YONGXING MATERIALS(002756) 华福证券·2025-03-26 13:06Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [5][19]. Core Views - The company is expected to experience a significant decline in net profit for 2024, with a projected year-on-year decrease of 69% [2]. - The company's revenue for 2024 is forecasted to be 8.074 billion yuan, representing a 33.76% decline compared to the previous year [2]. - The report highlights the company's cost control measures and production expansion as key factors for future growth potential [5]. Financial Performance Summary - In 2024, the company is projected to achieve a net profit of 1.043 billion yuan, down 69.37% year-on-year, with a non-recurring net profit of 0.894 billion yuan, a decrease of 72.4% [2][5]. - The company's lithium salt sales volume is expected to be approximately 26,000 tons in 2024, a slight decrease of 3.23% year-on-year [3]. - The average price of battery-grade lithium carbonate is anticipated to drop by 65.56% year-on-year to 90,500 yuan per ton in 2024 [3]. - The gross margin for lithium salt products is projected to be 36.65%, down 35 percentage points year-on-year, but still relatively high compared to other lithium companies [3]. Production and Expansion - The company is steadily expanding its resource production capacity, with its subsidiary Huqiao Mining increasing its licensed production capacity from 3 million tons per year to 9 million tons per year [4]. - The company has completed the first phase of a 3 million tons per year lithium ore efficient selection and comprehensive utilization project [4]. - The report notes that the company is implementing technological upgrades in its smelting operations to enhance efficiency [4]. Earnings Forecast - The forecast for the company's net profit for 2025, 2026, and 2027 is 1.007 billion yuan, 1.386 billion yuan, and 1.718 billion yuan, respectively [5]. - The expected earnings per share (EPS) for the same years are projected to be 1.87 yuan, 2.57 yuan, and 3.19 yuan [5].