江苏鼎胜新能源材料股份有限公司 关于为全资子公司提供担保的公告 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。 证券代码：603876 证券简称：鼎胜新材 公告编号：2024-035 债券代码：113534 债券简称：鼎胜转债 重要内容提示： 一、担保情况概述 （一）担保基本情况简介 为满足五星铝业日常经营需要，需向中国银行股份有限公司杭州市余杭支行 （以下简称"中国银行"）申请流动资金贷款等，公司近日与中国银行股份有限 公司杭州市余杭支行签订《最高额保证合同》，约定公司为五星铝业提供金额为 人民币 8,000.00 万元的最高额连带保证责任，担保期限为债务履行期限届满之 日起三年，本次担保不存在反担保。 （二）担保事项履行的内部决策程序 经2024年4月22日召开的第六届董事会五次会议和2024年5月13日召开的 担保人名称：江苏鼎胜新能源材料股份有限公司（以下简称"公司"） 被担保人名称：公司全资子公司杭州五星铝业有限公司（以下简称"五 星铝业"） 本次担保金额及已实际为其提供的担保余额：本次公司为五星铝业担保 的金 ...

中信证券股份有限公司 关于江苏鼎胜新能源材料股份有限公司 不提前赎回"鼎胜转债"的核查意见 中信证券股份有限公司（以下简称"中信证券"）作为江苏鼎胜新能源材料 股份有限公司（以下简称"鼎胜新材"或"公司"）公开发行可转换公司债券的 保荐机构，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 12 号—可转换公司债券》、《上海证券交易所股票上市规则》等 有关规定，经审慎核查，就鼎胜新材第六届董事会第八次会议审议的《关于不提 前赎回"鼎胜转债"的议案》所涉及的事项，发表如下意见： 一、"鼎胜转债"基本情况 公司本次发行的"鼎胜转债"自 2019 年 10 月 16 日起可转换为公司股份， 初始转股价格为 20.80 元/股，最新转股价格为 7.84 元/股。 二、"鼎胜转债"触发有条件赎回条款依据 根据公司《公开发行可转换公司债券募集说明书》： "在本次发行的可转换公司债券转股期内，当下述两种情形的任意一种出现 时，公司有权决定按照债券面值加当期应计利息的价格赎回全部或部分未转股的 可转换公司债券： 1）在本次发行的可转换公司债券转股期内，如果公司股票连续三十个交易 日中至少有十五个 ...

证券代码：603876 证券简称：鼎胜新材 公告编号：2024-033 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 关于不提前赎回"鼎胜转债"的提示性公告 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。 经中国证券监督管理委员会证监许可[2019]6号文核准，江苏鼎胜新能源材 料股份有限公司（以下简称"公司"）于2019年4月9日向社会公开发行1254万张 可转换公司债券，每张面值100元，按面值发行，发行总额125,400万元，期限6 年。经上海证券交易所自律监管决定书[2019]65号文同意，公司125,400万元可 公司股票自 2024 年 4 月 15 日至 2024 年 5 月 9 日期间，满足连续 30 个交易 日中至少有 15 个交易日的收盘价格不低于"鼎胜转债"当期转股价格（7.84 元/股）的 130%，已触发"鼎胜转债"的赎回条款，公司董事会决定本次不 行使"鼎胜转债"的提前赎回权利，不提前赎回"鼎胜转债"。 在未来三个月内（即 2024 年 5 月 10 日至 202 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has a strong global layout and significant long-term growth potential, despite short-term profitability pressures. The customer structure is stable and of high quality, with ongoing improvements in global operations [4][6] - In 2023, the company achieved a net profit attributable to shareholders of 535 million RMB, a decrease of 61.29% year-on-year, with total revenue of 19.064 billion RMB, down 11.76% year-on-year [4][5] - The first quarter of 2024 saw a net profit of 30.46 million RMB, a decline of 80.31% year-on-year, with a gross profit margin decrease of 4.24 percentage points to 9.72% [4][5] Financial Summary - The company reported total revenue of 19,064 million RMB in 2023, with a net profit of 535 million RMB, and a gross profit margin of 11.08% [5][7] - For 2024, the estimated revenue is projected to be 20,557 million RMB, with a net profit of 433 million RMB, reflecting a growth rate of 7.8% [7] - The estimated earnings per share (EPS) for 2024 is adjusted to 0.49 RMB, with a price-to-earnings (P/E) ratio of 23.1 [4][7] Customer Structure - The company has a robust customer base in the battery foil sector, including major domestic manufacturers such as BYD, CATL, and LG Energy, as well as leading international clients [4][5] - In the air conditioning foil market, the company is a global leader, serving top domestic brands like Midea and Gree, and international firms such as Daikin and LG [4] Global Expansion - The company is among the first domestic aluminum foil manufacturers to establish an overseas presence, with factories in Italy and Thailand, focusing on the European packaging and battery foil markets [4][5] - Collaborations with industry leaders like BYD and LG position the company to benefit from high growth in overseas markets, enhancing its global market share [4]

图4:鼎胜新材单季归母净利润及增速(单位:亿元、%) 电池铝箔盈利能力或趋于稳定,包装箔有望扭亏为盈。对于主要贡献利润的电池 铝箔产品,根据我们的拆分与推测,1)销量:公司 21-23 年分别实现电池铝箔销 量 6/11/13 万吨; 2) 盈利:公司电池铝箔产品 23年共下调两次加工费,年初第 一次下降 1000元/吨左右,年中再度小幅下降,全年电池箔单吨净利润 4000 元/ 吨左右,随着今年年初加工费再度下调,部分电池箔企业已经不盈利,未来加工 费有望趋于稳定。对于食品包装箔产品,我们推测公司 21-23 年销量分别为 19/31/23 万吨,23年由于前述原因导致包装箔业务亏损,24年随着海外订单复 苏,有望实现扭亏为盈。 证券研究报告 3）普板带：2024-2026 年销售量均为 11 万吨，销售单价为 2.01 万元/吨，单位 毛利为 1630 元/吨，毛利率为 8.10%。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------|------------|--------|------ ...

司 证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 铝 风险提示：下游需求大幅下滑、原材料与能源成本大幅波动、项目投产不及 预期等。 请务必阅读正文之后的信息披露和重要声明 - 2 - 公司点评报告(带市场行情) | --- | --- | --- | --- | |-------|------------------------------------------|-------------------------------------------|------------------------------------------| | 上 | 兴业证券研究 \n海 | 北 京 | 深 圳 | | | 地址：上海浦东新区长柳路36号兴业证券大厦 | 地址：北京市朝阳区建国门大街甲6号SK大厦32 | 地址：深圳市福田区皇岗路5001号深业上城T2 | | | | | | | 15层 | | 层01-08单元 | 座52楼 | | | 邮编：200135 | 邮编：100020 | 邮编：518035 | | | 邮箱：research@xyzq.com.cn | 邮箱：research@ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In Q1 2024, battery foil shipments are expected to remain flat with a slight increase, with a projected growth of 25% for the year. The company anticipates Q1 battery foil shipments of 26,000 tons, a year-on-year increase of approximately 5%. From April, production is expected to ramp up significantly, with Q2 shipments projected to increase by 30%, leading to an annual total of 160,000 tons [1] - The company has demonstrated good cost control, with a Q1 expense ratio of 7%, down 0.7 percentage points year-on-year. However, the net cash flow from operating activities was negative at -550 million yuan, and capital expenditures decreased by 31% year-on-year to 50 million yuan [2] - The company has adjusted its profit forecasts for 2024-2026 due to weak overseas packaging foil demand, now expecting net profits of 400 million, 606 million, and 850 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 24x, 16x, and 12x [13] Summary by Sections Financial Performance - In Q1 2024, the company achieved a net profit of 30 million yuan, a decrease of 80% year-on-year, with revenues of 5.1 billion yuan, a year-on-year increase of 14% [11] - The gross margin for Q1 2024 was 10%, down 4 percentage points year-on-year but up 1 percentage point quarter-on-quarter [11] - The company expects to recover from losses in packaging foil as demand gradually improves, with Q1 packaging foil shipments estimated at 65,000 tons and losses per ton narrowing to 500 yuan [12] Financial Forecasts - The company forecasts total revenue of 21.85 billion yuan for 2024, with a year-on-year growth of 14.63%. The projected net profit for 2024 is 400 million yuan, reflecting a decrease of 25.20% compared to the previous year [11][13] - The company’s total assets are projected to reach 21.37 billion yuan by 2024, with a debt-to-asset ratio of 67.54% [7][23]

Financial Performance - The net profit attributable to shareholders decreased by 80.31% due to a decline in gross profit[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 80.99% for the same reason[6] - The operating profit for the quarter was approximately RMB 42.84 million, down from RMB 186.48 million in the previous year[20] - The total profit for the quarter was approximately RMB 40.31 million, significantly lower than RMB 184.18 million in the same period last year[20] - The company reported a net profit of approximately RMB 30.55 million, down from RMB 154.32 million in the previous year[20] - Net profit attributable to shareholders of the listed company for Q1 2024 was ¥30,463,258.17, a decrease of 80.31% from the previous year[52] - The net profit attributable to the parent company's shareholders decreased to ¥30,463,258.17 from ¥154,683,820.37, representing a decline of approximately 80.3%[61] - The total comprehensive income amounted to ¥23,422,570.43, down from ¥156,710,650.00, a decrease of about 85%[61] - The basic earnings per share decreased to ¥0.03 from ¥0.18, a decline of 83.3%[61] - The company reported a basic earnings per share of ¥0.03 for Q1 2024, down from ¥0.15 in the same period last year[52] Assets and Liabilities - Total assets increased by 16.38% from the end of the previous year, reaching approximately RMB 23.55 billion[11] - The total assets increased to ¥23,554,762,091.24 from ¥20,239,346,472.95, reflecting a growth of about 11.5%[60] - The total liabilities increased to ¥16,968,781,441.21 in Q1 2024 from ¥13,680,987,649.93 in Q1 2023, reflecting a significant rise[56] - The total liabilities rose to ¥15,807,405,947.68 from ¥13,143,391,223.67, indicating an increase of approximately 20.2%[60] - The total equity attributable to shareholders of the parent company rose to ¥6,576,655,916.90 in Q1 2024, up from ¥6,549,115,894.36 in Q1 2023[56] - The company's total equity attributable to shareholders increased by 0.42% to approximately RMB 6.58 billion[11] - The long-term borrowings increased significantly to ¥2,145,468,126.33 from ¥1,037,530,120.45, marking a rise of approximately 106.5%[60] - The total non-current liabilities increased to ¥3,202,867,626.86 in Q1 2024 from ¥2,095,556,642.97 in Q1 2023[56] Cash Flow - Operating cash flow for the current period is -546,884,610.34 RMB, compared to 132,988,279.33 RMB in the previous period, indicating a significant decline[22] - The net cash flow from operating activities for Q1 2024 was negative at -¥546,884,610.34, indicating a cash outflow[52] - Total cash inflow from operating activities is 4,010,865,420.09 RMB, down from 4,540,300,309.31 RMB year-over-year[22] - Cash outflow from operating activities increased to 4,557,750,030.43 RMB, compared to 4,407,312,029.98 RMB in the previous period[22] - Cash received from other operating activities is 886,765,440.04 RMB, slightly down from 899,257,765.41 RMB[22] - Cash received from tax refunds is 152,444,045.40 RMB, compared to 189,430,978.47 RMB in the previous period[22] - The net cash flow from financing activities for Q1 2024 was ¥501,861,843.95, compared to ¥242,392,754.02 in Q1 2023, showing an increase[51] Research and Development - Research and development expenses for the quarter were approximately RMB 226.43 million, slightly up from RMB 221.65 million in the previous year[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 33,446[6]

证券代码：603876 证券简称：鼎胜新材 公告编号：2024-032 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"鼎胜转债"可能满足赎回条件的提示性公告 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、可转债发行上市概况 经中国证券监督管理委员会证监许可[2019]6号文核准，江苏鼎胜新能源材 料股份有限公司（以下简称"公司"）于2019年4月9日向社会公开发行1254万张 可转换公司债券，每张面值100元，按面值发行，发行总额125,400万元，期限6 年。 经上海证券交易所自律监管决定书[2019]65号文同意，公司125,400万元可 转换公司债券于2019年4月30日起在上海证券交易所挂牌交易，债券简称"鼎胜 转债"，债券代码"113534"。 根据有关规定和公司《公开发行可转换公司债券募集说明书》（以下简称"可 转债募集说明书"）的约定，公司本次发行的"鼎胜转债"自2019年10月16日起 可转换为本公司股份，初始转股价格为20.80元/股，最新转股价格为7.84元/ ...

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