YONGXING MATERIALS(SZ:002756) Soochow Securities·2025-01-19 01:13Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has released its earnings forecast for 2024, projecting a net profit attributable to shareholders of 1.03 to 1.23 billion yuan, representing a year-on-year decrease of 64% to 70%. The fourth quarter net profit is expected to be between 60 million to 260 million yuan, a year-on-year decrease of 27% to 83% [2] - The report indicates that the company's cost advantages are significant, with the fourth quarter's tax-inclusive average price around 76,000 yuan, and the estimated total cost per ton at approximately 52,000 yuan, resulting in a profit of about 13,000 yuan per ton [7] - The lithium carbonate sales for the entire year of 2024 are estimated to be around 26,000 tons, a decrease of 4% year-on-year, with fourth quarter sales expected to increase by about 8% quarter-on-quarter [7] Financial Forecasts - The total revenue for 2024 is forecasted to be 9.037 billion yuan, a year-on-year decrease of 25.86% [8] - The net profit attributable to shareholders for 2024 is projected at 1.132 billion yuan, a year-on-year decrease of 66.76% [8] - The earnings per share (EPS) for 2024 is estimated to be 2.10 yuan, with a price-to-earnings (P/E) ratio of 19.15 based on the latest diluted EPS [8] Market Data - The closing price of the company's stock is 40.23 yuan, with a market capitalization of approximately 21.688 billion yuan [5] - The company has a price-to-book (P/B) ratio of 1.73 and a net asset value per share of 23.28 yuan [6] Production and Capacity - The company plans to start a technical transformation project for its 10,000-ton lithium carbonate smelting capacity in January 2025, with an expected construction period of 9 months [7] - The company is also planning to contribute an additional 20,000 tons of smelting capacity in 2026, bringing the total capacity to 50,000 tons [7]