证券代码：603659 证券简称：璞泰来 公告编号：2024-077 上海璞泰来新能源科技股份有限公司 关于拟放弃参股公司股权优先购买权暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 上海璞泰来新能源科技股份有限公司（以下简称"公司"或"上市公 司"）参股公司四川茵地乐材料科技集团有限公司（以下简称"标的公司"或 "茵地乐"）的十名股东拟将其合计持有的茵地乐71.00%股权（以下简称"标 的资产"）转让予日播时尚集团股份有限公司（以下简称"日播时尚"），本 次股权转让中，公司未参与出售茵地乐股权。 经公司总经理办公会议决议，原则同意公司放弃上述股权的优先购买权。 本次交易构成关联交易，但不构成重大资产重组。 截至本公告披露日，标的资产的审计、评估等相关工作尚未完成。相关 工作完成后，公司将严格按照《上海证券交易所股票上市规则》及《公司章程》 等有关规定，进一步履行相应的审议程序和信息披露义务。 一、关联交易概述 上市公司于近日收到相关通知，公司参股公司茵地乐的股东共青城福创股 权投资合伙企业（ ...

证券代码：603659 证券简称：璞泰来 公告编号：2024-075 上海璞泰来新能源科技股份有限公司 2024 年度第一期超短期融资券兑付完成公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 2024年10月29日 截至本公告日，公司已兑付2024年度第一期超短期融资券本息合计人民币 1,024,713,114.75元，由银行间市场清算所股份有限公司代理划付至债券持有 人。 特此公告。 上海璞泰来新能源科技股份有限公司 董 事 会 上海璞泰来新能源科技股份有限公司（以下简称"公司"）于2024年1月26 日在全国银行间市场发行了2024年度第一期超短期融资券（简称"24璞泰来 SCP001"，代码"012480399"），发行规模10亿元人民币，期限为270日，票 面利率3.35%，兑付日2024年10月26日（若遇节假日顺延）。具体内容详见2024 年2月2日披露的《上海璞泰来新能源科技股份有限公司2024年度第一期超短期 融资券发行结果公告》（公告编号：2024-007）。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q3 2024 met expectations, with revenue of 9.84 billion yuan, a year-on-year decrease of 15.8%, and a net profit attributable to shareholders of 1.24 billion yuan, down 24.0% year-on-year [1] - The gross profit margin for Q3 was 28.3%, with a net profit margin of 10.9% [1] - The decline in the anode business is expected to be temporary, with improvements anticipated from new production capacity and cost reduction measures [1] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 9.84 billion yuan, a decrease of 15.8% year-on-year, and a net profit of 1.24 billion yuan, down 24.0% year-on-year [1] - The gross profit margin was reported at 29%, with a net profit margin of 12.6% [1] - Q3 revenue was 3.51 billion yuan, with a net profit of 380 million yuan, reflecting a year-on-year increase of 17.3% [1] Cash Flow and Expenses - Operating cash flow improved significantly, with a net cash flow from operating activities of 1.08 billion yuan, up 67.8% year-on-year [1] - Total expenses for the first three quarters were 1.16 billion yuan, a decrease of 10.7% year-on-year, with a total expense ratio of 11.8% [1] Future Outlook - The company expects net profits for 2024-2026 to be 1.678 billion, 2.190 billion, and 2.575 billion yuan respectively, corresponding to P/E ratios of 18, 14, and 12 [1][2] - The anode material prices are currently at historical lows, but the price decline is expected to narrow, with future improvements in profitability anticipated from new product launches and cost efficiencies [1]

上海璞泰来新能源科技股份有限公司 证券代码：603659 证券简称：璞泰来 公告编号：2024-074 | 全称 | 上海璞泰来新能源科技股份有限公司 | 2024 | 年度第二期超短期融资券 | | --- | --- | --- | --- | | 简称 | 24 璞泰来 SCP002 | 代码 | 012483379 | | 期限 | 180 日 | 起息日 | 2024 年 10 月 23 日 | | 上市日 | 2024 年 10 月 24 日 | 兑付日 | 2025 年 4 月 21 日 | | 实际发行总额 | 6 亿元 | 发行利率 | 2.90% | | 发行价格 | | 100 元/百元 | | | 主承销商 | 招商银行股份有限公司 | | --- | --- | | 联席主承销商 | 上海银行股份有限公司、上海农村商业银行股份有限公司 | 本 次 超 短 期 融 资 券 发 行 的 有 关 文 件 详 见 中 国 货 币 网 （www.chinamoney.com.cn）和上海清算所网站（www.shclearing.com.cn）。 特此公告。 上海璞泰来新能源科技股份有限公司 董 ...

上海璞泰来新能源科技股份有限公司 接待调研活动记录表 | | √公司现场接待 √电话接待 | | --- | --- | | | 公开说明会 其他场所接待 | | 接待调研形式 | 定期报告说明会 重要公告说明会 | | | 其他 UBS、East Capital、Grand Alliance Asset | | 参访人员 | | | | Management、Hao Capital、Inforesight | | | Investment、Lazard | | | AM、Longrising、MLP、Principal、Redwheel、Sc | | | honfeld、Value-Partners、Wisdomshire Asset | | | Management、财通证券、华夏基金、上海和谐汇 | | | 一、东海资管、诺德基金、中银基金、兴证全球、景林 | | | 资产、国投瑞银、泉果基金、上海理石投资 | | 日期、时间 | 2024 年 10 月 22 日下午 15:00-16:00 | | | 2024 年 10 月 23 日下午 15:30-17:30 | | 地点 | 公司会议室 ...

＃assAuthor＃ 证券研究报告 ＃industryId＃ 电池化学品 ＃ investSuggestio 增持n＃ ( ＃ investSuggestionChan 维持）ge＃ | --- | --- | |----------------------------|------------| | | | | ＃市场数据 marketData ＃ | | | 市场数据日期 | 2024-10-18 | | 收盘价（元） | 14.17 | | 总股本（百万股） | 2137.17 | | 流通股本（百万股） | 2136.40 | | 净资产（百万元） | 18445.02 | | 总资产（百万元） | 42896.38 | | 每股净资产 ( 元 ) | 8.63 | ＃相关报告 relatedReport＃ 《【兴证电新】璞泰来中报点评： 负极业务短期承压，隔膜布局成 效渐现》2024-08-26 《【兴证电新】璞泰来 2023 年年 报点评：盈利能力暂时承压，多 业并举稳健发展》2024-04-15 《【兴证电新】璞泰来三季报点 评：减值扰动短期利润，平台化 发展持续推进》2023-11-02 ＃ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a year-on-year improvement in cash flow for Q3, with negative electrode profitability expected to rebound [11] - Revenue for Q1-Q3 2024 was 9.84 billion yuan, down 15.81% year-on-year, while net profit attributable to shareholders was 1.239 billion yuan, down 23.97% year-on-year [11] - In Q3 alone, the company achieved revenue of 3.509 billion yuan, a decrease of 9.62% year-on-year but an increase of 6.41% quarter-on-quarter, with a net profit of 381 million yuan, up 17.31% year-on-year but down 7.83% quarter-on-quarter [11] Financial Performance Summary - The company’s gross margin and net margin for Q3 were 28.27% and 12.89%, respectively, with a quarter-on-quarter decrease in net margin primarily due to asset impairment [11] - The company recorded an asset impairment of 121 million yuan in Q3, a 19% increase quarter-on-quarter [11] - Operating cash flow for Q1-Q3 2024 was 1.076 billion yuan, up 67.86% year-on-year, with Q3 showing a positive cash flow of 1.436 billion yuan [11] Product Pricing and Market Conditions - The price decline of negative electrode materials has narrowed, with high-end artificial graphite and mid-range artificial graphite averaging 54,200 yuan/ton and 28,500 yuan/ton in Q3 2024, down 11.57% and 20.46% year-on-year, respectively [11] - The company’s integrated production capacity in Sichuan is expected to improve cost efficiency, while new silicon-based negative electrode capacity in Anhui is anticipated to contribute to revenue growth starting early next year [11] Earnings Forecast and Valuation - Revenue projections for 2024-2026 are 15.779 billion yuan, 17.375 billion yuan, and 20.384 billion yuan, with year-on-year growth rates of 2.86%, 10.11%, and 17.32%, respectively [11] - Net profit forecasts for the same period are 1.733 billion yuan, 2.207 billion yuan, and 2.746 billion yuan, with year-on-year growth rates of -9.37%, 27.38%, and 24.41% [11] - The estimated EPS for 2024-2026 is 0.81 yuan, 1.03 yuan, and 1.28 yuan, with a three-year CAGR of 12.83% [11]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 14.14 [7][8]. Core Views - The company's revenue for the first three quarters of 2024 decreased by 15.81% year-on-year to RMB 9.84 billion, and the net profit attributable to the parent company fell by 23.97% to RMB 1.239 billion [2][5]. - The decline in profitability is attributed to product price reductions and increased competition in the industry, but new technology breakthroughs and capacity releases are expected to improve profitability in the coming year [2][3]. - The company is actively optimizing processes to reduce costs and is launching new products such as fast-charging and silicon-based anodes, which are anticipated to enhance profitability [3][5]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a gross margin of 29.09%, down 2.76 percentage points year-on-year, and a net margin of 14.70%, down 0.96 percentage points year-on-year [2]. - The company reported a net profit of RMB 3.81 billion in Q3 2024, which is an increase of 17.31% year-on-year but a decrease of 7.83% quarter-on-quarter [2]. Product Development - The company is focusing on the development of fast-charging anodes that meet 6C requirements and can achieve 8C with self-produced binders, with gradual mass production expected [3]. - The coated separator business is expected to see a sequential increase in shipments due to strong customer relationships, while the base film is projected to achieve breakeven [4]. Profit Forecast - The company has revised down its profit forecasts for 2024, 2025, and 2026, estimating net profits of RMB 1.78 billion, RMB 2.17 billion, and RMB 2.57 billion respectively [5][12]. - The target price of RMB 14.14 is based on a price-to-earnings ratio of 14 times the expected earnings for 2025 [5][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q3 performance is generally in line with market expectations, with total revenue for the first three quarters of 2024 at 9.84 billion yuan, a year-on-year decrease of 16%, and a net profit attributable to shareholders of 1.24 billion yuan, down 24% year-on-year [3] - The negative electrode segment is expected to improve profitability starting from Q1 2025, driven by the gradual production of a new base in Sichuan [3] - The coated separator business is stable with increasing volume, while the base film shipments have decreased due to the ramp-up schedule of major clients [3] Summary by Sections Financial Performance - For Q3 2024, revenue was 3.51 billion yuan, with a quarter-on-quarter decrease of 9.6% and a year-on-year increase of 6.4%. The net profit for Q3 was 380 million yuan, with a quarter-on-quarter increase of 17.3% but a year-on-year decrease of 7.8% [3] - The gross margin for Q3 was 28.3%, with a quarter-on-quarter increase of 5.7% and a year-on-year decrease of 0.4 percentage points [3] Revenue and Profit Forecast - The company’s total revenue is projected to be 13.68 billion yuan in 2024, a year-on-year decrease of 10.84%, with net profit expected to be 1.68 billion yuan, down 12.24% year-on-year [2][4] - The EPS for 2024 is estimated at 0.79 yuan per share, with a P/E ratio of 16.69 [2] Business Segments - Coated separator shipments are expected to reach 1.8 billion square meters in Q3 2024, a year-on-year increase of 20% and a total of nearly 7 billion square meters for the year, representing a 30% increase [3] - The negative electrode segment is projected to ship 33,000 tons in Q3 2024, a decrease of 22% quarter-on-quarter, with an annual shipment forecast of 130,000 to 140,000 tons, down over 10% [3] Cash Flow and Inventory - The company reported an operating cash flow of 1.44 billion yuan in Q3 2024, a year-on-year increase, with total operating cash flow for the first three quarters at 1.08 billion yuan, up 68% [4] - Inventory at the end of Q3 was 9.15 billion yuan, a decrease of 7.8% from the end of Q2 [4] Valuation - The target price for the company is set at 16 yuan, based on a 20x P/E ratio for 2024 [4]

依据《企业会计准则》和公司相关会计政策，公司以单项或组合的方式对应收 款项的预期信用损失进行测试与估计。经测算，公司 2024 年 1-9 月计入当期损益 的信用减值损失 3,816.54 万元。 证券代码:603659 证券简称:璞泰来 公告编号:2024-073 上海璞泰来新能源科技股份有限公司 关于计提资产减值准备的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 根据《企业会计准则》和相关会计政策，为真实、公允地反映上海璞泰来新能 源科技股份有限公司（以下简称"公司"）的财务状况及经营成果，公司于 2024 年 10 月 17 日召开第三届董事会第二十八次会议及第三届监事会第二十一次会议， 审议通过了《关于计提资产减值准备的议案》，同意 32,127.35 万元的减值准备计 入当期损益，现将相关情况公告如下： 一、本次计提减值准备情况概述 2024年1-9月各项信用及资产减值准备计入当期损益的金额总计为32,127.35 万元，详见下表： | 项目 | 金额（万元） | | --- | --- | | 信用减值损失 ...