喜获132万吨磷酸铁锂“超级大单”，万润新能盈利困窘依旧难破

Core Viewpoint - Wanrun New Energy (688275.SH) signed a significant supply agreement with CATL (300750) for lithium iron phosphate products, with an expected total supply of approximately 1.32 million tons from May 2025 to May 2030, marking the largest order in the lithium iron phosphate sector this year. However, the market response to this news was lukewarm, as indicated by the stock price movement [1]. Group 1: Agreement Details - The supply agreement with CATL is expected to secure an annual sales volume of 265,000 tons of lithium iron phosphate for Wanrun New Energy, exceeding the company's projected production and sales for 2024 [4]. - The total estimated value of the agreement could exceed 44.2 billion yuan, contributing approximately 8.8 billion yuan annually to Wanrun New Energy's revenue, which is significant compared to the company's total revenue forecast of 7.52 billion yuan for 2024 [4]. Group 2: Industry Context - The lithium iron phosphate industry is experiencing a significant increase in production, with a projected total output of 2.48 million tons in 2024, a year-on-year increase of 58.43%. Wanrun New Energy's production capacity is only 233,000 tons, ranking third in the industry [1]. - The industry is facing challenges with low profit margins, as evidenced by the leading company in the sector, Hunan Youneng, having a gross margin of only 7.63% for lithium iron phosphate products, while Wanrun New Energy's gross margin is as low as 0.08% [2]. Group 3: Financial Performance - Despite a revenue of over 7.2 billion yuan from lithium iron phosphate, Wanrun New Energy's gross profit was only 5.87 million yuan, indicating that the profitability is lower than that of some by-products [6]. - The company has been experiencing continuous losses for nine consecutive quarters, even with a significant increase in production and sales volume [6]. Group 4: Cost Management - In response to the financial pressures, Wanrun New Energy is actively working to reduce costs through various operational improvements and efficiency measures across its factories [7]. - However, the low gross margins in the lithium iron phosphate sector are a common issue, and internal cost-cutting measures alone may not be sufficient to achieve profitability without a substantial improvement in supply-demand dynamics [7].