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]

Investment Rating - The investment rating for the company is "Increase" [15] Core Views - The company reported a revenue of 22.657 billion yuan in 2023, a year-on-year decrease of 24.78%, and a net profit attributable to the parent company of 580.91 million yuan, down 57.07% year-on-year. The decline in revenue and profit is attributed to significant fluctuations in upstream raw material prices, intensified industry competition, and increased investments in overseas and new product projects [18][27] - The company optimized its supply chain and inventory management, achieving a production of 102,800 tons of positive electrode materials, a 12% increase year-on-year, and a sales volume of 99,400 tons, also up 12% year-on-year. The inventory decreased by 13% year-on-year to 3,600 tons [18] - The company is focusing on global expansion, having established a 20,000-ton ternary production capacity in South Korea and is currently constructing additional capacities. The company has made progress in developing customers in Japan, South Korea, and Europe, and has set up an office in North America [18] - The company is innovating with new technology products, including semi-solid positive electrode materials and manganese iron lithium products, which have begun mass production [18] Financial Summary - The company’s total assets are 24.639 billion yuan, with a debt-to-asset ratio of 58.3% [3][20] - The projected revenues for 2024, 2025, and 2026 are 21.962 billion yuan, 26.409 billion yuan, and 33.923 billion yuan, respectively, with expected growth rates of -3.07%, 20.25%, and 28.45% [18][28] - The projected net profit attributable to the parent company for the same years is 787.48 million yuan, 1.350 billion yuan, and 1.846 billion yuan, with growth rates of 35.56%, 71.47%, and 36.69% [18][28]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its strong overseas expansion and profitability levels [1][3]. Core Insights - The company reported a revenue of 22.657 billion yuan in 2023, a decrease of 24.78% year-on-year, with a net profit attributable to shareholders of 581 million yuan, down 57.07% year-on-year [1]. - Despite the challenges of structural overcapacity and raw material price fluctuations, the company maintained a positive growth trajectory in shipment volume and market share, solidifying its position as a leader in high-nickel ternary materials [1]. - The company has made significant progress in new product development, including ultra-high nickel products and solid-state battery materials, which are expected to enhance its competitive edge [1]. - The company's global strategy is firmly in place, with ongoing construction of production facilities in South Korea and plans for expansion into North America and Europe [1]. Financial Forecasts - The company is projected to achieve revenues of 19.691 billion yuan in 2024, 24.011 billion yuan in 2025, and 29.339 billion yuan in 2026, with year-on-year growth rates of -13.1%, +21.9%, and +22.2% respectively [2][5]. - Net profit forecasts for the same years are 626 million yuan, 836 million yuan, and 1.196 billion yuan, reflecting growth rates of +7.7%, +33.6%, and +43.0% respectively [2][5]. - The price-to-earnings (PE) ratio is expected to decrease from 27x in 2023 to 13x by 2026, indicating an improving valuation as earnings grow [2][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 37.72 CNY for 2024, based on a 23x PE ratio [18][10]. Core Insights - The company experienced a revenue decline of 24.78% year-on-year in 2023, with total revenue of 22.657 billion CNY and a net profit of 581 million CNY, down 57.07% year-on-year [7][9]. - Despite the revenue drop, the company maintained its leading position in the market with a global market share exceeding 10% in ternary cathode materials, achieving a shipment of approximately 100,000 tons, up 11% year-on-year [7][8]. - The company is expanding its production capacity and accelerating its overseas layout, with over 200,000 tons of cathode capacity established, including high-nickel and sodium-ion cathodes [8][9]. Financial Summary - The company's financial forecasts for 2024 to 2026 indicate expected revenues of 22.935 billion CNY, 25.434 billion CNY, and 28.838 billion CNY, with growth rates of 1.22%, 10.90%, and 13.39% respectively [18]. - The projected net profits for the same period are 793 million CNY, 1.068 billion CNY, and 1.459 billion CNY, with corresponding growth rates of 36.56%, 34.62%, and 36.60% [18]. - The company's EBITDA is forecasted to be 1.468 billion CNY in 2024, increasing to 2.152 billion CNY by 2026 [9][18]. Market Position and Strategy - The company has developed advanced high-nickel ternary products and is recognized by leading industry clients, with plans to further penetrate the automotive market in 2024 [8]. - The company is also focusing on the development of solid-state batteries and has established partnerships with top lithium battery clients in Japan and South Korea, while expanding its presence in North America and Europe [8][9].

Investment Rating - The report maintains a "Buy" rating for the company [1][29] Core Views - The company achieved a net profit attributable to shareholders of 581 million yuan in 2023, a year-on-year decrease of 57.07%, which aligns with market expectations [2][11] - The company's revenue for 2023 was 22.657 billion yuan, down 24.78% year-on-year, with a gross margin of 8.58%, a decrease of 0.68 percentage points year-on-year [2][11] - The report anticipates a significant recovery in shipments in 2024, projecting a growth of over 40% [3][29] Financial Performance Summary - In Q4 2023, the company reported a revenue of 4.083 billion yuan, a year-on-year decline of 62.34% and a quarter-on-quarter decline of 28.12% [2][19] - The net profit attributable to shareholders in Q4 2023 was -35 million yuan, a year-on-year decrease of 108.04% and a quarter-on-quarter decrease of 114.79% [2][19] - The company’s total revenue for 2023 was 22.657 billion yuan, with a net profit of 581 million yuan, and a non-recurring net profit of 515 million yuan, both showing significant declines compared to the previous year [2][11] Production and Sales Outlook - The company’s ternary cathode sales reached 99,000 tons in 2023, an increase of 12% year-on-year, with production also at 103,000 tons, reflecting a similar growth [3][22] - The report estimates that the company will achieve shipments of approximately 140,000 tons in 2024, representing a year-on-year increase of over 40% [3][29] - The company has accelerated its global expansion, with production capacity in South Korea expected to reach 60,000 tons by the end of 2024 [3][22] Profitability and Cost Structure - In Q4 2023, the profit per ton for ternary cathodes was close to 5,000 yuan, a decrease of over 40% compared to the previous quarter [4][23] - The report predicts that profitability will improve starting from Q2 2024 as production capacity utilization increases [4][23] - The company’s gross margin for 2023 was 8.58%, with a net profit margin of 2.77%, both showing declines compared to the previous year [2][11]