财务摘要 容百科技(688005) 报告日期：2024 年 08 月 12 日 24Q2 实现扭亏为盈，24Q3 排产有望逐季提升 ——2024 上半年业绩点评 投资事件 2024 年上半年，公司实现营业收入 68.88 亿元，同比下降 46.58%；归母净利润 1027.79 万元，同比下降 97.29%。其中第二季度，公司实现营业收入 31.96 亿 元，同比下降 29.39%；归母净利润 4,751.95 万元，环比扭亏为盈。 投资要点 ❑ 全球三元市占率保持第一，24Q3 排产有望继续提升 2024 年上半年，公司三元正极材料销量 5.3 万吨，同比增长近 17%，全球市占率 达 11%，维持全球第一；其中第二季度，公司三元正极材料销量 2.65 万吨，同比 增长 37.4%，远超行业增速。2024 年上半年，公司高镍三元正极材料国内市场份 额近 40%，同比增长 5 个百分点，龙头地位进一步巩固。三季度排产方面，7 月 份销量 1 万吨以上，公司预计 8 月和 9 月订单都有望保持在 1 万吨以上。 ❑ 海外客户占比大幅提升，韩国基地稳步推进 出货方面，2024 年上半年，公司海外客户销量占比 17 ...

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [1][8]. Core Views - The company reported a revenue of 6.888 billion yuan for the first half of 2024, a year-on-year decrease of 46.58%, primarily due to declining raw material prices affecting product pricing [1]. - The net profit attributable to shareholders was 0.1 billion yuan, down 97.29% year-on-year, with a significant drop in key financial metrics [1]. - The company achieved a turnaround in Q2 2024, reporting a net profit of 0.48 billion yuan, compared to a loss in Q1 2024 [1]. - Strategic investments exceeding 90 million yuan were made in precursor materials, manganese iron lithium, and sodium batteries, with expectations for improved profitability in the second half of 2024 as production ramps up [1][3]. Financial Performance - For Q2 2024, the company achieved revenue of 3.196 billion yuan, a year-on-year decrease of 23.39% and a quarter-on-quarter decrease of 13.43% [1]. - The company's main product sales volume reached 54,900 tons in H1 2024, a year-on-year increase of 18.17%, maintaining a leading market share in high-nickel ternary materials [1][3]. - The company’s R&D expenses increased by 49.07% year-on-year to 179 million yuan, reflecting efforts to maintain technological leadership and expand the R&D team [1][3]. Global Expansion - In H1 2024, overseas customer sales accounted for 17% of total sales, a significant increase of 16 percentage points year-on-year [3]. - The company is expanding its production capacity in South Korea, with plans for a total of 100,000 tons/year for ternary materials and 20,000 tons/year for phosphates [3]. - The company has completed the acquisition of a factory in Poland and is progressing with site selection for a North American facility [3]. Profit Forecast - The profit forecast for 2024-2026 has been revised downwards, with expected net profits of 215 million yuan, 481 million yuan, and 730 million yuan respectively, reflecting ongoing investments in new business areas [2][4].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 27.32 CNY, compared to the current price of 22.77 CNY [1]. Core Insights - The company reported a revenue of 6.888 billion CNY for H1 2024, a decrease of 46.58% year-on-year, with a net profit of 0.1 billion CNY, down 97.29% year-on-year. However, Q2 2024 showed a net profit of 0.48 billion CNY, a significant increase of 227.6% quarter-on-quarter [1]. - The company achieved a sales volume of 54,900 tons in H1 2024, an increase of 18.17% year-on-year, maintaining a global market share of 20% and a domestic market share of 39% in high-nickel ternary cathode materials [1]. - The company is expanding its international market presence, with significant progress in capacity construction in Korea, North America, and Europe [1]. - Research and development expenses increased by 49.07% to 179 million CNY, focusing on upgrading key materials for lithium iron phosphate and ternary batteries [1]. Financial Summary - Total revenue for 2023 is projected at 22.657 billion CNY, with a year-on-year decline of 24.8%. For 2024, revenue is expected to drop to 15.285 billion CNY, a decrease of 32.5% [2]. - The net profit for 2023 is estimated at 581 million CNY, with a significant decline of 57.1%. The forecast for 2024 is a net profit of 207 million CNY, down 64.3% [2]. - The earnings per share (EPS) for 2023 is projected at 1.20 CNY, with a forecast of 0.43 CNY for 2024 [2]. - The price-to-earnings (P/E) ratio is expected to be 53 for 2024, decreasing to 21 in 2025 and 17 in 2026 [2].

[Table_Rank] 投资评级：买入（维持） 报告日期： 2024-08-06 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 收盘价（元） | 22.90 | | 近 12 个月最高 / 最低（元） | 57.53/20.57 | | 总股本（百万股） | 483 | | 流通股本（百万股） | 315 | | 流通股比例（ % ） | 65.22 | | 总市值（亿元） | 111 | | 流通市值（亿元） | 72 | [公司价格与沪深 Table_Chart] 300 走势比较 -71% -50% -30% -9% 12% 8/23 11/23 2/24 5/24 容百科技 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：牛义杰 执业证书号：S0010524050005 邮箱：niuyj@hazq.com [Table_CompanyReport] 相关报告 1、《容百科技 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][16]. Core Views - The company reported a significant decline in net profit for H1 2024, achieving a net profit of 0.10 billion yuan, down 97% year-on-year, with revenue of 68.88 billion yuan, down 47% year-on-year. The gross margin was 7.79%, a decrease of 0.11 percentage points year-on-year [2][12]. - In Q2 2024, the company achieved revenue of 31.96 billion yuan, down 29% year-on-year and down 13% quarter-on-quarter, with a net profit of 0.48 billion yuan, down 30% year-on-year but turning profitable quarter-on-quarter. The gross margin improved to 10.84%, up 4.46 percentage points year-on-year and up 5.69 percentage points quarter-on-quarter [2][12]. - The company continues to lead in the ternary cathode market with a global market share of 11% and a domestic high-nickel ternary market share of nearly 40%, showing a year-on-year increase of 5 percentage points [2][11]. Summary by Sections Financial Performance - In H1 2024, the company achieved a net profit of 0.10 billion yuan, down 97% year-on-year, and revenue of 68.88 billion yuan, down 47% year-on-year. The gross margin was 7.79% [2][12]. - For Q2 2024, revenue was 31.96 billion yuan, down 29% year-on-year and down 13% quarter-on-quarter, with a net profit of 0.48 billion yuan, down 30% year-on-year but turning profitable quarter-on-quarter. The gross margin was 10.84% [2][12]. Market Position - The company maintained its leading position in the global ternary cathode market with a market share of 11% in H1 2024, achieving a sales volume of 53,000 tons, up 17% year-on-year [2][11]. - The company has a nearly 40% market share in the domestic high-nickel ternary market, reflecting a year-on-year increase of 5 percentage points [2][11]. International Expansion - The company is making steady progress in its overseas operations, with the first phase of a 20,000-ton ternary cathode project in South Korea completed and production ramping up. The second phase of a 40,000-ton project is expected to be completed by the end of 2024 [2][11]. - In Europe, the company has acquired a Polish factory from Johnson Matthey and is starting a 20,000-ton cathode project. In North America, the company has registered its subsidiary and is progressing with site selection for its factory [2][11]. Future Outlook - The company expects continued growth in sales volume due to recovering demand and ongoing customer development both domestically and internationally [2][11]. - The company has signed memorandums of cooperation with global battery companies, indicating strong future sales potential [2][11].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 28.88 CNY [10][15]. Core Views - The company continues to lead the global market in ternary cathode shipments, with a second-quarter performance showing sequential improvement. The overseas production capacity for ternary products and the accelerated development of new products such as manganese iron lithium and sodium-ion cathodes are expected to drive ongoing revenue growth [2][10]. - The company achieved a revenue of 6.888 billion CNY in the first half of 2024, a year-on-year decline of 46.6%, with a net profit attributable to shareholders of 10 million CNY, down 97.3% year-on-year. However, the second quarter showed signs of recovery with a revenue of 3.196 billion CNY, a year-on-year decline of 29.4%, and a net profit of 48 million CNY, down 30.5% year-on-year [10]. Financial Summary - The company’s revenue for 2022 was 30.123 billion CNY, which decreased to 22.657 billion CNY in 2023, and is projected to further decline to 15.045 billion CNY in 2024, before recovering to 18.040 billion CNY in 2025 and 18.390 billion CNY in 2026 [11]. - The net profit attributable to shareholders was 1.353 billion CNY in 2022, dropping to 581 million CNY in 2023, and is expected to decline further to 279 million CNY in 2024, before increasing to 533 million CNY in 2025 and 740 million CNY in 2026 [11]. - The company’s earnings per share (EPS) are projected to be 0.58 CNY in 2024, 1.10 CNY in 2025, and 1.53 CNY in 2026 [10][11]. Market Position - The company maintained a leading market share in ternary cathodes, with a sales volume of 54,900 tons in the first half of 2024, an increase of 18.17% year-on-year. The high-nickel product sales reached 52,700 tons, up 16.82% year-on-year, capturing a domestic market share of 39% and a global market share of 20% [10]. - The proportion of sales to overseas customers increased significantly to 17%, up 16 percentage points year-on-year, indicating an improvement in customer structure [10]. Strategic Developments - The company has made strategic investments in global expansion, manganese iron lithium, and sodium-ion cathodes, which are expected to contribute to future growth. The first phase of the 20,000 tons/year production line in South Korea has been completed and is set to begin large-scale supply in the third quarter [10]. - The company has also achieved significant growth in manganese iron lithium shipments, with 2,400 tons shipped in the first half of 2024, a 166% increase year-on-year [10].

证券代码：688005 证券简称：容百科技 编号：2024-003 宁波容百新能源科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|-------------------------------|-----------------------| | | □特定对象调研 □ | 分析师会议 | | 投资者关 | □媒体采访 □ | 业绩说明会 | | 系活动类 | □新闻发布会 □ | 路演活动 | | 别 | □现场参观 □ | 一对一沟通 | | | □券商策略会 ■ | 其他 投资者电话交流会 | | 参与单位及人员 | 共 120 位机构投资者，详见附件 | | 时间 2024 年 8 月 3 日 地点 电话会 接待人员 副总经理 孙辉、正极业务总裁 佘圣贤、财务负责人 杨扬、副总经理兼 研发体系总裁 李琮熙、董事会秘书 俞济芸。 2024 年半年度经营情况 报告期内，公司实现营业收入 68.88 亿元，归母净利润 1028 万元。 研发投入 1.79 亿元，同比增长 49.79%。公司深耕精细化经营管理，强 化提质增效，自 3 月起，经 ...

证券研究报告·公司点评报告·电池 容百科技（688005） 2024 年半年报点评：Q2 盈利大幅改善，海外 客户占比持续提升 2024 年 08 月 05 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|---------|---------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 30123 | 22657 | 15695 | 18220 | 23305 | | 同比（ % ） | 193.62 | (24.78) | (30.73) | 16.09 | 27.91 | | 归母净利润（百万元） | 1,353.23 | 580.91 | 219.80 | 475.83 | 757.49 | | 同比（ % ） | 48.54 | (57.07) | (62.16) | 116.49 | 59.19 | | EPS- 最新 ...

容百科技（688005.SH）2024 年中报点评 全球化战略进入收获期，新品量产勇夺制高点 2024 年 08 月 04 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件。2024 年 8 月 3 日公司发布 2024 年半年报，营业收入为 68.88 亿元， 同比下降 46.58%；归母净利润为 0.10 亿元，同比下降 97.29%；扣非后净利润 为-0.04 亿元，同比下降 101.17%。 ➢ Q2 经营大幅好转，未来可期。出货量方面，24H1 公司正极材料销量达 5.49 万吨，同比+18.17%，其中高镍产品销量共计 5.27 万吨，同比+16.82%，国内 市占率 39%，同比+5pcts，全球市占率 20%，位列行业第一，强有力印证公司 在高镍领域的优势。盈利方面，上半年公司净利润 0.23 亿元，其中前驱体、锰 铁锂及钠电等战略性业务投入超过 0.9 亿元，加回后三元正极盈利 1.2 亿元，对 应单吨净利接近 2200 元。更进一步看，24H1 公司归母利润为 0.10 亿元，其中 Q2 约为 0.48 亿元，环比+227.60%，大幅好转主要得益于 1）产品与客户精准 卡 ...

1 截至 2024 年 6 月 30 日，公司现有专利累计申请总量达 1057 项，国内外专利累计 授权数量达 531 项。今年上半年，公司完成 96 项专利申请，获得 83 项专利授权。2024 年 3 月，容百科技获得了 ISO 56005 知识产权体系国际标准的 3 级认证，是行业内第 一家获此认证的企业。 宁波容百新能源科技股份有限公司 关于 2024 年度"提质增效重回报"专项行动方案的 半年度评估报告 为践行以"投资者为本"的发展理念，提高上市公司质量，树立良好市场形象，助 力市场信心提振、资本市场稳定和经济高质量发展，宁波容百新能源科技股份有限公司 （以下简称"公司"）于 2024 年 4 月 12 日发布《2024 年度"提质增效重回报"行动方 案》，为公司 2024 年度提质增效重回报行动制定出明确的工作方向。公司根据行动方 案内容，积极开展和落实各项工作，现将 2024 年上半年的主要工作成果报告如下。 一、 市占率持续领跑，行业稳居龙头，海外客户占比持续提升 根据鑫椤数据显示，2024 年上半年，全球三元正极材料产量为 47.9 万吨，同比增 长 1.9%。公司上半年三元正极材料销量 5 ...