证券研究报告 ❖ 事件：公司 2024 年一季报实现营收 37 亿元，同环比-56%/-10%；归母净利- 0.37 亿元、同环比-112%/+6%；扣非净利-0.38 亿元,同环比-113%/-13%。 ❖ 三元正极：预计 Q2 环比出货增速 20%以上，有望实现扭亏。24Q1 出 货 2.6 万吨，全球市占率超过了 11%，单吨净亏损 1500 元左右；3 月份公司 实现销量已经突破了 1.1 万吨，全球市占率达到 12.5%，国内市占率 20%，实 现扭亏，我们预计 Q2 出货 3.2 万吨左右，随着稼动率提升，锰铁锂、前驱体 和韩国工厂亏损收窄，公司有望扭亏为盈。 相关报告 1. 《海外版图加速展开，多款新品放量 在即》 2023-11-29 2. 《产能扩张正当时，高镍龙头再辉煌》 2021-04-30 容百科技(688005) / 电池 / 公司点评 / 2024.05.15 Q1 业绩承压，固态+46 系高镍进展顺利 投资评级:增持(维持) 核心观点 | --- | --- | |-----------------------|------------| | | | | 基本数据 | 2024- ...

国浩律师(上海)事务所 法律意见书 国浩律师(上海)事务所 关于宁波容百新能源科技股份有限公司 2023 年年度股东大会的法律意见书 本所律师根据对事实的了解和对法律的理解,已按有关法律、法规的规定对 公司本次股东大会的召集、召开程序是否合法及是否符合《公司章程》、出席会 议人员资格和召集人资格的合法有效性,以及本次股东大会表决程序、表决结果 和决议的合法有效性发表法律意见。 本所律师依据有关法律、法规的规定出具本法律意见书,已对与出具本法律 意见书有关的法律事实进行审查判断。本法律意见书不存在虚假、严重误导性陈 述及重大遗漏。 本所律师同意将本法律意见书作为公司本次股东大会的必备文件予以公告, 并依法对本所出具的法律意见承担责任。 一、本次股东大会的召集、召开程序 经本所律师核查,为召开本次股东大会,公司董事会已于会议召开二十日以 前即 2024 年 4 月 20 日于中国证监会指定的信息披露媒体上刊登了《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》，并于 2024 年 4 月 30 日于中国证监会指定的信息披露媒体上刊登了《宁波容百新能源科技股份有 国浩律师（上海）事务所 法 ...

证券代码：688005 证券简称：容百科技 公告编号：2024-040 宁波容百新能源科技股份有限公司 2023 年年度股东大会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 5 月 10 日 1、 议案名称：《关于公司 2023 年度董事会工作报告的议案》 （二） 股东大会召开的地点：浙江省宁波市余姚市谭家岭东路 39 号宁波容百新 能源科技股份有限公司二楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 45 | | --- | --- | | 普通股股东人数 | 45 | | 2、出席会议的股东所持有的表决权数量 | 216,584,779 | | 普通股股东所持有表决权数量 | 216,584,779 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 45.2694 | | 例（%） ...

重要内容提示： 证券代码：688005 证券简称：容百科技 公告编号：2024-038 宁波容百新能源科技股份有限公司 关于股份回购实施结果暨股份变动的公告 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法律责任。 （二）截至本公告披露日，公司通过集中竞价交易方式累计回购金额已达回购 金额下限，公司已完成本次股份回购。公司通过上海证券交易所交易系统以集中竞 价交易方式累计回购公司股份 2,640,970 股，占公司总股本 484,223,588 股的比 例为 0.55%，回购成交的最高价为 31.06 元/股，最低价为 27.99 元/股，支付的资 金总额为人民币 76,399,955.74 元（不含印花税、交易佣金等交易费用）。 （三）公司本次实际回购的股份数量、回购价格、使用资金总额符合董事会审 议通过的回购方案及国家相关法律法规的规定，回购方案实际执行情况与披露的 回购方案不存在差异，公司已按披露的方案完成回购。 （四）本次回购股份使用的资金为公司自有资金，不会对公司的日常生产经营、 财务状况和未来发展等产生重大影响，亦不存在损害 ...

证券代码：688005 证券简称：容百科技 公告编号：2024-039 宁波容百新能源科技股份有限公司 关于 2023 年年度股东大会召开时间变更的公告 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。 一、股东大会有关情况 1. 原股东大会的类型和届次： | 股份类别 | | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | --- | | A | 股 | 688005 | 容百科技 | 2024/5/6 | 二、 变更事项涉及的具体内容和原因 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 20 日在上海证券交易所网站（www.sse.com.cn）上发布了《关于召开 2023 年年度 股东大会的通知》（公告编号：2024-032），于 2024 年 4 月 30 日发布了《关于 2023 年年度股东大会增加临时提案暨股东大会补充通知的公告》（公告编号： 2024-036），现就股东大会召开时间变更说明如下： 原披露公告： 召开日期时间：2024 年 ...

一、公司介绍 2024年一季度，公司实现营业收入36.92亿元，同比下降55.9%；实现归母净利润-3724万元，主要 受春节假期开工率不足，海外业务以及锰铁锂等新业务的投入增加影响，所以公司的一季度业绩 短暂承压。但实际自3月起，公司经营状况已经实现了迅速的反弹，不仅实现了扭亏为盈，单月出货量 更取得了环比超过80%的大幅增长，且二季度有望持续增加。一季度公司持续加强技术储备，保持产品 竞争力，加大了研发投入，同比增长66.43%。回顾一季度，公司在激烈的行业竞争中，市场龙头地位 持续稳固，保持了良好的经营趋势。 首先，在销量方面，一季度公司产品销量保持了稳定的增长，龙头效应进一步明确，三元正极材 料销量超过2.6万吨，全球市占率超过11%。特别在3月份以后，公司销量已经突破1.1万吨，全 球市占率达到12.5%，国内市占率近20%，均为历史新高。 第二，在客户方面，公司不仅与多家国际客户、头部客户、电机企业签订了合作协议，同时也实现 了海外销售规模的突破。24年一季度，公司向国际客户累计交付产品近5,000吨，出货占比接近 20%。同期，公司配套国际客户需求，改造的前驱体产线也通过客户认证，前驱体的销量同 ...

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 ...