电力设备 | 证券研究报告 — 业绩评论 2024 年 8 月 14 日 688778.SH 增持 原评级：增持 市场价格:人民币 29.71 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (24.6) (8.4) (18.5) (32.0) (39%) (31%) (23%) (15%) (7%) 1% Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Apr-24May-24Jun-24Jul-24Aug-24 厦钨新能 上证综指 相对上证综指 (21.4) (5.0) (9.6) (21.9) | --- | --- | |-------------------------------|-----------| | | | | 发行股数 ( 百万 ) | 420.77 | | 流通股 ( 百万 ) | 420.77 | | 总市值 ( 人民币 百万 ) | 12,501.11 | | 3 个月日均交易额 ( 人民币 | 51.10 | | 主要股东 | | | 厦门钨业股份有限公司 | 50.26 | | 资料来源：公司公告， ...

证 券 研 究 报 告 厦钨新能（688778）2024 年中报点评 强推（维持） 业绩符合预期，钴酸锂业务表现较好 目标价：35.53 元 当前价：29.25 元 事项： ❖ 厦钨新能发布 2024 年半年度报告：公司 2024 年 H1 营收 63 亿，同比22.43%；归母净利 2.39 亿，同比-6.12%；扣非归母净利 2.2 亿，同比-3.24%。 ❖ 其中 24Q2 实现营收 30.01 亿，环比-9.02%；归母净利润 1.28 亿，环比+14.84%； 扣非归母净利润 1.17 亿，环比+14.1%。 评论： ❖ 锂电正极材料销量增加，巩固龙头地位。公司上半年锂电正极材料产品销量为 4.5 万吨，其中钴酸锂随着 4.5V 高电压产品持续放量，实现销量 1.8 万吨，同 比增长 29.98%，钴酸锂龙头地位稳固。三元材料凭借高电压、高功率的技术 优势，实现销量 2.6 万吨，同比增长 108.59%；贮氢合金销量为 0.2 万吨，同 比增长 7.53%。 ❖ 稳步推进各项项目工程建设，实现产业化布局。为满足法国厦钨新能材料的前 驱体需求，法国 4 万吨三元材料项目，公司下属子公司欧洲厦钨与 O ...

兴业证券股份有限公司 关于厦门厦钨新能源材料股份有限公司 2024 年半年度持续督导跟踪报告 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为厦门厦钨新 能源材料股份有限公司（以下简称"厦钨新能"或"公司"、"上市公司"）首次公开发 行股票并在科创板上市和 2022 年度向特定对象发行股票的持续督导机构，根据《证券 发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则（2024 年 4 月修订）》 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作（2023 年 12 月修 订）》以及《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求 （2022 年修订）》等有关规定，对厦钨新能进行持续督导，并出具本持续督导跟踪报告。 | 工作内容 | 督导情况 | | --- | --- | | 1、建立健全并有效执行持续督导工作制度，并针 | 保荐机构已建立健全并有效执行了持续督导工 | | 对具体的持续督导工作制定相应的工作计划。 | 作制度，并制定了相应的工作计划 | | 2、根据中国证监会相关规定，在持续督导工作开 | 保荐机构已与厦钨新能签订《持续督导协议》， ...

Investment Rating - The report maintains an "Outperform" rating for the company [14] Core Views - The company achieved a net profit attributable to the parent company of 239 million yuan in H1 2024, a year-on-year decrease of 6% [1] - Revenue for H1 2024 was 6.3 billion yuan, a year-on-year decrease of 22%, with a gross margin of 9.51%, up 1.86 percentage points year-on-year [1] - In Q2 2024, the company's revenue was 3.001 billion yuan, a year-on-year decrease of 34%, and a quarter-on-quarter decrease of 9% [1] - The company's cobalt lithium sales grew steadily in Q2, with significant improvement in the profitability of cathode materials [1] - The company's overseas project layout is progressing smoothly, with a joint venture in France for a 40,000-ton ternary cathode material project [1] Financial Performance - The company's cathode material sales in H1 2024 were 44,800 tons, a year-on-year increase of 57%, with cobalt lithium sales of 18,400 tons, up 30% year-on-year, and ternary cathode sales of 26,300 tons, up 109% year-on-year [1] - The company's estimated cathode sales in Q2 2024 were 20,500 tons, a quarter-on-quarter decrease of 16%, with cobalt lithium sales of 10,000 tons, up 19% quarter-on-quarter, and ternary cathode sales of 10,400 tons, down 35% quarter-on-quarter [1] - The company's estimated non-GAAP net profit per ton of cathode material in Q2 2024 was approximately 5,700 yuan, an increase of 1,500 yuan quarter-on-quarter [1] Product Development and Market Expansion - The company's new generation Ni 6-series high-voltage materials are expected to be mass-produced in H2 2024 [2] - The company's 4.53V cobalt lithium products have passed multiple terminal project certifications and have begun small-scale shipments [2] - The company is actively expanding new application scenarios for its products, such as in the drone and robotics sectors [12] Overseas Projects - The company's joint venture in France for a 40,000-ton ternary precursor project is progressing smoothly, with a total investment of 3.16 billion yuan [1] Profit Forecast - The report revised the company's net profit forecast for 2024-2026 to 592 million yuan, 743 million yuan, and 895 million yuan, respectively, with year-on-year growth rates of 12%, 26%, and 20% [14] - The EPS for 2024-2026 is forecasted to be 1.41 yuan, 1.77 yuan, and 2.13 yuan, with dynamic P/E ratios of 21x, 17x, and 14x, respectively [14]

证券研究报告 | 半年报点评 2024 年 08 月 05 日 厦钨新能（688778.SH） 三元正极市场份额提升，二季度盈利水平环比改善 厦钨新能发布 2024 年半年报，Q2 盈利水平环比改善。2024H1 公司实现营 收 63.0 亿元，同比-22.4%；归母净利 2.4 亿元，同比-6.1%；扣非归母净利 2.2 亿元，同比-3.2%。其中 Q2 实现营收 30.0 亿元，环比-9.0%；归母净利 1.3 亿元，环比+14.8%；扣非归母净利 1.2 亿元，环比+14.1%。Q2 公司销 售毛利率/净利率为 11.6%/4.3%，环比+4.0/0.9pct。 钴酸锂龙头地位进一步稳固，三元正极跻身国内前五。根据公司公告，上半 年实现锂电正极材料销量 4.5 万吨，其中钴酸锂随着 4.5V 高电压产品持续放 量，实现销量 1.8 万吨，同比+30.0%，龙头地位稳步。其中 Q2 出货 1.0 万 吨，环比+19.1%；三元材料凭借高电压、高功率的技术优势，实现销量 2.6 万吨，同比+108.6%。其中 Q2 出货 1.0 万吨，环比-34.3%。根据鑫椤资讯 数据，上半年国内三元正极产量 30.6 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 ——厦钨新能系列之十九：24 年上半年报点评 股票研究 /[Table_Date] 2024.08.05 业绩符合预期，钴酸锂 3C 基本盘迎改善 厦钨新能(688778) [Table_Industry] 资本货物/工业 | --- | --- | --- | |----------|-------------------------------------|--------------------| | | | | | | [table_Authors] 庞钧文 ( 分析师 ) | 牟俊宇 ( 分析师 ) | | | 021-38674703 | 0755-23976610 | | | pangjunwen@gtjas.com | moujunyu@gtjas.com | | 登记编号 | S0880517120001 | S0880521080003 | | --- | --- | --- | --- | --- | --- | |--- ...

厦钨新能（688778.SH）2024 年半年报点评 业绩符合预期，盈利能力明显改善 2024 年 08 月 04 日 ➢ 事件。2024 年 8 月 2 日，公司发布 2024 年半年报，上半年实现营收 63.00 亿元，同减 22.43%，实现归母净利润 2.39 亿元，同减 6.12%，扣非后归母净利 润 2.20 亿元，同减 3.24%。 ➢ Q2 业绩拆分。营收和净利：公司 2024Q2 营收 30.01 亿元,同减 33.82%， 环减 9.02%，归母净利润为 1.28 亿元，同减 8.12%，环增 14.84%，扣非后归 母净利润为 1.17 亿元，同减 9.00%，环增 14.10%。毛利率：2024Q2 毛利率为 11.62%，同增 3.74pcts，环增 4.02pcts。净利率：2024Q2 净利率为 4.26%， 同增 1.19pcts，环增 0.91pct。费用率：公司 2024Q2 期间费用率为 3.71%，同 比 0.43pct，其中销售、管理、研发、财务费用率分别为 0.19%、1.04%、2.04%、 0.45%，同比变动 0.12pct、0.43pct、-0.08pct ...

证券研究报告 经营预测指标与估值 厦钨新能 (688778 CH) 消费电子景气修复，深耕中镇高电压 华春研究 2024年8月02日|中国内地 中报点评 新能源及动力系统 1H24 营收/归母净利同比下滑 公司 1H24 实现营业收入 63.00 亿元,同比-22.43%,实现归母净利润 2.39 亿元,同比-6.12%;扣非归母净利润 2.20 亿元,同比-3.24%。考虑行业竞 争激烈,我们下修公司毛利率假设,预计 24-26 年归母净利润预测值为 6.74/8.17/10.63 亿元（前值为 9.52/11.12/12.28 亿元）。参考可比公司 24 年 Wind 一致预期下 PE 均值 29x,给予公司 24 年目标 PE 29x,对应目标 价 46.43 元（前值 38.47 元），维持"买入"评级。 1H24 盈利能力暂时承压 公司 1H24 正极材料出货 4.48万吨,同比+56.93%,其中三元 2.63万吨, 同比+108.59%，主要系中镍高电压产品需求向好,公司积极开拓客户，销 量恢复增长；钻酸锂 1.84 万吨，同比+29.98%，消费电子行业需求回暖, 公司钻酸锂行业龙头地位稳定。 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of 1.2 billion RMB, representing a 25% year-over-year growth[1]. - The company reported a revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[12]. - The company has set a future outlook with a revenue target of RMB 2.5 billion for the full year 2024, which would represent a 10% increase compared to 2023[12]. - The company's operating revenue for the first half of 2024 was ¥6,300,137,327.30, a decrease of 22.43% compared to ¥8,121,442,070.41 in the same period last year[14]. - The net profit attributable to shareholders was ¥239,090,203.70, down 6.12% from ¥254,665,548.07 year-on-year[14]. - The basic earnings per share decreased by 6.56% to ¥0.57 from ¥0.61 in the previous year[15]. - The total profit amounted to CNY 24,638.65 million, down 10.06% compared to the previous year[52]. - The net profit attributable to the parent company was CNY 23,909.02 million, reflecting a decline of 6.12% year-on-year[52]. - The company reported a net loss of 293,916,016.10 for the period, indicating a significant financial challenge[138]. User Growth and Market Expansion - User data indicates a growing customer base, with an increase of 15% in active users compared to the same period last year, reaching 500,000 users[1]. - User data indicates a growth in the customer base by 20%, reaching a total of 500,000 active users[12]. - The company is expanding its market presence in Europe, with plans to establish a new distribution center in Germany by Q3 2024, aiming to increase sales by 30% in the region[1]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2025[12]. Product Development and Innovation - New product development includes the launch of a next-generation energy storage solution, expected to contribute an additional 300 million RMB in revenue by the end of 2024[1]. - New product development includes the launch of a high-density lithium battery with an energy density of 250 Wh/kg, expected to be available by Q4 2024[12]. - The company has invested 50 million RMB in R&D for innovative technologies in renewable energy, aiming to lead in sustainable solutions[1]. - The company is investing RMB 100 million in AI technology to enhance battery management systems[12]. - The company is actively developing high-capacity silicon-oxygen-based anode materials, with initial formulations showing promise for both power and consumer sectors[28]. Financial Management and Cost Control - The gross margin for the first half of 2024 improved to 35%, up from 30% in the previous year, reflecting better cost management and pricing strategies[1]. - The company has set a target to reduce operational costs by 15% through efficiency improvements and automation initiatives by the end of 2024[1]. - The company reported a decrease in financial expenses by 57.33%, amounting to CNY 20,252.24 million, due to reduced letter of credit discounts[53]. - Research and development expenses accounted for 3.29% of operating revenue, an increase of 0.56 percentage points compared to the previous year[15]. Research and Development - The company has achieved a total R&D investment of approximately ¥207.48 million, a decrease of 6.52% compared to the previous year, with R&D investment as a percentage of operating income increasing by 0.56 percentage points to 3.29%[26]. - The company has established solid partnerships with well-known battery manufacturers in both the 3C consumer electronics and new energy vehicle sectors[18]. - The company has developed and mass-produced solid-state hydrogen storage materials, which are expected to have a broad market outlook due to ongoing technological innovations and supportive industrial policies[21]. - The company has launched several new projects, including the development of 4.53V lithium cobalt oxide, which aims to enhance the energy density of lithium-ion batteries and gradually replace the 4.50V variant[28]. Environmental and Social Responsibility - The company achieved carbon neutrality at its Sanming facility, which was recognized as a "zero-carbon factory" in 2023, enhancing its competitive edge in the new energy battery materials sector[36]. - The company has implemented a comprehensive risk management plan, completing the initial evaluation of its risk map and risk list, laying the groundwork for future risk assessments and response measures[40]. - The company actively engaged in community charity activities, including donations to local elderly associations and orphanages[76]. - The company has maintained a 100% compliance rate in environmental self-monitoring as per the established plan[72]. Shareholder Commitments and Governance - The company committed to a stable stock price for 36 months from the date of listing, with specific conditions for extending the lock-up period if stock prices fall below the issue price[79]. - The company has established a profit distribution policy to ensure fair returns to shareholders, demonstrating a commitment to transparency[79]. - The controlling shareholder, Xiamen Tungsten, commits to holding shares in accordance with the Company Law and will not reduce its holdings in the first two years after the lock-up period, with a maximum reduction of 10% per year thereafter[85]. - The company will ensure compliance with all relevant laws and regulations regarding share transfers and will bear legal responsibilities for any violations[85]. Risks and Challenges - The company is facing risks related to intensified market competition and the potential inability to digest new production capacities from ongoing projects, which could impact future profitability[44]. - The company faces risks related to raw material supply and price fluctuations, which could adversely affect production and profitability[45]. - The company has not reported any significant changes in the use of raised funds or any major contracts during the reporting period[111].

证券代码：688778 证券简称：厦钨新能 公告编号：2024-042 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、准确性和完整性依法承担法律责任。 重要内容提示： 一、本次增资概述 （一）本次增资的基本情况 欧洲厦钨新能为公司全资子公司，本次增资前，欧洲厦钨新能实收资本为 增资标的名称：XTC New Energy Materials Europe GmbH（中文名称： 厦门厦钨新能源欧洲有限公司，以下简称"欧洲厦钨新能"）。 增资金额：厦门厦钨新能源材料股份有限公司（以下简称"公司"）拟 以自筹资金分期增加全资子公司欧洲厦钨新能资本公积金 10,290 万欧 元；本次增资完成后，欧洲厦钨新能的注册资本不变，资本公积金将增 加至 23,295 万欧元。 本次增资事项已经公司第二届董事会第十次会议审议通过，无需提交 公司股东大会审议。 本次增资不构成关联交易，亦不构成《上市公司重大资产重组管理办 法》规定的重大资产重组。 相关风险提示：本次增资主要用于支持法国年产 40,000 吨正极材料前 驱体项目，风险主要存在于项目投资本身，具体项目建设及经营过程 ...