厦钨新能（688778）：主业有超额增速，新技术布局领先

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is expected to achieve revenue of 13.3 billion RMB in 2024, a year-on-year decline of 23.19%, with a net profit attributable to shareholders of 494 million RMB, down 6.33% year-on-year [1] - The company has a differentiated competitive advantage, with expected sales growth of ternary materials and cobalt acid lithium higher than the industry average [1][3] - New technologies such as NL new structure and solid-state battery materials are anticipated to contribute to future growth [4] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 34.14 billion RMB, a year-on-year decline of 18.48%, while net profit attributable to shareholders was 1.27 billion RMB, up 10.01% year-on-year [2] - For Q1 2025, revenue is projected at 29.77 billion RMB, a decrease of 9.77% quarter-on-quarter, with net profit of 1.17 billion RMB, reflecting a year-on-year increase of 4.84% [2] Market Position - In 2024, the company sold 46,200 tons of cobalt acid lithium, a year-on-year increase of 33.52%, significantly outperforming the market growth rate of 18.8% [3] - Ternary material sales reached 52,400 tons, up 40.03% year-on-year, while the industry average growth was only 3.6% [3] Technology and Innovation - The company has developed NL new structure cathode materials that significantly outperform traditional cobalt acid lithium and ternary materials in energy density and charge-discharge rates [4] - The company is also advancing in solid-state battery technology, achieving ton-level production of solid electrolytes and stable product performance [4] Profitability Forecast - The company has revised down its shipment and profitability assumptions for phosphate lithium materials for 2025-2026, but expects improvements in 2027 due to scale effects [5] - Projected net profits for 2025, 2026, and 2027 are 666.88 million RMB, 809.48 million RMB, and 953.81 million RMB respectively [5]