电力设备 | 证券研究报告 — 调整盈利预测 2024 年 5 月 7 日 增持 原评级：增持 市场价格:人民币 14.89 板块评级:强于大市 (%) 今年 1 3 12 (48%) (38%) (27%) (17%) (6%) 4% May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Apr-24May-24 嘉元科技 上证综指 | --- | --- | --- | |-------------------------------|------------|----------| | | | | | 发行股数 ( 百万 ) | | 426.24 | | 流通股 ( 百万 ) | | 426.24 | | 总市值 ( 人民币 百万 ) | | 6,346.68 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 78.67 | | 主要股东 | | | | 山东嘉沅实业投资有限公司 | | 21.19 | | 资料来源：公司公告， Wind | ，中银证券 | | 证券分析师：李扬 出货量同比增长，加工费下降盈利承压 | --- | ...

| 证券代码：688388 | 证券简称：嘉元科技 | 公告编号：2024-037 | | --- | --- | --- | | 转债代码：118000 | 转债简称：嘉元转债 | | 广东嘉元科技股份有限公司 一、 回购股份的基本情况 公司于 2023 年 10 月 26 日召开了第五届董事会第十二次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用不低于人民币 3,000 万元（含）、不高于人民币 6,000 万元（含）的自有资金回购公司股份，回 购价格不超过 30 元/股（含），回购期限自董事会审议通过回购股份方案之日起 12 个月内。具体内容详见公司于 2023 年 10 月 27 日和 11 月 3 日在上海证券交易所 网站（http://www.sse.com.cn）上披露的《关于以集中竞价交易方式回购公司股 份方案的公告》（公告编号：2023-068）和《关于以集中竞价交易方式回购公司股 份的回购报告书》（公告编号：2023-077）。 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 关于以集中竞价交易方式回购公司 ...

Investment Rating - The report maintains a "Buy" rating for the company [14][15]. Core Insights - The company has developed a leading ultra-thin copper foil product, enhancing the safety of lithium batteries and advancing the mass production of composite copper foil [3]. - In 2023, the company invested 235 million yuan in R&D, accounting for 4.74% of its revenue [3]. - The company’s revenue for 2023 was 4.969 billion yuan, a year-on-year increase of 7.06%, while net profit decreased by 96.34% to 19 million yuan [13]. - The company’s copper foil production reached approximately 58,000 tons in 2023, a year-on-year increase of 9.69%, with sales of 57,600 tons, up 17.47% [9]. - The company is expected to reach a total production capacity of 200,000 tons by 2025, with ongoing projects in Jiangxi and Ningde [9]. Financial Performance - The company’s gross margin for 2023 was 5.83%, down 14.01 percentage points from the previous year, and the net margin was 0.33%, down 10.87 percentage points [13]. - The earnings per share (EPS) for 2023 was 0.04 yuan, compared to 1.71 yuan in 2022 [20]. - The company’s return on equity (ROE) was 0.27% in 2023, a significant decline from 7.14% in 2022 [4][20]. Market Data - The total market capitalization of the company is 6.1 billion yuan, with a total share capital of 426 million shares [5]. - The stock price has fluctuated between 13.31 yuan and 38.96 yuan over the past year [5]. - The turnover rate over the last three months is 69.36% [5]. Future Projections - The report projects a net profit of -31 million yuan for 2024, with a subsequent recovery to 214 million yuan in 2025 and 362 million yuan in 2026 [14]. - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are NA, 29, and 17, respectively [14].

Financial Performance - The company's operating revenue for Q1 2024 was ¥929,971,824.42, representing a decrease of 5.48% compared to the same period last year [3]. - The net profit attributable to shareholders was a loss of ¥47,795,282.00, reflecting a significant decline of 229.76% year-over-year [3]. - Basic and diluted earnings per share were both -¥0.11, down 228.33% from the same period last year [4]. - The company reported a significant decline in net profit due to increased operational costs and reduced revenue [3]. - The company's total revenue for Q1 2024 was ¥684,258,298.42, a decrease of approximately 30.3% compared to ¥981,708,582.37 in Q1 2023 [66]. - The net profit for Q1 2024 was a loss of ¥48,181,193.48, compared to a net profit of ¥36,725,685.92 in Q1 2023, indicating a significant decline [66]. - Operating profit for Q1 2024 was reported at a loss of ¥40,286,830.42, contrasting with a profit of ¥46,984,193.85 in the same period last year [66]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at ¥88,097,684.40, marking a decrease of 261.16% compared to the previous year [4]. - The company's cash flow from operating activities showed a net outflow of ¥259,373,528.44 in Q1 2024, compared to a net inflow of ¥132,890,856.76 in Q1 2023 [68]. - Cash and cash equivalents at the end of Q1 2024 amounted to ¥2,182,197,124.28, an increase from ¥1,759,625,766.35 at the end of Q1 2023 [68]. - Cash inflow from financing activities totaled CNY 1,584,498,064.17, significantly higher than CNY 278,060,000.00 in the previous year [36]. - The net cash flow from financing activities was CNY 996,887,538.42, compared to CNY 210,199,164.88 in Q1 2023, indicating a strong increase [36]. Assets and Liabilities - Total assets at the end of the reporting period were ¥12,171,295,267.78, a decrease of 4.92% from the end of the previous year [4]. - Total liabilities decreased to ¥4,953,305,645.88 in Q1 2024 from ¥5,497,267,516.74 in Q1 2023, a reduction of approximately 9.9% [29]. - Non-current liabilities increased to ¥3,419,006,454.37 in Q1 2024, up from ¥2,678,105,011.77 in Q1 2023, an increase of 28.7% [29]. - The company's total assets decreased to CNY 10,981,770,287.91 from CNY 11,626,910,054.67 year-over-year [40]. - The total equity of the company was CNY 7,202,471,614.42, down from CNY 7,271,084,424.43 in the previous year [40]. Research and Development - R&D investment totaled ¥39,094,235.52, which is a decrease of 38.93% year-over-year, accounting for 4.20% of operating revenue [4]. - Research and development expenses were ¥8,607,429.52 in Q1 2024, down from ¥10,195,654.61 in Q1 2023, reflecting a decrease of 15.6% [31]. - Research and development expenses totaled CNY 39,094,200, a decrease of 38.93% compared to the same period last year [47]. Future Outlook - Future outlook includes a focus on market expansion and potential new product development to recover from current losses [3].

Financial Performance - Total operating revenue for Q1 2024 was ¥929,971,824.42, a decrease of 5.5% from ¥983,837,667.02 in Q1 2023[25]. - Operating profit for Q1 2024 was a loss of ¥55,976,460.37, compared to a profit of ¥44,416,201.62 in Q1 2023[25]. - Net profit for Q1 2024 was ¥-48,181,193.48, compared to a net profit of ¥36,725,685.92 in Q1 2023, representing a significant loss[56]. - The net profit attributable to shareholders of the listed company was a loss of CNY 47,795,282.00, a decline of 229.76% year-on-year[76]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 51,382,069.47, reflecting a decrease of 244.90% compared to the previous year[76]. Cash Flow - In Q1 2024, the net cash flow from operating activities decreased by 261.16 million RMB, primarily due to a reduction in cash received from sales of goods and services[8]. - The net cash flow from operating activities in Q1 2024 was CNY -88,097,684.40, a decline from CNY 54,663,341.10 in Q1 2023[29]. - The total cash and cash equivalents at the end of Q1 2024 increased to CNY 2,382,588,964.73 from CNY 2,242,381,643.10 at the end of Q1 2023[30]. - Cash inflow from financing activities was $1.39 billion, significantly higher than $250 million in the previous period[37]. - Cash outflow from investing activities totaled $1.29 billion, compared to $1.19 billion in the previous period[37]. Assets and Liabilities - Total liabilities decreased to ¥4,953,305,645.88 in Q1 2024 from ¥5,497,267,516.74 in Q1 2023[23]. - Total assets decreased to ¥12,171,295,267.78 in Q1 2024 from ¥12,801,157,212.95 in Q1 2023[23]. - Total current assets decreased to ¥5,011,511,718.71 from ¥5,636,043,480.66, a decline of approximately 11.1%[50]. - The total liabilities decreased to CNY 3,779,298,673.49 from CNY 4,355,825,630.24, a decline of about 13.19%[68]. - The total equity decreased to CNY 7,202,471,614.42 from CNY 7,271,084,424.43, a decrease of approximately 0.94%[68]. Expenses - Total operating costs increased to ¥986,784,531.61 in Q1 2024, up 4.8% from ¥941,564,623.85 in Q1 2023[25]. - Research and development expenses decreased to ¥8,607,429.52 in Q1 2024 from ¥10,195,654.61 in Q1 2023, a reduction of 15.6%[25]. - Financial expenses decreased significantly to ¥6,246,192.63 in Q1 2024 from ¥19,918,563.58 in Q1 2023, a decrease of 68.7%[25]. - The company’s research and development expenses in Q1 2024 were CNY 7,143,829.27, down from CNY 10,195,654.61 in Q1 2023[35]. - The company’s financial expenses decreased to CNY 6,495,129.22 in Q1 2024 from CNY 20,831,863.70 in Q1 2023[35]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 19,612, with the largest shareholder holding 21.19% of the shares[16]. - The company has not reported any significant changes in the relationships or agreements among major shareholders during the reporting period[18]. - The document indicates that there are no applicable details regarding the participation of shareholders holding more than 5% and the top 10 shareholders in the securities lending business[84].

2024 年第一季度报告 证券代码：688388 证券简称：嘉元科技 广东嘉元科技股份有限公司 2024 年第一季度报告 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、准确性和完整性依法承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 | | | | 单位：元 币种：人民币 | | --- | --- | --- | --- | | 项目 | 本报告期 | | 本报告期比上年 | | | | 同期增减变动幅 | | | | | 度(%) | | | 营业收入 | | 929,971,824.42 | -5.48 | | 归属于上市公司股东的净利润 | | -47,795,282.00 | -229.76 | 1 / 20 2024 ...

广东嘉元科技股份有限公司 审计报告 大华审字[2024]0011000702 号 大华会计师事务所(特殊普通合伙) Da Hua Certified Public Accountants (Special General Partnership) .您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.eor.co.) 报告编码: 广东嘉元科技股份有限公司 审计报告及财务报表 (2023年1月1日至 2023年12月 31 日止) | | 目 | 录 | 页 次 | | --- | --- | --- | --- | | | 审计报告 | | 1-7 | | í í | 已审财务报表 | | | | | 合并资产负债表 | | 1-2 | | | 合并利润表 | | 3 | | | 合并现金流量表 | | 4 | | | 合并股东权益变动表 | | 5-6 | | | 母公司资产负债表 | | 7-8 | | | 母公司利润表 | | 9 | | | 母公司现金流量表 | | 10 | | | 母公司股东权益变动表 | | 11-12 | | | 财务报表附注 | | 1-1 ...

广东嘉元科技股份有限公司 募集资金存放与使用情况鉴证报告 大华核字[2024]0011006530 号 大华会计师事务所(特殊普通合伙) DaHuaCertifiedPublicAccountants (SpecialGeneralPartnership) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.vov.cn） 报告编码:京2461KN 广东嘉元科技股份有限公司 募集资金存放与使用情况鉴证报告 (2023 年度） | 目录 | 页次 | | --- | --- | | 募集资金存放与使用情况鉴证报告 | 1-2 | | 二、 | 1-17 | | 金存放与实际使用情况的专项报告 | | 大基食計師事務 時 大华会计师事务所(特殊普通合伙 北京市海淀区西四环中路 16 号院 7 号楼 12 层[100039] 电话:86(10)58350011 传真:86(10)583 www.dahua-cna.com 募 集 资 金 存 放 与 使 用 情 况 鉴 证 报 告 大华核字[2024]0011006530 号 广东嘉元科技股份有限公司全体股东: 我们审核了后附的广 ...

Financial Performance - The company achieved operating revenue of ¥4,968,597,194.80, an increase of 7.06% compared to the same period last year[7]. - The net profit attributable to shareholders was ¥19,030,463.94, a decrease of 96.34% year-on-year[7]. - The company's total revenue for the reporting period increased due to expanded production capacity and increased product sales volume[18]. - The company reported a total revenue of 2,000,000,000 CNY, with a year-on-year increase of 15%[30]. - The production volume of ≤6 micron copper foil was 47,126.67 tons, representing a 7.88% increase compared to the previous year, while sales volume increased by 18.19% to 47,255.44 tons[31]. - The company achieved other income of 216,080,622.56 CNY from copper wire sales[30]. - The company's overall operating costs increased by 20.18% in the industrial sector, reaching ¥4,470,266,911.55[163]. - Operating costs increased by 25.78% to ¥4,678,743,453.62 from ¥3,719,775,669.66 in the previous year[183]. - The net profit attributable to shareholders decreased by 96.34% compared to the previous year, primarily due to intensified market competition and fluctuations in raw material prices[199]. - Basic earnings per share decreased by 97.35% year-on-year, reflecting the significant drop in net profit[199]. Research and Development - Research and development expenses amounted to 235 million, accounting for 4.74% of total revenue, which is a 2.54% increase compared to the same period last year[18]. - The company is committed to enhancing its market competitiveness through annual intellectual property implementation plans and international patent applications[5]. - Research and development expenses decreased to RMB 38,616,209.16, down 27.3% from RMB 53,035,521.98 in 2022[135]. Investor Relations and Corporate Governance - The company is focusing on enhancing its investor relations management to ensure accurate and timely information disclosure[3]. - The company participated in the "2023 Guangdong Listed Companies Investor Reception Day" to address investor concerns[4]. - The company committed to not transferring benefits to other entities or individuals under unfair conditions[13]. - The company will ensure the accuracy and completeness of its prospectus and will be liable for any misstatements or omissions[13]. Market Strategy and Expansion - The company plans to expand its market presence and invest in new product development to enhance competitiveness[30]. - The company continues to focus on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the report[74]. - Future plans and strategies are subject to uncertainties and do not constitute a commitment to investors[168]. Financial Management and Cash Flow - The net cash flow from operating activities increased due to higher cash receipts from sales compared to the previous year[18]. - The company reported a significant decrease in cash flow from investing activities, with a net outflow of RMB -1,308,507,927.08 compared to RMB -2,351,984,495.92 in the previous period[53]. - The company has a cash management balance of RMB 11,440,000 at the end of the reporting period[63]. - The company has not utilized idle raised funds to supplement working capital, indicating a focus on maintaining liquidity[91]. Customer Concentration and Risks - Customer A and its affiliates accounted for 69.37% of the company's annual sales, indicating a high customer concentration risk[89]. - The company's reliance on a concentrated customer base may pose risks, but it is mitigated by strong technical and product advantages[89]. - The company has established long-term cooperative relationships with major customers, which is expected to support its future profitability despite market concentration[89]. Debt and Equity Management - The total amount of guarantees provided by the company, including those for subsidiaries, is RMB 525,440,716.07, which accounts for 7.33% of the company's net assets[48]. - The company has signed loan agreements not exceeding RMB 5.6 billion, with guarantees provided for subsidiaries' loan applications totaling RMB 281 million[49]. - The company plans to adjust its total external guarantee amount from RMB 8.6 billion to RMB 3.5 billion, exclusively for subsidiaries and not for third parties[49]. - The total liabilities increased from RMB 3,391.74 million to RMB 5,497.27 million, indicating a significant rise in financial obligations[132]. - The company's equity increased from RMB 1,304.46 million to RMB 1,437.33 million, reflecting growth in shareholder value[132]. Shareholder Actions - The company distributed a cash dividend of RMB 0.55 per share and increased share capital by 0.4 shares per share, totaling RMB 167,450,653.70 in cash dividends and 121,782,294 shares in capital increase[74]. - The company plans to repurchase shares with a total amount between RMB 30 million and RMB 60 million, aiming to buy back approximately 1 million to 2 million shares, representing about 0.23% to 0.47% of the total share capital[112]. - The company has already repurchased 371,243 shares under its buyback plan[112]. Credit Rating and Financial Stability - The company maintains a credit rating of "AA-" with a stable outlook, as per the report issued by Dongfang Jincheng International Credit Rating Co., Ltd.[117]. - The company has a strong debt repayment capability and risk resistance, as indicated by its operational status[117].

| 证券代码：688388 | 证券简称：嘉元科技 | 公告编号：2024-027 | | --- | --- | --- | | 转债代码：118000 | 转债简称：嘉元转债 | | 广东嘉元科技股份有限公司 2023 年度募集资金存放与实际使用情况的专项报告 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、准确性和完整性依法承担法律责任。 根据中国证券监督管理委员会（以下简称"中国证监会"）《上市公司监管指引 第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》《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》以及《上海证券交易所上 市公司自律监管指南第 1 号——公告格式》的相关规定，广东嘉元科技股份有限公司 （以下简称"公司"或"嘉元科技"）就 2023 年度募集资金存放与使用情况作如下 专项报告（本专项报告中，若出现总数与明细项加总尾数不相等的情况，均为四舍五 入原因造成）： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 1、2021 年公司向不特定对象公开发行可转换公司债券募集资金情况 经中 ...