YONGXING MATERIALS(002756) 民生证券·2025-03-26 03:31Investment Rating - The report maintains a "Recommended" rating for the company, highlighting its cost advantages and integrated expansion in the lithium extraction sector [5][7]. Core Views - The company reported a revenue of 8.07 billion yuan in 2024, a year-on-year decrease of 33.8%, and a net profit attributable to shareholders of 1.04 billion yuan, down 69.4% year-on-year [3]. - The company is recognized as a leader in mica lithium extraction, with significant cost advantages and ongoing efforts to optimize production costs [5]. - The report forecasts net profits for 2025-2027 to be 1.02 billion, 1.66 billion, and 2.19 billion yuan, respectively, with corresponding PE ratios of 18, 11, and 8 times based on the closing price on March 25 [5][6]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 8.07 billion yuan, with a net profit of 1.04 billion yuan, reflecting a significant decline compared to the previous year [3]. - The fourth quarter of 2024 saw a revenue of 1.84 billion yuan, down 25.8% year-on-year, and a net profit of 70 million yuan, down 79.5% year-on-year [3]. Lithium Segment - The company maintained stable production and sales in lithium, with a production volume of 26,000 tons in 2024, a decrease of 3.9% year-on-year, and a sales volume of 26,000 tons, down 3.2% year-on-year [4]. - The average selling price of lithium carbonate products in 2024 was 74,000 yuan per ton, a decrease of 60.5% year-on-year, while the operating cost per ton was reduced to 47,000 yuan, down 11.3% year-on-year [4]. Special Steel Segment - The special steel segment produced 305,000 tons in 2024, with a sales volume of 303,000 tons, showing stability [4]. - The gross profit per ton for special steel was 2,300 yuan, with a gross margin of 12.3%, indicating a slight increase in profitability [4]. Asset Impairment and Disposal - The company recorded asset impairment losses of 25 million yuan in 2024, primarily due to goodwill impairment [5]. - Asset disposal losses totaled 840 million yuan, mainly from the technical renovation of a 10,000-ton lithium carbonate production line [5]. Future Outlook - The company is focused on integrated expansion and cost optimization in lithium extraction, with a significant increase in mining capacity from 3 million tons to 9 million tons [5]. - The report emphasizes the company's strong position in the mica lithium extraction market and its ongoing efforts to enhance product structure and profitability in the special steel segment [5].