For the year 2024, Hunan Yuneng's net profit attributable to shareholders is projected at 594 million yuan, marking a 62.45% decline year-on-year. Notably, the company's fourth-quarter net profit attributable to shareholders witnessed a significant increase of 164.58% compared to the same period last year. Hunan Yuneng's net profit per ton of lithium iron phosphate reached an impressive 836 yuan/ton. As per Minsheng Securities' research report, with the anticipated stabilization of lithium carbonate prices and the improvement in industry supply-demand dynamics, Hunan Yuneng is poised to achieve profit growth by leveraging its integration strengths and the rising volumes of new products. Furthermore, the company has successfully transitioned its Dashichang phosphate mine from exploration to mining, with an annual production capacity of 2.5 million tons. This transition will further elevate the company's integration level, bolstering its risk resilience and profitability. Consequently, Minsheng Securities maintains its 'Recommend' rating for Hunan Yuneng.