XFH(SZ:300890) Xin Lang Cai Jing·2025-04-24 02:45Core Viewpoint - The company achieved a total shipment of 68,200 tons of anode products in 2024, representing a year-on-year increase of 11%. The expected shipments for Q4 2024 and Q1 2025 are 14,200 tons and 15,000 tons respectively. The average operating net profit per ton for 2024 is projected to be 1,200 RMB, with expectations of 3,400 RMB and -300 RMB for Q4 2024 and Q1 2025 respectively. The increase in Q4 profit is mainly due to a slight rise in overseas sales, while the decline in Q1 profit is attributed to a return to the average customer structure and rising petroleum coke prices [1][3][4]. Shipment Analysis - The company’s total shipment for 2024 is 68,200 tons, with a year-on-year growth of 11%. The growth rate is lower than the industry average due to the company's selective abandonment of low-priced orders. Expected shipments for Q4 2024 and Q1 2025 are 14,200 tons and 15,000 tons respectively [3]. Profitability Analysis - The average operating net profit per ton for 2024 is 1,200 RMB. For Q4 2024, the expected profit is 3,400 RMB per ton, while for Q1 2025, it is projected to be -300 RMB per ton. The increase in Q4 profit is attributed to a higher overseas sales contribution from LG and the introduction of products to Volkswagen, while the decline in Q1 profit is due to a return to the average customer structure and the impact of rising petroleum coke prices [4]. Customer Base - The company has a stable customer base for its anode business, including major clients such as BYD, LG Energy, and Guoxuan High-Tech. Additionally, the company is actively expanding into international markets, engaging with renowned lithium battery companies such as Volkswagen, SK On, BMW China, Panasonic, and Tesla. The company has passed various audits from Volkswagen and is supplying products in small batches [4]. Strategic Partnerships - The company has signed a strategic cooperation agreement with Qingtao Energy to develop high-capacity anode materials for solid-state and semi-solid-state batteries. The latest silicon-carbon products utilize a new deposition process to evenly distribute nano-silicon within a porous carbon framework, achieving a preliminary capacity of 2,000 mAh/g and a cycle life exceeding 1,200 hours, currently in the sample testing phase [4]. Financial Performance - In 2024, the company reported revenue of 1.39 billion RMB, a year-on-year decrease of 18%, with a net profit attributable to shareholders of 50 million RMB, down 40%. For Q4 2024, the revenue was 340 million RMB, with a net profit of -700,000 RMB, reflecting a year-on-year decrease of 5% and a slight increase in revenue [2][5]. Expense Analysis - The company's three expenses plus R&D expense ratio for 2024 is 16%, an increase of 0.9 percentage points year-on-year, primarily due to a 37.96% increase in financial expenses resulting from interest costs associated with convertible bonds issued in 2023 [5].