Hunan Yuneng New Energy Battery Material (301358) Soochow Securities·2025-01-22 02:26Investment Rating - The investment rating for Hunan YN is "Buy" (maintained) [1] Core Views - The company is expected to see a significant rebound in profits in 2025 after a challenging 2024, with a projected net profit of 6.2 billion to 6.6 billion yuan for 2024, reflecting a year-on-year decline of 58% to 65% [7] - The company anticipates a 40% increase in shipments in 2024, with expectations to maintain this growth rate into 2025, driven by strong domestic and overseas demand [7] - The report highlights that the profitability is expected to improve significantly in 2025, with net profit per ton projected to reach 0.25 to 0.3 thousand yuan [7] Financial Forecasts - Total revenue for 2024 is estimated at 22.3 billion yuan, down 46.06% year-on-year, with a recovery expected in 2025 to 33.4 billion yuan, representing a growth of 49.92% [1][8] - The net profit for 2024 is forecasted at 623.9 million yuan, a decrease of 60.53% year-on-year, with a strong recovery anticipated in 2025 to 2.53 billion yuan, reflecting a growth of 305.72% [1][8] - The earnings per share (EPS) is projected to be 0.82 yuan for 2024, with a significant increase to 3.34 yuan in 2025 [1][8] Market Data - The closing price of Hunan YN is 45.69 yuan, with a market capitalization of approximately 34.6 billion yuan [5] - The company has a price-to-earnings (P/E) ratio of 55.46 for 2024, which is expected to decrease to 13.67 in 2025 and further to 9.76 in 2026 [1][8]