永兴材料（002756）：2024年报点评：降本增效，经营稳健

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant decline in net profit for 2024, with a total net profit attributable to shareholders of 1.043 billion yuan, down 69.37% year-on-year. The non-recurring net profit was 894 million yuan, a decrease of 72.4% year-on-year [2][4]. - In Q4 2024, the net profit attributable to shareholders was 73 million yuan, down 79.51% year-on-year and 64.15% quarter-on-quarter. The non-recurring net profit for the same period was 120 million yuan, down 67.01% year-on-year and 28.88% quarter-on-quarter [2][4]. - Despite the sharp decline in lithium prices in 2024, the company's performance showed resilience, with lithium battery new energy business revenue reaching 2.415 billion yuan, accounting for 29.92% of total revenue, and a gross profit of 768 million yuan, representing 52.41% of total gross profit [9]. - The company achieved a lithium carbonate production of 26,000 tons, a decrease of 3.9% year-on-year, with a sales volume of 26,000 tons, down 3.2% year-on-year. The average selling price per ton was approximately 74,300 yuan, down 61% year-on-year [9]. - The company maintained a high dividend payout ratio, with total cash dividends expected to reach 528 million yuan, representing 51% of profits. The total amount of share buybacks was 351 million yuan, indicating strong confidence in long-term development [9]. Summary by Sections Financial Performance - The total revenue for 2024 was 8.074 billion yuan, with a gross profit of 1.465 billion yuan, representing a gross margin of 18% [15]. - The operating profit was 1.306 billion yuan, accounting for 16% of total revenue, with a net profit of 1.062 billion yuan [15]. Business Segments - The lithium battery new energy business generated revenue of 2.415 billion yuan, while the special steel new materials business achieved revenue of 5.658 billion yuan, accounting for 70.08% of total revenue [9]. - The company focused on optimizing the product structure of special steel, increasing the proportion of high-value-added products [9]. Market Position - The company is positioned as a high-quality lithium extraction enterprise with ongoing cost reduction and efficiency improvement initiatives, which are expected to enhance profitability in the future [9].