Hunan Yuneng New Energy Battery Material (301358) 长江证券·2024-09-10 02:10Investment Rating - The investment rating for Hunan YN Energy is "Buy" and is maintained [4]. Core Views - The report highlights that the company's new products and improved utilization rates have contributed to profit recovery, indicating strong future elasticity [5][6]. - In H1 2024, the company achieved a revenue of 10.782 billion yuan, a year-on-year decrease of 53.48%, and a net profit attributable to shareholders of 389 million yuan, down 68.57% year-on-year [5]. - The report anticipates that the demand for iron-lithium products will grow rapidly due to increasing competition in the industry, with the company expected to maintain its market share as a leading manufacturer [6]. Summary by Sections Financial Performance - In H1 2024, the company shipped 309,400 tons of iron-lithium products, a year-on-year increase of 43.3%, with a market share estimated at 33.3% [6]. - The average product price in H1 2024 was approximately 34,800 yuan per ton, showing a decline due to lower raw material prices and processing fees [6]. - The net profit for Q2 2024 was 231 million yuan, with a 50.26% quarter-on-quarter increase [5][6]. Future Outlook - The report projects that the company will achieve net profits of 1 billion yuan in 2024 and 1.5 billion yuan in 2025, supported by the anticipated growth in iron-lithium demand [6]. - The company is expected to benefit from the integration of phosphate mining and future copper smelting synergies, leading to significant profit elasticity in 2025-2026 [6].