调研中表示，随着行业进入"金九银十"的传统旺季，叠加 以旧换新及地方补贴等支持性政策的有力促进，新能源汽车渗透率、储能电池装机规模都保持了较好增 长，目前行业高景气度仍在延续，公司产品产销两旺。 ...

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：2024-039 | --- | --- | --- | |-----------------------|----------------------------------------------------------|-----------------------------------------------------------------------------------| | 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） | | | | 参与单位名称中银基金、东吴证券 | | | 时间 | 2024 年 11 月 11 日 | | | 地点 | 电话会议 | | | 上市公司接待 人员姓名 | 董事、常务副总兼董事会秘书 证券事务代表 何美萱 | 汪咏梅 | | | 1 | 、请问公司目前销售情况如何？ 回复：随着行业进入"金九银十"的传统旺季，叠加以旧换新 ...

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：2024-040 | --- | --- | --- | |---------------------|---------------------------------------------------------------|------------------------------------------------------------| | 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） 参与单位名称国寿资管、长盛基金 | | | 时间 | 2024 年 11 月 11 日 | | | 地点 | 电话会议 | | | 上市公司接待 | 董事、常务副总兼董事会秘书 | 汪咏梅 | | 人员姓名 | 证券事务代表 何美萱 | | | | 1 | 、请问公司第三季度客供碳酸锂比例是多少？ | | | | 回复：公司主要根据实际生产需要和市场情况来调整碳酸锂的 | | | ...

Investment Rating - The report assigns a "Buy" rating for Hunan YN Energy (301358.SZ) [1]. Core Views - Hunan YN Energy is a leading player in the lithium iron phosphate (LFP) market, with significant growth potential due to its integrated layout aimed at cost reduction [1][4]. - The company has experienced rapid revenue growth from 2018 to 2022, driven by strong demand in the new energy vehicle and energy storage markets [3][17]. - The report forecasts a continued increase in global demand for LFP, with expected demand volumes of 2.21 million tons and 3.07 million tons in 2024 and 2025, respectively, reflecting year-on-year growth rates of 41% and 39% [3][26]. Summary by Sections Company Overview - Hunan YN Energy is a leading domestic supplier of lithium iron phosphate materials, with a focus on new energy vehicles and energy storage applications. The company has five production bases across China and has ranked first in LFP shipments for four consecutive years from 2019 to 2023 [13][17]. Revenue and Profit Structure - From 2018 to 2022, the company's revenue surged from 160 million to 42.79 billion yuan, while net profit increased from 10 million to 3.01 billion yuan. The primary driver of this growth has been the robust demand for LFP products in the new energy vehicle and energy storage sectors [17][18]. Market Dynamics - The LFP market is expected to maintain rapid growth, with Hunan YN Energy holding a 32% market share in 2023, making it the global leader in LFP production. Competitors such as Deyang Nano and Hubei Wanrun follow with market shares of 14% and 10%, respectively [23][24]. Production Capacity and Utilization - The company has maintained a high capacity utilization rate of around 90% from 2019 to 2023, with significant orders supporting its production expansion. The LFP output increased from 13,000 tons in 2019 to 504,000 tons in 2023, reflecting a compound annual growth rate of 149.5% [3][5]. Upstream Integration - Hunan YN Energy is actively integrating upstream by acquiring resources such as iron phosphate and phosphate mines, which is expected to lower production costs and enhance competitiveness in the LFP market [4][5]. Financial Projections - The report projects revenues of 22.31 billion, 27.29 billion, and 32.91 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 805 million, 2.24 billion, and 3.01 billion yuan [1][5].

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]