湖南裕能：首次覆盖报告：磷酸铁锂龙头高成长，一体化布局有望降本

Investment Rating - The report assigns a "Buy" rating for Hunan YN Energy (301358.SZ) [1]. Core Views - Hunan YN Energy is a leading player in the lithium iron phosphate (LFP) market, with significant growth potential due to its integrated layout aimed at cost reduction [1][4]. - The company has experienced rapid revenue growth from 2018 to 2022, driven by strong demand in the new energy vehicle and energy storage markets [3][17]. - The report forecasts a continued increase in global demand for LFP, with expected demand volumes of 2.21 million tons and 3.07 million tons in 2024 and 2025, respectively, reflecting year-on-year growth rates of 41% and 39% [3][26]. Summary by Sections Company Overview - Hunan YN Energy is a leading domestic supplier of lithium iron phosphate materials, with a focus on new energy vehicles and energy storage applications. The company has five production bases across China and has ranked first in LFP shipments for four consecutive years from 2019 to 2023 [13][17]. Revenue and Profit Structure - From 2018 to 2022, the company's revenue surged from 160 million to 42.79 billion yuan, while net profit increased from 10 million to 3.01 billion yuan. The primary driver of this growth has been the robust demand for LFP products in the new energy vehicle and energy storage sectors [17][18]. Market Dynamics - The LFP market is expected to maintain rapid growth, with Hunan YN Energy holding a 32% market share in 2023, making it the global leader in LFP production. Competitors such as Deyang Nano and Hubei Wanrun follow with market shares of 14% and 10%, respectively [23][24]. Production Capacity and Utilization - The company has maintained a high capacity utilization rate of around 90% from 2019 to 2023, with significant orders supporting its production expansion. The LFP output increased from 13,000 tons in 2019 to 504,000 tons in 2023, reflecting a compound annual growth rate of 149.5% [3][5]. Upstream Integration - Hunan YN Energy is actively integrating upstream by acquiring resources such as iron phosphate and phosphate mines, which is expected to lower production costs and enhance competitiveness in the LFP market [4][5]. Financial Projections - The report projects revenues of 22.31 billion, 27.29 billion, and 32.91 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 805 million, 2.24 billion, and 3.01 billion yuan [1][5].