盈利阶段性承压，磷酸（锰）铁锂上量明显：受原材料价格大幅下降等因素影响，公司营收和产品盈利能力阶段性承压。分产品来看，多元材料实现营收26.90 亿元，同比减少64.91%，毛利率17.88%，同比下降0.2个百分点；磷酸（锰）铁锂、钠电正极实现营收4.58 亿元，同比增长774.30%，毛利率-2.91%，同比下滑4.30 个百分点。公司在多元材料方面，与欧美大客户建立长期稳定的合作，上半年实现产量约2.09 万吨；磷酸（锰）铁锂方面，与亿纬锂能、宜春清陶等动力及储能客户加强合作，上半年产量约1.33 万吨，销量同比数倍增长。The company released its 2024 mid-year report. It achieved a profit of 0.287 billion yuan in the first half of the year, a year-on-year decrease of 69.01%. The company increased significantly in lithium phosphate (manganese) iron materials, and solid battery materials were loaded, maintaining an increase in holdings rating.
Key points to support ratings
Net profit due to 2024H1 fell 69.01% year on year: the company released the 2024 semi-annual report, and achieved revenue of 3.541 billion yuan in the first half of the year, a year-on-year decrease of 57.85%; realized profit of 0.287 billion yuan, a year-on-year decrease of 69.01%; after deducting non-profit 0.217 billion yuan, a year-on-year decrease of 79.66%. According to the company's performance calculation, 2024Q2 achieved a profit of 0.176 billion yuan, a year-on-year decrease of 64.34% and a month-on-month increase of 59.87%; after deducting non-profit 0.112 billion yuan, a year-on-year decrease of 82.44%, a year-on-year increase of 7.77%.
Profit is under phased pressure, and the amount of lithium phosphate (manganese) iron phosphate (manganese) has increased significantly: due to factors such as a sharp drop in raw material prices, the company's revenue and product profitability are under phased pressure. By product, Diversified Materials achieved revenue of 2.69 billion yuan, a year-on-year decrease of 64.91%, and a gross profit margin of 17.88%, a year-on-year decrease of 0.2 percentage points; revenue of lithium iron phosphate (manganese) and sodium electrocathodes achieved revenue of 0.458 billion yuan, an increase of 774.30% year-on-year, and a gross profit margin of -2.91%, a year-on-year decrease of 4.30 percentage points. The company established long-term and stable cooperation with major European and American customers in terms of diverse materials, and achieved an output of about 0.0209 million tons in the first half of the year; in terms of lithium iron phosphate (manganese), it strengthened cooperation with power and energy storage customers such as Everweft Lithium Energy and Yichun Qingtao. In the first half of the year, the output was about 0.0133 million tons, and sales increased several times over the same period last year.
Solid-state battery materials began commercial application: The company laid out key materials for next-generation solid-state batteries ahead of time. In terms of cathode materials, the company developed high-electrochemical activity and large-size single-crystal cathode materials for ultra-high nickel solids, which were highly recognized by leading solid-state battery companies and were the first in the industry to achieve batch loading applications; in terms of solid electrolytes, the company successfully developed nanoscale solid electrolytes with high ionic conductivity and high stability.
The company is at the forefront of the industry in the commercial application of solid lithium battery cathode materials. It has shipped hundreds of tons during the reporting period. It has successfully introduced solid state battery customers such as Huineng, Qingtao, Weilan New Energy, and Ganfeng Lithium Battery, and successfully loaded and used in solid-state models of first-tier car companies such as SAIC Motor Group.
valuations
Based on the company's announcement and industry competition, we adjusted the company's 2024-2026 earnings forecast to 1.37/1.62/2.05 yuan (the original forecast for 2024-2026 was 2.50/2.77/2.97 yuan), corresponding to a price-earnings ratio of 21.4/18.0/14.3 times; maintaining an increase rating.
The main risks faced by ratings
Demand in the industrial chain fell short of expectations; raw material prices fluctuated unfavourably; NEV industry policies fell short of expectations; NEV products did not meet expectations.