尊敬的各位投资者合作伙伴和媒体朋友们大家好欢迎大家出席五矿发展股份有限公司2023年度业绩说明会2023年国际形势复杂多变外部环境严峻性复杂性不确定性持续上升国内经济运行恢复向好但需求恢复动力仍显不足钢铁行业持续承压运行需求不足问题明显 钢材价格下跌原料成本高企且利润大幅萎缩五矿发展作为主营冶金原材料和钢材的贸易流通企业受行业周期性调整和产业环境变化的影响经营面临诸多风险和挑战 面对复杂多变的外部环境公司主动实变应变强化能力建设优化业务结构深化改革创新推进战略转型高质量发展根基更加扎实今天的业绩说明会是为了方便广大投资者更全面的审视公司2023年经营管理战略推进改革发展等情况更深入的了解2024年的经营方针和重点举措 首先请允许我介绍现场出席今天业绩说明会的公司领导他们分别是公司总经理党委副书记魏涛先生公司独立董事张新民先生公司财务总监谭薇先生我是公司董事会秘书总法律顾问曲世竺本次会议共三项议程 第一项议程由公司总经理党委副书记魏涛先生致辞解读公司2023年经营管理战略推进和改革发展等情况第二项议程由公司独立董事张新民先生从财务分析角度解读公司2023年经营情况第三项议程是问答环节我们将与投资者展开交流互动回 ...

证券研究报告 | 行业点评 [Table_Main] 比亚迪 第五代 DM 技术给汽车行业带 [ 汽Tab 车le_I nvest] 评级： 看好 来了什么？ 日期： 2024.05.30 事件描述 [分Ta析bl师e_ A张ut鹏ho r] 登记编码：S0950523070001 5月28日，比亚迪第五代DM 技术发布暨秦L DM-i、海豹06 DM-i上市发布 ： 18373169614 会在西安举行。第五代DM技术实现百公里亏电油耗 2.9L，综合续航2100公 ： zhangpeng1@wkzq.com.cn 里，秦L DM-i、海豹06 DM-i售价区间完全相同，为9.98~13.98万元。 联系人 顾思捷 事件点评 ： 18862755264 ： gusj@wkzq.com.cn 第五代 DM 技术表现如何？实现了三个全球之最：全球最高发动机热效率 46.06%、全球最低百公里亏电油耗 2.9L和全球最长综合续航2100公里。从 联系人 张娜威 比亚迪 DM 技术迭代历史来看，比亚迪第五代 DM 技术是对第四代 DM-i 技 ： 18551983137 术的改进，延续了以电为主的动力架构，传承了第 ...

证券研究报告 | 行业点评 [Table_Main] 比亚迪 第五代 DM 技术给汽车行业带 [ 汽Tab 车le_I nvest] 评级： 看好 来了什么？ 日期： 2024.05.30 事件描述 [分Ta析bl师e_ A张ut鹏ho r] 登记编码：S0950523070001 5月28日，比亚迪第五代DM 技术发布暨秦L DM-i、海豹06 DM-i上市发布 ： 18373169614 会在西安举行。第五代DM技术实现百公里亏电油耗 2.9L，综合续航2100公 ： zhangpeng1@wkzq.com.cn 里，秦L DM-i、海豹06 DM-i售价区间完全相同，为9.98~13.98万元。 联系人 顾思捷 事件点评 ： 18862755264 ： gusj@wkzq.com.cn 第五代 DM 技术表现如何？实现了三个全球之最：全球最高发动机热效率 46.06%、全球最低百公里亏电油耗 2.9L和全球最长综合续航2100公里。从 联系人 张娜威 比亚迪 DM 技术迭代历史来看，比亚迪第五代 DM 技术是对第四代 DM-i 技 ： 18551983137 术的改进，延续了以电为主的动力架构，传承了第 ...

证券研究珍报惜告有2限02创4/造5/2无9限 有色金属行业 白银行情的B面：光伏需求给予总需求多少支 投资评级 看好 撑？ ...

证券研究报告 | 行业点评 [Table_Main] [Table_Invest] 消费数据点评： 商业贸易 评级： 中性 政策加码，义乌进出口景气度持续 日期： 2024.05.29 数据与政策跟踪 [分Ta析bl师e_ A何ut晓ho敏r] 登记编码：S0950523110001 义乌出口景气度持续。1-4月义乌市进出口总额同比增长22.0%，，其中，市 ： （021）61392631 场采购出口占比超八成，同比增长28.1%，通过一般贸易进出口 452.8亿元， ： hexiaomin@wkzq.com.cn 同比增长2.7%。1-4月，义务对主要贸易出口国出口额保持稳定增长，对共 建“一带一路”国家合计进出口1277.1亿元，同比增长26.5%。 [行Ta业bl表e_现Pic Quote] 2024/5/29 6% 其中，劳密产品出口额727.2 亿元，同比增长27.9%，占义乌市出口总值的 -1% 41.2%；机电产品出口 669.1 亿元，同比增长 14.9%，占义乌市出口总值的 -8% -15% 37.9%。进口消费品占首位，1 至 4 月，义乌市的进口消费品达145.5 亿元， -23% 同比 ...

Investment Rating - The report rates the lithium industry as "Positive" [2] Core Insights - In 2023, lithium carbonate production and sales increased year-on-year, but many companies faced significant inventory accumulation due to a price decline [4][11] - The average price of lithium carbonate fell by 46.38% to 258,700 CNY per ton, while the average selling price of lithium products from listed companies dropped by 40.50% to 213,000 CNY per ton [5][12] - The average cost of lithium salt increased by 21.3% to 136,000 CNY per ton, leading to a substantial decline in profitability [6][12] - The report anticipates a slight recovery in lithium salt profitability in 2024 as prices stabilize and high-cost inventory is consumed [13] Production and Sales Data - In 2023, the total lithium salt production reached 348,200 tons, an increase of 8.6% year-on-year, while sales were 344,800 tons, up 2.8% [11][12] - Major companies like Ganfeng Lithium, Tianqi Lithium, and Shengxin Lithium maintained leading positions in production and sales [11][12] Price and Cost Analysis - The average selling price of lithium products decreased significantly, with Ganfeng, Tianqi, and Yahua maintaining higher average prices due to a larger share of overseas orders [5][12] - The report highlights that companies with high self-sufficiency in resources, such as Tianqi Lithium and Yongxing Materials, have lower costs compared to others [6][12] Profitability Metrics - The average gross profit margin for lithium products fell by 68.76% to 76,700 CNY per ton in 2023, with a gross margin of 44.09% and a net margin of 20.72% [12][15] - The report indicates that companies with higher self-sufficiency generally have better profitability metrics [15] Inventory Management - The lithium sector experienced a reduction in inventory, with total inventory decreasing by 11% to 26.66 billion CNY in 2023 [32] - Companies like Ganfeng Lithium and Salt Lake Co. managed their inventory levels effectively despite high production and sales [32] Capital Expenditure Trends - The report notes a decline in capital expenditure growth to 5% in Q1 2024, following a complete capital expenditure cycle from 2015 to 2020 [33] - Ganfeng, Tianqi, and Shengxin consistently maintained capital expenditures above the industry average [33] Cash Flow and Debt Management - The cash position of the lithium sector decreased, with the cash minus current liabilities metric dropping by 40.43% to 9.644 billion CNY in 2023 [34] - There are significant disparities in cash flow among companies, with Salt Lake Co. and Yongxing Materials showing strong cash positions [34]

Investment Rating - The industry rating is "Positive" [4] Core Viewpoints - The recent "reverse invoicing" policy is expected to enhance the profitability of resource recovery enterprises by allowing them to deduct VAT, potentially saving about 1% of costs [6][7] - Short-term disruptions in the flow of waste batteries are anticipated due to the initial implementation of the policy, but a gradual easing of supply constraints is expected in the medium to long term [7][19] - The core contradiction in lead prices lies in whether the supply tightness of waste batteries can be alleviated; while short-term prices may rise due to reduced supply, long-term price stability is expected as costs are passed down the supply chain [3][19] Summary by Sections Policy Overview - The "reverse invoicing" policy allows qualified resource recovery enterprises to issue invoices to individual sellers of waste products, which is expected to reduce tax burdens and enhance operational efficiency [6][8] - The policy includes tax exemptions for individual sellers with monthly sales below 100,000 yuan and a reduced VAT rate of 1% for small-scale taxpayers [8] Supply and Demand Analysis - The supply of waste batteries has tightened, leading to increased prices, with waste battery prices reaching 10,300 yuan per ton [11][19] - Primary lead production has decreased by 7.4% in April 2024, while recycled lead production has dropped by 7.8% due to supply constraints [11][14] Price Outlook - Short-term price corrections are expected, but medium to long-term price levels may rise as costs are transferred to downstream recycled lead smelters [19]

汽车行业 投资评级 看好 汽车行业2 4 Q1 财报总结： 新能源销量增速趋于平稳，车企增收不增利 ...

证券研究报告 | 行业点评 [Table_Main] [Table_Invest] 有色金属 “反向开票”对铅价影响几何？ 评级： 看好 日期： 2024.05.27 事件描述 [分Ta析bl师e_ A王ut小ho芃r] 登记编码：S0950523050002 4.24号，国家税务总局出台了关于资源回收企业向自然人报废产品出售者“反 ： 13401186193 向开票”有关事项的公告（5号文件），规定自 4.29号起，自然人报废产品 ： wangxiaopeng@wkzq.com.cn 出售者向资源回收企业销售报废产品，符合条件的资源回收企业可以向出售 分析师 刘艺帆 者开具发票（“反向开票”）。 登记编码：S0950523050003 事件点评 ： 18217026088 ： liuyifan@wkzq.com.cn 政策明确对资源回收业务的经营主体给予税务优惠支持，盈利水平有望提升。 从资源回收的产业链角度看，由于出售报废产品的多是自然人，而自然人往 [行Ta业bl表e_现Pic Quote] 2024/5/27 往不愿意花费精力去税务部门办理代开发票，因此往往采用“不带票销售”方 13% 5% 式将报废 ...

证券研究报告|行业周报 2024/05/27 新能源行业 新能源产 业趋 势跟 踪（2 4 年 5 月上 ）： 投资评级 看好 美国关税 难挡 中国 新能源产业长期崛起趋势 ...