硅 基础数据： 鼎胜新材 603876.SH 2024 年 9 月 4 日 证券研究报告/公司研究 铝/工业金属/有色金属 电池箔盈利短期承压 有望受益海外市场高增长 截至 2024 年 9 月 4 日 事件：公司发布2024年半年度报告。2024年上半年，公司实现营业收 当前股价 8.96 元 入114.84亿元，同比增加24.57%；实现归母净利润1.84亿元，同比下降 投资评级 买入 47.60%；实现扣非归母净利润1.75亿元，同比下降42.52%；实现整体 评级变动 维持 总股本 8.90 亿股 毛利率9.88%，较2023H1下降了3.42Pct；实现整体净利率1.6%，较 流通股本 8.86 亿股 2023H1下降了2.20Pct。 总市值 79.72 亿元 流动市值 79.38 亿元 事件点评： 相对市场表现： zhangyetong@gwgsc.com 执业证书编号：S0200524050001 联系电话：010-68099390 ◆公司期间费用保持合理区间。2024H1，公司期间费用率为6.60%， 较2023H1下降了1.08Pct；其中销售费用为0.90亿元，同比下降12.60%； 管 ...

证券代码：603876 证券简称：鼎胜新材 公告编号：2024-072 债券代码：113534 债券简称：鼎胜转债 江苏鼎胜新能源材料股份有限公司 关于控股股东部分股份质押的公告 一、本次股份质押基本情况 公司于近日收到控股股东鼎胜集团的通知，获悉鼎胜集团将其持有的公司部 分无限售流通股进行了质押，具体事项如下： 注：因公司发行的可转换公司债券进入转股期，本公告中的股份比例按照截 至2024年9月3日公司总股本890,190,207股计算。 2、本次质押股份不存在被用作重大资产重组业绩补偿等事项的担保或者其 他保障用途。 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个别及连带责任。 重要内容提示: 截至本公告提交日，江苏鼎胜新能源材料股份有限公司（以下简称"公 司"）控股股东杭州鼎胜实业集团有限公司（以下简称"鼎胜集团"）持有公司 股份249,667,740股，占公司总股本28.05%。鼎胜集团持有上市公司股份本次质 押124,530,000股，占其持股数量49.88%，占公司总股本的13.99%。截止目前， 鼎胜集团累计质押数量19 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - Q2 profits significantly improved, slightly exceeding expectations, with total revenue for H1 2024 at 11.5 billion yuan, up 24.6% year-on-year, and net profit attributable to shareholders at 180 million yuan, down 47.6% year-on-year [2] - The profitability of lithium battery foil has stabilized at 2000 yuan/ton, with H1 shipments of 59,000 tons, a slight increase of 5% year-on-year, and Q2 shipments of 33,000 tons, up 6% quarter-on-quarter [2] - Traditional foil profitability improved in Q2, contributing to performance elasticity, with packaging foil shipments of 80,000 tons, a 30% increase quarter-on-quarter, and a profit contribution of approximately 60 million yuan [2] Financial Forecasts and Valuation - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 540 million yuan, 660 million yuan, and 860 million yuan respectively, with corresponding P/E ratios of 15x, 12x, and 9x [3] - The target price for 2024 is set at 12 yuan, based on a 20x P/E ratio [3] Revenue and Profitability Metrics - Total revenue for 2024 is projected to be 21.84 billion yuan, with a year-on-year growth of 14.57% [1][9] - The gross profit margin is expected to be 10.56% in 2024, with a net profit margin of 2.46% [10]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting an expected return of over 20% within the next six months [3][12]. Core Views - The company's revenue for the first half of 2024 (24H1) was 11.5 billion yuan, a year-on-year increase of 25%, while the net profit attributable to shareholders decreased by 48% to 184 million yuan [1]. - In the second quarter of 2024 (24Q2), the company achieved a revenue of 6.4 billion yuan, a year-on-year increase of 35% and a quarter-on-quarter increase of 24%, with a net profit of 153 million yuan, down 22% year-on-year but up 403% quarter-on-quarter [1]. - The report indicates a downward adjustment in the profit forecast for 2024 and 2025, with expected net profits of 520 million yuan and 640 million yuan, respectively, compared to previous estimates of 1.77 billion yuan and 2.18 billion yuan [1]. Financial Performance Summary - For 2024E, the company is projected to have a revenue of 24.21 billion yuan, with a growth rate of 27% [2]. - The EBITDA for 2024E is estimated at 1.42 billion yuan, with a net profit attributable to shareholders of 518.53 million yuan, reflecting a decrease of 3.05% compared to 2023 [2]. - The company's gross profit margin for 24H1 was 9.88%, down 3.4 percentage points year-on-year, while the net profit margin was 1.6%, down 2.2 percentage points year-on-year [1]. Cost and Expense Analysis - Selling and financial expenses decreased by 12.6% and 7.5% year-on-year in 24H1, while management expenses increased by 36% due to the consolidation of SLIM Aluminum [2]. - Research and development expenses rose by 5.8% year-on-year [2]. Valuation Metrics - The average valuation for comparable companies in 2024 is estimated at 22 times earnings [1]. - The company's price-to-earnings (P/E) ratio for 2024E is projected to be 15.11, while the price-to-book (P/B) ratio is expected to be 1.11 [2][8].

证券代码：603876 证券简称：鼎胜新材 公告编号：2024-067 债券代码：113534 债券简称：鼎胜转债 江苏鼎胜新能源材料股份有限公司 第六届董事会第十二次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 江苏鼎胜新能源材料股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日在公司会议室以现场结合通讯方式召开第六届董事会第十二次会议。会议通知 于 2024 年 8 月 19 日以电子邮件方式等发出。本次会议由公司董事长王诚先生主 持，会议应出席董事 9 人，实际出席董事 9 人，其中 3 名独立董事均出席本次董 事会，公司监事等相关人员列席了会议。本次会议的召集和召开符合《中华人民 共和国公司法》和《江苏鼎胜新能源材料股份有限公司章程》（以下简称"《公司 章程》"）的有关规定，会议合法有效。 二、董事会会议审议情况 1、审议通过了《关于公司 2024 年半年度报告及其摘要的议案》 根据国家相关法律法规等文件对公司半年度报告及其摘要披露的要求及公 司实际情况，公 ...

证券代码：603876 证券简称：鼎胜新材 公告编号：2024-069 债券代码：113534 债券简称：鼎胜转债 江苏鼎胜新能源材料股份有限公司 关于公司 2024 年半年度利润分配方案的公告 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个别及连带责任。 重要内容提示： 每股分配比例：每股派发现金红利0.04元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 如在实施权益分派的股权登记日前公司总股本发生变动的，公司拟维持 每股分配比例不变，相应调整分配总额，并将在相关公告中披露。 一、利润分配方案内容 截至2024年6月30日，江苏鼎胜新能源材料股份有限公司（以下简称"公司"） 母公司报表中期末未分配利润为人民币1,552,409,227.89元（未经审计）。经董 事会决议，公司2024年半年度拟以实施权益分派股权登记日登记的总股本为基数 分配利润。本次利润分配方案如下： 公司拟向全体股东每股派发现金红利 0.04 元（含税），不进行资本公积金 转增股本，不送红股。截至 20 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥11,483,812,882.51, representing a 24.57% increase compared to ¥9,218,600,075.75 in the same period last year[15]. - Net profit attributable to shareholders decreased by 47.60% to ¥183,607,091.26 from ¥350,408,172.78 year-on-year[15]. - The net cash flow from operating activities dropped significantly by 84.00%, amounting to ¥185,133,529.41 compared to ¥1,157,053,455.71 in the previous year[15]. - Basic earnings per share fell by 47.50% to ¥0.21 from ¥0.40 in the same period last year[16]. - Total assets increased by 28.78% to ¥26,063,571,979.30 from ¥20,239,346,472.95 at the end of the previous year[15]. - Operating costs increased by 29.47% to ¥10,348,796,920.05, up from ¥7,992,950,816.92, primarily due to increased sales volume and rising raw material prices[30]. - Research and development expenses rose by 5.76% to ¥512,278,055.03, compared to ¥484,392,096.01 in the previous year, reflecting increased investment in R&D[30]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of RMB 0.04 per share, totaling approximately RMB 35.61 million based on the total share capital of 890,186,810 shares as of July 2, 2024[4]. - The company has not indicated any plans for capital reserve transfers or stock bonuses in the current dividend proposal[4]. - The total number of shares increased to 890,186,810 after the issuance of new shares and the conversion of convertible bonds[77]. - The largest shareholder, Hangzhou Dingsheng Industrial Group Co., Ltd., holds 28.05% of the shares, amounting to 249,667,740 shares[81]. Risk Management - The company has outlined potential risks in the management discussion and analysis section, advising investors to be cautious[5]. - The company faces risks from fluctuations in raw material prices, particularly aluminum ingots, which can significantly impact short-term profit levels[38]. - The company is exposed to exchange rate risks due to its export transactions primarily settled in USD, despite using financial instruments to mitigate these risks[38]. Environmental Compliance - The company’s environmental protection facilities are operating normally, ensuring that waste gas emissions and hazardous waste disposal comply with environmental requirements[46]. - In the first half of 2024, the company reported nitrogen oxide emissions at 8.389 mg/m³, which is below the standard limit of 180 mg/m³, with a total emission of 17.51 tons[46]. - The company’s sulfur dioxide emissions were recorded at 1.442 mg/m³, significantly below the standard limit of 80 mg/m³, with a total emission of 2.223 tons[46]. - The company has implemented measures to prevent soil and groundwater contamination, including regular monitoring[53]. Strategic Initiatives - The company focuses on the research, production, and sales of aluminum foil products, which are widely used in various industries including green packaging and home appliances[18]. - The company has established strategic partnerships with major battery manufacturers, including CATL and BYD, enhancing its market position in the lithium battery aluminum foil sector[22]. - The company aims to strengthen global strategic cooperation to further consolidate its competitive advantages in the international market[24]. - The company is committed to developing a green circular economy, focusing on resource recycling and the establishment of a closed-loop recycling system for aluminum waste[61]. Financial Instruments and Capital Management - The company raised a total of 1.254 billion RMB from convertible bonds, with a net amount of 1.244 billion RMB after deducting issuance costs[70]. - The total amount of guarantees provided during the reporting period is 30 million RMB, with no overdue guarantees reported[68]. - The company utilized temporarily idle raised funds to supplement working capital, amounting to 50 million RMB, which has been fully repaid[74]. Corporate Governance - The report indicates that the board of directors has confirmed the authenticity and completeness of the financial report, ensuring no significant omissions or misleading statements[2]. - The company has committed to not engaging in any non-operational fund occupation by controlling shareholders and related parties[64]. - All directors, supervisors, and senior management have pledged that the prospectus does not contain any false records, misleading statements, or major omissions[63]. Market Position and Growth - The company has developed a stable customer base, with no major customer losses in recent years, and has received multiple awards from key clients, indicating strong customer loyalty[23]. - The company has built five production bases in China and overseas, including in Thailand and Europe, to enhance its global market presence[24]. - The company is positioned to benefit from the growing demand for lithium battery aluminum foil, driven by the rapid expansion of the new energy vehicle market[22]. Accounting and Financial Reporting - The financial report for the first half of 2024 has not been audited, but management has declared its accuracy and completeness[3]. - The company has not made any significant changes to its accounting policies or estimates during the reporting period, ensuring consistency in financial reporting[189]. - The company adheres to the relevant accounting standards for the classification, measurement, and derecognition of financial instruments[136].

2024 年半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个别及连带责任。 一、 募集资金基本情况 (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：2024-070 债券代码：113534 债券简称：鼎胜转债 江苏鼎胜新能源材料股份有限公司 经中国证券监督管理委员会《关于核准江苏鼎胜新能源材料股份有限公司公 开发行可转换公司债券的批复》（证监许可[2019]6 号）核准，并经上海证券交 易所同意，本公司由主承销商中信证券股份有限公司采用向原始股东优先配售及 网上向社会公众投资者通过上海证券交易所系统发售相结合方式，公开发行 1,254.00 万张可转债公司债券，每张面值为人民币 100.00 元，共计募集资金 125,400.00 万元，坐扣承销和保荐费用 752.40 万元（其中发行费用 709.81 万 元，税款 42.59 万元，税款由本公司以自有资金承担）后的募集资金为 124,647.60 万元，已由承销商中信证券股份有限公司于 2019 年 ...

证券代码：603876 证券简称：鼎胜新材 公告编号：2024-068 债券代码：113534 债券简称：鼎胜转债 江苏鼎胜新能源材料股份有限公司 第六届监事会第九次会议决议公告 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个别及连带责任。 一、监事会会议召开情况 江苏鼎胜新能源材料股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日在公司会议室以现场结合通讯表决方式召开第六届监事会第九次会议。会议通 知于 2024 年 8 月 19 日以电子邮件方式发出。本次会议由公司监事会主席闻斌先 生主持，应出席监事 3 人，实际出席监事 3 人，董事会秘书列席了会议。本次会 议的召集和召开符合《中华人民共和国公司法》和《江苏鼎胜新能源材料股份有 限公司章程》的有关规定，会议合法有效。 二、监事会会议审议情况 1、审议通过了《关于公司 2024 年半年度报告及其摘要的议案》 经审核，监事会认为：董事会编制和审核公司 2024 年半年度报告及其摘要 的程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地 反映了公司的 ...

江苏鼎胜新能源材料股份有限公司 2024 年第二次临时股东大会资料 江苏鼎胜新能源材料股份有限公司 2024 年第二次临时股东大会 会议资料 二〇二四年九月六日 江苏鼎胜新能源材料股份有限公司 2024 年第二次临时股东大会资料 江苏鼎胜新能源材料股份有限公司 2024 年第二次临时股东大会会议议程 一、时间：2024 年 9 月 6 日 11 时 00 分 二、地点：公司全资子公司杭州五星铝业有限公司二楼会议室，杭州市余杭 瓶窑工业园区 三、与会人员签到：2024 年 9 月 6 日 10 时 30 分 四、会议议程： 第一项：董事长王诚先生宣布会议开始； 第三项：宣读并审议大会有关议案： 1、《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投入其他募投 项目的议案》； 2、《关于修订公司章程的议案》； 3、《关于修订公司部分内控制度的议案》。 第四项：推举大会计票人、监票人各二名； 第五项：股东对议案进行逐项表决； 第六项：计票人统计表决票； 第七项：监票人宣读表决结果； 第八项：董事长王诚先生宣读股东大会决议； 第九项：与会董事签署股东大会决议与会议记录； 第二项：董事长王诚先生介绍参加本次会议的人 ...