Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price compared to the benchmark index of over 20% [6][11]. Core Views - The company achieved a revenue of 22.599 billion yuan in 2024, a year-on-year decrease of 45.36%, and a net profit attributable to shareholders of 0.594 billion yuan, down 62.45% year-on-year. The decline in revenue is attributed to falling prices of upstream raw materials like lithium carbonate, which affected the prices of cathodes [4][6]. - The company leads the industry in single-ton net profit, with an estimated net profit of approximately 0.08 million yuan per ton in 2024, indicating strong profitability despite industry pressures [4]. - The company’s sales volume of lithium iron phosphate cathodes reached 710,600 tons in 2024, a year-on-year increase of 40%, maintaining the top market share for five consecutive years [4][5]. - The company is actively pursuing a global strategy, with its first overseas production base in Spain, planning a capacity of 50,000 tons of lithium battery cathode materials [5]. Financial Performance and Forecast - The company is projected to achieve revenues of 32.373 billion yuan, 39.205 billion yuan, and 44.640 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 43.25%, 21.10%, and 13.86% [6][8]. - The net profit attributable to shareholders is expected to reach 1.849 billion yuan, 2.415 billion yuan, and 2.950 billion yuan for the same years, with significant growth rates of 211.49%, 30.63%, and 22.15% [6][8]. - The company’s earnings per share (EPS) is forecasted to increase from 0.78 yuan in 2024 to 3.90 yuan by 2027 [8].
湖南裕能：业绩符合预期，下游景气向好-20250324