Investment Rating - The report maintains an "Overweight" rating for the electric equipment industry [1] Core Viewpoints - The human-shaped robot sector is experiencing significant domestic and international resonance, indicating a strong growth potential. The valuation of leading lithium battery storage companies is currently low, presenting a potential investment opportunity [1][4] - The report highlights a robust demand for energy storage solutions, particularly in emerging markets, and anticipates a compound annual growth rate (CAGR) of 20-40% for global energy storage installations from 2025 to 2028 [4][5] Industry Trends - The electric equipment sector has shown varied performance, with specific segments like nuclear power and electric vehicles experiencing growth, while others like wind and photovoltaic sectors have faced declines [4] - The report notes significant developments in the human-shaped robot market, including strategic partnerships and product deliveries, which are expected to drive growth in this sector [4] - The electric vehicle market is witnessing a surge in sales, with major manufacturers reporting substantial year-on-year increases in production and sales figures [4] Company Performance - Notable companies such as Ningde Times, BYD, and Sunshine Power are highlighted for their strong market positions and growth potential, with specific revenue and profit forecasts provided for 2024 and 2025 [6][8] - The report emphasizes the financial performance of various companies, indicating a mix of growth and challenges, with some companies like Longi Green Energy facing significant declines in revenue and profit [4][6] Investment Strategy - The report recommends a focus on key sectors such as robotics, energy storage, and electric vehicles, identifying specific companies that are expected to benefit from market trends and technological advancements [6][10] - It suggests that the human-shaped robot market is at a pivotal point, akin to the early stages of the electric vehicle market, with substantial long-term growth potential [10]

江苏鼎胜新能源材料股份有限公司 2024 年年度股东会资料 江苏鼎胜新能源材料股份有限公司 2024 年年度股东会 会议资料 二〇二五年五月二十日 江苏鼎胜新能源材料股份有限公司 2024 年年度股东会资料 江苏鼎胜新能源材料股份有限公司 2024 年年度股东会会议议程 一、时间：2025 年 5 月 20 日 13 时 00 分 二、地点：公司一楼会议室 江苏镇江京口经济开发区 三、与会人员签到：2025 年 5 月 20 日 12 时 30 分 四、会议议程： 第一项：董事长王诚先生宣布会议开始； 第二项：董事长王诚先生介绍参加本次会议的人员； 第三项：宣读并审议会议有关议案： 1、《关于公司 2024 年度董事会工作报告的议案》； 2、《关于公司 2024 年度监事会工作报告的议案》； 3、《关于公司 2024 年度财务决算报告的议案》； 4、《关于公司 2024 年度利润分配方案的议案》； 5、《关于对公司 2025 年度对外担保授权的议案》； 6、《关于 2025 年度公司融资业务授权的议案》； 7、《关于确认2024年度日常关联交易及预计2025年度日常关联交易的议案》； 8、《关于公司 2025 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2024 is projected to be 24.02 billion yuan, representing a year-on-year increase of 26.01%, while the net profit attributable to shareholders is expected to be 301.09 million yuan, a decrease of 43.70% year-on-year [8] - The report anticipates that the profitability of various products will stabilize in 2025, with a forecasted net profit of 500.99 million yuan, reflecting a significant increase of 66.39% year-on-year [8] - The company is expected to maintain stable profitability levels across its product lines, particularly in battery foil and packaging foil, with specific projections for sales volumes and profit margins [8] Financial Projections - Total revenue projections for the company are as follows: - 2023: 19.064 billion yuan - 2024: 24.022 billion yuan - 2025: 25.461 billion yuan - 2026: 27.500 billion yuan - 2027: 29.823 billion yuan - Year-on-year growth rates for revenue are projected at: - 2024: 26.01% - 2025: 5.99% - 2026: 8.01% - 2027: 8.45% [1][9] - Net profit attributable to shareholders is forecasted as follows: - 2023: 534.83 million yuan - 2024: 301.09 million yuan - 2025: 500.99 million yuan - 2026: 602.11 million yuan - 2027: 755.27 million yuan - Year-on-year growth rates for net profit are projected at: - 2024: -43.70% - 2025: 66.39% - 2026: 20.18% - 2027: 25.44% [1][9] Valuation Metrics - The report estimates the price-to-earnings (P/E) ratio for the company as follows: - 2024: 24.95 - 2025: 15.00 - 2026: 12.48 - 2027: 9.95 - The target price for the stock is set at 10.8 yuan, based on a valuation of 20 times the earnings for 2025 [8][9]

Financial Performance - The company's operating revenue for Q1 2025 reached ¥6,456,621,490.63, representing a 26.08% increase compared to ¥5,120,850,993.85 in the same period last year[4] - Net profit attributable to shareholders was ¥85,274,953.93, a significant increase of 179.93% from ¥30,463,258.17 year-on-year[4] - The basic earnings per share rose to ¥0.10, reflecting a 233.33% increase compared to ¥0.03 in the previous year[5] - The net profit for the current period is 85,944,607.90, compared to 30,545,062.64 in the previous period, representing an increase of approximately 181.5%[19] - Total operating revenue for the current period is 6,288,777,514.71, up from 5,011,546,639.94, indicating a growth of about 25.5%[19] - The company reported a total comprehensive income of 105,175,202.91, compared to 23,422,570.43 in the previous period, marking an increase of about 348.5%[19] - Basic and diluted earnings per share for the current period are both 0.10, compared to 0.03 in the previous period, representing a growth of 233.3%[19] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥25,350,600,090.36, marking a 6.04% increase from ¥23,906,382,945.78 at the end of the previous year[5] - Current assets as of March 31, 2025, totaled RMB 16,888,492,299.62, up from RMB 15,409,256,517.09 at the end of 2024, reflecting a growth of 9.6%[13] - Total liabilities increased to RMB 18,345,315,166.99 from RMB 17,226,348,817.15, representing a growth of 6.5%[15] - Shareholders' equity rose to RMB 7,005,284,923.37, up from RMB 6,680,034,128.63, reflecting an increase of 4.9%[15] - The company’s total assets reached RMB 25,350,600,090.36, up from RMB 23,906,382,945.78, reflecting a growth of 6.0%[15] - The company’s total liabilities decreased to 1,262,486,616.93 from 3,587,916,421.06 in the previous period, indicating a reduction of approximately 64.8%[23] Cash Flow and Investments - The net cash flow from operating activities was reported at -¥335,367,088.90, an improvement from -¥546,884,610.34 in the same period last year[4] - The company experienced a decrease in investment income, reporting a loss of -34,993,845.68 compared to -41,489,890.54 in the previous period, showing an improvement[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 48,946[9] - The largest shareholder, Hangzhou Dingsheng Industrial Group Co., Ltd., holds 27.15% of the shares, amounting to 249,667,740 shares[10] Operational Metrics - The company attributed the significant increase in net profit to higher production and sales volumes[7] - The company reported non-recurring gains of ¥9,835,629.31 for the period, primarily from government subsidies and asset disposals[6] - Research and development expenses increased to 305,701,256.42 from 226,428,043.03, reflecting a rise of approximately 35%[19] - The total operating costs increased to 6,288,777,514.71 from 5,011,546,639.94, which is an increase of approximately 25.5%[19] Cash and Inventory - Cash and cash equivalents increased to RMB 5,848,614,383.46 from RMB 5,428,045,998.84, marking a rise of 7.7%[13] - Inventory levels rose to RMB 4,885,700,444.68, compared to RMB 4,484,150,242.78, indicating an increase of 8.9%[13] - Cash and cash equivalents at the end of the period stand at 713,087,553.50, down from 790,559,362.06[23] Accounts Receivable and Borrowings - The company reported a significant increase in accounts receivable, which reached RMB 3,929,676,048.38, up from RMB 3,536,581,481.98, a growth of 11.1%[13] - The company’s short-term borrowings increased to RMB 3,807,458,746.63 from RMB 3,584,172,273.33, an increase of 6.2%[14] - Non-current assets totaled RMB 8,462,107,790.74, slightly down from RMB 8,497,126,428.69, indicating a decrease of 0.4%[14]

证券代码：603876 证券简称：鼎胜新材 公告编号：2025-041 江苏鼎胜新能源材料股份有限公司关于公司 2025 年度使用自有资金购买理财产品的公告 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： 理财授权金额：公司及合并报表范围内的子公司拟使用最高不超过15亿 元的自有资金进行投资理财，在签署额度内，该15亿元理财额度可由公司及合并 报表范围内的子公司共同循环使用。 理财授权期限：公司2024年年度股东会审议通过之日起至2025年年度股 东会召开之日止。 为了提高公司自有资金的使用效率，保护股东利益，江苏鼎胜新能源材料股 份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开第六届董事会第十七 次会议和第六届监事会第十四次会议审议通过了《关于公司 2025 年度使用自有 资金购买理财产品的议案》，同意公司及合并报表范围内的子公司在确保不影响 公司日常经营的情况下，使用最高额度不超过人民币 15 亿元的自有资金进行投 资理财。本议案尚需提交股东会审议，具体事宜如下： 一、投资概况 1、投资 ...

公司代码：603876 公司简称：鼎胜新材 江苏鼎胜新能源材料股份有限公司 2024年度商誉减值测试报告 请年审会计师对该报告中公司填报的内容核实并确认。 年审会计师是否已核实确认：√是 □否 年审会计师姓名：胡友邻、冯益祥 会计师事务所名称：天健会计师事务所（特殊普通合伙） 一、是否进行减值测试 √是 □否 注：如选是请继续填写后续内容。 二、是否在减值测试中取得以财务报告为目的的评估报告 √是 □否 | 资产组名称 | | 评估机构 | 评估师 | 评估报告编号 | 评估价值类型 | 评估结果 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 内蒙古联晟新能源材料 | | 坤元资产评估有限公司 | 柴山、韦艺佳 | 坤元评报〔2025〕422 | 可收回价值 | 3,603,000,000.00 | 元 | | 有限公司相关资产组 | | | | 号 | | | | | Slim Aluminium | S.p.A. | 坤元资产评估有限公司 | 柴山、潘华锋 | 坤元评报〔2025〕435 | 可收回价值 | 424,338,626.44 元 ...

(一)实际募集资金金额和资金到账时间 证券代码：603876 证券简称：鼎胜新材 公告编号：2025-050 江苏鼎胜新能源材料股份有限公司 2024 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 公司于 2022 年 7 月 20 日召开第五届董事会第二十五次会议，审议通过了《关 于终止可转换公司债券部分募投项目并将剩余募集资金用于全资子公司新设投 资项目的议案》《关于对全资子公司增资的议案》，同意将"年产 6 万吨铝合金车 身板产业化建设项目"变更为由全资子公司内蒙古联晟新能源材料有限公司实施 的"年产 80 万吨电池箔及配套坯料项目"，并将原项目剩余募集资金用于变更后 的项目投资。根据《管理制度》，公司对募集资金实行专户存储，在银行设立募 集资金专户，并连同内蒙古联晟新能源材料有限公司、保荐机构中信证券股份有 限公司于 2022 年 8 月 15 日与中国建设银行股份有限公司镇江分行签订了《募集 资金专户存储四方监管协议》，明确了各方的权利和义务。四方监管协议 ...

证券代码：603876 证券简称：鼎胜新材 公告编号：2025-037 江苏鼎胜新能源材料股份有限公司 关于 2025 年度公司融资业务授权的公告 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。 2025年4月28日，江苏鼎胜新能源材料股份有限公司（以下简称"公司"） 召开第六届董事会第十七次会议，会议审议通过了《关于2025年度公司融资业务 授权的议案》，并将提交公司2024年年度股东会审议。 根据公司经营发展的需要，为提高融资效率，减少融资风险，根据《中华人 民共和国公司法》及《公司章程》的相关规定，对公司及合并报表范围内的子公 司 2025 年度融资业务的审批权限进行如下安排，具体内容如下： 一、公司及合并报表范围内的子公司借款等融资的授权情况 （一）对于如下综合授信合同、流动资金贷款、项目贷款（含并购类）及其 他融资工具（如：保函、信用证、票据、融资租赁、保理、供应链等金融工具， 以下同），必须将该情况提交股东会予以审议通过后，方能由公司董事长或其授 权的其他工作人员签章执行： 1、单笔金额超过人民币 71.72 亿元 ...

证券代码：603876 证券简称：鼎胜新材 公告编号：2025-044 | 务业，批发和零售业，电力、热力、燃 气及水生产和供应业，水利、环境和公 共设施管理业，租赁和商务服务业，科 学研究和技术服务业，金融业，房地产 业，交通运输、仓储和邮政业，采矿业， | | --- | | 文化、体育和娱乐业，建筑业，农、林、 | | 牧、渔业，住宿和餐饮业，卫生和社会 | | 工作，综合等 | | 本公司同行业上市公司审计客户家数 544 | 江苏鼎胜新能源材料股份有限公司 关于续聘会计师事务所的公告 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： 拟聘任的会计师事务所名称：天健会计师事务所（特殊普通合伙） 江苏鼎胜新能源材料股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开了第六届董事会第十七次会议，审议通过了《关于续聘天健会计师事务所 （特殊普通合伙）为公司审计机构的议案》，同意续聘请天健会计师事务所（特 殊普通合伙）（以下简称"天健"）为公司 2025 年度的审计机构。本事项尚需 提交 202 ...