湖南裕能：2024年年报点评：业绩稳健向好，出海叠加一体化提高竞争力-20250316

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [4][6]. Core Views - The company achieved a revenue of 22.599 billion yuan in 2024, a year-on-year decrease of 45.36%, with a net profit attributable to shareholders of 594 million yuan, down 62.45% [1]. - In Q4 2024, the company reported a revenue of 6.719 billion yuan, a slight decline of 4.41% year-on-year, but a significant increase in net profit of 1.03 billion yuan, up 164.58% [1]. - The company’s phosphate-based cathode material sales reached 710,600 tons in 2024, a year-on-year increase of 40.20%, maintaining the industry’s leading market share for five consecutive years [2]. - The company is expanding internationally with new entities in Singapore and Spain, and is progressing on a project in Spain to produce 50,000 tons of cathode materials annually [3]. - The company plans to distribute a cash dividend of 1.57 yuan per 10 shares, totaling approximately 118.89 million yuan [3]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 30.014 billion yuan, 37.080 billion yuan, and 42.641 billion yuan, reflecting year-on-year growth rates of 32.8%, 23.5%, and 15.0% respectively [4][5]. - The net profit attributable to shareholders is expected to reach 1.916 billion yuan, 2.676 billion yuan, and 3.052 billion yuan for the same years, with growth rates of 222.7%, 39.7%, and 14.1% respectively [4][5]. - The projected earnings per share for 2025, 2026, and 2027 are 2.53 yuan, 3.53 yuan, and 4.03 yuan [5][10].