北京市中伦（深圳）律师事务所 关于深圳市星源材质科技股份有限公司 2024 年第二次临时股东大会的 法律意见书 二〇二四年十一月 北京市中伦（深圳）律师事务所 关于深圳市星源材质科技股份有限公司 2024 年第二次临时股东大会的 法律意见书 在本法律意见书中，本所律师仅对本次股东大会的召集、召开程序、出席会 议人员的资格、召集人资格及会议表决程序、表决结果是否符合《公司法》《股 东大会规则》等法律、法规、规范性文件及《公司章程》的规定发表意见，不对 会议审议的议案内容以及该等议案所表述的事实或数据的真实性及准确性发表 意见。 本所及本所律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信 用原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、准确、 完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大 遗漏，并承担相应法律责任。 本所同意将本法律意见书作为本次股东大会的公告材料，随同其他会议文件 一并报送有关机构并公告。除此以外，未经本 ...

Investment Rating - Strong Buy (Maintained) with a target price of 13.12 CNY, compared to the current price of 11.30 CNY [1] Core Views - Revenue for the first three quarters of 2024 reached 2.605 billion CNY, a year-on-year increase of 17.86% [1] - Net profit attributable to the parent company was 349 million CNY, a year-on-year decrease of 47.66% [1] - Non-GAAP net profit attributable to the parent company was 267 million CNY, a year-on-year decrease of 53.49% [1] - The fifth-generation production line significantly improved production efficiency, with a single-line capacity of 250 million square meters and a width of over 8 meters, setting new industry standards in quality, efficiency, intelligence, and low-carbon production [1] - The company is actively developing solid-state battery technology, with oxide and polymer solid electrolyte membranes ready for mass production, showing excellent performance in low-temperature conditions, cycle stability, and safety [1] - The company is expanding its overseas customer base and capacity construction, with ongoing projects in Sweden and Malaysia, and has established deep collaborations with global battery manufacturers such as LG, Samsung SDI, NorthVolt, Sony, Nissan, CATL, and BYD, as well as automotive manufacturers like Mercedes-Benz, BMW, Volkswagen, and Toyota [1] Financial Projections - Expected net profit attributable to the parent company for 2024-2026 is 477 million CNY, 550 million CNY, and 688 million CNY, respectively [1] - The current market value corresponds to a PE ratio of 32x, 28x, and 22x for 2024-2026 [1] - Revenue growth rates for 2024-2026 are projected at 12.8%, 22.4%, and 30.0%, respectively [5] - Net profit growth rates for 2024-2026 are projected at -17.2%, 15.4%, and 24.9%, respectively [5] Key Financial Indicators - Total revenue for 2023 was 3.013 billion CNY, with a projected increase to 3.400 billion CNY in 2024, 4.160 billion CNY in 2025, and 5.408 billion CNY in 2026 [5] - Gross margin for 2023 was 44.4%, with projected margins of 31.0%, 30.0%, and 30.0% for 2024-2026 [5] - ROE for 2023 was 5.9%, with projected ROE of 4.8%, 5.4%, and 6.4% for 2024-2026 [5] - EPS for 2023 was 0.43 CNY, with projected EPS of 0.36 CNY, 0.41 CNY, and 0.51 CNY for 2024-2026 [5]

[Table_MainInfo] 公司研究/机械工业/新能源板块 证券研究报告 星源材质（300568）公司公告点评 2024 年 11 月 16 日 [Table_InvestInfo] 投资评级 优于大市 维持 揽获海外大单，预计累计供货 20 亿平+ | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | 11 [ Table_StockInfo 月 15 日收盘价（元） ] | 11.30 | | 52 周股价波动（元） | 6.73-16.00 | | 总股本 / 流通 A 股（百万股） | 1343/1214 | | 总市值 / 流通市值（百万元） | 15175/13716 | | 相关研究 | | | [Table_ReportInfo] 《经营性盈利能力环比稳定》 | 2024.11.12 | 市场表现 [Table_QuoteInfo] -54.26% -39.26% -24.26% -9.26% 5.74% 星源材质 海通综指 | --- | --- | ...

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 12.60, based on a 2024 PE multiple of 42x [3][11] Core Views - The company's Q3 2024 operating profit remained stable, but net profit was impacted by reduced subsidies, with revenue reaching RMB 952 million, up 11.45% YoY and 1.37% QoQ, while net profit attributable to shareholders dropped 62.84% YoY and 20.62% QoQ [1][11] - The company is a leader in both dry and wet preparation technologies, with its dry process equipment upgraded to the sixth generation, improving efficiency tenfold, and the fifth-generation super wet line launched in August 2023, doubling the capacity of the fourth generation [2][11] - The company is expanding its domestic and international production bases, with the Nantong base fully operational and the Foshan base expected to reach full production soon, while also advancing overseas projects in Sweden and Malaysia [2][11] - The company is increasing R&D investment, with new technologies in solid-state batteries and coated separators showing excellent performance and entering customer certification and testing stages, potentially creating new growth drivers [3][11] Financial Performance and Forecast - The company's revenue for Q3 2024 was RMB 952 million, with a gross profit margin of 27.96%, down 19.94 percentage points YoY and 0.17 percentage points QoQ [1] - The report forecasts the company's net profit attributable to shareholders for 2024-2026 to be RMB 401 million, 482 million, and 609 million, respectively, with YoY changes of -30.5%, +20.2%, and +26.4% [3][6] - The company's revenue is expected to grow from RMB 3.63 billion in 2024E to RMB 6.22 billion in 2026E, with a CAGR of 24.8% [4][6] - The company's gross profit margin is expected to stabilize at 30.1% from 2024E to 2026E, while the net profit margin is projected to decline from 11.0% in 2024E to 9.8% in 2026E [4][6] Production and Capacity Expansion - The company's dry process equipment has been upgraded to the sixth generation, improving efficiency tenfold compared to the initial generation, and achieving localization [2] - The fifth-generation super wet line, launched in August 2023, has a width of over 8 meters and a single-line capacity of 250 million square meters, more than double the capacity of the fourth generation [2] - The company is expanding its production capacity with the Nantong base fully operational and the Foshan base expected to reach full production soon, while also advancing overseas projects in Sweden and Malaysia [2][11] R&D and Technological Advancements - The company's R&D team has developed oxide and polymer solid electrolytes ready for mass production, showing excellent performance in semi-solid battery evaluations and entering customer certification and testing stages [3] - The company's aramid-coated separator features high temperature resistance, strength, and rapid wetting, with a maximum rupture temperature over 400°C, providing critical support for lithium battery safety [3] - The company is accelerating the industrialization of its aramid-coated separator, expecting it to become a new growth driver [3]

Summary of Conference Call for Xingyuan Material Company Overview - The conference call discusses **Xingyuan Material**, a company involved in the production of battery separators, particularly for electric vehicles and solid-state batteries. Key Points Industry and Market Developments - The company signed a **non-binding agreement** with a subsidiary of Volkswagen Group, which is expected to positively impact future shipment volumes and profit elasticity starting next year [2][7]. - Significant progress in **overseas market expansion** is anticipated, with expectations of substantial revenue growth by 2025 due to increased penetration of electric vehicles and improvements in the battery supply chain [2][13]. - The company is focusing on **high-end separator products** with special coatings, such as ceramic fiber nano-coating and polyimide coating, which are expected to see increased market demand and market share [2][4]. Product and Technology Innovations - The company is developing **solid-state battery technologies**, collaborating with several mainstream semi-solid battery manufacturers, and has achieved small-scale shipments [2][8]. - The **nano-fiber coated separators** have a significantly higher thermal stability, with a membrane rupture temperature increased from 180°C to 400°C, enhancing safety and performance, particularly for fast charging applications [4][35]. - The company has a **patent for nano-fiber coating technology**, which is currently unique to them, and they are seeing good sales in domestic markets, with plans to expand to overseas clients [4][20][36]. Financial and Operational Insights - The company expects a **good production schedule** for January and the first quarter of next year, although long-term forecasts remain uncertain [2][10]. - The **current market conditions** are described as a "not-so-dull off-season," with strong demand driven by government incentives for electric vehicle upgrades and growth in overseas energy storage [6]. - The company does not plan to engage in price wars despite intense competition in the dry and wet separator markets, as they maintain high capacity utilization [11][18]. Future Outlook - The company anticipates **significant revenue growth** in overseas markets by 2025, supported by strategic partnerships and a focus on high-margin products [2][13][30]. - The **production capacity** is expected to increase, with the new capacity in Foshan and overseas facilities projected to contribute to a total shipment volume of approximately 5 billion units next year [37][32]. - The company is cautious about future expansion plans, indicating that any new projects would depend on market demand and would take 18 to 24 months to implement [34]. Competitive Landscape - The company is experiencing growth in market share, although it is unclear if this is at the expense of competitors [27]. - The **pricing strategy** for separators varies by customer, with some using bidding processes that can compress profit margins [31]. Challenges and Risks - The company faces challenges from **aging equipment** and cost pressures, which have led some competitors to cease operations [11][28]. - The **impact of policy changes** in the U.S. market is being monitored, with plans to adapt production strategies accordingly [17]. Conclusion Xingyuan Material is strategically positioning itself for growth in the electric vehicle battery separator market through innovative product development, overseas expansion, and strategic partnerships, while navigating competitive pressures and market dynamics.

好的非常欢迎各位投资者今天下午参加我们的一个行政会议这是因为我们3D Mark刚刊其实基本面没有变化然后也是就针对我们昨天晚上公告的关于我们欧洲青年与大众集团旗下众力子公司签订的一个定点协议的公告和大家做一个简单的沟通 因为不涉及不涉及例如价格等一些非公开的内容咱们就讨论整个一个一个一个订单订单的一个一个一个影响吧因为那个我们公司在二零二五年中期和年底呢分别在海外会有一些计谋的产能的投放然后针对于这些新增的产能呢我们也去做了很多海外客户的拓展 的工作其实一些比较做的比较成功的可能就是我们直接通过和通过和海外那个主机厂去做一些市场沟通工作然后通过海外主机厂的去对电信厂然后做一个这种定点写定点的一个一个一个一个一个市场推推广推广吧在这种情况下整个通因为你如果是直接和电信厂去做一些 呃去去合作合作的话整个价格体系呢可能还是呃跟以前差不太多在就是我们呃隔膜厂在电信厂的溢价能力是一般然后通过把我们的一些那个有优势的和一些种有稀缺性的海外产能和我们的一些呃特殊的图复跟海外的主机厂去做一些沟通然后能够 呃通过定点这个定点协议都得到比较好的那个价格吧我觉得呃这个这次的那个公告呢就一定程度上印证了我们这个海外客户拓展上的一些成 ...

证券代码：300568 证券简称：星源材质 公告编号：2024-076 深圳市星源材质科技股份有限公司 关于签订《关于商讨交易关系的基本协议书》的公告 一、协议签署概况 深圳市星源材质科技股份有限公司（以下简称"公司"、"星源材质"）与 DAISO CHEMICAL CO.,LTD.（以下简称"大曹化工株式会社"）、大曹化工贸 易（上海）有限公司以通过互相有效利用各自的经营资源，在中国国内进行半固 态电池用隔膜的量产，从而获得并扩大双方在半固态电池市场的营业收益为目的， 互相视对方为交易中的友好合作伙伴人选，以商讨当事人之间构建良好交易关系 的可能性为目的，签订了《关于商讨交易关系的基本协议书》（以下简称"基本 协议"）。 本次签订《基本协议》事项无需提交董事会或股东大会审议，不涉及关联交 易事项，不构成重大资产重组。 二、交易对手方介绍 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、《基本协议》的生效条件 本协议于 2024 年 11 月 12 日签订，双方授权代表签字后生效。 2、《基本协议》的重大风险及重大不确定性 在《基本协议》执行过 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company achieved a revenue of 0.952 billion yuan in Q3 2024, representing a year-on-year growth of 11.45% and a quarter-on-quarter growth of 1.37%. However, the net profit attributable to shareholders decreased by 62.84% year-on-year and 20.62% quarter-on-quarter, primarily due to a reduction in subsidies [4] - The company is recognized as a leader in the lithium battery separator industry, with significant advancements in production efficiency and technology innovation, including the sixth generation of dry production lines and the fifth generation of super wet production lines [4][5] - The company is expanding its production capacity both domestically and internationally, with new bases in Nantong and Foshan, and is actively pursuing overseas projects in Sweden and Malaysia [5] - The company is increasing its R&D investments, focusing on solid-state batteries and coated separators, which are expected to create new profit growth points [5] Financial Summary - The company forecasts net profits of 0.401 billion yuan, 0.482 billion yuan, and 0.609 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year changes of -30.5%, +20.2%, and +26.4% [6] - Revenue is projected to grow from 3.013 billion yuan in 2023 to 6.218 billion yuan in 2026, with a compound annual growth rate of approximately 24.8% [7][11] - The gross margin is expected to decline from 44.4% in 2023 to 30.1% in 2024, stabilizing thereafter [11] Production and Sales Forecast - The company anticipates separator shipments of 4.0 billion square meters, 5.5 billion square meters, and 6.88 billion square meters for 2024, 2025, and 2026 respectively, with a unit price of 0.9 yuan per square meter [8][9]

特别提示： 1、协议的生效条件 本协议于 2024 年 11 月 11 日签订，双方授权代表签字后生效。 证券代码：300568 证券简称：星源材质 公告编号：2024-075 深圳市星源材质科技股份有限公司 关于全资子公司欧洲星源与大众集团旗下动力电池子公司 签订《定点协议》的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 2、协议的重大风险及重大不确定性 本协议履约期限较长，在协议执行过程中，存在法律、法规、政策、履约能 力、技术、市场等方面不确定性或风险，同时还可能面临外部宏观环境发生重大 变化、突发意外事件，以及其他不可抗力因素影响所带来的风险等。敬请投资者 注意投资风险。 3、协议履行对公司本年度经营成果的影响 本次签订的《定点协议》属于框架性约定，采购数量仅为预测数，实际采购 数量将会根据市场情况及客户实际需求变动，如协议顺利履行，2025-2032 年期 间预计将累计供货约 20.9 亿平方米湿法涂覆锂离子电池隔膜材料，协议对公司 本年度经营业绩无重大影响，对公司未来经营业绩的影响情况需以审计机构年度 审计确认后的结果为准。 4、本协议的签 ...

Investment Rating - Buy (Maintained) [1] Core Views - 24Q3 performance met expectations with revenue of 2.61 billion yuan, up 17.9% YoY, and net profit attributable to the parent company of 350 million yuan, down 47.7% YoY [2] - Gross margin for 24Q1-Q3 was 30.2%, down 16.4 percentage points YoY, and net profit margin was 13.4%, down 16.8 percentage points YoY [2] - 24Q3 revenue was 950 million yuan, up 11.5% YoY and 1.4% QoQ, with net profit attributable to the parent company of 110 million yuan, down 62.8% YoY and 20.6% QoQ [2] - Gross margin for 24Q3 was 28%, down 19.9 percentage points YoY and 0.2 percentage points QoQ, while net profit margin was 11.3%, down 22.5 percentage points YoY and 3.1 percentage points QoQ [2] - Shipments in 24Q3 increased by 60% YoY, with 25% to 30% growth expected in 2025 [2] - 24Q1-Q3 shipments are estimated at nearly 2.8 billion square meters, with 24Q3 shipments at approximately 1.15 billion square meters, up 15% QoQ [2] - Wet-process shipments accounted for over 50% in 24Q3, with full-year 2024 shipments expected to reach around 4 billion square meters, up nearly 60% YoY [2] - In 2025, four new wet-process lines in Foshan are expected to add approximately 1.1 billion square meters of capacity, with shipments projected to grow 25% to 30% to over 5 billion square meters [2] Financial Performance - 24Q3 average price was 1.06 yuan per square meter (including tax), down approximately 10% QoQ [3] - Non-GAAP net profit per square meter in 24Q3 was 0.08 yuan, flat QoQ, with dry-process break-even and flat QoQ [3] - Full-year 2024 net profit per square meter is expected to be 0.1 yuan [3] - Wet-process diaphragm price pressure continues, but cost reductions through improved yield and equipment efficiency are expected to partially offset the impact [3] - 24Q1-Q3 operating expenses were 460 million yuan, up 17.5% YoY, with an expense ratio of 17.6%, down 0.1 percentage points YoY [3] - 24Q3 operating expenses were 150 million yuan, up 18.4% YoY and down 7.5% QoQ, with an expense ratio of 16.1%, up 0.9 percentage points YoY and down 1.5 percentage points QoQ [3] - 24Q1-Q3 operating cash flow was 330 million yuan, down 63.4% YoY, with 24Q3 operating cash flow at 100 million yuan, up 83.3% YoY and 4.2% QoQ [3] - Inventory at the end of 24Q3 was 390 million yuan, down 14.2% from the end of Q2 [3] Profit Forecast and Valuation - 2024-2026 net profit attributable to the parent company is revised down to 460 million yuan, 570 million yuan, and 810 million yuan, respectively, from previous estimates of 576 million yuan, 703 million yuan, and 930 million yuan [4] - YoY growth for 2024-2026 is expected to be -20%, +23%, and +42%, respectively, with corresponding P/E ratios of 31x, 25x, and 17x [4] - The company's profit is expected to have bottomed out, with significant long-term growth potential [4] Market Data - Closing price: 10.54 yuan [5] - 52-week low/high: 6.73 yuan / 16.00 yuan [5] - P/B ratio: 1.44x [5] - Market cap of tradable A shares: 12.79 billion yuan [5] - Total market cap: 14.15 billion yuan [5] Financial Projections - 2024E revenue: 3.585 billion yuan, up 18.99% YoY [9] - 2025E revenue: 4.33 billion yuan, up 20.76% YoY [9] - 2026E revenue: 5.348 billion yuan, up 23.53% YoY [9] - 2024E net profit attributable to the parent company: 463 million yuan, down 19.62% YoY [9] - 2025E net profit attributable to the parent company: 572 million yuan, up 23.43% YoY [9] - 2026E net profit attributable to the parent company: 813 million yuan, up 42.26% YoY [9] - 2024E EPS: 0.34 yuan [9] - 2025E EPS: 0.43 yuan [9] - 2026E EPS: 0.61 yuan [9] Cash Flow and Key Financial Ratios - 2024E operating cash flow: 1.251 billion yuan [10] - 2025E operating cash flow: 1.936 billion yuan [10] - 2026E operating cash flow: 2.151 billion yuan [10] - 2024E ROE: 4.55% [10] - 2025E ROE: 5.34% [10] - 2026E ROE: 7.11% [10] - 2024E P/E ratio: 30.56x [10] - 2025E P/E ratio: 24.76x [10] - 2026E P/E ratio: 17.40x [10]