2024 年 04 月 15 日 公司研究 评级：买入(首次覆盖) 研究所： [Table_Title] 负极业务盈利见底 有望修复；其他业务 2024Q2 证券分析师： 李航 S0350521120006 lih11@ghzq.com.cn 联系人 ： 洪瑶 S0350122080085 稳步推进多点开花 hongy03@ghzq.com.cn ——璞泰来（603659）2023 年报及 2024 年一季 报点评 最近一年走势 事件: 2024年4月12日，璞泰来发布2023年度报告：2023年度，公司实现 营业收入153.40亿元，同比下降0.80%，实现归属于上市公司股东的净 利润19.12亿元，同比下降38.42%。 2024年4月12日，璞泰来发布2024年一季度报告：2024年度一季度， 公司实现营业收入30.34亿元，同比下降17.97%，实现归属于上市公司 股东的净利润4.45亿元，同比下降36.64%。 投资要点: 相对沪深300表现 2024/04/12 表现 1M 3M 12M 璞泰来 -1.0% -1.1% -42.9%  负极材料业务：2023年销量稳定增长，但受整个行业激烈竞争和 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Insights - The company reported a revenue of 15.34 billion yuan in 2023, a year-on-year decrease of 0.80%, and a net profit attributable to shareholders of 1.91 billion yuan, down 38.42% year-on-year [1]. - In Q1 2024, the company achieved a revenue of 3.03 billion yuan, a year-on-year decline of 17.97%, and a net profit of 445 million yuan, down 36.64% year-on-year [1]. - The company's negative electrode materials and graphitization segment generated revenue of 6.61 billion yuan in 2023, a decrease of 16.01% year-on-year, while the sales volume of negative electrode materials increased by 11.35% year-on-year [1]. - The company leads the market with a 40.73% share in the domestic wet-process separator sales, with a total sales volume of 5.27 billion square meters in 2023, up 21.50% year-on-year [1]. - New product development is progressing positively, with strategic partnerships established for composite copper foil and solid-state battery technologies [1]. Financial Performance Summary - The company forecasts revenues of 16.44 billion, 21.57 billion, and 26.30 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 7.2%, 31.2%, and 21.9% [2][5]. - The net profit attributable to shareholders is projected to be 2.08 billion, 2.83 billion, and 3.48 billion yuan for the same years, with growth rates of 8.8%, 36.2%, and 22.8% [2][5]. - The company's PE ratios are expected to be 21, 15, and 12 for the years 2024, 2025, and 2026, respectively [2][5].

证券研究报告 公 2024年04月14日 司 报 告 璞泰来(603659) │ 行 业： 电力设备/电池 公 投资评级： 买入（维持） 司 当前价格： 20.00元 资产减值影响净利，复合集流体产业化进程加快 年 目标价格： 24.89元 报 点 事件： 评 基本数据 公司发布2023年年度报告，2023年实现营收153.40亿元，同比-0.80%， 总股本/流通股本(百万股) 2,137.97/2,014.61 归母净利润19.12亿元，同比-38.42%。23Q4实现营收36.53亿元，同比- 流通A股市值(百万元) 40,292.23 9.82%，环比-5.90%，归母净利润2.83亿元，同比-65.99%，环比-12.89%。  资产减值叠加三费增加影响净利 每股净资产(元) 8.53 23年受行业产能供过于求及下游客户去库存的双重影响，负极产品售价持 资产负债率(%) 54.01 续下行，高价存货消耗较慢，导致公司连续计提存货跌价准备，资产减值 一年内最高/最低(元) 54.56/14.66 损失占总营收7%。公司布局新产品新工艺，23年研发费用率6.26%，同比 +0.3pct，为满足日常经营 ...

Dividend Distribution - The company plans to distribute a cash dividend of 1.40 CNY per 10 shares, totaling approximately 297.95 million CNY, which represents 15.59% of the net profit attributable to ordinary shareholders[7]. - The total cash dividend scale for 2023 is projected to reach 31.28% of the net profit attributable to ordinary shareholders, including the share repurchase amounting to approximately 300 million CNY[7]. - The total cash dividend amount (including tax) is 297,951,081.82 CNY, which accounts for 15.59% of the net profit attributable to ordinary shareholders in the consolidated financial statements[191]. - The net profit attributable to ordinary shareholders in the consolidated financial statements is 1,911,603,496.56 CNY[191]. - The company did not repurchase shares as part of the cash dividend distribution[191]. Share Repurchase - The company repurchased shares in the secondary market from September to October 2023, with a total expenditure of approximately 300 million CNY[7]. - The company repurchased and canceled 495,349 restricted shares, reducing the total share capital to 2,016,208,092 shares[27]. - The company issued 121,787,554 new shares through a private placement, increasing total share capital to 2,137,995,646 shares[27]. Financial Performance - The company's operating revenue for 2023 was approximately ¥15.34 billion, a decrease of 0.80% compared to ¥15.46 billion in 2022[26]. - The net profit attributable to shareholders for 2023 was approximately ¥1.91 billion, representing a decline of 38.42% from ¥3.10 billion in 2022[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥1.78 billion, down 39.82% from ¥2.96 billion in 2022[26]. - The net cash flow from operating activities for 2023 was approximately ¥1.12 billion, a decrease of 8.63% compared to ¥1.22 billion in 2022[26]. - The total assets at the end of 2023 were approximately ¥43.67 billion, an increase of 22.35% from ¥35.70 billion at the end of 2022[26]. - The net assets attributable to shareholders at the end of 2023 were approximately ¥17.77 billion, reflecting a growth of 32.08% from ¥13.46 billion at the end of 2022[26]. - Basic earnings per share decreased by 38.31% to CNY 0.95 in 2023 from CNY 1.54 in 2022[27]. - Diluted earnings per share fell by 38.96% to CNY 0.94 in 2023 compared to CNY 1.54 in 2022[27]. - The weighted average return on equity decreased by 12.73 percentage points to 13.27% in 2023 from 26.00% in 2022[27]. Risk Management - The company has detailed potential risk factors and their impacts in the management discussion and analysis section[11]. - The company emphasizes that forward-looking statements do not constitute substantive commitments to investors, highlighting investment risks[9]. - The company faces risks from potential changes in industry policies and macroeconomic fluctuations that could negatively impact its performance[143]. - The company is addressing the risk of market competition and potential overcapacity in the lithium battery industry by focusing on differentiated products and cost advantages[144]. Audit and Compliance - The company has received a standard unqualified audit report from Ernst & Young Hua Ming[6]. - All board members attended the board meeting, ensuring the authenticity and completeness of the annual report[5]. - The company has established a governance structure that includes a shareholders' meeting, board of directors, supervisory board, and senior management, ensuring clear responsibilities and effective operations[149]. - The company has implemented a robust internal management system and revised multiple governance documents to enhance operational compliance[150]. - The internal control audit report for 2023 received a standard unqualified opinion[200]. Market and Industry Trends - In 2023, China's new energy vehicle penetration rate reached 31.6%, an increase of 5.9 percentage points from 2022, with sales of 9.495 million units, a year-on-year growth of 37.9%[46]. - Domestic power battery shipments reached 616.3 GWh in 2023, a year-on-year increase of 32.4%, with cumulative installed capacity reaching 387.7 GWh, up 31.6% year-on-year[46]. - The global energy storage lithium battery shipment volume reached 224.2 GWh in 2023, a year-on-year growth of 40.74%, while China's energy storage lithium battery shipments were 203.8 GWh, up 58.2%[49]. - The company is focusing on providing specialized services and comprehensive solutions for new energy vehicles, consumer electronics, and energy storage, aligning with the "dual carbon" strategic goals[52]. Research and Development - The company has established an effective production capacity of 150,000 tons for anode materials, with ongoing projects in Sichuan aiming for a total capacity of 280,000 tons by 2025[39]. - The company has completed the technical standardization of its new generation silicon-carbon products, with plans to start phased production of 12,000 tons annually by 2025[40]. - The company has successfully developed advanced production equipment for lithium battery separators, achieving significant improvements in production efficiency and energy consumption[44]. - The company is focusing on technological innovation and process optimization to reduce costs and improve efficiency in its operations[68]. Strategic Initiatives - The company has signed a strategic cooperation agreement with CATL for composite current collectors, which have completed preparations for mass production[39]. - The company raised CNY 2.815 billion through a private placement to support the integrated construction projects for high-performance lithium-ion battery anode materials and coating films[41]. - The company is actively expanding its international market presence, particularly in Europe and North America, with expectations for further growth in overseas orders in 2024[75]. - The company is committed to reducing production costs through raw material innovation, material recycling, and process technology improvements[141]. Employee and Management - The total number of employees at the parent company and major subsidiaries is 11,627, with 5,712 in production, 137 in sales, and 4,229 in technical roles[180][181]. - The company emphasizes a comprehensive annual salary concept linked to performance results and significant contributions, aiming to attract and retain talent[182]. - The company has implemented a performance evaluation mechanism for senior management, linking compensation to performance metrics[197]. Corporate Governance - The company has established a mechanism for managing related party transactions, ensuring independence from its controlling shareholder[156]. - The company has committed to protecting the rights of minority shareholders through transparent information disclosure practices[154]. - The board of directors consists of 5 members, including 2 independent directors, ensuring compliance with governance regulations[152].

Financial Performance - Revenue for Q1 2024 was RMB 3,034,281,969.67, a decrease of 17.97% year-over-year[4] - Net profit attributable to shareholders was RMB 444,789,571.85, down 36.64% compared to the same period last year[4] - Total revenue for Q1 2024 was RMB 3,034,281,969.67, a decrease of 17.96% compared to RMB 3,698,994,031.12 in Q1 2023[19] - Net profit attributable to parent company owners for Q1 2024 was RMB 8,100,717,038.96, up 5.81% from RMB 7,655,927,467.11 in Q1 2023[18] - Net profit attributable to parent company shareholders was 444,789,571.85 yuan, a decrease of 36.6% compared to 701,974,570.75 yuan in the same period last year[21] - Total comprehensive income was 513,392,772.09 yuan, down 34.6% from 784,614,484.36 yuan in the previous year[22] - Basic earnings per share were 0.21 yuan, a 38.2% decrease from 0.34 yuan in the same period last year[22] - Revenue from sales of goods and services was 1,982,511,398.76 yuan, down 36.6% from 3,126,075,443.67 yuan in the same period last year[23] - Revenue for Q1 2024 increased significantly to 3,286,353.44 yuan compared to 334,192.92 yuan in Q1 2023, an increase of approximately 883.37%[30] - Net profit for Q1 2024 was 79,053,937.85 yuan, slightly lower than 79,775,592.96 yuan in Q1 2023, a decrease of approximately 0.9%[32] Cash Flow - Operating cash flow was negative RMB 1,360,462,552.97, a significant decrease of 174.96% year-over-year[4] - The company's net cash flow from operating activities related to bills was RMB 2.142 billion, with a total cash flow of RMB 782 million when combined with operating cash flow[5] - The significant decrease in operating cash flow was mainly due to a substantial increase in bill payments from customers[8] - Operating cash flow was -1,360,462,552.97 yuan, a significant decline from -494,777,529.29 yuan in the previous year[24] - Investment cash flow was -622,672,720.29 yuan, an improvement from -1,018,370,782.55 yuan in the same period last year[24] - Financing cash flow was -238,795,127.48 yuan, a sharp decline from 467,190,188.28 yuan in the previous year[25] - Sales of goods and services received cash of RMB 2,086,741.61 in Q1 2024, a significant increase from RMB 606,698.88 in Q1 2023[34] - Total cash inflows from operating activities reached RMB 22,125,785.23 in Q1 2024, up from RMB 9,116,857.27 in Q1 2023[34] - Net cash flow from operating activities was RMB 9,885,918.59 in Q1 2024, compared to RMB 2,295,615.47 in Q1 2023[34] - Cash inflows from investment activities totaled RMB 606,224,383.57 in Q1 2024, a substantial increase from RMB 67,387,051.67 in Q1 2023[34] - Cash outflows for investment activities amounted to RMB 1,058,500,000.00 in Q1 2024, significantly higher than RMB 80,689,000.00 in Q1 2023[35] - Net cash flow from investment activities was negative RMB 452,275,616.43 in Q1 2024, compared to negative RMB 13,301,948.33 in Q1 2023[35] - Cash inflows from financing activities were RMB 1,200,000,000.00 in Q1 2024, up from RMB 230,000,000.00 in Q1 2023[35] - Net cash flow from financing activities was negative RMB 261,631,847.75 in Q1 2024, compared to negative RMB 7,597,523.88 in Q1 2023[35] - The net increase in cash and cash equivalents was negative RMB 704,033,754.37 in Q1 2024, compared to negative RMB 18,605,048.72 in Q1 2023[35] - The ending balance of cash and cash equivalents was RMB 1,989,957,729.38 in Q1 2024, down from RMB 2,693,991,483.75 at the beginning of the period[35] Assets and Liabilities - Total assets at the end of Q1 2024 were RMB 41,878,726,309.58, a decrease of 4.11% compared to the end of the previous year[5] - Equity attributable to shareholders increased by 2.62% to RMB 18,240,618,899.20 compared to the end of the previous year[5] - Total assets as of Q1 2024 were RMB 41,878,726,309.58, a decrease of 4.11% from RMB 43,674,947,626.61 in Q1 2023[16] - Total liabilities as of Q1 2024 were RMB 22,619,122,785.00, down 9.32% from RMB 24,944,924,984.59 in Q1 2023[17] - Inventory as of Q1 2024 was RMB 10,703,123,220.14, a decrease of 6.75% from RMB 11,477,959,098.77 in Q1 2023[16] - Contract liabilities as of Q1 2024 were RMB 4,859,127,485.31, an increase of 12.31% compared to RMB 4,326,404,340.75 in Q1 2023[17] - Short-term borrowings as of Q1 2024 were RMB 2,959,573,886.48, a decrease of 19.35% from RMB 3,669,920,417.36 in Q1 2023[16] - Long-term borrowings as of Q1 2024 were RMB 4,502,346,217.91, an increase of 13.83% compared to RMB 3,955,394,593.33 in Q1 2023[17] - Total assets decreased from 14,898,541,034.56 yuan to 14,731,449,481.93 yuan, a decrease of approximately 1.12%[28][29] - Current assets decreased from 5,811,003,840.52 yuan to 4,893,740,409.53 yuan, a decrease of approximately 15.78%[26] - Long-term equity investments increased from 9,008,364,774.58 yuan to 9,759,129,141.00 yuan, an increase of approximately 8.33%[28] - Total liabilities decreased from 2,029,803,920.11 yuan to 1,773,325,121.68 yuan, a decrease of approximately 12.63%[28][29] - Short-term borrowings decreased from 945,000,000.00 yuan to 715,000,000.00 yuan, a decrease of approximately 24.34%[28] - Owner's equity increased from 12,868,737,114.45 yuan to 12,958,124,360.25 yuan, an increase of approximately 0.69%[29] Shareholder Information - Ningbo Shengyue Venture Capital Partnership holds 230,261,325 shares, representing 10.77% of total shares[10] - Ningbo Kuoneng Venture Capital Partnership holds 199,799,546 shares, representing 9.35% of total shares[10] - Chen Wei holds 175,942,165 shares, representing 8.23% of total shares[10] - Hong Kong Securities Clearing Company holds 126,421,300 shares, representing 5.91% of total shares[10] Expenses and Costs - Total operating costs for Q1 2024 were RMB 2,492,369,777.25, down 13.31% from RMB 2,875,148,898.21 in Q1 2023[19] - R&D expenses for Q1 2024 were RMB 194,240,986.29, a decrease of 3.71% compared to RMB 201,725,585.21 in Q1 2023[19] - Total operating expenses were 3,567,880,570.15 yuan, a decrease of 4.7% from 3,745,092,770.08 yuan in the previous year[24] - Financial expenses for Q1 2024 were -14,649,450.96 yuan, compared to -16,712,339.29 yuan in Q1 2023, an improvement of approximately 12.34%[32] - Investment income for Q1 2024 was 69,264,366.42 yuan, slightly lower than 69,676,768.10 yuan in Q1 2023, a decrease of approximately 0.59%[32] Profitability and Industry Impact - The decrease in net profit was primarily due to lower prices and profitability of anode materials, which were impacted by industry overcapacity and slow inventory digestion[8] - The company expects profitability to gradually improve in 2024 as cost reduction measures take effect and inventory issues are resolved[8] Monetary Funds and Financial Assets - Total monetary funds decreased to 6,589,301,228.30 yuan as of March 31, 2024, compared to 9,102,051,659.70 yuan at the end of 2023[15] - Trading financial assets increased to 1,688,294,438.05 yuan as of March 31, 2024, up from 1,525,089,191.75 yuan at the end of 2023[15] - Accounts receivable rose to 3,632,027,701.96 yuan as of March 31, 2024, compared to 3,238,259,448.96 yuan at the end of 2023[15] - Notes receivable increased to 628,355,794.84 yuan as of March 31, 2024, up from 589,381,032.26 yuan at the end of 2023[15] - Financing receivables decreased to 630,597,861.87 yuan as of March 31, 2024, down from 963,527,868.52 yuan at the end of 2023[15] - Prepayments increased to 383,774,445.74 yuan as of March 31, 2024, compared to 370,294,358.63 yuan at the end of 2023[15] - Cash and cash equivalents at the end of the period were 6,134,692,500.95 yuan, a decrease of 26.6% from 8,352,507,340.79 yuan at the beginning of the period[25]

上海璞泰来新能源科技股份有限公司 2023年度独立董事术职报告 (黄勇) 作为上海璞泰来新能源科技股份有限公司(以下简称"公司"、"璞泰来")的独 立董事,2023年度本人严格按照《公司法》《上海证券交易所股票上市规则》《上海 证券交易所上市公司自律监管指引第 1 号 -- 规范运作》《上市公司独立董事管理 办法》《上市公司独立董事履职指引(2020年修订)》《上海璞泰来新能源科技股份 有限公司独立董事工作制度》等相关法律法规及规则的要求,独立行使所赋予的权 利、履行独立董事勤勉尽责的义务,及时了解公司的生产经营情况,认真审议董事 会各项议案,以符合上市公司长远发展的利益为宗旨,切实维护公司全体股东尤其 是中小股东的合法权益。现就 2023 年度作为公司独立董事的履职情况汇报如下: 一、独立董事的基本情况 (一) 独立董事任职情况 (二)独立性说明 作为公司的独立董事,本人未在公司担任除独立董事外的其他职务,直系亲属、 主要社会关系均不在公司或其附属企业任职,没有为公司或其附属企业提供财务、 法律、咨询等服务。本人具有《上市公司独立董事管理办法》、《上海证券交易所上 市公司自律监管指引第 1 号 -- 规范运 ...

上海璞泰来新能源科技股份有限公司 非经营性资金占用及其他关联资金往来情况的专项说明 2023年12月31日 安永华明（2024）专字第70036285_B02号 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董事会： 我们审计了上海璞泰来新能源科技股份有限公司的2023年度财务报表，包括2023 年12月31日的合并及公司资产负债表，2023年度的合并及公司利润表、股东权益变动 表和现金流量表以及相关财务报表附注，并于2023年4月12日出具了编号为安永华明 （2024）专字第70036285_B02号的无保留意见审计报告。 1 关于上海璞泰来新能源科技股份有限公司 非经营性资金占用及其他关联资金往来情况的专项说明 按照《上市公司监管指引第8号——上市公司资金往来、对外担保的监管要求》的 要求，上海璞泰来新能源科技股份有限公司编制了后附的2023年度非经营性资金占用 及其他关联资金往来情况汇总表（以下简称"汇总表"）。 如实编制和对外披露汇总表，并确保其真实性、合法性、完整性是上海璞泰来新 能源科技股份有限公司的责任。我们对汇总表所载资料与我们审计上海璞泰来新能源 科技股份有限公司2023 ...

证券代码:603659 证券简称:璞泰来 公告编号:2024-025 上海璞泰来新能源科技股份有限公司 关于召开 2023 年度及 2024 年一季度业绩说明 暨现金分红说明会的公告 重要内容提示： 会议召开时间：2024 年 04 月 22 日(星期一) 下午 15:00-16:30。 会议召开地点：上海证券交易所上证路演中心（roadshow.sseinfo.com）。 会议召开方式：上证路演中心视频录播和网络互动。 投资者可于 2024 年 4 月 15 日（星期一）至 4 月 19 日（星期五）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 IR@putailai.com 进行提问，公司将在说明会上对投资者普遍关注的问题于信息披 露允许的范围内进行解答。 上海璞泰来新能源科技股份有限公司（以下简称"公司"、"璞泰来"）已于2024 年4月13日披露公司2023年年度报告、2024年第一季度报告及相关文件，为便于广 大投资者更加全面且深入地了解公司2023年度和2024年第一季度财务状况和经营 成果，公司计划于2024 ...

中信建投证券股份有限公司 关于上海璞泰来新能源科技股份有限公司 2023 年度关联交易情况说明的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人"）作为上 海璞泰来新能源科技股份有限公司（以下简称"璞泰来"、"公司"）2022 年度非公 开发行 A 股股票的保荐人，并因公司 2020 年非公开发行 A 股股票募集资金尚未 使用完毕承接了相关持续督导工作。根据《证券发行上市保荐业务管理办法》《上 海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 11 号 ——持续督导》《上海证券交易所上市公司自律监管指引第 5 号——交易与关联 交易》等相关法律、法规及规范性文件的要求，对璞泰来 2023 年度关联交易情 况说明进行了审慎核查，发表核查意见如下： 根据公司 2023 年度关联交易的决策记录、相关合同、财务记录及相关实际 履行情况，董事会对公司 2023 年度关联交易情况进行了审查，并就与上述关联 方发生的交易是否损害公司和其他非关联方利益进行确认。 二、公司 2023 年度关联交易的具体情况 （一）与日常经营相关的关联交易 经公司于 2023 年 1 月 3 日召开的第三届 ...

上海璞泰来新能源科技股份有限公司 内部控制审计报告 2023年12月31日 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了上海璞泰来新能源科技股份有限公司 2023 年 12 月 31 日的财务报告内部控制的有 效性。 内部控制审计报告 安永华明（2024）专字第 70036285_B03 号 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全体股东： 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价 指引》的规定，建立健全和有效实施内部控制，并评价其有效性是上海璞泰来新能源 科技股份有限公司董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内 部控制审计结果推测未来内部控制的有效性具有一定风险。 A member fir ...