湖南裕能（301358）：原材料涨价扰动盈利，看好涨价预期、新品迭代的盈利弹性

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a Q1 2025 revenue of 6.76 billion yuan, representing a year-on-year increase of 49.6% and a quarter-on-quarter increase of 0.6%. However, the net profit attributable to the parent company was 90 million yuan, a year-on-year decrease of 40.6% and a quarter-on-quarter decrease of 8.4% [2][4]. - The company achieved a shipment of approximately 223,000 tons of lithium iron phosphate materials, a year-on-year increase of 63.68%. The sales in the energy storage sector accounted for about 38%, and new product sales were approximately 82,000 tons, accounting for about 37% [8]. - The company is expected to maintain a rapid year-on-year growth rate throughout the year, with anticipated improvements in profitability due to price adjustments and structural changes in product offerings [8]. Summary by Sections Financial Performance - Q1 2025 revenue was 6.76 billion yuan, up 49.6% year-on-year and 0.6% quarter-on-quarter. The net profit attributable to the parent company was 90 million yuan, down 40.6% year-on-year and 8.4% quarter-on-quarter. The non-recurring net profit was 80 million yuan, down 44.1% year-on-year and 10.0% quarter-on-quarter [2][4]. - The estimated single-ton profit for Q1 2025 faced pressure due to rising costs of iron and phosphorus sources, as well as the decline in lithium carbonate prices [8]. Market Outlook - The company is expected to see continued growth in production and sales, with a projected net profit of approximately 1.5 billion yuan for 2025. The anticipated price increases from "processing fees + discount coefficient adjustments" are expected to further enhance profitability in Q2 [8]. - The company's integrated layout and new product iterations are expected to provide high elasticity in product unit profitability [8].