上海璞泰来新能源科技股份有限公司 接待调研活动记录表 | | √公司现场接待 √电话接待 | | --- | --- | | | 公开说明会 其他场所接待 | | 接待调研形式 | 定期报告说明会 重要公告说明会 | | | 其他 UBS、East Capital、Grand Alliance Asset | | 参访人员 | | | | Management、Hao Capital、Inforesight | | | Investment、Lazard | | | AM、Longrising、MLP、Principal、Redwheel、Sc | | | honfeld、Value-Partners、Wisdomshire Asset | | | Management、财通证券、华夏基金、上海和谐汇 | | | 一、东海资管、诺德基金、中银基金、兴证全球、景林 | | | 资产、国投瑞银、泉果基金、上海理石投资 | | 日期、时间 | 2024 年 10 月 22 日下午 15:00-16:00 | | | 2024 年 10 月 23 日下午 15:30-17:30 | | 地点 | 公司会议室 ...

＃assAuthor＃ 证券研究报告 ＃industryId＃ 电池化学品 ＃ investSuggestio 增持n＃ ( ＃ investSuggestionChan 维持）ge＃ | --- | --- | |----------------------------|------------| | | | | ＃市场数据 marketData ＃ | | | 市场数据日期 | 2024-10-18 | | 收盘价（元） | 14.17 | | 总股本（百万股） | 2137.17 | | 流通股本（百万股） | 2136.40 | | 净资产（百万元） | 18445.02 | | 总资产（百万元） | 42896.38 | | 每股净资产 ( 元 ) | 8.63 | ＃相关报告 relatedReport＃ 《【兴证电新】璞泰来中报点评： 负极业务短期承压，隔膜布局成 效渐现》2024-08-26 《【兴证电新】璞泰来 2023 年年 报点评：盈利能力暂时承压，多 业并举稳健发展》2024-04-15 《【兴证电新】璞泰来三季报点 评：减值扰动短期利润，平台化 发展持续推进》2023-11-02 ＃ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a year-on-year improvement in cash flow for Q3, with negative electrode profitability expected to rebound [11] - Revenue for Q1-Q3 2024 was 9.84 billion yuan, down 15.81% year-on-year, while net profit attributable to shareholders was 1.239 billion yuan, down 23.97% year-on-year [11] - In Q3 alone, the company achieved revenue of 3.509 billion yuan, a decrease of 9.62% year-on-year but an increase of 6.41% quarter-on-quarter, with a net profit of 381 million yuan, up 17.31% year-on-year but down 7.83% quarter-on-quarter [11] Financial Performance Summary - The company’s gross margin and net margin for Q3 were 28.27% and 12.89%, respectively, with a quarter-on-quarter decrease in net margin primarily due to asset impairment [11] - The company recorded an asset impairment of 121 million yuan in Q3, a 19% increase quarter-on-quarter [11] - Operating cash flow for Q1-Q3 2024 was 1.076 billion yuan, up 67.86% year-on-year, with Q3 showing a positive cash flow of 1.436 billion yuan [11] Product Pricing and Market Conditions - The price decline of negative electrode materials has narrowed, with high-end artificial graphite and mid-range artificial graphite averaging 54,200 yuan/ton and 28,500 yuan/ton in Q3 2024, down 11.57% and 20.46% year-on-year, respectively [11] - The company’s integrated production capacity in Sichuan is expected to improve cost efficiency, while new silicon-based negative electrode capacity in Anhui is anticipated to contribute to revenue growth starting early next year [11] Earnings Forecast and Valuation - Revenue projections for 2024-2026 are 15.779 billion yuan, 17.375 billion yuan, and 20.384 billion yuan, with year-on-year growth rates of 2.86%, 10.11%, and 17.32%, respectively [11] - Net profit forecasts for the same period are 1.733 billion yuan, 2.207 billion yuan, and 2.746 billion yuan, with year-on-year growth rates of -9.37%, 27.38%, and 24.41% [11] - The estimated EPS for 2024-2026 is 0.81 yuan, 1.03 yuan, and 1.28 yuan, with a three-year CAGR of 12.83% [11]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 14.14 [7][8]. Core Views - The company's revenue for the first three quarters of 2024 decreased by 15.81% year-on-year to RMB 9.84 billion, and the net profit attributable to the parent company fell by 23.97% to RMB 1.239 billion [2][5]. - The decline in profitability is attributed to product price reductions and increased competition in the industry, but new technology breakthroughs and capacity releases are expected to improve profitability in the coming year [2][3]. - The company is actively optimizing processes to reduce costs and is launching new products such as fast-charging and silicon-based anodes, which are anticipated to enhance profitability [3][5]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a gross margin of 29.09%, down 2.76 percentage points year-on-year, and a net margin of 14.70%, down 0.96 percentage points year-on-year [2]. - The company reported a net profit of RMB 3.81 billion in Q3 2024, which is an increase of 17.31% year-on-year but a decrease of 7.83% quarter-on-quarter [2]. Product Development - The company is focusing on the development of fast-charging anodes that meet 6C requirements and can achieve 8C with self-produced binders, with gradual mass production expected [3]. - The coated separator business is expected to see a sequential increase in shipments due to strong customer relationships, while the base film is projected to achieve breakeven [4]. Profit Forecast - The company has revised down its profit forecasts for 2024, 2025, and 2026, estimating net profits of RMB 1.78 billion, RMB 2.17 billion, and RMB 2.57 billion respectively [5][12]. - The target price of RMB 14.14 is based on a price-to-earnings ratio of 14 times the expected earnings for 2025 [5][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q3 performance is generally in line with market expectations, with total revenue for the first three quarters of 2024 at 9.84 billion yuan, a year-on-year decrease of 16%, and a net profit attributable to shareholders of 1.24 billion yuan, down 24% year-on-year [3] - The negative electrode segment is expected to improve profitability starting from Q1 2025, driven by the gradual production of a new base in Sichuan [3] - The coated separator business is stable with increasing volume, while the base film shipments have decreased due to the ramp-up schedule of major clients [3] Summary by Sections Financial Performance - For Q3 2024, revenue was 3.51 billion yuan, with a quarter-on-quarter decrease of 9.6% and a year-on-year increase of 6.4%. The net profit for Q3 was 380 million yuan, with a quarter-on-quarter increase of 17.3% but a year-on-year decrease of 7.8% [3] - The gross margin for Q3 was 28.3%, with a quarter-on-quarter increase of 5.7% and a year-on-year decrease of 0.4 percentage points [3] Revenue and Profit Forecast - The company’s total revenue is projected to be 13.68 billion yuan in 2024, a year-on-year decrease of 10.84%, with net profit expected to be 1.68 billion yuan, down 12.24% year-on-year [2][4] - The EPS for 2024 is estimated at 0.79 yuan per share, with a P/E ratio of 16.69 [2] Business Segments - Coated separator shipments are expected to reach 1.8 billion square meters in Q3 2024, a year-on-year increase of 20% and a total of nearly 7 billion square meters for the year, representing a 30% increase [3] - The negative electrode segment is projected to ship 33,000 tons in Q3 2024, a decrease of 22% quarter-on-quarter, with an annual shipment forecast of 130,000 to 140,000 tons, down over 10% [3] Cash Flow and Inventory - The company reported an operating cash flow of 1.44 billion yuan in Q3 2024, a year-on-year increase, with total operating cash flow for the first three quarters at 1.08 billion yuan, up 68% [4] - Inventory at the end of Q3 was 9.15 billion yuan, a decrease of 7.8% from the end of Q2 [4] Valuation - The target price for the company is set at 16 yuan, based on a 20x P/E ratio for 2024 [4]

依据《企业会计准则》和公司相关会计政策，公司以单项或组合的方式对应收 款项的预期信用损失进行测试与估计。经测算，公司 2024 年 1-9 月计入当期损益 的信用减值损失 3,816.54 万元。 证券代码:603659 证券简称:璞泰来 公告编号:2024-073 上海璞泰来新能源科技股份有限公司 关于计提资产减值准备的公告 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。 根据《企业会计准则》和相关会计政策，为真实、公允地反映上海璞泰来新能 源科技股份有限公司（以下简称"公司"）的财务状况及经营成果，公司于 2024 年 10 月 17 日召开第三届董事会第二十八次会议及第三届监事会第二十一次会议， 审议通过了《关于计提资产减值准备的议案》，同意 32,127.35 万元的减值准备计 入当期损益，现将相关情况公告如下： 一、本次计提减值准备情况概述 2024年1-9月各项信用及资产减值准备计入当期损益的金额总计为32,127.35 万元，详见下表： | 项目 | 金额（万元） | | --- | --- | | 信用减值损失 ...

证券代码:603659 证券简称:璞泰来 公告编号:2024-071 上海璞泰来新能源科技股份有限公司 经与会董事讨论和审议，以记名投票方式审议一致通过并形成以下决议： (一)审议通过了《关于计提资产减值准备的议案》 董事会经审议同意32,127.35万元的减值准备计入当期损益。本次计提资产 减值准备事项满足会计政策规定，符合谨慎性原则，能够真实、准确地反映公司 的财务信息。 第三届董事会第二十八次会议决议公告 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。 一、董事会会议召开情况 上海璞泰来新能源科技股份有限公司（下称"公司"、"本公司"、"璞泰 来"）第三届董事会第二十八次会议通知于2024年10月7日以电子邮件、电话通 知的方式发出，会议于2024年10月17日在公司会议室采用现场结合通讯表决的方 式召开，应参加表决董事5人，实际参加表决董事5人，会议由公司董事长梁丰先 生召集并主持。本次会议的召集及召开程序符合《公司法》、《证券法》及《公 司章程》的相关规定，会议合法有效。 二、董事会会议审议情况 本议案事前已经公司董 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥3,508,516,037.66, a decrease of 9.62% compared to the same period last year[4]. - Net profit attributable to shareholders was ¥380,692,663.43, an increase of 17.31% year-on-year[4]. - The net profit excluding non-recurring gains and losses was ¥369,401,321.64, up 26.00% from the previous year[4]. - Total revenue for the first three quarters of 2024 was approximately ¥9.84 billion, a decrease of 15.8% compared to ¥11.69 billion in the same period of 2023[22]. - Net profit for the first three quarters of 2024 was approximately ¥1.45 billion, a decrease of 21% compared to ¥1.83 billion in the same period of 2023[23]. - Total comprehensive income attributable to the parent company was CNY 1,247,966,125.40, down from CNY 1,630,496,942.51, representing a decrease of approximately 23.5%[24]. - The company's total operating profit for the first three quarters of 2024 was approximately ¥1.55 billion, down 24% from ¥2.03 billion in the same period of 2023[23]. - The company's basic and diluted earnings per share was CNY 0.58, down from CNY 0.81, representing a decrease of approximately 28.4%[24]. Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was ¥1,075,517,107.87, an increase of 67.80%[5][11]. - Operating cash flow for the first three quarters of 2024 was CNY 9,619,787,525.13, compared to CNY 11,730,557,375.20 in the same period of 2023, indicating a decline of about 17.99%[25]. - Cash inflow from operating activities totaled CNY 56,139,703.93 in the first three quarters of 2024, compared to CNY 38,432,172.33 in the same period of 2023[32]. - The company's cash flow from operating activities for the first three quarters of 2024 was CNY 17,780,811.01, an increase from CNY 8,706,060.79 in the same period of 2023[32]. - Cash and cash equivalents at the end of September 2024 were CNY 6,565,724,448.52, compared to CNY 6,014,602,126.02 at the end of December 2023, showing an increase of about 9.2%[27]. - The net increase in cash and cash equivalents was -$1.04 billion, a decline from an increase of $511.91 million in the previous period[33]. Assets and Liabilities - Total assets at the end of the reporting period were ¥42,896,376,034.96, a decrease of 1.78% from the end of the previous year[5]. - As of September 30, 2024, the total current assets amounted to ¥24,851,571,745.75, a decrease from ¥28,668,911,181.57 at the end of 2023, reflecting a decline of approximately 13.5%[16]. - The total liabilities decreased to approximately ¥23.28 billion from ¥24.94 billion, reflecting a reduction of 6.6%[21]. - The total assets as of the end of Q3 2024 amounted to CNY 14,882,956,789.84, slightly down from CNY 14,898,541,034.56 at the end of Q3 2023[29]. - The total current assets decreased to CNY 4,744,723,924.42 from CNY 5,811,003,840.52, indicating a decline of approximately 18.3%[27]. - The company's long-term liabilities, specifically deferred tax liabilities, increased to CNY 11,582,254.93 in Q3 2024 from CNY 9,753,907.70 in Q3 2023, indicating a rise of approximately 18.7%[29]. Shareholder Information - The company reported a total of 72,132 common shareholders at the end of the reporting period[14]. - The top shareholder, Liang Feng, holds 24.87% of the shares, with a total of 531,510,881 shares[14]. - The company has no significant changes in the participation of major shareholders in margin trading and securities lending activities[15]. Investment and Expenses - Research and development expenses for the first three quarters of 2024 were approximately ¥578 million, a decrease of 10.5% from ¥646 million in the same period of 2023[23]. - The investment income for the first three quarters of 2024 was CNY 606,079,103.04, a significant decrease from CNY 1,711,285,527.21 in the previous year[30]. - Cash inflow from investment activities was CNY 1,961,274,340.18, while cash outflow was CNY 4,523,193,926.78, resulting in a net cash flow from investment activities of CNY -2,561,919,586.60[26]. - The company's cash outflow for employee compensation was CNY 1,244,079,180.52, down from CNY 1,367,983,141.38, indicating a reduction of about 9.0%[26].

一、监事会会议召开情况 上海璞泰来新能源科技股份有限公司（下称"公司"、"本公司"、"璞泰 来"）第三届监事会第二十一次会议通知于2024年10月7日以书面、电子邮件的方 式发出，会议于2024年10月17日在公司会议室采用现场结合通讯表决的方式召开， 应参加表决监事3人，实际参加表决监事3人，会议由公司监事会主席方祺先生召 集并主持。本次会议的召集召开及程序符合《公司法》《证券法》及《公司章程》 的相关规定，会议合法有效。 二、监事会会议审议情况 证券代码：603659 证券简称：璞泰来 公告编号：2024-072 上海璞泰来新能源科技股份有限公司 第三届监事会第二十一次会议决议公告 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。 详细内容见上海证券交易所网站（http://www.sse.com.cn）2024年10月18日 披露的《上海璞泰来新能源科技股份有限公司关于计提资产减值准备的公告》。 (二)审议通过《2024年第三季度报告》 监事会经审议通过了《2024年第三季度报告》。 表决结果：同意票3票，反对票0票，弃权 ...

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： 被担保人名称及是否为关联担保：广东嘉拓自动化技术有限公司（以下 简称"广东嘉拓"）、四川紫宸科技有限公司（以下简称"四川紫宸"），本 次担保为上海璞泰来新能源科技股份有限公司（以下简称"璞泰来"、"公 司"）的控股子公司江苏嘉拓新能源智能装备股份有限公司（以下简称"嘉拓 智能"）为其全资子公司广东嘉拓提供的担保以及璞泰来为其全资子公司四川 紫宸提供的担保，不属于关联担保。 证券代码：603659 证券简称：璞泰来 公告编号：2024-070 上海璞泰来新能源科技股份有限公司 关于对子公司提供的担保进展公告 本次担保额度调剂金额：10,000万元。 本次担保金额及已实际为其提供的担保余额：本次因公司子公司广东嘉 拓、四川紫宸授信事宜，嘉拓智能与中国民生银行股份有限公司广州分行签署 了《最高额保证合同》，公司与中国工商银行股份有限公司邛崃支行签署了 《保证合同》，本次嘉拓智能为广东嘉拓提供担保金额为10,000万元，公司为 四川紫宸担保金额为10,000万元。本次担保 ...