有色金属海外季报：SKInnovation2024Q4电池业务实现收入1.60万亿韩元，营业亏损3,594亿韩元

Investment Rating - The report provides a recommendation for the industry [6] Core Insights - SK Innovation Co., Ltd. achieved a consolidated revenue of 19.41 trillion KRW (104.81 billion RMB) in Q4 2024, marking a return to profitability with an operating profit of 1.599 trillion KRW (8.63 billion RMB) [1][2] - The company attributes its turnaround in Q4 to improved refining margins and the inclusion of SK Innovation E&S's operating profit following its merger on November 1 [1][2] - The annual operating profit for SK Innovation E&S in 2024 was 1.12 trillion KRW (60.48 billion RMB), contributing positively to the overall financial stability of SK Innovation [2] Summary by Sections Overall Profitability - In Q4 2024, SK Innovation's overall profitability improved significantly, with a consolidated revenue of 19.41 trillion KRW and an operating profit of 1.599 trillion KRW [1] - For the full year 2024, SK Innovation reported a total revenue of 74.72 trillion KRW (403.49 billion RMB) and an operating profit of 3.155 trillion KRW (17.04 billion RMB) [2] Business Segments Performance - Refining Business: Revenue of 11.69 trillion KRW (631.26 billion RMB) with an operating profit of 3.424 trillion KRW (18.49 billion RMB) due to increased heating oil demand and favorable exchange rates [5][8] - Petrochemical Business: Revenue of 2.37 trillion KRW (127.98 billion RMB) with an operating loss of 842 billion KRW (4.55 billion RMB) due to decreased price spreads and inventory losses [9] - Lubricants Business: Revenue of 970.7 billion KRW (52.42 billion RMB) with an operating profit of 139.5 billion KRW (7.53 billion RMB), maintaining stable annual profitability despite seasonal demand fluctuations [10] - Exploration & Production (E&P) Business: Revenue of 379.2 billion KRW (20.48 billion RMB) with an operating profit of 145.8 billion KRW (7.87 billion RMB), benefiting from increased sales volume and favorable exchange rates [11] - Battery Business: Revenue of 1.60 trillion KRW (86.4 billion RMB) with an operating loss of 359.4 billion KRW (19.41 billion RMB), impacted by one-time costs and ongoing investments [12] - Materials Business: Revenue of 31.2 billion KRW (1.68 billion RMB) with an operating loss of 74.2 billion KRW (4.01 billion RMB) due to inventory-related costs [13] - SK Innovation E&S: Revenue of 2.35 trillion KRW (126.9 billion RMB) with an operating profit of 1.234 trillion KRW (6.66 billion RMB) [14] 2025 Outlook - Refining Business: Expected to maintain stable margins supported by increased demand for aviation fuel despite rising non-OPEC+ oil production [22] - Petrochemical Business: Anticipated benefits from reduced global PX capacity expansion and improved demand, though economic slowdown concerns may limit margin increases [23] - Lubricants Business: Expected to maintain stable profitability supported by strong demand for advanced base oil products [24] - Exploration & Production Business: Plans to continue exploration in Vietnam and Malaysia to enhance revenue and profitability [25] - Battery Business: Targeting double-digit annual revenue growth driven by increased sales in North America and tax incentives from the U.S. Inflation Reduction Act [26] - Materials Business: Anticipated gradual sales increase due to expanded sales to existing customers and new orders from recent acquisitions [27] - SK Innovation E&S: Plans to secure competitive LNG supply to create stable profits [28]