本次注销股份的有关情况 | 回购股份数量 | 注销股份数量 | 注销日期 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 808,056 | 808,056 | | 2024 年 | 9 | 月 | 12 | 日 | 一、本次限制性股票回购注销的决策与信息披露 证券代码：603659 证券简称：璞泰来 公告编号：2024-064 上海璞泰来新能源科技股份有限公司 关于股权激励限制性股票回购注销实施公告 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： 回购注销原因：根据《上海璞泰来新能源科技股份有限公司 2022 年股票 期权与限制性股票激励计划》（以下简称"《激励计划》"）规定，3 名激励对象因 离职原因不再具备激励对象资格，60 名激励对象因限制性股票第二个解除限售 期公司层面业绩考核指标未达标，不满足解锁条件，故由公司将上述 63 名激励 对象持有的全部/部分已获授但尚未解锁的限制性股票进行回购注销。 （二）本次回购注销的相关人 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company's net profit for the first half of 2024 is reported at 858 million RMB, a year-on-year decrease of 34.24% [4] - Revenue for the first half of 2024 is 6.332 billion RMB, down 18.89% year-on-year [4] - The negative electrode business is under pressure, but the company is advancing its platform layout and new product development [4] - The company aims to improve profitability in the negative electrode business in the second half of 2024 as new products are validated and introduced [4] - The company leads the market in membrane coating processing, with a market share of 41.03% in the domestic wet membrane shipment volume [4] - The company is constructing a new system for composite electrolytes and solid-state battery materials, with small-scale production expected in the consumer sector [4] Financial Summary - The company's total revenue for 2024 is projected to be 15.040 billion RMB, a decrease of 2.0% compared to 2023 [5] - The net profit for 2024 is estimated at 1.861 billion RMB, a decrease of 2.7% compared to 2023 [5] - The earnings per share (EPS) for 2024 is adjusted to 0.87 RMB, down from the previous forecast of 1.23 RMB [5] - The company’s EBITDA for 2024 is projected at 3.074 billion RMB [5] - The company’s market capitalization is approximately 23.817 billion RMB [3]

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 报告期内，公司持续提升供应链管理、运营效率、成本管控以及客户回 款跟踪，经营性现金和票据流量净额合计得到大幅提升，保障了企业长期健 康稳定的发展。报告期内实现主营业务收入 629,739.01 万元，归属于上市 公司股东的净利润 85,781.83 万元。 二、问答交流 1、 请问公司如何看待未来锂电行业的发展？公司如何应对？ 答：当前锂离子电池行业步入调整周期，部分细分领域出现阶段性短期 供求错配的状态，同质化竞争问题正持续加速行业洗牌进程，公司也面临阶 段性的营收及利润增长压力。 但市场对以新能源汽车为主导的锂离子电池行业仍有一致的增长共识， 部分细分市场领域仍有良好的发展空间。公司将坚持研发创新，以差异化的 产品及技术路线为客户提供高性价比的产品与服务。以平台化的布局持续强 化材料业务和设备业务的双向赋能，为国内外客户提供集成产品服务。在工 | √公司现场接待 | √电话接待 | | --- | --- | | 其他场所接待 | 公开说明会 | | 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 | 成 ...

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 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company experienced a revenue decline of 18.89% year-on-year in H1 2024, with total revenue reaching 6.332 billion yuan and a net profit attributable to shareholders of 858 million yuan, down 34.24% year-on-year [2]. - In Q2 2024, the company reported a revenue of 3.297 billion yuan, a year-on-year decrease of 19.71%, but a quarter-on-quarter increase of 8.67% [2]. - The company's negative electrode shipments decreased in H1 2024 to 67,000 tons, primarily due to industry supply-demand mismatches and low product prices [2]. - Coating film shipments showed steady growth, with the company capturing a 41.03% market share in the domestic wet separator market [2]. - PVDF shipments surged by 115.94% year-on-year in H1 2024, indicating strong product demand despite increased industry supply [2]. Financial Summary - Revenue projections for 2024-2026 are 14.059 billion, 17.031 billion, and 19.911 billion yuan, with growth rates of -8.4%, 21.1%, and 16.9% respectively [3]. - Net profit attributable to shareholders is forecasted to be 1.834 billion, 2.163 billion, and 2.495 billion yuan for the same period, with growth rates of -4.0%, 17.9%, and 15.3% respectively [3]. - The company is expected to maintain a PE ratio of 13, 11, and 10 for 2024, 2025, and 2026 respectively [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's H1 2024 performance is generally in line with expectations, with revenue of 6.3 billion and a net profit of 860 million, reflecting a year-on-year decrease of 19% and 34% respectively [3] - The negative electrode segment is expected to break even in Q2 and achieve slight profitability in the second half of the year, with total shipments for the year projected at over 160,000 tons [3] - Coated separator sales are stable and increasing, with a market share of 41% and expected shipments of nearly 7 billion square meters for 2024, contributing approximately 1.4 to 1.5 billion in profits [3] - Equipment and PVDF profits are slightly declining, but progress in composite current collectors is on track [3] Financial Forecasts and Valuation - The company’s revenue is forecasted to decline to 13.96 billion in 2024, with a net profit of 1.75 billion, reflecting a year-on-year decrease of 9% [2][4] - The report adjusts the net profit expectations for 2024-2026 to 1.75 billion, 2.32 billion, and 3.04 billion respectively, with corresponding P/E ratios of 14, 11, and 8 times [4] - The target price is set at 16 yuan based on a 20 times P/E for 2024 [4]

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].