永兴材料（002756）：Q1业绩符合预期，成本优势维持

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - Q1 performance met expectations with revenue of 1.79 billion yuan, down 22.2% year-on-year and 2.9% quarter-on-quarter, and a net profit of 190 million yuan, down 59% year-on-year but up 164% quarter-on-quarter [7] - The company maintains a cost advantage, with stable production costs and a projected annual lithium carbonate sales volume of over 25,000 tons [7] - The special steel segment continues to contribute stable profits, estimated at around 90 million yuan for Q1 [7] - Operating cash flow is under pressure, with a cash outflow of 370 million yuan in Q1 [7] - Profit forecasts for 2025-2027 are maintained, with expected net profits of 900 million, 1.21 billion, and 1.68 billion yuan respectively [7] Financial Summary - Total revenue for 2023 is projected at 12.19 billion yuan, with a year-on-year decrease of 21.76% [1] - The net profit for 2023 is estimated at 3.41 billion yuan, reflecting a year-on-year decline of 46.09% [1] - The latest diluted EPS for 2023 is 6.32 yuan, with a P/E ratio of 4.75 [1] - The company’s total assets are projected to reach 13.8 billion yuan in 2024, increasing to 18.34 billion yuan by 2027 [8] - The company’s debt ratio is low at 8.45% [6]