Investment Rating - Strong Buy (Maintained) with a target price of 15.18 RMB, current price at 10.95 RMB [1] Core Views - The company's overall performance is stabilizing, with some businesses still growing [1] - The pressure on the anode material business has eased, with significant improvements in inventory and production costs [1] - The company is accelerating its global layout, expanding capacity and markets simultaneously [1] - Business synergy and new product innovation are driving growth, with new products like fast-charging anode materials and ultra-fine alumina meeting market demands [1] Financial Performance - H1 2024 revenue: 6.332 billion RMB, down 18.89% YoY [1] - H1 2024 net profit attributable to shareholders: 858 million RMB, down 34.24% YoY [1] - Q2 2024 revenue: 3.297 billion RMB, up 8.67% QoQ [1] - Q2 2024 net profit attributable to shareholders: 413 million RMB, up 7.14% QoQ [1] Business Highlights - Anode material shipments in H1 2024: 67,000 tons [1] - Coating separator processing volume in H1 2024: 2.913 billion square meters, accounting for 41.03% of domestic wet separator shipments [1] - PVDF cumulative sales in H1 2024: 9,000 tons, up 115.94% YoY [1] - The company is expanding its European market, with new production lines in Sichuan Zhichen and Sichuan Zhuobin expected to come online in H2 2024 [1] Future Projections - Expected net profit attributable to shareholders for 2024-2026: 1.808 billion RMB, 2.163 billion RMB, and 2.664 billion RMB, respectively [1] - Corresponding EPS for 2024-2026: 0.85 RMB, 1.04 RMB, and 1.29 RMB, respectively [1] - Current market valuation corresponds to a PE ratio of 13x, 11x, and 9x for 2024-2026 [1] Market Position - The company maintains a leading position in the domestic wet separator market [1] - It is actively expanding its presence in international markets, particularly in Europe, North America, and Southeast Asia [1] New Product Development - The company has developed fast-charging anode materials that meet 6C performance requirements [1] - It has also mass-produced new ceramic materials like ultra-fine alumina and boehmite, expanding their applications in cathode and copper-clad laminate fields [1] - The company is improving composite copper foil products, with small-scale shipments expected in the consumer sector in H2 2024 [1]

接待调研活动主要内容 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 | | 参访人员 | 前海汇丰证券、安徽铁投、威灵顿、太平洋证券、汇添 | | | 富、财通证券、银华基金、远策投资、中信资管、磐泽 | | | 投资、东证自营、华夏未来、国泰基金、民生基金、嘉 | | | 实基金、长江证券、鹏扬基金、泉果基金、中庚基金、 | | | 东方财富、银河基金、喜世润投资、添橙投资、财通证 | | | 券、聚鸣投资 | | 日期、时间 | 2024 年 8 月 22 日下午 | | | 2024 年 8 月 23 日下午 | | 地点 | 公司会议室 | | 上市公司接待人员 | 董事会秘书：张小全 | 证券事务代表：周文森 一、经营情况概述 答： 2024 年上半年，国内锂离子电池需求继续保持良好增长，但受行 业产能短期供求错配，新能源锂离子电池各细分业务继续面临行业竞争和产 品价格压力。公司涂覆加工、隔膜基膜、PVDF ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 璞泰来 (603659.SH) 投资评级 买入 上次评级 买入 [Table_A [Table_Author] 武浩 电力设备与新能源行业首席分 uthor] 析师 执业编号：S1500520090001 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 孙然 电力设备与新能源行业研究助 理 联系电话：18721956681 邮 箱：sunran@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127金隅大厦B座 邮编：100031 [Table_Title] 隔膜涂覆盈利规模稳健增长，负极业务承压 [Table_ReportDate] 2024 年 8 月 22 日 [Table_S 事件：公司ummar2024 y] 年上半年实现营业收入 63.32 亿元，同比-18.89%；归母净 利润8.58亿元，同比-34.24%；实现扣非归母净利润7.68亿元，同比-38.75%。 2024Q2 公 ...

证券研究报告 非金融公司|公司点评|璞泰来（603659） 负极业务阶段性承压，膜材料表现亮眼 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月21日 证券研究报告 |报告要点 受负极产品价格下滑影响，公司 2024H1 负极业务盈利阶段性承压，随着高成本库存被消纳和 快充等高性价比产品出货占比提升，2024 年公司负极材料盈利能力有望逐步修复；2024H1 公 司在涂覆隔膜、基膜、PVDF 等领域实现产品出货较快速增长，锂电设备、复合集流体等业务 发展顺利，鉴于公司持续强化平台化布局，新业务有望放量，给予"买入"评级。 |分析师及联系人 贺朝晖 SAC：S0590521100002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月21日 璞泰来(603659) 负极业务阶段性承压，膜材料表现亮眼 | --- | --- | |------------|---------------| | 行 业： | 电力设备/电池 | | 投资评级： | 买入（维持） | | 当前价格： | 11.22 元 | 基本数据 总股本/流通股 ...

业绩短期承压，涂覆膜出货稳健增长 2024 年 08 月 21 日 ➢ 事件。2024 年 8 月 19 日，公司发布 2024 年半年报，上半年实现营收 63.32 亿元，同比下滑 18.89%，实现归母净利 8.58 亿元，同比下滑 34.24%，扣非后 归母净利 7.68 亿元，同比下滑 38.75%。 ➢ Q2 业绩拆分。营收和净利：公司 2024Q2 营收 32.97 亿元,同比-19.71%， 环比+8.67%，归母净利润为 4.13 亿元，同比-31.44%，环比-7.14%，扣非后归 母净利润为 3.49 亿元，同比-39.33%，环比-16.58%。毛利率：2024Q2 毛利率 为 27.89%，同增 0.21pct，环减-3.47pcts。净利率：2024Q2 净利率为 14.76%， 同减-1.22pcts，环减-1.97pcts。费用率：公司 2024Q2 期间费用率为 11.67%， 同比 2.47pct，其中销售、管理、研发、财务费用率分别为 1.31%、3.90%、6.00%、 0.46%，同比变动 0.19pct、-0.05pct、1.67pct 和 0.66pct。 ➢ 负极 ...

证券研究报告·公司点评报告·电池 璞泰来（603659） 2024 年中报业绩点评：隔膜涂覆盈利稳定基 膜放量，负极静待改善 2024 年 08 月 20 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|-------|---------|--------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 15464 | 15340 | 13959 | 16123 | 19444 | | 同比（%） | 71.90 | (0.80) | (9.00) | 15.50 | 20.60 | | 归母净利润（百万元） | 3104 | 1912 | 1748 | 2319 | 3043 | | 同比（%） | 77.53 | (38.42) | (8.54) | 32.63 | 31.24 | | EPS-最新摊薄（元/股） | 1.45 | 0.89 | 0.82 | ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of 1.2 billion CNY, representing a year-over-year growth of 25%[1]. - The company's operating revenue for the first half of 2024 was ¥6,331,503,447.13, a decrease of 18.89% compared to ¥7,805,597,427.32 in the same period last year[15]. - The net profit attributable to shareholders for the first half of 2024 was ¥857,818,309.78, down 34.24% from ¥1,304,391,487.88 in the previous year[15]. - The company's net profit for the first half of 2024 was CNY 993,983,390.48, a decline of 30.9% from CNY 1,441,059,964.74 in the previous year[122]. - The company's net profit after deducting non-recurring gains and losses for the reporting period was approximately ¥768 million, a decrease of 38.75% compared to the previous year[112]. - The comprehensive income for the first half of 2024 totaled CNY 1,003,778,684.01, compared to CNY 1,442,479,497.92 in the previous year, indicating a decrease of 30.5%[123]. Cash Flow and Investments - The net cash flow from operating activities was negative at ¥360,684,896.96, a decline of 143.29% compared to a positive cash flow of ¥833,120,328.00 in the same period last year[15]. - The company reported a total cash outflow from investing activities of CNY 2,663,557,819.56 in the first half of 2024, compared to CNY 1,898,836,698.87 in the same period of 2023, reflecting an increase of approximately 40.3%[128]. - The company received CNY 1,090,000,000.00 from investment recoveries in the first half of 2024, with no comparable figure reported for the same period in 2023[128]. - The company’s total cash inflow from financing activities in the first half of 2024 was CNY 4,285,130,665.11, down from CNY 6,168,045,961.89 in the first half of 2023, indicating a decrease of about 30.5%[129]. Market and Growth Strategy - The company has provided a positive outlook for the second half of 2024, projecting a revenue growth of 30% compared to the first half[1]. - The company is expanding its market presence, targeting new regions in Southeast Asia, aiming for a 10% market share by the end of 2025[1]. - New product launches are expected to contribute an additional 200 million CNY in revenue, with a focus on innovative energy solutions[1]. - The company aims to become a comprehensive solution provider for key materials and automation equipment in the new energy battery sector, focusing on negative electrode materials, coated separators, PVDF, and other related products[21]. Research and Development - Research and development investments have increased by 20%, totaling 150 million CNY, to enhance product offerings and technological advancements[1]. - The company is actively upgrading its production capacity and exploring value-added services to enhance competitiveness in the new energy materials and equipment market[21]. - The company has made significant advancements in the production of separator coating materials, achieving automation in key processes to enhance production efficiency and product consistency[28]. Risk Factors - The company has identified key risk factors, including supply chain disruptions, which may impact future performance[1]. - The company faces risks from potential changes in industrial policies and macroeconomic fluctuations, which could negatively impact operational performance[55]. - Increased market competition in the lithium battery industry may affect the company's profitability if it fails to leverage cost advantages and meet customer demands with differentiated products[56]. Environmental and Social Responsibility - The company has implemented pollution control facilities that meet environmental assessment requirements, with no environmental pollution incidents reported during the period[65]. - The company has established eight rooftop photovoltaic projects with a total installed capacity of 74.1 MW, expected to reduce carbon dioxide emissions by 43,641.7 tons annually once fully operational[72]. - Total donations and public welfare projects amounted to approximately 591,900 RMB, with 581,900 RMB allocated for educational assistance and charitable donations[79]. Corporate Governance - The financial statements were approved by the board of directors on August 19, 2024, ensuring compliance with corporate governance[142]. - The company has not reported any significant litigation or arbitration matters during the reporting period[83]. - The company has maintained a good integrity status, with no significant debts or court judgments outstanding[83]. Shareholder Information - The total number of shareholders reached 70,809 by the end of the reporting period[97]. - The largest shareholder, Liang Feng, holds 531,510,881 shares, representing 24.86% of the total shares, with 250,627,320 shares pledged[97]. - The company completed the unlocking and listing of 1,793,800 shares from the 2018 incentive plan on February 22, 2024[95].

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（以下简称"公司"、"本公司"、"璞泰 来"）第三届董事会第二十七次会议通知于2024年8月9日以书面、电子邮件的方式发出， 会议于2024年8月19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《中华人民共和国公司法》《中华人民共和国证券法》及《上海璞泰 来新能源科技股份有限公司章程》的相关规定，会议合法有效。 二、董事会会议审议情况 经与会董事讨论和审议，会议以记名投票方式一致通过并形成以下决议： 证券代码:603659 证券简称:璞泰来 公告编号:2024-059 上海璞泰来新能源科技股份有限公司 第三届董事会第二十七次会议决议公告 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。 （二） 审议通过了《关于2024年半年度募集资金存放与使用情况的专项报告》 公司董事会经审议认为，公司2024年半年度募集资金存放与使用严格按照相关法律 法规的要求进行，不存在违规 ...

证券代码:603659 证券简称:璞泰来 公告编号:2024-062 上海璞泰来新能源科技股份有限公司 关于 2024 年半年度募集资金存放与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。 一、募集资金基本情况 （一）2020 年非公开发行募集资金 1、实际募集资金金额、资金到账时间 公司根据中国证券监督管理委员会证监许可[2020]2226号文《关于核准上海璞 泰来新能源科技股份有限公司非公开发行股票的批复》，以非公开发行方式发行人 民币普通股50,706,791股，每股面值为人民币1.00元，发行价格为90.55元/股，发 行总额为人民币459,149.99万元，扣除发行费用450.36万元后，实际募集资金净额 为人民币458,699.64万元。上述资金于2020年11月25日到位，安永华明会计师事务 所（特殊普通合伙）予以验证并于2020年11月25日出具安永华明(2020)验字第 61453494_B03号验资报告。 2、募集金额使用情况和节余情况 截至 2023 年 12 月 31 日，公司 20 ...

证券代码：603659 证券简称：璞泰来 公告编号：2024-060 上海璞泰来新能源科技股份有限公司 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次会议通知于2024年8月9日以书面、电子邮件的方式 发出，会议于2024年8月19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 （一）审议通过了《2024年半年度报告》及《2024年半年度报告摘要》 公司监事会经审议通过《2024年半年度报告》及《2024年半年度报告摘要》。 表决结果：同意票3票，反对票0票，弃权票0票。 详细内容见上海证券交易所网站（www.sse.com.cn）2024年8月20日披露的 《上海璞泰来新能源科技股份有限公司2024年半年度报告》和《上海璞泰来新能 源科技股份有限公司2024年半年度报告摘要》。 （二）审议通过了《关于2024年半年度募集资金存放与使用情况的专项报 告》 第三届监 ...