研报掘金丨国泰海通：维持湖南裕能“增持”评级，2026年业绩有望实现进一步增长

Core Viewpoint - The report from Guotai Junan Securities indicates that Hunan Yuneng is expected to experience rapid growth in both shipment scale and profitability by 2025, benefiting from the current lithium battery upcycle [1] Group 1: Company Performance - Hunan Yuneng, as a leader in the lithium iron phosphate industry, is poised to fully benefit from the current lithium battery upcycle [1] - The company's lithium iron phosphate cathode material shipment volume has seen rapid growth due to surging demand from the downstream electric vehicle and energy storage markets [1] Group 2: Future Projections - By 2026, the demand for energy storage and electric vehicles is expected to further release, with the company's lithium iron phosphate shipment volume projected to reach 1.4 to 1.5 million tons [1] - Considering comparable companies in the industry, a price-to-earnings ratio of 19 times is assigned for 2026, with a target price adjustment to 105.64 yuan, maintaining a "buy" rating [1]