请务必阅读正文后免责条款部分 2 证券研究报告 国海证券股份有限公司 【国海证券投资评级标准】 推荐：行业基本面向好，行业指数领先沪深 300 指数； 中性：行业基本面稳定，行业指数跟随沪深 300 指数； 回避：行业基本面向淡，行业指数落后沪深 300 指数。 国海证券研究所 请务必阅读正文后免责条款部分 若本公司以外的其他机构（以下简称"该机构"）发送本报告，则由该机构独自为此发送行为负责。通过此途径 获得本报告的投资者应自行联系该机构以要求获悉更详细信息。本报告不构成本公司向该机构之客户提供的投资 建议。 本报告版权归国海证券所有。未经本公司的明确书面特别授权或协议约定，除法律规定的情况外，任何人不得对 本报告的任何内容进行发布、复制、编辑、改编、转载、播放、展示或以其他任何方式非法使用本报告的部分或 者全部内容，否则均构成对本公司版权的侵害，本公司有权依法追究其法律责任。 2024 年 05 月 01 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 罗琨 S0350522110003 luok@ghzq.com.cn [Table_Title] 2023 新能源业务超额年度目标，2024 新 ...

Financial Performance - The company's operating revenue for Q1 2024 reached CNY 4,489,041,580.90, representing a year-on-year increase of 32.67%[1] - Net profit attributable to shareholders was CNY 262,585,735.77, up 38.51% compared to the same period last year[1] - The net profit after deducting non-recurring gains and losses was CNY 250,859,086.64, reflecting a 44.33% increase year-on-year[1] - Basic and diluted earnings per share were both CNY 0.34, marking a 39.90% increase from the previous year[1] - The weighted average return on equity increased by 0.54 percentage points to 3.65%[1] - Total operating revenue for the period reached CNY 4,489,041,580.90, an increase of 32.7% compared to CNY 3,383,676,798.22 in the previous period[36] - Net profit attributable to shareholders was CNY 262,585,735.77, representing a 38.5% increase from CNY 189,578,644.39[37] - The company reported a total profit of CNY 353,206,618.29, an increase of 58.7% from CNY 222,683,197.34[36] Assets and Equity - Total equity attributable to shareholders at the end of the reporting period was CNY 7,291,610,519.44, an increase of 2.59% from the end of the previous year[1] - The total assets at the end of the reporting period were CNY 15,264,157,054.53, down 6.63% from the end of the previous year[1] - The total assets decreased to CNY 15,264,157,054.53 from CNY 16,347,712,590.75, a decline of 6.6%[33] - The total liabilities decreased to CNY 7,972,546,535.09 from CNY 9,239,882,448.78, reflecting a reduction of 13.7%[33] Cash Flow - The net cash flow from operating activities was negative at CNY -1,060,297.13, a decline of 100.55% year-on-year[1] - The net cash flow from operating activities for Q1 2024 was negative CNY 1,060,297.13, a significant decline from positive CNY 193,363,528.28 in Q1 2023, mainly due to reduced financing through notes payable[26] - In Q1 2024, the cash inflow from operating activities was approximately CNY 5.57 billion, an increase of 37.4% compared to CNY 4.05 billion in Q1 2023[39] - The net cash outflow from operating activities was CNY -1.06 million, a significant decrease from a net inflow of CNY 193.36 million in the same period last year[39] - Cash inflow from investment activities was CNY 928,096.99, while cash outflow was CNY 243.59 million, resulting in a net cash outflow of CNY -242.67 million[41] - Cash inflow from financing activities was CNY 663.26 million, down from CNY 854.84 million in Q1 2023, with a net cash outflow of CNY -802.72 million[41] - The total cash and cash equivalents at the end of Q1 2024 were CNY 1.90 billion, compared to CNY 1.06 billion at the end of Q1 2023[41] Expenses and Investments - The company's R&D expenses increased by 29.59% to CNY 104,085,979.82 in Q1 2024, compared to CNY 80,319,858.96 in Q1 2023, reflecting increased investment in research and development[26] - The company reported a significant increase in income tax expenses, which rose by 173.74% to CNY 90,620,882.52 in Q1 2024, compared to CNY 33,104,552.95 in Q1 2023, due to a higher corporate tax rate in Vietnam[26] - The company's financial expenses decreased by 26.14% to CNY 49,913,580.05 in Q1 2024, compared to CNY 67,582,598.26 in Q1 2023, primarily due to foreign exchange gains[26] - The company paid CNY 346.21 million to employees, slightly up from CNY 333.16 million in Q1 2023[41] Other Financial Metrics - Government subsidies recognized in the current period amounted to CNY 17,039,423.55, contributing positively to the financial results[3] - Non-recurring gains and losses totaled CNY 11,726,649.13 after tax adjustments[3] - Other comprehensive income after tax attributable to shareholders was CNY -88,061,566.16, compared to CNY -26,449,266.64 in the previous period[37] - The impact of exchange rate changes on cash and cash equivalents was CNY 56.32 million, contrasting with a negative impact of CNY -8.96 million in Q1 2023[41]

博威合金（601137.SH） 买入 证券研究报告 | 2024年04月28日 | --- | --- | |--------------------------------------------------------|-------------------------------------------------| | 基础数据 | | | 投资评级 | 买入(维持) | | 合理估值 | | | 收盘价 | 18.40 元 | | 总市值/流通市值 52 周最高价/最低价 近 3 个月日均成交额 | 14386/14342 百万元 21.87/11.65 元 433.06 百万元 | | 市场走势 | | 200 40% ■ 营业收入(亿元) -- 同比增速(%) 35% 30% 150 25% 20% 100 15% 50 5% 0% 0 2017 2019 2020 2021 2022 2023 2018 资料来源:公司公告,Wind,国信证券经济研究所整理 资料来源:公司公告,Wind,国信证券经济研究所整理 2 图6: 博威合金单季度毛利率、净利率变化情况（%) 30% -毛利率 弱豪光 | ...

博威合金（601137.SH）2023 年年报点评 [盈利预测与财务指标 Table_Forcast] 光伏组件业绩超预期，期待铜合金放量 2024 年 04 月 25 日 ➢ 事件：公司发布 2023 年年报。2023 年公司实现营收 177.6 亿元，同比 +32.0%，归母净利 11.2 亿元，同比+109.2%，扣非归母净利 11.4 亿元，同比 +106.5%。单季度看，2023Q4 公司实现营收 52.3 亿元，同比+41.8%，环比 +9.4%，归母净利 3.3 亿元，同比+187.0%，环比+0.5%，扣非归母净利 3.5 亿 元，同比+128.5%，环比+9.2%。 ➢ 新投产项目爬坡，拖累铜合金业绩。1）量：2023 年铜合金产量合计 19.2 万吨，同比+9.5%，销量合计 19.7 万吨，同比+12.1%，其中棒材销量 8.8 万吨， 同比+14.9%，线材销量 3.0 万吨，同比+1.0%，带材销量 4.9 万吨，同比+26.4%， 主要由于 5 万吨带材项目 23Q2 末投产，精密细丝销量 2.9 万吨，同比-2.6%； 2）利：2023 年铜合金实现净利润 2.8 亿元，同比-1 ...

上 市 公 司 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 23 日 | | 收盘价（元） | 14.50 | | 一年内最高 / 最低（元） | 24.88/9.32 | | 市净率 息率（分红/ 股价） | 1.9 1.45 | | 流 通 A 股市值（百万 | 10739 | | 元） 上证指数/深证成指 | 3275.41/11317.01 | | 注："息率"以最近一年已公布分红计算 | | 公 司 研 究 / 公 司 点 评 | --- | --- | --- | --- | --- | --- | |-------------------------------------|--------|------------------|--------|----------------|--------| | 百万元，百万股 | 2022A | 财务摘要 \n2023A | 2024E | 2025E | 2026E | | 营业总收 ...

博威合金20240423_智能速览 2024年04月23日 19:35 关键词 辽宁 客户 问题 指引 家电池 出货量 成本 材料板块 需求量 新能源车 可跟踪 制造业 疫情 交货周期 备货 机电费 恢复 特殊核心材料 交流 全文摘要 新能源业务的展望、拆分和分析展开。 章节速览 ● 00:00 辽宁公司业务数据及成本指引 ● 03:52 新能源汽车连接器需求量增加 新能源汽车市场增长趋势明显，连接器需求量大幅增加。汽车高压电连接器在新能源汽车中应用广 泛，用量达到20公斤。新能源汽车的销量划分为15万元以上，对高端材料的使用量较多。公司在新能源 汽车连接器领域有较好的发展机会。 ● 09:07 华为配套产品矩阵与竞争对手分析 本文讨论了华为的配套产品矩阵以及竞争对手，重点介绍了type c接口和高速连接器的优势。同时强调 了研发能力对长期合作关系和产业贡献的重要性。 ● 12:20 新材料和新能源业务的展望与分析 本对话片段中，领导询问了新材料和新能源业务的展望，并要求进一步细拆业务情况。陈老师提出了按 照下游领域来拆分新材料业务的建议，并介绍了汽车电子、通讯、半导体等领域的占比和产能。对于新 能源业务，海 ...

博威合金 23 年度业绩解读 240423 招商_原文 2024年04月23日11:19 发言人 1 00:00 想产销量均受一定影响。另外 6700 吨铝焊丝项目处于产品认证及产能爬坡阶段，折旧及员工 等费用较高，影响经营利润。2、新能源业务实现净利润 8 亿 4182 万元，组件业务累计出货量 2564 兆瓦，实现净利润 7 亿 9370 万元。扣除计提减值损失的影响后，第四季度的组建利润 5.9 亿元，销量 851 兆瓦，单瓦净利约约 6.9 毛，组建业务全年单瓦净利约 4.6 毛。公司光伏组件业 务持续进行技术升级改造，于资产负债表日对相关资产的可回收金额进行审慎评估，全年计提 资产减值损失 4.5 亿元。 发言人101:21 四季度盈利比较高的主要原因为，一方面，从 2023 年 5 月开始，国内外硅料价格逐步下降，整 个业务链的价和传递过程跨度比较大。我们从硅料采购到实现产品交付大概要五个月时间，其 中原材料 1.5 个月生产到成品 1 到 1.5 个月，从海运到美国实现销售 2.5 到 3 个月。所以五月份 降价的硅料到第四季度才能在成本端体现，导致第四季度盈利大幅提升。另一方面，加速折旧 和美 ...

Summary of the Conference Call for 博威合金 (Bowei Alloy) 2023 Annual Report Company Overview - **Company**: 博威合金 (Bowei Alloy) - **Date of Call**: April 23, 2024 - **Industry**: New Materials and Renewable Energy Key Points Financial Performance - **Total Revenue**: 17.45 billion yuan in 2023, with new materials contributing 10.905 billion yuan and renewable energy contributing 6.545 billion yuan [3] - **Net Profit**: 1.124 billion yuan, with new materials at 282 million yuan and renewable energy at 842 million yuan [3] - **New Materials Sales Volume**: 196,861 tons, with alloy strip sales increasing by 26.43% year-on-year [4] - **Net Profit Decline**: Overall net profit decreased by 26% due to high costs from new project depreciation and labor [4] Business Segments - **New Materials**: - Sales volume for construction materials increased by 1.06% year-on-year [5] - Core bar sales increased by 14.95% year-on-year, with net profit up by 11.16% [5] - Precision wire sales volume decreased by 2.6% year-on-year, with a significant net profit decline of 84.27% due to international market impacts [6] - **Renewable Energy**: - Achieved a net profit of 841.82 million yuan with a total shipment of 2,564 MW [7] - Fourth-quarter component profit reached 590 million yuan, with a net profit per watt of approximately 0.69 yuan [7] - Significant profit increase in Q4 attributed to declining silicon material prices and accounting adjustments [7] Market Dynamics - **Silicon Material Prices**: Prices began to decline in May 2023, positively impacting Q4 profitability [7] - **Automotive and Electronics Demand**: - Automotive electronic materials accounted for 14.83% of total sales, with a 26.33% year-on-year increase [8] - Semiconductor packaging materials saw a 42.97% increase in sales volume [8] Future Outlook - **New Materials**: - Anticipated growth in the electric vehicle market and semiconductor materials due to increased market share [9] - Focus on digital transformation to enhance core competitiveness [9] - **Renewable Energy**: - Strong demand in the U.S. market due to limited local supply and competitive advantages [10] - Plans for expansion in Vietnam and the U.S. to meet growing demand [10] - Expected production capacity increase with new projects coming online in 2024 [10] Impairment Losses - **Impairment Losses**: Total impairment of 440 million yuan, primarily from a solar project in Vietnam [11] - **Breakdown of Impairments**: Approximately 300 million yuan from the solar project and 60 million yuan from a small U.S. power station [11] Strategic Initiatives - **Long-term Contracts**: Emphasis on maintaining long-term relationships with U.S. clients, which enhances competitive positioning [18] - **Digital R&D**: Commitment to digital transformation to improve product offerings and operational efficiency [23] Production Capacity - **Production Capacity Goals**: Targeting 3.2 GW in 2024, with current production exceeding previous targets due to digital upgrades [24][26] - **Inventory Management**: Current inventory levels are higher than in 2022, with proactive management to meet future demand [28] Conclusion - **Overall Strategy**: The company aims to balance its focus on new materials and renewable energy, leveraging digital transformation and market demand to drive growth [42]

| 证券代码：601137 | 证券简称：博威合金 | 公告编号：临2024-012 | | --- | --- | --- | | 债券代码：113069 | 债券简称：博23转债 | | 宁波博威合金材料股份有限公司 第五届董事会第二十次会议决议公告 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。 宁波博威合金材料股份有限公司（以下简称"公司"）于2024年4月9日以电话及电子 邮件方式发出了关于召开公司第五届董事会第二十次会议的通知，本次会议于2024年4 月20日上午9时在博威大厦11楼会议室召开。本次会议应出席董事9人，实际到会董事9 人，其中董事郑小丰先生、独立董事陈灵国先生以通讯方式参会表决；会议由董事长谢 识才先生主持，公司监事和其他高级管理人员列席会议，会议的召集和召开符合《公司 法》和《公司章程》的有关规定。参会董事对相关议案进行了充分讨论，审议通过以下 议案，形成决议如下： 一、审议通过了《2023 年度董事会工作报告》 表决结果：同意9票，反对0票，弃权0票。 本议案尚需提交公司股东大会审议。 二、审议 ...

证券代码：601137 证券简称：博威合金 公告编号：临2024-029 债券代码：113069 债券简称：博23转债 宁波博威合金材料股份有限公司 宁波博威合金材料股份有限公司 2024 年第一次职工代表大会会议决议公告 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。 宁波博威合金材料股份有限公司（以下简称"公司"）于 2024 年 4 月 20 日召开 2024 年第一次职工代表大会，鉴于公司第五届监事会即将届满，根据《公司法》和《公 司章程》相关规定，召开本次会议选举公司职工代表监事。本次职工代表大会由公司 工会主席刘佩娟女士召集并主持，会议出席职工代表 56 人，本次会议符合《公司法》 和《公司章程》相关规定，会议的召集、召开程序及作出的决议合法、有效。经审议， 全体职工代表一致通过，作出如下决议： 审议通过了《关于选举第六届监事会职工代表监事的议案》 选举赵璇女士为公司职工代表监事（职工代表监事简历附后），本次公司职工代表 大会选举产生的职工代表监事将与公司 2023 年年度股东大会选举产生的非职工代表 监事组成第六 ...