Xin Lang Cai Jing·2026-01-20 06:32Core Viewpoint - Dongwu Securities report indicates that Hunan Yuneng is expected to achieve a net profit attributable to shareholders of 1.15 to 1.4 billion yuan, representing a year-on-year increase of 93.75% to 135.87%, with a median net profit of 630 million yuan for Q4 2025, reflecting a year-on-year increase of 512% and a quarter-on-quarter increase of 85.2%, exceeding market expectations [1] Financial Performance - The company is projected to achieve a single-ton profit of nearly 200 yuan in Q4, significantly improving quarter-on-quarter due to price increases for some customers, product structure optimization, and inventory gains from rising lithium carbonate prices [1] - The company is currently experiencing a supply-demand imbalance, with major customers expected to follow up in 2026, which is likely to enhance overall profitability by 100 yuan per ton [1] Production Capacity and Investment - The company plans to invest 4.79 billion yuan to expand production capacity for lithium iron phosphate and manganese iron phosphate, with approval from the China Securities Regulatory Commission, which will accelerate subsequent capacity construction [1] - The company’s 1.2 million tons of phosphate rock is expected to commence production in 2026, which is anticipated to further boost profits [1] Profit Forecast Adjustments - Due to the successful price increases and significant profit elasticity, the company has revised its net profit forecasts for 2025-2027 from 1.06/3.01/4.03 billion yuan to 1.28/3.50/4.73 billion yuan, representing year-on-year increases of 116%/174%/35% [1] - The company is assigned a price-to-earnings ratio of 37/14/10X for 2025-2027, with a target price of 92 yuan based on a 20X PE for 2026, maintaining a "buy" rating [1]