YONGXING MATERIALS(002756) 华福证券·2024-09-26 06:30Investment Rating - Buy (Maintained Rating) [2] Core Views - The company's Q2 performance met expectations, with continued cost optimization efforts [2] - Lithium business costs improved significantly, with a 10% reduction in operating costs per ton of lithium carbonate [2] - The special steel new materials business maintained stable profitability, with a gross margin increase of 1.79 percentage points year-on-year [3] - Resource expansion and smelting technology upgrades are progressing steadily, with mining capacity expected to increase from 3 million tons/year to 9 million tons/year [3] - The company's profit forecast for 2024-2026 has been adjusted downward due to lower lithium price assumptions, with expected net profits of 1.142 billion, 1.266 billion, and 1.675 billion yuan respectively [3] Financial Performance - H1 2024 revenue was 4.49 billion yuan, down 32.5% year-on-year, with net profit attributable to shareholders of 770 million yuan, down 59.6% year-on-year [2] - Q2 2024 revenue was 2.19 billion yuan, down 4.7% quarter-on-quarter, with net profit attributable to shareholders of 300 million yuan, down 35.9% quarter-on-quarter [2] - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares (tax included) [2] Business Segments Lithium Business - H1 2024 lithium carbonate sales volume was approximately 13,500 tons, up 5% year-on-year, with Q2 sales volume of 6,600 tons, slightly down quarter-on-quarter [2] - The average price of battery-grade lithium carbonate in H1 2024 was 104,000 yuan/ton, down 68.4% year-on-year, with Q2 average price of 106,000 yuan/ton, up 4.3% quarter-on-quarter [2] - Operating cost per ton of lithium carbonate was 50,000 yuan, down over 10% year-on-year [2] Special Steel New Materials Business - H1 2024 gross margin was 12.31%, up 1.79 percentage points year-on-year [3] - Focused on high-value-added products such as high-temperature alloys for automotive engines, nuclear power steel, and valve steel [3] Expansion and Upgrades - Mining capacity expansion from 3 million tons/year to 9 million tons/year is underway, with related safety permits and mine expansion projects in progress [3] - A green, intelligent, and efficient lithium extraction technology upgrade project is in the approval stage, with an expected construction period of 9 months [3]