Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Insights - The company reported a revenue of 5.494 billion yuan for H1 2024, representing a year-on-year increase of 15.74%, while the net profit attributable to shareholders decreased by 64.16% to 454 million yuan [1] - The ceramic machinery business showed strong growth in orders, contributing to revenue expansion, but profits were significantly pressured due to foreign exchange losses and increased costs in lithium carbonate [1][2] - The overseas business expansion is accelerating, with overseas revenue accounting for over 60% of total revenue in H1 2024 [2] Financial Performance - The company’s comprehensive gross margin for H1 2024 was 25.6%, down 6.13 percentage points year-on-year, with a net profit margin of 10.09%, down 25.81 percentage points [3] - The financial expenses increased primarily due to foreign exchange losses of 180 million yuan and increased interest expenses [3] - The company’s cash flow from operations for H1 2024 was 258 million yuan, an increase of 306 million yuan year-on-year [3] Business Segmentation - In H1 2024, the company’s revenue from building materials machinery, overseas ceramics, and lithium battery materials was 2.71 billion, 1.98 billion, and 300 million yuan, respectively, with year-on-year growth rates of 29.0%, 4.0%, and a decline of 26.6% [2] - The production of tiles reached 84 million square meters, a 20% increase year-on-year, despite pressure on margins from increased competition and currency fluctuations [2] Valuation Metrics - As of August 21, 2024, the company’s P/E ratio (TTM) was 10.1 times, and the dividend yield (TTM) was 4.83% [4][6] - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 1.412 billion, 1.658 billion, and 1.938 billion yuan, respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company reported a revenue of 5.494 billion yuan for H1 2024, representing a year-on-year increase of 15.74%, while the net profit attributable to shareholders decreased by 64.16% to 454 million yuan [1] - The ceramic machinery business showed strong growth in orders, but profits were significantly pressured due to exchange losses and increased costs in lithium carbonate [1][2] - The company is accelerating its overseas business expansion, with overseas revenue accounting for over 60% of total revenue in H1 2024 [2] Financial Performance Summary - In H1 2024, the company achieved revenues of 2.71 billion yuan from building materials machinery, 1.98 billion yuan from overseas ceramics, and 300 million yuan from lithium battery materials, with respective year-on-year growth rates of 29.0%, 4.0%, and a decline of 26.6% [2] - The overall gross margin for H1 2024 was 25.6%, down 6.13 percentage points year-on-year, with a net profit margin of 10.09%, down 25.81 percentage points year-on-year [3] - The company’s cash flow from operations for H1 2024 was 258 million yuan, an increase of 306 million yuan year-on-year [3] Financial Forecasts - The company’s projected net profit attributable to shareholders for 2024, 2025, and 2026 is 1.412 billion yuan, 1.658 billion yuan, and 1.938 billion yuan respectively, reflecting downward adjustments from previous estimates [4][5] - The company’s PE ratio (TTM) is 10.1 times, and the dividend yield (TTM) is 4.83% [4][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2024 was impacted by a decline in profits from its associate, Blue Lithium Industry, due to falling lithium prices and adjustments in brine procurement costs [3] - Despite the short-term challenges, the overseas business shows potential for growth, particularly in the construction materials sector, driven by population growth and urbanization in Africa [3] - The company has adjusted its profit forecasts for 2024-2026, reflecting the impact of the first half's performance and the one-time adjustment in brine costs [3] Financial Performance Summary - In the first half of 2024, the company achieved revenue of 5.49 billion yuan, a year-on-year increase of 15.7%, while net profit attributable to shareholders was 450 million yuan, a year-on-year decrease of 64.2% [3] - The revenue for Q2 2024 was 2.93 billion yuan, with a year-on-year increase of 30.0%, but net profit dropped by 83.5% to 140 million yuan [3] - The company's main business revenue was 5.50 billion yuan in the first half, with a gross margin of 25.6%, down 6.1 percentage points year-on-year [3] Business Segment Analysis - The construction machinery business generated revenue of 2.71 billion yuan, up 29.0% year-on-year, with over 60% of orders coming from overseas [3] - The overseas construction materials business achieved revenue of 1.98 billion yuan, a year-on-year increase of 4.0%, with production from new factories in Kenya and Cameroon contributing to growth [3] - The lithium battery materials segment saw revenue decline to 300 million yuan, down 26.6% year-on-year, due to tightening supply-demand dynamics and falling prices [3] Profitability and Cost Structure - The company experienced increased financial expenses due to currency depreciation in African countries and rising interest rates, leading to a foreign exchange loss of 63.26 million yuan in the first half [3] - The net profit attributable to shareholders was 450 million yuan, down 64.2%, but if excluding the impact from Blue Lithium Industry, the profit would be 320 million yuan, a decrease of 23.5% [3] - The company expects profit recovery in the second half of the year as market conditions improve and pricing strategies are adjusted [3] Earnings Forecast and Valuation - The revised net profit forecasts for 2024-2026 are 1.28 billion yuan, 1.67 billion yuan, and 2.13 billion yuan, respectively [3] - The price-to-earnings ratio based on the closing price on August 21 is projected to be 10.0, 7.7, and 6.1 times for 2024-2026 [3]

Investment Rating - The report maintains a "Recommended" rating for the company with a current price of 6.72 CNY [2] Core Views - The company reported a revenue of 5.494 billion CNY for the first half of 2024, a year-on-year increase of 15.74%, while the net profit attributable to the parent company was 454 million CNY, a decrease of 64.16% [2] - The construction machinery segment saw a revenue of 2.705 billion CNY, up 28.97% year-on-year, with an overseas order ratio exceeding 60% [3] - The overseas building materials segment generated 1.984 billion CNY in revenue, a 4.02% increase year-on-year, with a gross margin of 30.95% [4] - The company is expanding its production capacity and product categories in Africa and the Americas, despite facing short-term profitability pressures due to structural competition and currency fluctuations [4][5] - The lithium battery segment, where the company holds a 43.58% stake in Blue Lithium Industry, reported a revenue of 1.685 billion CNY, but profits were impacted by falling lithium prices and increased costs [8] Summary by Sections Financial Performance - In H1 2024, the company achieved a gross margin of 25.63%, down 6.13 percentage points year-on-year, and a net margin of 10.09%, down 25.81 percentage points [2] - The Q2 2024 gross margin was 24.57% with a net margin of 5.00% [2] Construction Machinery - The construction machinery business is experiencing global and diversified growth, with significant orders from Southeast Asia, the Middle East, Europe, and South Asia [3] - The company has established 13 production bases in regions including Foshan, Italy, and India, covering over 60 countries [3] Overseas Building Materials - The overseas building materials segment is expanding with production bases in six African countries and two in the Americas, with ongoing construction of additional production lines [4] - The company anticipates a recovery in profitability in the second half of 2024 as prices for tiles in key markets like Kenya and Tanzania have begun to rise [4] Currency Impact - Currency fluctuations have affected financial performance, with a reported financial expense of 146 million CNY in H1 2024, including a foreign exchange loss of 63 million CNY [5] - The report highlights varying currency trends in countries where the company operates, impacting overall financial results [5][7] Lithium Segment - The lithium segment's revenue was 1.685 billion CNY, with a production volume of approximately 18,900 tons of lithium carbonate, reflecting over 30% growth year-on-year [8] - The net profit contribution from Blue Lithium Industry to the company was 138 million CNY, a decrease of 716 million CNY compared to the previous year [8] Future Outlook - The company is expected to achieve net profits of 1.21 billion CNY, 1.34 billion CNY, and 1.51 billion CNY for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 11, 10, and 9 [8][10]

证券代码：600499 证券简称：科达制造 公告编号：2024-062 科达制造股份有限公司关于 2024年半年度募集资金存放与实际使用情况的专项报告 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《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）》《监管规则适用指引——境外发行上市类第 6 号：境内上市 公司境外发行全球存托凭证指引》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等相关规范性文件的规定，科达制造股份有限公司（以下简称 "公司"、"科达制造"）就 2024 年半年度募集资金存放与使用情况报告如下： 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准科达制造股 份有限公司首次公开发行全球存托凭证并在瑞士证券交易所上市的批复》（证监许 可[2022]1279 号），中国证监会核准公司发行全球存托凭证（Global Depositary Receipts，以下简称"GDR"）所对应的新增 A 股基础股票不超过 10,000 万 ...

本公司监事会及全体监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。 科达制造股份有限公司（以下简称"公司"）第九届监事会第二次会议通知 于 2024 年 8 月 10 日以通讯方式发出，并于 2024 年 8 月 20 日在公司会议室以 现场结合通讯方式召开。会议由监事会主席彭衡湘主持，会议应到监事 3 人，实 到监事 3 人，授权代表 0 人，董事会秘书列席了会议，符合《中华人民共和国公 司法》及《科达制造股份有限公司章程》的有关规定。会议通过记名投票的方式， 审议通过了以下议案： 一、审议通过《2024 年半年度报告及摘要》 监事会按照《中华人民共和国证券法》的有关规定，对董事会编制的《2024 年半年度报告及摘要》发表以下审核意见： 证券代码：600499 证券简称：科达制造 公告编号：2024-060 科达制造股份有限公司 第九届监事会第二次会议决议公告 公司与战略合作伙伴森大集团有限公司（以下简称"森大集团"）自 2016 年 起通过合资经营公司开展海外建材业务，在业务拓展初期阶段，公司借助森大集 1 / 2 团前期积累的渠道资源快速铺 ...

2024 年半年度报告 公司代码：600499 公司简称：科达制造 科达制造股份有限公司 2024 年半年度报告 1 / 228 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实性、准确性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人边程、主管会计工作负责人曾飞及会计机构负责人（会计主管人 员）罗麟声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本期不进行利润分配或资本公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，敬 请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性 和完整性 否 十、 重大风险提示 本半年度报告中，公司详 ...

证券代码：600499 证券简称：科达制造 公告编号：2024-063 科达制造股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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： 投资者可于 2024 年 8 月 21 日（星期三）至 8 月 27 日（星期二）16:00 前登录上证路演中心网站首页点击 "提问预征集"栏目或通过公司邮箱 600499@kedachina.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 科达制造股份有限公司（以下简称"公司"）已于 2024 年 8 月 21 日发布公司 《2024 年半年度报告》，为便于广大投资者更全面深入地了解公司 2024 年半年 度经营成果、财务状况，公司计划于 2024 年 8 月 28 日上午 11:00-12:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和 ...

本次追加预计日常关联交易无需提交公司股东大会审议。 对公司的影响：本次追加关联交易有利于公司海外建材业务的发展，相关 关联交易均遵循公平、公正、公开的原则，该关联交易对公司独立性和财务状况、 经营成果无不利影响，公司并未对关联方形成较大依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 2024 年 1 月 19 日、2024 年 5 月 8 日，科达制造股份有限公司（以下简称 "公司"）分别召开第八届董事会第二十七次会议及 2023 年年度股东大会，审议 通过《关于公司及子公司日常关联交易的议案》，同意公司及子公司在 2024 年度 与广州市森大贸易有限公司（以下简称"广州森大"）、森大集团有限公司（以下 简称"森大集团"）及其子公司发生关联交易，全年预计发生销售建材产品及原 料等 60,484.98 万元，接受关联人提供劳务 9,390.23 万元。 证券代码：600499 证券简称：科达制造 公告编号：2024-061 科达制造股份有限公司 关于追加预计公司子公司日常关联交易的公告 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 ...

证券代码：600499 证券简称：科达制造 公告编号：2024-059 科达制造股份有限公司 第九届董事会第二次会议决议公告 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。 科达制造股份有限公司（以下简称"公司"）第九届董事会第二次会议通知 于 2024 年 8 月 10 日以通讯方式发出，并于 2024 年 8 月 20 日在公司会议室以 现场结合通讯方式召开。本次会议由董事长边程先生主持，会议应到董事 11 人， 实到董事 11 人，授权代表 0 人。全体监事及高级管理人员列席了会议，符合《中 华人民共和国公司法》及《科达制造股份有限公司章程》的有关规定。会议通过 记名投票的方式，审议通过了以下议案： 本议案表决结果：同意 11 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会审议通过。具体内容详见公司同日于上海 证券交易所网站（www.sse.com.cn）披露的《2024 年半年度报告》及《2024 年半 年度报告摘要》。 二、审议通过《关于追加预计公司子公司日常关联交易的议案》 公司与战略合作伙伴森大 ...