Investment Rating - The investment rating for the company is "Buy" and is maintained [24]. Core Insights - In 2023, the company achieved revenue of 22.657 billion yuan, a year-on-year decrease of 24.78%, and a net profit attributable to shareholders of 581 million yuan, down 57.07% year-on-year [30][24]. - The company has made significant progress in expanding its overseas market, signing framework cooperation agreements with clients in Japan and South Korea, and increasing shipments to mainstream automotive clients in Europe and the United States [3][32]. - The average selling price of cathode materials in 2023 was 228,900 yuan per ton, a decline attributed to falling resource prices, particularly lithium carbonate [3]. Financial Performance Summary - The company reported a gross profit of 1.944 billion yuan in 2023, with a gross margin of 9% [6]. - The projected revenue for 2024 is 28.163 billion yuan, with a forecasted net profit of 1.192 billion yuan [6]. - The company expects to achieve a net profit of 1.2 billion yuan in 2024, supported by increased overseas shipments and a recovery in demand for ternary batteries [32]. Production Capacity and Market Position - The company currently has a cathode production capacity of 200,000 tons, with 20,000 tons completed in South Korea [3][32]. - The company holds over 10% of the global market share in cathode materials, with a sales volume of 100,000 tons in 2023, reflecting an 11% year-on-year increase [3]. Future Outlook - The company anticipates a year-on-year growth of over 20% in shipments for 2024, driven by the recovery of overseas market demand and the expansion of its production capacity [32]. - The company is actively advancing the development of manganese iron lithium and sodium-ion battery materials, with small-scale shipments already initiated [32].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the benchmark in the next six months [1][14]. Core Insights - The company's Q1 performance was impacted by low capacity utilization and losses from other businesses, but profitability is expected to improve in Q2, with unit profit projected to recover to approximately 0.5 million yuan per ton [3][14]. - Q1 sales volume remained stable year-on-year, with a significant recovery in demand observed in March, leading to an expected year-on-year sales increase of over 40% for the full year [13][14]. - The company has adjusted its 2024 profit forecast downward due to Q1 performance but maintains its 2025-2026 profit projections, expecting net profits of 500 million yuan, 970 million yuan, and 1.33 billion yuan for 2024, 2025, and 2026 respectively [14]. Financial Performance Summary - In Q1 2024, the company reported total revenue of 3.7 billion yuan, a decrease of 56% year-on-year and a 10% decrease quarter-on-quarter, with a net loss attributable to shareholders of 40 million yuan [7][14]. - The gross profit margin for Q1 was 5%, down 4 percentage points year-on-year and 3 percentage points quarter-on-quarter [7]. - The company’s operating cash flow for Q1 was -1 billion yuan, reflecting a significant decline compared to the previous year [8]. Sales and Market Position - The company achieved a sales volume of over 26,000 tons in Q1, maintaining a global market share of over 11% and a domestic market share of over 18% [13]. - The report anticipates that overseas shipments will continue to increase, with expectations of a 30%+ year-on-year increase in shipments for the first half of the year [13]. Profitability Forecast - The report projects a recovery in profitability, with expected net profits for 2024, 2025, and 2026 showing growth rates of 13%, 92%, and 38% respectively [14]. - The estimated P/E ratios for 2024, 2025, and 2026 are 30x, 16x, and 11x, respectively, indicating a favorable valuation outlook [14].

Financial Performance - The company's operating revenue for the reporting period was 3.692 billion yuan, a year-on-year decrease of 55.88% due to a significant drop in lithium salt prices affecting product pricing [7]. - Net profit attributable to shareholders decreased by 111.98%, impacted by low capacity utilization during the Spring Festival and increased investments in overseas and new business areas [7]. - The net profit for the reporting period was -37.59 million yuan, compared to a profit of 317.15 million yuan in the same period last year [19]. - Basic and diluted earnings per share were both -0.08 yuan, reflecting the decline in net profit attributable to shareholders [19]. - The net profit attributable to shareholders for Q1 2024 was -¥37,241,586.34, representing a decline of 111.98% year-over-year [41]. - The company reported a net loss of RMB 31,860,975.63 for Q1 2024, compared to a profit of RMB 379,366,216.82 in Q1 2023 [70]. Revenue and Sales - The total revenue from sales and services received in Q1 2024 was ¥553,275,230.46, down from ¥766,082,394.61 in Q1 2023, indicating a decrease of approximately 27.8% [25]. - The company's operating revenue for Q1 2024 was ¥689,521,429.26, a decrease of 20.66% compared to ¥868,833,415.02 in Q1 2023 [35]. - Total operating revenue for Q1 2024 was RMB 3,691,640,761.48, a decrease of 56.1% compared to RMB 8,368,049,013.90 in Q1 2023 [70]. - The company achieved a significant rebound in operations starting in March, with monthly shipment volumes increasing by over 80% compared to the previous month, reaching a historical high [12]. - In Q1 2024, the company delivered nearly 5,000 tons of products to international customers, accounting for approximately 20% of total shipments, with expectations for further increases in Q2 [13]. Research and Development - Research and development investment increased by 66.43% compared to the previous year, reflecting the company's commitment to enhancing R&D activities [7]. - The company's R&D expenses for Q1 2024 amounted to ¥50,826,703.43, an increase of 53.66% compared to ¥33,063,682.20 in Q1 2023 [35]. - Research and development expenses for Q1 2024 amounted to RMB 86,966,376.82, up 66.3% from RMB 52,255,563.60 in Q1 2023 [70]. - The company has made substantial progress in the development of sodium batteries and manganese iron lithium products, achieving significant sales growth in Q1 [14]. - The company has begun mass sales of solid-state battery cathode materials and is involved in multiple national-level R&D projects, with nearly 100 tons of solid-state products shipped in Q1 [14]. Financial Position - The total liabilities increased to ¥8,822,210,405.40 from ¥7,613,882,832.13, representing a growth of approximately 15.8% year-over-year [23]. - The total equity decreased to ¥5,883,492,345.40 from ¥6,034,368,917.66, reflecting a decline of about 2.5% year-over-year [23]. - The total assets at the end of the reporting period were ¥24,425,097,451.57, a decrease of 0.87% from ¥24,639,096,566.49 at the end of the previous year [42]. - The total non-current assets increased to ¥6,211,552,196.28, up from ¥6,073,679,586.78 in the previous year [34]. - The total liabilities as of the end of the reporting period were RMB 14,336,264,949.06, slightly down from RMB 14,369,312,278.35 in the previous year [70]. Cash Flow - The net cash flow from operating activities for Q1 2024 was -¥257,096,623.48, an improvement compared to -¥677,051,878.03 in Q1 2023 [25]. - The net cash flow from operating activities for Q1 2024 was -¥1,001,462,119.71, indicating a significant cash outflow [41]. - The cash flow from financing activities for Q1 2024 was a net inflow of ¥394,210,506.64, compared to ¥361,286,481.39 in Q1 2023, indicating a slight increase [25]. - The cash inflow from operating activities for Q1 2024 was ¥3,790,863,449.62, down 37.3% from ¥6,054,136,484.62 in Q1 2023 [91]. - The net cash flow from investing activities for Q1 2024 was -¥716,871,077.00, contrasting with a positive cash flow of ¥416,378,186.64 in Q1 2023 [25]. Market Position - The sales volume of ternary cathode materials exceeded 26,000 tons, with a global market share of over 11%, up 1 percentage point quarter-over-quarter [49]. - The domestic market share of ternary cathode materials surpassed 18%, reflecting a 2 percentage point increase from the previous quarter [49]. - The company holds a 40% market share in the domestic high-nickel ternary cathode materials sector, solidifying its leading position [50]. - The company's global market share for high-nickel products reached 12.5% in March, marking a historical high [64]. - The company is focusing on locking in international key customers, with sales in Japan, South Korea, and Europe continuing to grow [83].

邮编：100031 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 [Table_Introduction] 研究团队简介 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 4 负责本报告全部或部分内容的每一位分析师在此申明，本人具有证券投资咨询执业资格，并在中国证券业协会注册登记为证券分析 师,以勤勉的职业态度,独立、客观地出具本报告；本报告所表述的所有观点准确反映了分析师本人的研究观点；本人薪酬的任何组 成部分不曾与，不与，也将不会与本报告中的具体分析意见或观点直接或间接相关。 信达证券股份有限公司(以下简称"信达证券")具有中国证监会批复的证券投资咨询业务资格。本报告由信达证券制作并发布。 本报告是基于信达证券认为可靠的已公开信息编制，但信达证券不保证所载信息的准确性和完整性。本报告所载的意见、评估及预 测仅为本报告最初出具日的观点和判断，本报告所指的证券或投资标的的价格、价值及投资收入可能会出现不同程度的波动，涉及 证券或投资标的的历史表现不应作为日后表现的保证。在不同时期，或因使用不同假设和标准，采用不同观点和分析方法，致使信 达证券 ...

23Q4 利润受资产减值影响，针对半固态的高镍正极实现稳定出货 请务必阅读正文之后的重要声明部分 风险提示：下游需求不及预期、市场竞争加剧风险、原材料价格变动风险、产 能扩张不及预期等。 容百科技(688005.SH)/电力 设备 证券研究报告/公司点评 2024 年 4 月 19 日 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|-----------|------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 37.8 CNY, compared to the current price of 32.71 CNY [2][16]. Core Insights - The company is a leading player in the high-nickel ternary cathode materials market, with a 2023 shipment of 101,000 tons, representing a year-on-year increase of 11.97% and a global market share exceeding 10% [3]. - The company has established a solid position in the high-nickel sector, with nearly 10,000 tons of ultra-high nickel ternary cathode materials shipped in 2023, contributing to its competitive advantage [3]. - The company is experiencing significant growth in lithium iron phosphate (LFP) materials, with a 2023 shipment increase of 85%, and is expected to make breakthroughs in the automotive market in 2024 [3]. - The company has formed a comprehensive partnership with Weilan New Energy in the solid-state battery field and has successfully developed several high-nickel/ultra-high nickel ternary cathode materials suitable for solid-state batteries [3]. - The company has built a ternary cathode production capacity of over 200,000 tons, the largest globally, and is actively pursuing international expansion, including establishing offices in the U.S. and progressing with factory site selection in Europe [3]. Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are 731 million, 983 million, and 1.269 billion CNY, respectively, with corresponding price-to-earnings ratios of 22, 16, and 12 times [3][17]. - The total revenue for 2023 was 22.657 billion CNY, reflecting a year-on-year decrease of 24.78% [16][17]. - The company reported a net profit of 581 million CNY for 2023, down 57.07% year-on-year, with a significant decline in Q4 2023 revenue and profits [16][17].

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、准确性和完整性依法承担法律责任。 宁波容百新能源科技股份有限公司（以下简称"公司"）第二届董事会第三 十三次会议于2024年4月19日以通讯表决的方式召开。经全体董事一致同意，豁 免本次会议的提前通知时限，各位董事已经知悉与所议事项相关的必要信息。公 司已于2024年4月19日以邮件方式向全体董事发出召开本次会议的通知。本次会 议应到董事9名，实到董事9名，符合《中华人民共和国公司法》和《宁波容百新 能源科技股份有限公司章程》的有关规定，会议合法有效。与会董事审议并通过 如下决议： 证券代码：688005 证券简称：容百科技 公告编号：2024-031 宁波容百新能源科技股份有限公司 第二届董事会第三十三次会议决议公告 表决结果：同意 9 票、反对 0 票、弃权 0 票。 特此公告。 宁波容百新能源科技股份有限公司董事会 2024 年 4 月 20 日 审议通过《关于提请召开 2023 年年度股东大会的议案》 公司董事会决定于 2024 年 5 月 10 日召开 2023 年年度股东大会，审议本次 会议中需提 ...

证券代码：688005 证券简称：容百科技 公告编号：2024-032 宁波容百新能源科技股份有限公司 关于召开 2023 年年度股东大会的通知 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2023 年年度股东大会 召开地点：浙江省余姚市谭家岭东路 39 号宁波容百新能源科技股份有限公 司二楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 10 日 至 2024 年 5 月 10 日 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所科创板上市公司自律监管指引第 1 号—规范运作》 等有关规定执行。 （七） 涉及公开征集股东投票权 不适用 二、 会议审议事项 本次股东大会审议议案及投票股东类型 | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | A 股股东 | | ...

Investment Rating - The investment rating for the company is "Buy" [10][18]. Core Views - The company maintains a leading position in the ternary materials business, with significant advancements in global market penetration and technology development [21][22]. - Despite a decline in revenue and profit in 2023 due to raw material price drops and increased competition, the company is expected to rebound in the coming years as material prices stabilize [4][20]. Summary by Sections Financial Performance - In 2023, the company achieved revenue of 22.657 billion yuan, a year-on-year decrease of 24.78%, and a net profit attributable to shareholders of 581 million yuan, down 57.07% [20]. - Revenue projections for 2024, 2025, and 2026 are adjusted to 21.529 billion yuan, 25.136 billion yuan, and 30.800 billion yuan, respectively, with corresponding net profits of 653 million yuan, 930 million yuan, and 1.373 billion yuan [5][10]. Market Position - The company has maintained the largest global market share in ternary materials for three consecutive years, with a shipment of approximately 100,000 tons in 2023, reflecting an 11% year-on-year growth [21]. - The company has established significant partnerships with major clients in Japan and South Korea, enhancing its brand influence in overseas markets [21][24]. Technology and Innovation - The company has a strong focus on R&D, with 357 patent applications filed in 2023, resulting in 110 patents granted, totaling 450 authorized patents [21]. - The company is recognized for its high-voltage nickel-manganese binary materials and lithium-rich manganese-based cathode materials, which are industry-leading [21]. Global Expansion - The company is the first domestic cathode manufacturer to establish high-nickel cathode production projects overseas, with a 20,000-ton annual capacity in South Korea and plans for further expansion [22][24]. - The establishment of a North American office and ongoing preparations for a European project indicate a rapid acceleration of global operations [24].

Investment Rating - Buy (maintained) [1] Core Views - Revenue for 2023 was RMB 22.657 billion, a year-on-year decrease of 24.78%, with net profit attributable to shareholders of RMB 581 million, down 57.07% YoY [2] - In Q4 2023, revenue was RMB 4.083 billion, a year-on-year decrease of 62.34%, with a net loss of RMB 35 million [2] - The company's ternary cathode material shipments reached approximately 100,000 tons in 2023, an 11% YoY increase, with a global market share exceeding 10% [2] - The average selling price of ternary cathode materials in 2023 was RMB 210,800 per ton, a 31.09% YoY decrease due to a significant drop in raw material prices [2] - Gross margin for 2023 was 8.58%, down 0.68 percentage points YoY, while net margin was 2.77%, down 1.79 percentage points YoY [2] - The company's Korean base has completed the construction of 20,000 tons/year of high-nickel cathode capacity and initiated the second phase of 40,000 tons/year ternary material and 20,000 tons/year lithium iron manganese phosphate projects [2] - The company has made significant progress in solid-state battery materials, with semi-solid-state battery cathode materials already applied in end-customer vehicles with a range of 1,000 km [2] Financial Performance - Revenue for 2024E, 2025E, and 2026E is projected to be RMB 21.659 billion, RMB 24.509 billion, and RMB 28.073 billion, respectively [7] - Net profit attributable to shareholders for 2024E, 2025E, and 2026E is projected to be RMB 720 million, RMB 999 million, and RMB 1.395 billion, respectively [7] - EPS for 2024E, 2025E, and 2026E is projected to be RMB 1.49, RMB 2.06, and RMB 2.88, respectively [7] - ROE (diluted) for 2024E, 2025E, and 2026E is projected to be 7.77%, 9.87%, and 12.32%, respectively [7] - The company's P/E ratio for 2024E, 2025E, and 2026E is projected to be 22X, 16X, and 11X, respectively [7] Market and Valuation - The company's current market capitalization is RMB 15.8 billion, with a total share capital of 484 million shares [3] - The stock's 1-year low/high range is RMB 23.80 to RMB 73.73 [3] - The company's P/B ratio for 2024E, 2025E, and 2026E is projected to be 1.7X, 1.6X, and 1.4X, respectively [7] Industry and Company Outlook - The company is expected to benefit from the growth in overseas markets, particularly due to its overseas capacity layout that meets IRA tax credit requirements [2] - The company's profitability is expected to recover as raw material prices have bottomed out and capacity utilization is expected to improve with the arrival of the peak season in Q2 2024 [2] - The company has a leading position in high-nickel cathode materials and is actively expanding its product portfolio, including solid-state battery materials, lithium iron manganese phosphate, and sodium-ion batteries [2]