2025 年 02 月 27 日 公司点评 买入/首次 康隆达(603665) 目标价: 昨收盘:20.12 公司近况更新：越南工厂顺利投产，期待 25 年轻装上阵 ◼ 走势比较 (40%) (26%) (12%) 2% 16% 30% 24/2/26 24/5/9 24/7/21 24/10/2 24/12/14 25/2/25 ◼ 股票数据 | 总股本/流通(亿股) | 1.62/1.6 | | --- | --- | | 总市值/流通(亿元) | 32.61/32.23 | | 12 个月内最高/最低价 | 24.65/12.55 | | (元) | | 相关研究报告 证券分析师：郭彬 E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190519090001 研究助理：龚书慧 E-MAIL：gongsh@tpyzq.com 一般证券业务登记编号：S1190122070007 事件：公司公布 2024 年业绩预告，预计 2024 年归母净利润为-5 至- 3.5 亿元（23 年：-2.2 亿元）；扣非归母净利润为-4.55 至-3.05 亿元（23 年：-1.87 亿元）。相应地，24 ...

一、交易概述 基于公司整体发展规划和经营计划，为进一步优化对子公司的管理，降低管 理成本，优化公司资产结构，提升公司发展质量，浙江康隆达特种防护科技股份 有限公司（以下简称"公司"或"康隆达"）分别于 2024 年 11 月 28 日、2024 年 12 月 17 日召开第五届董事会第十次会议和 2024 年第一次临时股东大会，审 议通过了《关于出售控股子公司的议案》，同意将公司控股子公司 Global Glove and Safety Manufacturing, Inc.,（以下简称"美国 GGS"）转让给 Globus (Shetland) Limited（以下简称"Globus"）或其新设立的子公司，交易对价为 美国 GGS 公司价值金额 6,100 万美元按照 STOCK PURCHASE AGREEMENT（以下简 称"《股权购买协议》"）约定的调整机制进行调整后的金额。具体内容详见公司 于 2024 年 11 月 29 日在上海证券交易所网站披露的《康隆达关于出售控股子公 司的公告》（公告编号：2024-074）。 证券代码：603665 证券简称：康隆达 公告编号：2025-005 浙江康隆达 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [13]. Core Insights - The company is expected to face losses in 2024 due to several factors, including the downturn in lithium salt prices, goodwill impairment, and the impact of the Vietnam project transitioning to fixed assets [4][9]. - The Vietnam factory is successfully operational, and it is anticipated to contribute positively to revenue and profit in 2025, leveraging its cost advantages and scarce production capacity [5][9]. - The company has a strong position in the glove manufacturing sector, with a focus on labor protection gloves and medical gloves, benefiting from favorable tax policies and lower labor costs in Vietnam [5][9]. Summary by Sections Company Overview - The company has a total share capital of 1.62 billion shares and a market capitalization of 32.61 billion yuan, with a 12-month high of 24.65 yuan and a low of 12.55 yuan [3]. Financial Performance - The company forecasts a net profit attributable to shareholders of between -500 million to -350 million yuan for 2024, compared to -220 million yuan in 2023 [4]. - The expected revenue for 2024 is projected at 1.51 billion yuan, a decrease of 3% from 2023, with a significant recovery anticipated in 2025 [11]. Business Segments - The glove business is stable, with the Vietnam project expected to ramp up production and contribute approximately 1 billion yuan in output once fully operational [5][9]. - The company is also involved in the production of ultra-high molecular weight polyethylene, which has potential applications in robotics, indicating a forward-looking capacity expansion [6][9]. Market Outlook - The report suggests that the lithium salt business is under pressure due to price volatility, but there is optimism for recovery as the industry adjusts [8][9]. - The company is well-positioned to capture market share in the glove sector, especially with the anticipated increase in tariffs on Chinese imports, enhancing the competitive edge of its Vietnam operations [5][9].

Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [13]. Core Views - The company is expected to face losses in 2024 due to various factors, including goodwill impairment and low lithium salt prices, but is anticipated to rebound in 2025 with improved profit elasticity [9][4]. - The successful production launch of the Vietnam factory is expected to enhance the company's market share and profitability, particularly in the context of increasing tariffs on Chinese products [5][9]. - The company has a forward-looking capacity layout in ultra-high molecular weight polyethylene, which is expected to benefit from applications in the robotics field [6][9]. Summary by Sections Company Update - The Vietnam factory has successfully commenced operations, and the company is looking forward to a stronger performance in 2025 [1][8]. Financial Performance - The company forecasts a net profit loss of between -500 million to -350 million yuan for 2024, compared to a loss of -220 million yuan in 2023 [4]. - The expected net profit for 2025 is projected to be 156 million yuan, with a significant recovery anticipated in 2026 [11]. Business Segments - The glove business remains stable, with the Vietnam project gradually ramping up production, contributing modestly to revenue in 2024 [5]. - The lithium salt business is under pressure due to a 25% decline in average prices for battery-grade lithium carbonate in 2024, leading to continued losses [4][9]. - The company is strategically positioned to benefit from the scarcity of overseas production capacity and favorable tax policies in Vietnam [5][9].

证券代码：603665 证券简称：康隆达 公告编号：2025-004 浙江康隆达特种防护科技股份有限公司 关于部分监事和高级管理人员增持公司股份计划实 施完毕暨增持结果的公告 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。 重要内容提示： 增持计划的基本情况：浙江康隆达特种防护科技股份有限公司（以下简 称"公司"）部分监事和高级管理人员计划于 2024 年 8 月 14 日起 6 个月内通过 上海证券交易所交易系统集中竞价交易方式增持公司股份，增持金额合计不低于 人民币 100 万元且不超过人民币 160 万元，增持计划不设定价格区间，将根据公 司股票价格波动情况及资本市场整体趋势，择机实施增持计划。 增持计划实施情况：截至 2025 年 2 月 7 日，公司监事周钢先生、副总经 理兼董事会秘书唐倩女士、副总经理胡松先生3人共计增持公司股份67,300股， 占公司总股本的 0.04%，增持金额为人民币 1,003,169.40 元，已超过增持计划 金额下限，本次增持计划实施完毕。 2025 年 2 月 7 日，公司收到监事周钢 ...

证券代码：603665 证券简称：康隆达 公告编号：2025-003 浙江康隆达特种防护科技股份有限公司 关于出售控股子公司的进展公告 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。 支付期限：在交割日，买方向卖方支付扣除尾款后的交易价格，并将共计 5,152,500 美元的尾款付至第三方共管资金账户。尾款在按照《股权购买协议》 的约定完成相关扣减（如有）后，于交割日后两年内向卖方分笔释放。 交割条件：《股权购买协议》签署后买方和卖方各自完成惯常的交割条件， 交割条件全部完成或被豁免之日为交割触发日。 一、交易概述 基于公司整体发展规划和经营计划，为进一步优化对子公司的管理，降低管 理成本，优化公司资产结构，提升公司发展质量，浙江康隆达特种防护科技股份 有限公司（以下简称"公司"或"康隆达"）分别于 2024 年 11 月 28 日、2024 年 12 月 17 日召开第五届董事会第十次会议和 2024 年第一次临时股东大会，审 议通过了《关于出售控股子公司的议案》，同意将公司控股子公司 Global Glove and Sa ...

Financial Performance - The company expects a net profit attributable to shareholders for 2024 to be between -500 million and -350 million yuan, indicating continued losses compared to the previous year [2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between -455 million and -305 million yuan [2]. - The previous year's net profit attributable to shareholders was -220.28 million yuan, with a total profit of -253.62 million yuan [4]. Impairment and Losses - The company anticipates a goodwill impairment provision of 250 million to 310 million yuan due to impairment testing on assets related to its subsidiary [6]. - The company’s subsidiary, Jiangxi Tiancheng Lithium Industry Co., Ltd., continues to incur losses due to low market prices for lithium salt products [6]. Project Development - The construction of the Vietnam project is nearly complete, but the company is currently in a capacity ramp-up phase, leading to significant initial costs and mismatched manufacturing costs [6]. Risk Management - The company has authorized the board to engage in foreign exchange derivative transactions to mitigate risks from exchange rate fluctuations, which have resulted in substantial losses due to the depreciation of the RMB against the USD [6]. Earnings Forecast and Caution - The earnings forecast is based on preliminary estimates by the finance department and has not been audited by a registered accountant [7]. - The company warns that the projected figures are subject to change based on final audit results and ongoing impairment testing [7]. - Investors are advised to be cautious as the data provided is preliminary and the final audited financial data will be disclosed in the 2024 annual report [8].

证券代码：603665 证券简称：康隆达 公告编号：2024-083 浙江康隆达特种防护科技股份有限公司 关于签署有关解除包销协议的进展公告 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、交易概述 2024 年 11 月，Suay Chin 与 KODAL、海南矿业及其控股子公司 KMUK 就上述 《解除包销协议》及补充协议再次签署了补充协议（二），就剩余 1,050 万美元 终止金的支付做出如下约定：KMUK 在补充协议（二）签署后 3 个工作日向 Suay Chin 支付第二笔终止金 500 万美元；KMUK 在 2024 年 11 月 30 日前向 Suay Chin 支付第三笔终止金 200 万美元；KMUK 在 2024 年 12 月 20 日前向 Suay Chin 支付 第四笔终止金 350 万美元；《解除包销协议》及补充协议其他约定不变。根据该 补充协议（二）的相关约定，Suay Chin 已收到 KMUK 支付的第二笔款项 500 万 美元。具体内容详见公司于 2024 年 11 月 15 日在上海证券 ...

证券代码：603665 证券简称：康隆达 公告编号：2024-082 浙江康隆达特种防护科技股份有限公司 关于股东协议转让公司部分股份过户完成暨股东股 份质押情况的公告 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。 浙江康隆达特种防护科技股份有限公司（以下简称"公司"）于 2024 年 12 月 20 日收到公司股东绍兴上虞东大针织有限公司（以下简称"东大针织"）的通 知，其与湖南钜银私募基金管理有限公司（代表"钜银魔力稳健一号私募证券投 资基金"）（以下简称"钜银基金"）协议转让公司部分股份事宜已完成过户登记 手续，并取得了中国证券登记结算有限责任公司出具的《过户登记确认书》。 一、本次协议转让情况 东大针织于 2024 年 9 日 23 日分别与杭州合林私募基金管理有限公司（代表 "合林华添信成长一号私募证券投资基金"）（以下简称"合林基金"）、钜银基金 签署了《股份转让协议》，东大针织以协议转让方式向合林基金转让其持有的上 市公司股份 9,650,000 股，向钜银基金转让其持有的上市公司股份 9,650,000 股（ ...

证券代码：603665 证券简称：康隆达 公告编号：2024-081 2024 年 12 月 19 日,浙江康隆达特种防护科技股份有限公司（以下简称"公 司"）分别收到张间芳先生、张惠莉女士及东大针织的通知，获悉其将持有的本 公司股份进行了解除质押,具体情况如下： | 股东名称 | 张间芳 | 张惠莉 | 东大针织 | | --- | --- | --- | --- | | 本次解质股份（股） | 4,957,630 | 2,478,820 | 2,000,000 | | 占其所持股份比例(%) | | 20.66 | 9.65 | | 12.31 | | --- | --- | --- | --- | --- | --- | | 占公司总股本比例(%) | | 3.06 | 1.53 | | 1.23 | | 解质时间 | | 2024 年 12 月 18 日 | 2024 年 12 月 18 日 | 2024 年 12 月 18 | 日 | | 持股数量（股） | | 24,000,000 | 25,695,655 | | 16,250,611 | | 持股比例(%) | | 14.81 | 15.86 ...