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五矿新能: 中信证券股份有限公司、五矿证券有限公司关于五矿新能源材料(湖南)股份有限公司2024年年度报告的信息披露监管问询函的核查意见
Zheng Quan Zhi Xing· 2025-06-20 10:41
Core Viewpoint - The company, Wenkang New Energy Materials (Hunan) Co., Ltd., reported a significant decline in revenue and an increase in net losses for the year 2024, primarily due to market demand changes, raw material price drops, and low capacity utilization [1][2][3]. Financial Performance - In 2024, the company achieved operating revenue of 5.539 billion yuan, a year-on-year decrease of 48.37% [1]. - The net profit attributable to shareholders was -508 million yuan, compared to -124 million yuan in the same period last year, marking two consecutive years of losses with an expanding loss scale [1]. - The comprehensive gross profit margin for 2024 was 2.95%, down 1.75 percentage points year-on-year [1]. Product Analysis - The company primarily sells ternary cathode materials, lithium cobalt oxide cathode materials, spherical nickel, and lithium iron phosphate cathode materials, with significant applications in electric vehicles and consumer electronics [2][3]. - The sales volume of ternary cathode materials and precursors, lithium cobalt oxide, and lithium iron phosphate has been affected by market conditions and raw material costs [2][3]. Market Trends - From 2019 to 2024, global sales of new energy vehicles increased from 2.21 million to 18.236 million units, with a compound annual growth rate (CAGR) of 52.51% [4]. - The global output of power batteries is expected to grow from 125.2 GWh to 1,051.2 GWh during the same period, with a CAGR of 53.04% [4]. - The lithium-ion battery industry is experiencing rapid growth, driven by the increasing demand for new energy vehicles and energy storage solutions [4][5]. Raw Material Supply and Pricing - The supply of raw materials has increased significantly, leading to a substantial drop in prices, which has affected the pricing of lithium-ion battery cathode materials [6][7]. - The price of lithium iron phosphate has decreased from 150,000 yuan/ton to below 50,000 yuan/ton, while the price of ternary materials has dropped from 400,000 yuan/ton to below 150,000 yuan/ton [7][8]. Competitive Landscape - The company faces intensified competition within the lithium battery cathode materials industry, with many peers experiencing similar declines in performance [12][13]. - The gross profit margins of various companies in the industry have shown fluctuations due to raw material price volatility and market competition [12][13]. Capacity Utilization and Orders - The company's capacity utilization rate for cathode materials was approximately 41.75% in 2024, indicating room for improvement [15][16]. - As of the end of 2024, the company had signed supply agreements covering its main products, with a total order quantity of 2,714.85 tons and an order value of 235.0712 million yuan [16][17].