宁波容百新能源科技股份有限公司 2024 年年度股东大会会议资料 证券代码：688005 证券简称：容百科技 宁波容百新能源科技股份有限公司 2024 年年度股东大会 会议资料 二Ｏ二五年四月 宁波容百新能源科技股份有限公司 2024 年年度股东大会会议资料 | 2024 年年度股东大会会议须知 | | 2 | | --- | --- | --- | | 2024 年年度股东大会会议议程 | | 4 | | 议案一：审议《关于公司 2024 | 年度董事会工作报告的议案》 | 6 | | 听取：2024 年度独立董事述职报告 | | 13 | | 议案二：审议《关于公司 2024 | 年度监事会工作报告的议案》 | 14 | | 议案三：审议《关于公司 2024 | 年年度报告及摘要的议案》 | 17 | | 议案四：审议《关于公司董事 2024 | 年度薪酬执行情况及 2025 | 年度薪酬标准的议案》 ..18 | | 议案五：审议《关于公司监事 2024 | 年度薪酬执行情况及 2025 | 年度薪酬标准的议案》 ..20 | | 议案六：审议《关于公司 2024 | 年度利润分配预案的议案》 | 22 ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [19]. Core Insights - The report highlights the launch of new electric vehicle models, including the Xiaopeng X9 and the Denza N9, which are positioned to enhance market competition in the electric vehicle sector [6]. - The report emphasizes the importance of power batteries in electric vehicles, suggesting a focus on companies involved in battery production and related materials [6]. - The report provides detailed specifications of new vehicle models, including pricing, power output, and range, showcasing advancements in technology and design [6]. Industry Overview - The industry consists of 299 listed companies with a total market capitalization of approximately 46,881.73 billion and a circulating market value of about 41,202.87 billion [2]. - The absolute performance of the industry over the past 12 months shows a growth of 3.9%, while the relative performance indicates a decline of 3.0% compared to the benchmark index [3]. Recent Developments - The Ministry of Industry and Information Technology announced the public disclosure of new energy vehicle models, with 218 enterprises submitting 578 models for approval, including 498 pure electric models [6]. - Xiaopeng X9 is priced between 359,800 to 419,800 yuan, featuring a maximum range of 740 kilometers with a 105 kWh battery [6]. - Denza N9 offers a comprehensive range of 1302 kilometers and includes advanced driving assistance features [6]. - Wuling Hongguang has introduced a range-extended version, providing options for fuel, range-extended, and pure electric powertrains [6].

丨证券研究报告丨 公司研究丨点评报告丨容百科技（688005.SH） [Table_Title] 容百科技 2024 年年报点评：Q4 盈利表现亮眼， 静待海外增量和新产品落地 报告要点 [Table_Summary] 容百科技发布 2024 年年报，全年实现收入 150.88 亿元，同比下降 33.41%，归母净利润 2.96 亿元，同比下降 49.06%，扣非净利润 2.44 亿元，同比下降 52.64%。折算到 2024Q4 来看， 收入为 37.64 亿元，同比下降 7.81%，环比下降 15.14%，归母净利润 1.80 亿元，同比实现扭 亏，环比增长 69.17%，扣非净利润 1.55 亿元，同比实现扭亏，环比增长 67.91%。 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 容百科技（688005.SH） cjzqdt11111 [Table_ ...

容百科技（688005.SH）2024 年年报点评 龙头优势继续巩固，新品产业化顺利 2025 年 04 月 14 日 ➢ 事件。2025 年 4 月 9 日公司发布 2024 年年报，营业收入为 150.88 亿元， 同比下降 33.41%；归母净利润为 2.96 亿元，同比下降 49.06%；扣非后净利润 为 2.44 亿元，同比下降 52.64%。 ➢ 经营稳健，业绩强韧。出货量方面，2024 年公司正极材料销量达 12.30 万 吨，同比+21.82%，全球三元市占率超过 12%，同比提升了 2 个百分点，连续 四年保持全球第一。盈利方面，2024 年公司三元正极净利润 5.04 亿元，对应单 吨净利达 0.42 万元。业绩表现强韧主要得益于 1）产品与客户精准卡位，海外客 户累计销量首次超过 2 万吨，9 系以上超高镍产品出货达到 2.7 万吨，占比提升 至 23%；2）强化供应链管理，积极应对碳酸锂价格下行；3）内部精细化管理降 本。展望：公司不断丰富产品矩阵满足客户需要，2024 年在前驱体、锰铁锂、 钠电等战略性业务投入约 1.75 亿元。与此同时公司坚定实施全球化战略，韩国 工厂进入收获期。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong potential for investment returns in the upcoming years [8]. Core Insights - The company's 2024 performance met expectations, with a revenue of 15.088 billion yuan, reflecting a year-on-year decline of 33.41% primarily due to price adjustments in response to raw material costs [5]. - The net profit attributable to the parent company for 2024 was 296 million yuan, down 49.06% year-on-year, influenced by intensified market competition and fluctuations in raw material prices [5]. - The company achieved a 20% year-on-year increase in the shipment of ternary materials, totaling 120,000 tons, maintaining its position as the global leader for four consecutive years [6]. - The gross margin for the ternary materials business improved significantly to 9.34% in 2024, indicating a recovery in profitability [6]. - The company is actively expanding into manganese iron phosphate and sodium battery cathode materials, with significant growth in shipments expected in 2025 [7]. - The first phase of the company's Korean factory has reached full production capacity, and the second phase is expected to begin trial production in the first half of 2025, which will further enhance profitability [7]. - The projected net profits for 2025, 2026, and 2027 are 768 million yuan, 1.022 billion yuan, and 1.287 billion yuan, respectively, with corresponding P/E ratios of 12, 9, and 7 [8]. Financial Summary - In 2024, the company reported a revenue of 15.088 billion yuan, with a year-on-year decrease of 33.4% [10]. - The net profit attributable to the parent company is projected to recover significantly in the following years, with a forecasted increase of 159.5% in 2025 [10]. - The gross margin is expected to stabilize around 10% in the coming years, with a slight increase to 10.5% by 2027 [10]. - The return on equity (ROE) is anticipated to rise from 3.5% in 2024 to 11.1% by 2027, indicating improved profitability and efficiency [10].

容百科技（ [Table_StockNameRptType] 688005） 公司深度 报告日期： 2025-04-14 海外产能顺利爬坡，盈利水平稳步恢复 | | | | [Table_BaseData] 收盘价（元） | 19.72 | | --- | --- | | 近 12 个月最高/最低（元） | 44.50/17.34 | | 总股本（百万股） | 715 | | 流通股本（百万股） | 465 | | 流通股比例（%） | 65.07 | | 总市值（亿元） | 141 | | 流通市值（亿元） | 92 | [公司价格与沪深 Table_Chart] 300 走势比较 -50% -27% -5% 18% 41% 4/24 7/24 10/24 1/25 容百科技 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzb@hazq.com 主要观点： ⚫[Table_Summary] 24 年业绩符合预期，盈利水平修复 24 年实现营收 150.88 亿元，同比-33.41%，营收同比下降主要系公司产品售 价随原材料价格下降而调整。 ...

华夏时报（www.chinatimes.net.cn）记者 李未来 北京报道 业绩虽然腰斩，但容百科技（688005.SH）却派出更高的现金分红。 4月10日，容百科技发布2024年年报，业绩创下3年来新低。其中营业收入150.88亿元，同比下降 33.41%，净利润2.96亿元，同比下降49.06%，业绩下滑主要原因是产品售价下降。但这依然不妨碍公司 派出上市以来最高的现金红利。与此同时，公司高管去年薪酬也在上涨，如来自韩国的副董事长刘相烈 去年年薪210.73万元，比2023年涨薪近50万元，副总经理刘德贤去年年薪152.27万元，比2023年多出36 万元。 对于掌舵人白厚善来说，目前容百科技所面对的不仅是产品价格下降带来的业绩持续下滑风险，还有三 元锂电池市场不断被磷酸铁锂蚕食的窘境。鑫椤资讯高级研究员张金惠在接受《华夏时报》记者采访时 表示："未来竞争格局还是磷酸铁锂占大多数，三元占比如果要提升，要等到固态电池出来了。" 从科研人员到企业家 自上市至今，容百科技的业绩呈抛物线走势，2019年—2022年是爬坡阶段，高峰之后，2023年—2024年 是下滑阶段。2022年、2023年和2024年，公司 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, indicating challenges in the market while showing some signs of recovery in Q4 [2][4]. Group 1: Financial Performance - In 2024, the company achieved an operating revenue of 15.088 billion, a year-on-year decrease of 33.41%, and a net profit attributable to shareholders of 296 million, down 49.06% [2]. - For Q4 2024, the operating revenue was 3.764 billion, a year-on-year decrease of 7.81% and a quarter-on-quarter decrease of 15.14%. However, the net profit for Q4 was 180 million, marking a turnaround from losses, with a quarter-on-quarter increase of 69.17% [2][4]. - The gross profit margin for 2024 was 10.02%, an increase of 1.43 percentage points, while the net profit margin was 2.18%, a decrease of 0.59 percentage points [4]. Group 2: Market Position and Product Performance - The company maintained a high growth rate in shipment volume, with a total shipment of 120,000 tons in 2024, representing a year-on-year increase of over 20%, and a global market share exceeding 12% [3]. - The company’s production of manganese iron lithium and sodium-ion batteries is entering a harvest period, with shipments of manganese iron lithium products growing over 100% year-on-year [6]. Group 3: Strategic Developments - The company invested approximately 175 million in strategic businesses, achieving a profit of 504 million in the ternary cathode business, with a net profit per ton of 420 yuan [5]. - The Korean factory achieved profitability for the first time, contributing to improved profitability and increased sales of high-nickel products [5]. - The company is set to start mass production and delivery of layered oxide cathode materials and polycation cathode materials in early 2025, with significant orders already secured [6].

容百科技4月9日公布，公司实施建设的"2025动力型锂电材料综合基地（一期）"项目（以下 简称"本项目 "或"该募投项目"）为年产6万吨 三元前驱体项目，其中，1-1期3万吨已经完成建设，1-2期3万吨尚未开工， 现拟对本项目调整建设投资规模至3万吨并予以结项。 该项目计划使用募集资金为82,600.29万元，截至本报告披露日，累计已投入金额74,872.81万元，剩余项目募集资金16,848.52万元（含利 息收入），其中预计15,000.00万元将留在募集资金专户上用以支付后续的工程款及质保金，1,848.52万元（含理财收益及利息净收入，具 体金额以实际结转时专户资金金额为准）拟永久补充流动资金。 扫码加川编进群 结合目前市场需求趋势变化，以及公司2024年经营业绩情况与产能情况，公司认为该项目已建成的年产3万吨三元前驱体生产线以及公辅配套 设施，在现阶段可以满足公司目前生产经营需要和市场需求，故本着提高资金使用效率的原则，根据公司实际经营状况和未来发展规划，公司 拟将"2025动力型锂电材料综合基地（一期）"原计划年产6万吨产能规划调减至3万吨并予以结项。后续3万吨若有相应产能需求，公司将使 用自有资 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 15.088 billion yuan in 2024, a year-on-year decrease of 33.41%, with a net profit attributable to shareholders of 296 million yuan, down 49.06% year-on-year [1] - In Q4 2024, the company achieved a revenue of 3.764 billion yuan, a year-on-year decrease of 7.81%, but a net profit of 180 million yuan, marking a return to profitability [1][2] - The company continues to lead the global market for ternary cathode materials, with a shipment of 120,000 tons in 2024, representing a year-on-year growth of over 20% and a global market share exceeding 12% [1][2] Financial Performance - The gross margin for 2024 was 10.02%, an increase of 1.43 percentage points year-on-year, while the net margin was 2.18%, a decrease of 0.59 percentage points year-on-year [2] - In Q4 2024, the gross margin improved to 12.75%, with a net margin of 4.86%, reflecting a significant recovery [2] - The company’s profitability improved due to the first profitability of its Korean factory and increased sales of high-nickel products [2] Product Development and Market Position - The company is transitioning to a comprehensive cathode material supplier, with significant growth in manganese iron lithium and sodium battery cathodes expected [3] - The shipment of manganese iron lithium products grew over 100% year-on-year, maintaining the top market share [3] - The company has secured orders for 3,000 tons of layered oxide cathode materials and hundreds of tons of polycation cathode materials, with mass production expected to start in 2025 [3] Profit Forecast and Valuation - The report forecasts a decline in revenue for 2025 and 2026, with net profit estimates of 816 million yuan, 1.004 billion yuan, and 1.224 billion yuan for 2025, 2026, and 2027 respectively [3][8] - The company’s overseas capacity is considered rare, with expectations for overseas clients to enter a harvest period, enhancing the valuation attractiveness [3][8]