证券研究报告·北交所公司点评报告·电池 德瑞锂电（833523） 2024 年中报点评：订单持续旺盛，产能满产 下业绩高增 2024 年 08 月 28 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 279.81 | 346.38 | 465.51 | 559.90 | 671.89 | | 同比（ % ） | 26.39 | 23.79 | 34.39 | 20.28 | 20.00 | | 归母净利润（百万元） | 44.14 | 53.30 | 127.27 | 148.54 | 171.31 | | 同比（ % ） | (4.37) | 20.77 | 138.78 | 16.71 | 15.33 | | EPS- 最新摊薄（元 / 股） | 0 ...

证券代码：833523 证券简称：德瑞锂电 公告编号：2024-062 惠州市惠德瑞锂电科技股份有限公司 第四届董事会第二次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 8 月 25 日 2.会议召开地点：公司二楼会议室 3.会议召开方式：现场记名投票 4.发出董事会会议通知的时间和方式：2024 年 8 月 15 日以书面方式发出 二、议案审议情况 （一）审议通过《关于<2024 年半年度报告>及其摘要的议案》 1.议案内容： 根据《公司法》《北京证券交易所股票上市规则（试行）》等法律、法规及《惠 州市惠德瑞锂电科技股份有限公司章程》等公司内部治理文件的规定，公司编制 了《惠州市惠德瑞锂电科技股份有限公司 2024 年半年度报告》及《惠州市惠德 瑞锂电科技股份有限公司 2024 年半年度报告摘要》。具体内容详见公司同日在北 京证券交易所指定信息披露平台（www.bse.cn）披露的《2024 年半年度报告》（公 ...

5.会议主持人：王之平女士 证券代码：833523 证券简称：德瑞锂电 公告编号：2024-063 惠州市惠德瑞锂电科技股份有限公司 第四届监事会第二次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 根据《公司法》《北京证券交易所股票上市规则（试行）》等法律、法规及《惠 州市惠德瑞锂电科技股份有限公司章程》等公司内部治理文件的规定，公司编制 1.会议召开时间：2024 年 8 月 25 日 2.会议召开地点：公司二楼会议室 3.会议召开方式：现场记名投票 4.发出监事会会议通知的时间和方式：2024 年 8 月 15 日 以书面方式发出 了《惠州市惠德瑞锂电科技股份有限公司 2024 年半年度报告》及《惠州市惠德 瑞锂电科技股份有限公司 2024 年半年度报告摘要》。具体内容详见公司同日在北 京证券交易所信息披露平台（www.bse.cn）上披露的《2024 年半年度报告》（公 告编号：2024-064）和《2024 年半年度报告摘要》（2024 ...

公 司 全 称 （ 中 英 文 ） 德瑞锂电 833523 惠州市惠德瑞锂电科技股份有限公司 Huizhou Huiderui Lithium Battery Technology Co., Ltd. 半年度报告 2024 1 公司半年度大事记 1、2024 年 1 月，惠德瑞高性能锂电池研发生产项目主体工程开工建设，项目位于广东省惠 州市仲恺高新区潼湖生态智慧区国际合作产业园中区 ZKD-003-05-02 地块，总占地 2.59 万 平方米，规划建筑面积约 6.21 万平方米，预计 2025 年下半年建成并投入使用。 2、2024 年 6 月，根据公司 2023 年年度股东大会会议决议，公司委托中国结算北京分公司 于 2024 年 6 月 3 日以本次权益分派股权登记日应分配股数 77,924,130 股为基数，向参与 分配的股东每 10 股派人民币现金 2.00 元，以资本公积向参与分配的股东每 10 股转增 3 股， 共计派发现金红利 1,558.48 万元，共计转增 23,377,239 股。 2 目 | --- | --- | |--------|------------------------- ...

证券代码：833523 证券简称：德瑞锂电 公告编号：2024-061 惠州市惠德瑞锂电科技股份有限公司 持股 5%以上股东减持股份结果公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带 法律责任。 一、 减持主体减持前基本情况 | 股东名称 | | 股东身份 | 持股数量（股） | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | --- | | 刘秋明 | 持股 | 5%以上 | 7,037,298 | 6.9469% | 上市前取得（含权益分 | | | 股东 | | | | 派转增部分） | 二、 减持计划的实施结果 （一） 股东因以下原因披露减持计划实施结果： √减持计划实施完毕 □减持时间区间届满 | 股 | | | | | | 减持 | | 减持 | 当前持股 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 已减持 | 已减 | | | | | | ...

| 日期 | 代码 | 简称 | 成交价 | 成交数量（股） | 买入营业部 | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2024-08- | 430418 | 苏轴股份 | 9.81 | 190306 | 招商证券股份有限公 | 招商证券股份有限公 司北京朝外大街证券 | | 02 | | | | | 司北京朝外大街证券 | | | | | | | | 营业部 | 营业部 | | 2024-08- | 837242 | 建邦科技 | 9.76 | 179500 | 招商证券股份有限公 | 招商证券股份有限公 司北京朝外大街证券 | | 02 | | | | | 司北京朝外大街证券 | | | | | | | | 营业部 | 营业部 | | 2024-08- 02 | 837344 | 三元基因 | 10.5 | 442169 | 国信证券股份有限公 | 华泰证券股份有限公 司枝江公园路证券营 | | | | | | | 司天津分公司 | | | | | | | | | 业部 | | 2024-08- | 873593 | 鼎智科技 | | ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 14.84 yuan for the next 6 months [4] Core Views - The company is a leader in the primary lithium battery sector, with significant growth in revenue and net profit in Q1 2024 due to economies of scale and falling lithium prices [4] - The company has achieved industry-leading automation levels in its production lines, with a production speed of 120PPM, enhancing product stability and competitiveness [2] - The company's revenue and net profit have shown steady growth, with a 473.8% YoY increase in net profit in Q1 2024 [4] Financial Performance - Revenue is expected to grow from 346.38 million yuan in 2023 to 677.43 million yuan in 2026, with a CAGR of 19.2% from 2019 to 2023 [4][19] - Net profit attributable to the parent company is projected to increase from 53.30 million yuan in 2023 to 155.37 million yuan in 2026, with a CAGR of 20.77% from 2023 to 2026 [4] - The company's ROE is expected to rise from 11.63% in 2023 to 20.83% in 2026, reflecting improved profitability [4] Industry Overview - The global primary lithium battery market grew from $1.53 billion in 2013 to $2.54 billion in 2022, with the Chinese market expanding from 3.02 billion yuan to 6.26 billion yuan during the same period [14] - Lithium manganese batteries account for 49% of the global primary lithium battery market, with a projected CAGR of 2.3% from 2020 to 2025 [56] - The IoT market is expected to grow from $320.9 billion in 2022 to $1.56 trillion by 2032, driving demand for lithium manganese batteries [41] Market Position and Competitive Landscape - The company is one of the largest domestic producers of cylindrical lithium manganese batteries, with a market share of approximately 3.0% globally [104] - The top eight lithium manganese battery manufacturers account for about 60% of the global market, indicating a stable competitive landscape [104] - The company's market share in China increased from 44.9% in 2019 to 48.4% in 2022, reflecting a slight improvement in market concentration [25] Technological Advancements - The company has developed high-reliability lithium-manganese and lithium-iron sulfide batteries, achieving international leading levels in battery performance [27] - The company has optimized its production processes, such as the use of a unique electrolyte formula, to enhance product consistency and material efficiency [27] - The company's automation improvements have significantly increased production efficiency, with a single winding machine achieving a speed of 15PPM [2] Growth Drivers - The company is expanding its production capacity with a new project expected to add 180 million units of lithium battery production annually, addressing current capacity constraints [110] - The lithium iron battery market has significant growth potential, with the company positioned to benefit from the replacement of traditional zinc-manganese batteries [84] - The IoT and smart meter markets are expected to drive demand for lithium manganese batteries, with the smart water meter market projected to reach 43.4 billion yuan by 2030 [94] Risks and Challenges - The company faces risks from fluctuating raw material prices, particularly lithium, which could impact profitability [85] - Intensifying competition in the lithium manganese battery market, especially in emerging applications, could pressure the company's market share [85] - The company is exposed to risks from technological advancements in alternative battery chemistries, which could reduce demand for its products [86]

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating an expected stock price increase of 5% to 15% relative to the benchmark over the next 6 to 12 months [21]. Core Viewpoints - The company is a leader in lithium primary batteries, with steady growth in revenue and profit. From 2018 to 2023, the compound annual growth rate (CAGR) for revenue and net profit attributable to the parent company was 15% and 10%, respectively. In 2023, the company achieved a revenue of 346.38 million yuan, a year-on-year increase of 24%, and a net profit of 53.30 million yuan, up 21% year-on-year [2][37]. - The demand for lithium primary batteries is expected to grow due to diverse downstream applications. The global lithium primary battery market is projected to reach 4.247 billion USD by 2031, with a CAGR of 4.8% from 2021 to 2031. Emerging applications for lithium manganese batteries, particularly in IoT devices, are anticipated to drive growth [3][4]. - The company focuses on research and development to strengthen its technological moat and expand production capacity to meet high demand. The company has a strong market position, ranking eighth globally in lithium manganese battery sales in 2019. It plans to release 180 million battery units by the second half of 2025 to support steady growth [4][10]. Summary by Sections 1. Company Overview - The company, established in 2012, specializes in the research, production, and sales of lithium primary batteries, particularly lithium manganese and lithium iron batteries. It has developed key technologies and maintains a stable customer base, including partnerships with well-known international brands [4][94]. 2. Market Demand and Growth - The lithium primary battery market is experiencing robust growth, with lithium manganese batteries being the main revenue source. The company’s revenue from lithium manganese batteries increased from 140 million yuan in 2018 to 326 million yuan in 2023, reflecting a CAGR of 15.1% [37][124]. 3. Research and Development - The company emphasizes R&D, with a significant increase in R&D expenses, which reached 4.4% of revenue in 2023. It has completed several key projects, enhancing product quality and meeting customer needs [6][131]. 4. Financial Projections - The company is projected to achieve net profits of 102 million yuan, 136 million yuan, and 166 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 11, 8, and 6 [34][19].

证券代码：833523 证券简称：德瑞锂电 公告编号：2024-060 惠州市惠德瑞锂电科技股份有限公司 持股 5%以上股东拟通过大宗交易方式减持公司股份 不超过 1%的预披露公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 减持主体的基本情况 | 股东名称 | 股东身份 | | 持股数量（股） | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | --- | | 刘秋明 | 持股 | 5%以 | 7,037,298 | 6.9469% | 上市前取得（含权益 | | | 上股东 | | | | 分派转增部分） | 二、 减持计划的主要内容 | 股东 | | 计划减持 | | | 计划减 | 减持 | | 减持 | 减持价格 | 拟减持股 | 拟减持 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | 数量（股） | | | 持 ...

证券代码：833523 证券简称：德瑞锂电 公告编号：2024-058 A 董事、监事、高级管理人员每年解除限售 B 离职董事、监事、高级管理人员解除限售 C 自愿限售解除限售 D 限制性股票解除限售 E 公开发行前特定主体股票解除限售上市 F 参与战略配售取得股票解除限售上市 G 其他（员工持股计划解除限售） 三、本次股票解除限售后的股本情况 | | 股份性质 | 数量（股） | 百分比 | | --- | --- | --- | --- | | | 无限售条件的股份 | 60,665,717 | 59.89% | | 有限售条件的 | 1、高管股份 | 25,349,914 | 25.02% | | | 2、个人或基金 | 15,285,738 | 15.09% | | | 3、其他法人 | 0 | 0% | | 股份 | 4、限制性股票 | 0 | 0% | | | 5、其他 | 0 | 0% | | | 有限售条件股份合计 | 40,635,652 | 40.11% | | | 总股本 | 101,301,369 | 100% | 注：如公司近期办理过新增股份登记的，公司总股本以新增股份登记后的总股本 ...