湖南裕能：出货量快速增长，一体化产业布局持续推进

Investment Rating - The report maintains an "Add-A" rating for Hunan YN Energy (301358.SZ) with a target price of 24.97 CNY [1][3]. Core Views - Hunan YN Energy is a leading enterprise in the lithium iron phosphate cathode material industry, with a high capacity utilization rate and ongoing integrated layout and overseas business expansion. The company is actively developing new products such as manganese lithium phosphate and ultra-long cycle lithium iron phosphate, with significant growth in new energy storage products CN-5 series and power products YN-9 series during the reporting period [3][4]. Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 10.782 billion CNY, a year-on-year decrease of 53.48%. The net profit attributable to the parent company was 389 million CNY, down 68.57% year-on-year [1]. - The second quarter of 2024 saw total revenue of 6.262 billion CNY, a year-on-year decline of 65.69%, while the net profit attributable to the parent company was 231 million CNY, a decrease of 43.56% year-on-year but an increase of 307.75% quarter-on-quarter [1]. - The company’s gross profit margin for 2024 is projected to be 8.5%, with a net profit margin of 3.8% [4][5]. Production and Sales Summary - The company maintained a high capacity utilization rate of 93.15% during the reporting period. The sales volume of phosphate cathode materials reached 309,400 tons, a year-on-year increase of 43.3%, maintaining the top position in the country since 2020 [1][3]. - The sales of new products CN-5 and YN-9 series accounted for approximately 15% of total sales, indicating rapid growth and customer recognition [1][3]. Strategic Developments - Hunan YN Energy is focusing on an integrated industrial layout, enhancing its "resource - precursor - cathode material - recycling" strategy. The company has obtained mining licenses for phosphate mines in Guizhou, with plans for large-scale mining expected to commence in the second half of 2025 [1][3]. - The company is also expanding its overseas business, with plans to establish a lithium battery cathode material project in Spain with an annual production capacity of 50,000 tons [1][3].