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电解液盈利承压,一体化布局纵深突破

点评

■事件:公司发布2024年年报,全年实现营收125.18亿元,同比-18.74%,实现归母净利润4.84亿元,同比-74.40%,扣非后归母净利润3.82亿元,同比-79.08%

■Q4业绩拆分。营收和净利:公司2024Q4营收36.55亿元,同增11.40%,环增7.09%,归母净利润为1.46亿元,同增5.04%,环增44.55%,扣非后归母净利润为0.95亿元,同增-16.67%,环增-5.94%。毛利率:2024Q4毛利率为19.86%,同增2.90pct,环增1.96pct。净利率:2024Q4净利率为3.88%,同增-0.17pct,环增1.01pct。费用率:公司2024Q4期间费用率为11.11%,同比1.39pct,其中销售、管理、研发、财务费用率分别为0.74%、4.60%、5.06%、0.71%,同比变动+0.22pct、+0.97pct、+0.95pct和-0.75pct。

■ 电解液盈利承压。出货量方面,公司24年电解液出货量超50万吨,同比增长约26%。单吨盈利方面,公司24年电解液吨净利0.08万/吨,我们测算Q4电解液吨净利约0.07万/吨,吨净利环比下滑的主要系国内电解液、碳酸锂原料价格持续下跌。

■一体化布局提升产品竞争力。公司核心原材料自供比例持续提升,六氟磷酸锂和LiFSI自供比例达到98%以上,预计随着高压快充电池的普及,LiFSI添加比例将稳步提升,有效增厚电解液单吨利润。海外布局方面,德国OEM工厂顺利投产、美国电解液项目建设持续推进,且公司通过在摩洛哥设立子公司推动海外一体化产能建设,持续扩大海外产能布局。

■磷酸铁锂跻身行业第一梯队,日化材料量质齐升。磷酸铁锂业务:2024年公司全年磷酸铁交付9.5万余吨,较2023年增加109%,处于行业第一梯队。24年交付量大幅上升主要原因系公司宜昌基地二期项目投产,交付能力持续上升。日化材料业务:2024年销量突破11万吨,同比去年增长6%,整体营收同比增长9%。随着公司实施深度绑定国内外大客户的营销策略,主推产品甲牛系列表活批量供应MNC客户,将持续增厚公司利润。

■ 投资建议:我们预计公司2025-2027年实现营收150.95、197.08、249.74亿元,同比增速分别为20.6%、30.6%、26.7%,归母净利润为9.02、14.66、21.59亿元,同比增速分别为86.3%、62.6%、47.2%,当前时点对应PE为36、22、15倍,考虑到公司一体化布局,成本优势明显,目前处于周期底部,维持“推荐”评级。

■风险提示:宏观环境因素变动风险,新能源车销量不及预期,行业竞争加剧,原材料波动超预期,产能释放节奏不及预期。

■盈利预测与财务指标:

公司财务报表数据预测汇总

研究报告信息

证券研究报告:天赐材料(002709.SZ)2024年年报点评:电解液盈利承压,一体化布局纵深突破

对外发布时间:2025年4月16日

报告撰写:

邓永康SAC编号S0100521100006

李孝鹏SAC编号S0100524010003

席子屹SAC编号S0100524070007

赵丹SAC编号S0100524050002 

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