Dynanonic(SZ:300769) Changjiang Securities·2025-05-23 08:41Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company's total revenue for 2024 is projected to be 7.61 billion yuan, a year-on-year decrease of 55%. The net profit attributable to the parent company is expected to be -1.34 billion yuan, with a non-recurring net profit of -1.37 billion yuan. In Q4 2024, the revenue is expected to be 1.08 billion yuan, down 59.4% year-on-year and down 50.6% quarter-on-quarter. For Q1 2025, revenue is expected to be 2 billion yuan, an increase of 5.9% year-on-year and an increase of 85.1% quarter-on-quarter, with a net profit of -170 million yuan [2][4]. Summary by Sections Financial Performance - The company has a current capacity of 265,000 tons of lithium iron phosphate and 110,000 tons of manganese iron phosphate, with 5,000 tons of lithium supplement. The sales volume of phosphate-based cathode materials is 225,700 tons, a year-on-year increase of 5.52%. The estimated single-ton price is under pressure due to a significant year-on-year decline in raw material lithium source prices. The gross profit margin for 2024 is expected to be -4.64%, a decrease of 4.83 percentage points year-on-year. The total expense ratio for 2024 is projected to be 10.22%, an increase of 2.67 percentage points year-on-year [10]. Q1 2025 Outlook - In Q1 2025, the sales volume of phosphate-based cathode materials is expected to be 61,500 tons, a year-on-year increase of 36.85% and a quarter-on-quarter increase of 5.65%. The gross profit margin for Q1 2025 is expected to be 0.30%, an increase of 0.27 percentage points year-on-year and an increase of 14.36 percentage points quarter-on-quarter. The total expense ratio for Q1 2025 is projected to be 8.33%, a decrease of 4.59 percentage points year-on-year and a decrease of 9.96 percentage points quarter-on-quarter [10]. Future Prospects - Looking ahead, the profitability level in the lithium iron phosphate industry is at a low point. With price increases and a higher proportion of high-voltage dense lithium iron phosphate, the company's profitability is expected to stabilize and recover to reasonable levels. The production schedule has significantly improved, driving up capacity utilization and sales volume, which is expected to continue improving profitability. The company's manganese iron phosphate products are continuously advancing, and the lithium supplement is expected to bring new profit elasticity [10].