湖南裕能（301358）：2025年业绩预告点评：Q4盈利超预期，涨价落地业绩拐点明确

Investment Rating - The report maintains a "Buy" rating for Hunan Youneng (301358) [1] Core Views - The company is expected to achieve a significant earnings turnaround, with Q4 profits exceeding market expectations due to price increases and strong demand [8] - The company forecasts a total revenue of 36.77 billion yuan in 2025, representing a year-on-year growth of 62.69% [1] - The net profit attributable to the parent company is projected to reach 1.28 billion yuan in 2025, reflecting a year-on-year increase of 115.60% [1] - The company is benefiting from a solid market position, with a projected output of over 110,000 tons for the year, a 50% increase year-on-year [8] - The company plans to raise 4.79 billion yuan for capacity expansion in lithium iron phosphate and manganese iron phosphate production, which has been approved by the regulatory authority [8] Financial Summary - Total revenue forecast for 2025 is 36.77 billion yuan, with a projected net profit of 1.28 billion yuan [1] - Earnings per share (EPS) is expected to be 1.68 yuan in 2025, with a price-to-earnings (P/E) ratio of 37.38 [1] - The company anticipates a significant increase in high-end product sales, with projections indicating that the share of high-end products will rise to 70% by 2026 [8] - The company’s gross margin is expected to improve, with a forecasted gross margin of 10.19% in 2026 [9]