湖南裕能：2024年年报点评：业绩稳健向好，出海叠加一体化提高竞争力-20250317

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].