证券研究报告：电力设备 | 公司点评报告 2025 年 3 月 21 日 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 40.69 | | --- | --- | | 总股本/流通股本（亿股）7.57 | / 3.83 | | 总市值/流通市值（亿元）308 | / 156 | | 52 周内最高/最低价 | 53.29 / 23.80 | | 资产负债率(%) | 57.8% | | 市盈率 | 18.67 | | 第一大股东 | 湘潭电化集团有限公司 | 公司磷酸铁锂正极销量位列行业第一，新产品开发能力优秀。公 司 2024 年销量 71.06 万吨，同比+40%，市占率连续五年稳居行业第 一。2024 年，公司新产品 CN-5 系列、YN-9 系列和 YN-13 系列实现销 售 15.93 万吨，在公司产品销量占比中达到约 22%。富锂锰基正极材 料的中试样品在固态电池体系评估进展顺利。 2025 年以来下游需求高景气，公司出货高增、价格涨价落实。 2025 年，下游行业维持较高景气度，销量同比大幅增长，预计2025Q1 的出货量超 20 万吨。同时，伴随着行业供 ...

公司研究丨点评报告丨湖南裕能（301358.SZ） [Table_Title] 减值充分计提，静待谈价落地后的盈利回升 报告要点 [Table_Summary] 湖南裕能发布 2024 年年报，实现营业收入 226.0 亿元，同比下降 45.36%，归母净利润 5.9 亿 元，同比下降 62.45%，扣非归母净利润 5.7 亿元，同比下降 62.44%。单看四季度，实现营收 67.19 亿元，同比下降 4.41%，环比提升 31.82%，归母净利润 1.03 亿元，同比增长 164.58%， 环比微增，扣非净利润 0.94 亿元，同比增长 286.38%，环比微降。 分析师及联系人 邬博华 曹海花 叶之楠 请阅读最后评级说明和重要声明 %% %% %% %% 丨证券研究报告丨 [Table_Title2] 减值充分计提，静待谈价落地后的盈利回升 [Table_Summary2] 事件描述 湖南裕能发布 2024 年年报，实现营业收入 226.0 亿元，同比下降 45.36%，归母净利润 5.9 亿 元，同比下降 62.45%，扣非归母净利润 5.7 亿元，同比下降 62.44%。单看四季度，实现营收 67.1 ...

Group 1: Financial Performance - In 2023, the company reported a revenue of 41.358 billion, with accounts receivable totaling 4.578 billion, leading to a total of 9.254 billion in receivables [2] - For 2024, the projected revenue is expected to decline by 45.36%, with accounts receivable anticipated to increase to 5.359 billion [2] - The company experienced a significant increase in accounts receivable despite a drop in revenue due to high sales volume in Q4 2024 [2] Group 2: Pricing and Cost Structure - The company’s pricing model is influenced by fluctuations in raw material costs, particularly lithium carbonate, with the price per ton of positive electrode material dropping from 81,100 in 2023 to 31,260 in 2024 [3] - The production of one ton of lithium iron phosphate requires approximately 0.25 tons of lithium carbonate and 2.5 tons of ferrous sulfate [4] - The company has adjusted processing fees in response to market demand, indicating a dynamic pricing strategy [3] Group 3: Research and Development - The YN-13 series, a fourth-generation high-density lithium iron phosphate product, has achieved mass production and meets high-end energy storage needs [3] - The fifth-generation lithium iron phosphate product is in the laboratory development stage and is expected to enhance performance metrics [3] - The company is actively pursuing the development of lithium-rich manganese-based solid-state batteries [4] Group 4: Capital Management and Market Strategy - The company is currently conducting a private placement to support future business development, with an emphasis on strategic investor involvement [4] - There is a focus on improving shareholder returns while managing market perceptions and stock price fluctuations [4] - The company is exploring partnerships with international clients, including LG and Samsung, to expand its market reach [6] Group 5: Production Capacity and Supply Chain - The company is advancing its phosphate chemical project but has not yet achieved large-scale production [4] - The construction of the Guizhou phosphate mine is underway, with expectations for production to commence in the second half of 2025 [5] - The company is committed to maintaining flexibility in production to meet market demands, particularly in the lithium iron phosphate sector [7]

Core Viewpoint - Hunan YN Energy announced a record high sales volume for phosphate-based cathode materials in 2024, with products for energy storage applications accounting for approximately 41% of total sales [1] Company Summary - In the second half of 2024, the new product series CN-5, YN-9, and YN-13 are expected to achieve combined sales of approximately 111,300 tons, representing about 27% of total sales for that period [1] - The company anticipates a significant increase in product sales compared to the same period last year, with first-quarter shipments expected to exceed 200,000 tons [1] Industry Summary - The industry continues to maintain a high level of prosperity, contributing to the substantial growth in the company's product sales compared to the previous year [1]

证券代码：301358 证券简称：湖南裕能 湖南裕能新能源电池材料股份有限公司 投资者关系活动记录表 编号：2025-003 | | □媒体采访 ☑业绩说明会 | □特定对象调研 | □分析师会议 | | | --- | --- | --- | --- | --- | | 投资者关系活 | | | | | | 动类别 | □新闻发布会 □路演活动 □现场参观 | | | | | | □其他（请文字说明其他活动内容） | | | | | 参与单位名称 | 与会投资者约 293 人。 | | | | | 时间 | 年 月 日 2025 3 17 | | | | | 地点 | 电话会议 | | | | | 上市公司接待 | 董事、常务副总经理兼董事会秘书 汪咏梅 | | | | | 人员姓名 | 财务总监 王洁 | | | | | | 证券事务代表 何美萱 | | | | | | 一、公司经营情况介绍 | | | | | | 2024 年，磷酸盐正极材料市场需求快速增长，碳酸锂价格震荡 | | | | | | 下行，前三季度行业竞争仍然激烈，但四季度行业爆发式增长，至 | | | | | | 今行业有效产能供需处于 ...

Summary of Hunan YN Energy Conference Call Industry Overview - The Chinese new energy vehicle (NEV) production and sales for 2024 are projected to reach 12.888 million and 12.866 million units, respectively, representing year-on-year growth of 34.4% and 35.5% [3] - The demand for lithium iron phosphate (LFP) batteries is strong, with LFP accounting for nearly 74% of the total cathode material shipments in China [4][7] Company Performance - The company achieved total sales of over 710,000 tons in 2024, with Q4 sales reaching 230,000 tons. The first quarter of 2025 is expected to exceed 200,000 tons, with energy storage products making up about 41% of sales [4][12] - New products, including the CN5, YN9, and One 13 series, sold 159,300 tons in 2024, accounting for approximately 22% of total sales [4][8] - The company plans to increase the proportion of new products in sales to 30%-40% in 2025 [12] Strategic Initiatives - The company is actively exploring various acid production processes and optimizing the precursor process for lithium iron phosphate, as well as developing lithium carbonate processing and battery recycling technologies [4][9] - The company has obtained mining licenses for phosphate mines and is working on copper smelting projects to enhance raw material control and resource utilization efficiency [4][9] Pricing Strategy - The company is determined to implement price increases due to industry-wide losses and rising raw material costs. Negotiations with clients are nearing completion, with price increases expected to be finalized by the end of March [4][13] - The overall impact of price increases on profitability remains uncertain, but the company aims to mitigate losses and ensure normal operations [13][14] Market Dynamics - The new energy storage sector is accelerating, with a reported growth of over 130% in installed capacity by the end of 2024 compared to 2023 [5] - The international market for LFP batteries is expanding, with major automakers adopting LFP technology [6] Customer Relationships - The company continues to deepen collaborations with strategic clients like CATL and BYD while expanding its customer base [10][18] - The customer concentration has decreased as the company scales, with energy storage product sales growing rapidly [17] Future Outlook - The company’s total production capacity is projected to reach 850,000 tons by 2025, with 30%-40% allocated for high-pressure new products [4][15][25] - The company is closely monitoring market conditions to decide on potential capacity expansions [29] Financial Health - The company reported an accounts receivable balance of 5.665 billion yuan at the end of 2024, a 17.32% increase year-on-year, reflecting strong sales performance [16] - The company has made provisions for credit losses and inventory depreciation based on market demand [16] Innovation and R&D - The company is focused on continuous innovation, with significant advancements in the CN5, YN9, and One 13 series products, which have received positive feedback from customers [8][20] - The company is also developing fifth-generation lithium iron phosphate products, with expected results in 2025 [20] Cost Management - The company is implementing detailed management strategies across procurement, production, quality, and equipment management to drive cost reductions and efficiency improvements [11][38] - The integration of phosphate mining is expected to provide cost savings, with internal estimates suggesting a significant reduction in raw material costs compared to purchasing [39] This summary encapsulates the key points from the conference call, highlighting the company's performance, strategic initiatives, market dynamics, and future outlook.

湖南裕能（301358.SZ）2024 年年报点评 业绩稳健向好，出海叠加一体化提高竞争力 2025 年 03 月 16 日 ➢ 事件。2025 年 3 月 14 日公司发布 2024 年年报，公司实现营业收入 225.99 亿元，同比-45.36%；归母净利润为 5.94 亿元，同比-62.45%；扣非后净利润为 5.70 亿元，同比-62.44%。从单 Q4 看，公司实现营业收入 67.19 亿元，同比- 4.41%；归母净利润为 1.03 亿元，同比+164.58%。 ➢ 销量快速增长，吨净利有望向好。出货量方面，2024 年公司磷酸盐正极材 料销量达 71.06 万吨，同比+40.20%，市场占有率连续五年稳居行业第一。产能 方面，公司结合客户需求稳健推进产能建设，截至 2024 年底，公司磷酸盐正极 材料设计产能约 85 万吨。公司高度重视技术迭代，全年新产品 CN-5 系列、YN- 9 系列和 YN-13 系列实现销售 15.93 万吨，在公司产品销量占比中达到约 22%， 得到客户积极认可。盈利方面，据我们测算，2024 年公司铁锂单吨归母净利为 836 元/吨。展望未来，碳酸锂价格趋稳，行业供 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [4][6]. Core Views - The company achieved a revenue of 22.599 billion yuan in 2024, a year-on-year decrease of 45.36%, with a net profit attributable to shareholders of 594 million yuan, down 62.45% [1]. - In Q4 2024, the company reported a revenue of 6.719 billion yuan, a slight decline of 4.41% year-on-year, but a significant increase in net profit of 1.03 billion yuan, up 164.58% [1]. - The company’s phosphate-based cathode material sales reached 710,600 tons in 2024, a 40.20% increase year-on-year, maintaining the industry’s leading market share for five consecutive years [2]. - The company is expanding internationally with new entities in Singapore and Spain, and is constructing a 50,000-ton annual cathode material project in Spain [3]. - The company plans to distribute a cash dividend of 1.57 yuan per 10 shares, totaling approximately 118.89 million yuan [3]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 30.014 billion yuan, 37.080 billion yuan, and 42.641 billion yuan, representing year-on-year growth rates of 32.8%, 23.5%, and 15.0% respectively [4][5]. - The net profit attributable to shareholders is expected to rise to 1.916 billion yuan in 2025, 2.676 billion yuan in 2026, and 3.052 billion yuan in 2027, with growth rates of 222.7%, 39.7%, and 14.1% respectively [4][5]. - The projected earnings per share for 2025, 2026, and 2027 are 2.53 yuan, 3.53 yuan, and 4.03 yuan [5][10].

湖南裕能（301358.SZ）2024 年年报点评 业绩稳健向好，出海叠加一体化提高竞争力 2025 年 03 月 16 日 ➢ 事件。2025 年 3 月 14 日公司发布 2024 年年报，公司实现营业收入 225.99 亿元，同比-45.36%；归母净利润为 5.94 亿元，同比-62.45%；扣非后净利润为 5.70 亿元，同比-62.44%。从单 Q4 看，公司实现营业收入 67.19 亿元，同比- 4.41%；归母净利润为 1.03 亿元，同比+164.58%。 ➢ 销量快速增长，吨净利有望向好。出货量方面，2024 年公司磷酸盐正极材 料销量达 71.06 万吨，同比+40.20%，市场占有率连续五年稳居行业第一。产能 方面，公司结合客户需求稳健推进产能建设，截至 2024 年底，公司磷酸盐正极 材料设计产能约 85 万吨。公司高度重视技术迭代，全年新产品 CN-5 系列、YN- 9 系列和 YN-13 系列实现销售 15.93 万吨，在公司产品销量占比中达到约 22%， 得到客户积极认可。盈利方面，据我们测算，2024 年公司铁锂单吨归母净利为 836 元/吨。展望未来，碳酸锂价格趋稳，行业供 ...