Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue for 2023 was 15.34 billion yuan, a year-on-year decrease of 0.80%, while the net profit attributable to the parent company was 1.91 billion yuan, down 38.42% year-on-year [2][3] - The negative electrode business faced pressure on profitability, with revenue from negative electrode materials and graphitization declining by 16.01% to 6.61 billion yuan due to oversupply and inventory reduction by downstream battery customers [3] - The coated diaphragm business continued to grow, achieving revenue of 4.82 billion yuan, a year-on-year increase of 23.63% [3] - The company is advancing new product development, including a new generation of nano-silicon carbon products and fast-charging negative electrode products [3] - Profit forecasts for 2024-2026 project net profits of 2.5 billion, 3.3 billion, and 4.0 billion yuan, representing year-on-year growth of 32%, 31%, and 21% respectively [3] Financial Summary - Total revenue for 2024 is estimated at 17.39 billion yuan, with a year-on-year growth of 13.3% [4] - The gross profit margin is expected to decline to 30.2% in 2024, recovering to 31.0% in 2025 and 2026 [4] - The company's P/E ratio is projected to decrease from 23.41 in 2023 to 15.11 in 2024, indicating a more attractive valuation [4] - The total assets are expected to grow from 43.68 billion yuan in 2023 to 52.52 billion yuan in 2024 [5]

电力设备 | 证券研究报告 — 调整盈利预测 2024年4月19日 603659.SH 璞泰来 增持 平台化战略优势显现，新产品研发持续推进 原评级：增持 公司发布2023年年报和2024年一季报，23年全年实现归母净利润19亿元； 市场价格:人民币 19.29 公司平台协同和一体化优势不断巩固，新产品开发持续推进；维持增持评级。 板块评级:强于大市 支撑评级的要点  2023 年归母净利润 19.12 亿元：公司发布 2023 年年报，全年实现营收 153.40 亿元，同比下降 0.80%；实现归母净利润 19.12 亿元，同比下降 股价表现 38.42%；实现扣非净利润17.81亿元，同比下降39.82%。根据年报计算， 12% 2023Q4 公司实现归母净利润 2.83 亿元，同比下降 65.99%，环比下降 (2%) 12.89%；扣非归母净利润2.34亿元，同比下降69.92%，环比下降20.29%。 (16%)  24Q1归母净利润4.45亿元：公司发布2024年一季报，实现归母净利润4.45 亿元，同比下降36.64%；扣非归母净利润4.19亿元，同比下降38.25%。 (30%) (44% ...

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 年持续督导年度报告书 | 保荐人名称：中信建投证券股份有限 被保荐公司名称：上海璞泰来新能源科 | | | | | | --- | --- | --- | --- | --- | | 技股份有限公司 | | 公司 | | | | 联系方式：010-56051435 联系地址：北京市朝阳区景辉街 号 16 | | 保荐代表人姓名：张帅 | | | | 院 1 号楼泰康集团大厦 11 层 | | | | | | 号 | | | | | | 联系地址：北京市朝阳区景辉街 | | | | | | 院 | 层 | | 号楼泰康集团大厦 1 | 11 | | 保荐代表人姓名：李立波 | | | | | | 联系方式：010-56051435 | | | | | | 16 | | | | | 经中国证券监督管理委员会（以下简称"中国证监会"）《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》（证监许可[2022]2741 号） 核准，上海璞泰来新能源科技股份有限公司（以下简称"公司"或"璞泰来"）以非 公开方式发行人民币普通股（A 股 ...

年受减值影响大， 业绩符合预期 23 24Q1 璞泰来(603659.SH)/电力设 证券研究报告/公司点评 2024年4月18日 备 [Table_Industry] [评Ta级ble：_T增itle持] （维持） [公Ta司ble盈_F利in预anc测e]及估值 市场价格：19.29元 指标 2022A 2023A 2024E 2025E 2026E 分析师：曾彪 营业收入（百万元） 15,464 15,340 16,710 19,376 22,802 153.08 增长率YoY% 72% -1% 9% 16% 18% 执业证书编号：S0740522020001 净利润（百万元） 3,104 1,912 2,705 3,405 4,057 Email：zengbiao@zts.com.cn 增长率YoY% 78% -38% 42% 26% 19% 每股收益（元） 1.45 0.89 1.27 1.59 1.90 分析师：朱柏睿 每股现金流量 0.57 0.52 1.69 1.90 2.11 执业证书编号：S0740522080002 净资产收益率 22% 10% 13% 14% 14% Email：zhu ...

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 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 财通证券、东吴证券、睿远基金、银华基金、鹏扬基 金、博裕资本、准锦投资、汇丰前海证券、华福证券、 参访人员 博恩资产、恒越基金、上海复胜、国君资管、冲积资 产、胤胜资产、交银施罗德、长江养老、野村东方国际 证券、山西证券、光合未来 2024年4月15日15:00-16:30 ...

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 延期并继续实施部分募投项目的核查意见 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 年非公开发行股票募集资金尚未使用 完毕，承接了 2020 年非公开发行股票的相关持续督导工作。根据《证券发行上 市保荐业务管理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范 运作》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》 《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关法律、 法规及规范性文件的要求，对璞泰来延期并继续实施部分募投项目事项进行了审 慎核查，发表核查意见如下： 一、2020年非公开发行募集资金投资项目概述 （一）募集资金到位情况 根据中国证券监督管理委员会出具的《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》（证监许可[2020]2226号），公司2020年以非 公开发行人民币普通股50,706,791股，每股面值为 ...

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 ...

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]