湖南裕能（301358）：Q1单吨盈利触底，涨价落地拐点将至

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the company's Q1 single-ton profit has bottomed out, and price increases are expected to lead to a turning point [8] - The company is projected to maintain a shipment growth of 30-40% in 2025, with a significant increase in high-end product shipments [8] - The report anticipates an improvement in unit profitability due to price increases and cost control measures [8] Financial Forecasts - Total revenue is forecasted to be 41,358 million in 2023, with a decline of 3.35% year-on-year, followed by a significant recovery in 2024 with a projected revenue of 22,599 million, representing a 45.36% decline [1] - The net profit attributable to the parent company is expected to be 1,580.63 million in 2023, with a year-on-year decrease of 47.44%, but is projected to rebound to 1,544.16 million in 2025, reflecting a growth of 160.16% [1] - The earnings per share (EPS) is expected to be 2.09 in 2023, dropping to 0.78 in 2024, and recovering to 2.04 in 2025 [1] Market Data - The closing price of the stock is 30.92, with a market capitalization of 23,414.26 million [5] - The price-to-earnings (P/E) ratio is currently at 14.81, expected to drop to 7.75 by 2027 [1][5] Operational Insights - The company achieved a significant increase in shipments of iron-lithium products, with a total of 22.3 million tons shipped in Q1 2025, marking a 64% year-on-year increase [8] - The gross margin for Q1 2025 was reported at 5.5%, with expectations for further improvement in profitability in Q2 due to price adjustments [8]