湖南裕能：新产品逐步上量，盈利有望逐季好转

Investment Rating - The investment rating for Hunan YN is maintained as "Buy" [1] Core Views - The company is expected to gradually improve profitability as new products ramp up [1] - In Q3 2024, the company reported revenue of 5.098 billion yuan, a year-on-year decrease of 54.28% and a quarter-on-quarter decrease of 18.59% [1] - The net profit attributable to the parent company was 101 million yuan, down 66.56% year-on-year and 56.01% quarter-on-quarter [1] - The sales volume of phosphate materials reached 476,100 tons, an increase of 29.57% year-on-year, with energy storage products accounting for approximately 39.6% of sales [1] - The company has seen an improvement in gross margin, which was 7.27% in Q3 2024, up 1.03 percentage points year-on-year, despite a decrease in revenue leading to an increase in expense ratios [1] Financial Performance Summary - For 2023, the company reported revenue of 41.358 billion yuan, with a year-on-year decrease of 3.3% [2] - The projected revenue for 2024 is 26.110 billion yuan, reflecting a significant year-on-year decrease of 36.9% [2] - The net profit attributable to the parent company for 2023 was 1.581 billion yuan, with a year-on-year decrease of 47.4% [2] - The gross margin is expected to improve to 7.8% in 2024 and further to 10.0% in 2025 [2] - The company’s return on equity (ROE) is projected to be 7.7% in 2024 and improve to 16.8% by 2026 [2] Product and Market Strategy - The company is focusing on product innovation and differentiation, launching high-end new products such as the CN-5 and YN-9 series, which achieved rapid market penetration with sales of approximately 94,000 tons in the first three quarters of 2024 [1] - The integrated strategy of "resource precursor cathode materials - recycling" is being strengthened to enhance control over key segments of the industry chain, leading to a strong comprehensive cost advantage [1] - The company has obtained mining licenses for phosphate mines in Guizhou and is progressing with a lithium battery cathode material project in Spain with an annual production capacity of 50,000 tons [1]