炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 4月9日，容百科技发布公告称，实施建设的"2025动力型锂电材料综合基地（一期）"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。 容百科技表示，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。 值得注意的是，该项目计划使用募集资金为8.26亿元，截至公告披露日，累计已投入金额7.49亿元。也 就是说，产能仅完成一半，计划投资额去几乎已经用尽。 2024年，容百科技营收150.88亿元，同比下滑33.41%，归母净利润2.96亿元，同比降幅达49.06%，收入 和利润均连续两年下滑。 产能调整亦反映技术路线的不确定性。容百科技虽在高镍三元、磷酸锰铁锂等领域保持领先，但钠电 池、固态电池等新技术路线加速商业化，将对现有材料体系形成冲击，可能削弱三元材料市场份额。 此外，海外市场拓展成效尚未完全兑现。尽管容百科技韩国 ...

新能源动力系统 -44% -34% -24% -15% -5% 4% 14% 24% 2024.04 2024.08 2024.12 2025.04 容百科技 沪深300 分析师：牟国洪 登记编码：S0730513030002 资料来源：中原证券研究所，Wind 证券研究报告-年报点评 增持(首次) | 收盘价(元) | 19.45 | | --- | --- | | 一年内最高/最低(元) | 42.58/18.08 | | 沪深 300 指数 | 3,735.12 | | 市净率(倍) | 1.11 | | 流通市值(亿元) | 139.01 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 17.47 | | 每股经营现金流(元) | 1.08 | | 毛利率(%) | 10.02 | | 净资产收益率_摊薄(%) | 3.51 | | 资产负债率(%) | 62.69 | | 总股本/流通股(万股) | 71,472.55/71,472.55 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 相关报告 联系人：李智 市场数据(2025 ...

Investment Rating - The report assigns an "Accumulate" investment rating for the company, indicating a potential increase in stock price relative to the market index [4][10]. Core Views - The company's performance is under short-term pressure, with significant declines in revenue and profit for 2024, but there are expectations for recovery in 2025 driven by the growth in the electric vehicle market and battery production [7][8]. - The company is a leader in the production of ternary materials, with a notable market share and a strong position in the industry, despite facing challenges from price declines and increased competition [8][10]. - The report highlights the company's strategic partnerships and product development in high-nickel materials and sodium-ion batteries, which are expected to enhance its competitive edge [8][10]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 15.088 billion yuan, a decrease of 33.41% year-on-year, with a net profit of 296 million yuan, down 49.06% [7][11]. - The company’s cash flow from operating activities fell by 70.85% to 523 million yuan, indicating significant financial strain [7]. - The proposed dividend distribution is 3.70 yuan per 10 shares, totaling 261 million yuan, which represents 88.11% of the net profit [7]. Market Trends - The report notes a 36.10% year-on-year increase in electric vehicle sales in China for 2024, with a total of 12.859 million units sold [7]. - The production of power batteries in China reached 1,096.8 GWh in 2024, marking a 40.96% increase, with exports contributing significantly to this growth [7]. Product and Industry Outlook - The company’s output of ternary materials increased by 22.37% in 2024, despite a drop in average prices due to competitive pressures [8]. - Expectations for 2025 include a recovery in sales driven by the ongoing demand for electric vehicles and advancements in battery technology [8][10]. - The company is enhancing its product mix and customer base, with significant growth in new energy materials such as manganese iron phosphate and sodium-ion batteries [8]. Valuation and Future Projections - The report forecasts earnings per share of 1.08 yuan and 1.40 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 17.97 and 13.88 [10][11]. - The valuation is considered reasonable relative to industry standards, with expectations of improved profitability as market conditions stabilize [10].

容百科技 20250410 2025-04-11 摘要 • 容百科技 2024 年营收达 150.88 亿元，净利润 3.29 亿元，四季度净利润 环比增长近 50%，研发投入 4.24 亿元，同比增长约 20%，累计申请专利 1,206 项，授权 597 项，显示公司盈利能力和创新能力显著提升。 • 公司三元材料 2024 年销量 12 万吨，同比增长 20%，全球市占率超 12%，提升 2 个百分点。中镍高电压产品获头部客户认可，海外销量超 2 万吨，超高镍产品出货 2.7 万吨，占比提升至 23%，战略新品投入 1.75 亿元，三元业务全年盈利超 5 亿元。 • 锰铁锂产品在大动力领域销量大幅提升，同比增长 100%，维持行业第一， 获头部电池企业近万辆汽车订单。新一代锰铁锂成本较磷酸铁锂低 10%， 获客户认可并完成批稳验证，今年将实现部分产线改造，实现量产和批量 生产交付。 • 钠电正极产品开发取得突破，获 3,000 吨层状材料订单和数百吨钠电正极 材料订单，启动湖北仙桃年产 6,000 吨钠电正极材料产线。预计 2025 年 钠电池出货量将达千吨级别，储能领域需求将超万吨级别。 Q&A 容百科技 ...

Macro Strategy - The report suggests that the depreciation of the RMB against the USD may be a response to overseas risk events and a proactive measure to release risks in currency management, with a gradual approach expected in the depreciation process [1][12] - The expected range for USDCNY is projected to gradually rise to 7.40-7.50, indicating a controlled release of risks while maintaining a stable exchange rate [12] Fixed Income - The report on Weicai Convertible Bond indicates an expected listing price range of 112.72 to 125.13 RMB, with a subscription rate of 0.0046% and a conversion premium of approximately 35% [2][14] - The report on Anji Convertible Bond anticipates a listing price range of 109.63 to 122.00 RMB, with a subscription rate of 0.0037% and a conversion premium of around 28% [3][15] - The report on Qingyuan Convertible Bond expects a listing price range of 100.22 to 111.65 RMB, with a subscription rate of 0.0020% and a conversion premium of about 25% [3][17] Industry Analysis - The engineering machinery sector is entering an upward cycle, with a projected 2-3 years of growth ahead, supported by significant share buybacks from major companies like Sany Heavy Industry and XCMG [20][21] - The report highlights a 38% year-on-year increase in domestic excavator sales in Q1 2025, indicating strong market demand and potential for upward valuation adjustments [21] - The engineering machinery companies have low exposure to the US market, with Sany's exposure at approximately 3%, making the overall risk manageable [21] Company Insights - Pengding Holdings reported a revenue of 35.14 billion RMB and a net profit of 3.62 billion RMB for 2024, with significant growth in the automotive and server sectors [5][22] - The company is expanding its production capacity with a projected capital expenditure of 5 billion RMB in 2025, reflecting confidence in future market demand [6][22] - The report on Jerey Co. indicates a projected net profit of 3.03 billion RMB for 2025, with a focus on overseas expansion despite tariff risks [7][8]

Group 1: Battery Industry Developments - CATL plans to advance its listing in Hong Kong this quarter despite expected market volatility due to trade tensions, with details such as fundraising amounts still to be finalized [2] - Nandu Power recently showcased its 30Ah all-solid-state battery, which features a high nickel ternary positive electrode and silicon-carbon negative electrode, achieving an energy density of 350Wh/kg and maintaining over 92% capacity after 500 charge-discharge cycles [3] - The first batch of energy efficiency grading results for pure electric passenger vehicles was released, covering 12 mainstream models, with 8 domestic and 3 joint venture models receiving "一级能效" ratings [4] Group 2: Material and Investment Adjustments - Rongbai Technology announced a reduction in its planned annual production capacity for its lithium battery materials project from 60,000 tons to 30,000 tons, with the first phase already completed [4] - Jinpu Titanium Industry announced the termination of its investment in a 200,000-ton lithium iron phosphate project due to the current financial status of its subsidiary and the project's postponement [6] Group 3: International Developments - ICL announced the opening of the first lithium iron phosphate battery material pilot production base in the U.S., located in St. Louis, Missouri, with an investment of $20 million and a pilot manufacturing capacity of 1-ton level [9]

4月9日晚，容百科技(688005)公告2024年年报。公司全球三元市占率超过12%，较2023年进一步提升了2 个百分点，连续四年保持全球第一。展望2025年，容百科技表示将继续加强重点客户合作，聚焦核心技 术突破与产品迭代升级，继续提高公司材料在全/半固态电池领域应用的市占率，开拓低空经济及机器 人市场。 值得一提的是，容百科技计划2025年进一步发挥在高镍领域的领先优势，巩固并提高公司高镍/超高镍 产品在固态电池领域的市占率，实现固态用超高镍正极材料关键客户批量试生产，硫化物电解质也将推 动完成完成小批量出货。同时，公司将利用自身在高镍/超高镍的龙头优势，积极开拓低空及机器人市 场，抢占新兴市场份额。 容百科技披露，2024年以来，4680大圆柱电池开始大规模装车，固态电池产业化进程加快，人形机器 人、低空经济等新兴市场也必然更加青睐更高能量密度，更高功率性能的高镍/超高镍三元材料。 在磷酸锰铁锂业务方面，容百科技2024年磷酸锰铁锂产品出货同比增长超100%，连续两年保持行业市 场占有率第一。公司在多家客户中均为一供地位，一代产品获得头部动力电池企业近万辆汽车订单，实 现EV领域量产突破。在钠电业务方 ...

本报讯(记者吴奕萱)4月9日晚间，宁波容百新能源科技股份有限公司(以下简称"容百科技")发布了2024 年年度报告，公司实现营业收入150.88亿元，实现归属于上市公司股东的净利润2.96亿元。公司实现主 营产品销量12.30万吨，较上年同期增长21.82%。 另外，基于对未来发展前景的信心和对公司股票长期投资价值的认可，容百科技进行多次股份回购以建 立公司完善的长效激励机制和维护公司价值及股东权益。2023年10月25日至2024年7月11日，公司通过 上海证券交易所系统以集中竞价方式完成三期回购，累计回购公司股份1009.04万股，占当期公司总股 本的比例为2.09%，投入回购资金3.01亿元。 同时，容百科技拟向全体股东每10股派发现金红利3.70元(含税)，合计拟派发现金红利2.61亿元(含税)， 占公司2024年度合并报表归属于上市公司股东净利润的88.11%。事实上，容百科技一直以来坚持以价 值创造为本，同时高度重视投资者回报，公司自上市以来每年实施现金分红，本次分红实施完成后，公 司上市后累计派发现金红利将达到7.13亿元。 2024年，为保持技术领先优势，配合国内外客户的产品开发需求，容百科技 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q4 performance showed a turnaround in its Korean factory, with significant improvement in profitability [1] - The company is expected to benefit from overseas customer growth, with a projected 20-30% increase in shipments in 2025 [8] - The average price of the company's positive electrode materials decreased by 50% in 2024, but profitability per ton improved significantly in Q4 due to the Korean factory reaching full production [8] - The company has achieved stable shipments of manganese iron lithium and sodium batteries, with plans for mass production and delivery in 2025 [8] - Operating cash flow improved significantly in Q4, with capital expenditures slowing down [8] Financial Projections - For 2024, total revenue is projected at 15.088 billion yuan, a decrease of 33.41% year-on-year, with a net profit of 295.91 million yuan, down 49.06% [1] - The company expects net profits of 805.19 million yuan in 2025, representing a year-on-year increase of 172.10% [1] - The projected earnings per share (EPS) for 2025 is 1.13 yuan, with a price-to-earnings (P/E) ratio of 16.53 [1] - The company's total assets are expected to reach 29.504 billion yuan by 2025, with a debt-to-equity ratio of 65.22% [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q4 performance showed a turnaround with the Korean factory achieving profitability and a significant improvement in profit levels [8] - The company is expected to benefit from overseas customer growth, with a projected 20-30% increase in shipments in 2025 [8] - The average price of ternary cathode materials decreased by 50% in 2024, but profitability per ton improved significantly in Q4 due to the Korean factory reaching full production [8] - The company has achieved stable shipments of manganese iron lithium and sodium batteries, with plans for mass production and delivery in 2025 [8] - Operating cash flow improved significantly in Q4, and capital expenditures have slowed down [8] - The profit forecast for 2025-2027 has been raised, with expected net profits of 8.1 billion, 10.4 billion, and 13.1 billion respectively, reflecting a year-on-year growth of 172%, 29%, and 27% [8] Financial Summary - Total revenue for 2024 is projected at 15.1 billion, a decrease of 33.41% year-on-year, with a net profit of 295.91 million, down 49.06% [1] - The earnings per share (EPS) for 2024 is expected to be 0.41 yuan, with a price-to-earnings (P/E) ratio of 44.97 [1] - The company's total assets are projected to reach 29.5 billion by 2025, with a debt-to-equity ratio of 65.22% [9]