Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a significant decline in revenue and net profit for 2023, with revenue at 17.31 billion and a year-on-year decrease of 39.79%. The net profit attributable to shareholders was 0.527 billion, down 52.93% year-on-year [2][5]. - In Q1 2024, the company achieved revenue of 3.299 billion, a decrease of 8.02% year-on-year, while the net profit was 0.111 billion, down 3.71% year-on-year. However, the non-recurring net profit increased by 4.28% year-on-year [2][5]. - The company is focusing on high-power and high-voltage iterations in its product offerings, particularly in ternary materials and lithium cobalt oxide, which are expected to see increased application in next-generation battery technologies [8][24]. Financial Performance Summary - For the full year 2023, the company shipped a total of 75,700 tons of products, with lithium cobalt oxide at 34,600 tons and ternary materials at 37,400 tons, reflecting a year-on-year decline primarily due to reduced demand for ternary materials [8]. - The gross profit margin per ton decreased year-on-year, influenced by fluctuations in raw material prices and processing fees [8]. - The company anticipates a profit of 0.5 to 0.6 billion for 2024, indicating a potential recovery as demand stabilizes [24].

重要内容提示： 证券代码：688778 证券简称：厦钨新能 公告编号：2024-027 厦门厦钨新能源材料股份有限公司 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。 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 15 日 （二） 股东大会召开的地点：成都东安阁酒店（四川省成都市东安街道东安阁 路 671 号） （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 | 10 | | --- | --- | | 普通股股东人数 | 10 | | 2、出席会议的股东所持有的表决权数量 | 307,095,372 | | 普通股股东所持有表决权数量 | 307,095,372 | | 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 | 72.9840 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 72.984 ...

关于厦门厦钨新能源材料股份有限公司 2023 年年度股东大会的 法 律 意 见 书 福建至理律师事务所 地址：福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 邮政编码：350025 电话：（86 591）8806 5558 传真：（86 591）8806 8008 网址：http://www.zenithlawyer.com 1 福建至理律师事务所 关于厦门厦钨新能源材料股份有限公司 2023 年年度股东大会的法律意见书 闽理非诉字〔2024〕第 084 号 致：厦门厦钨新能源材料股份有限公司 福建至理律师事务所（以下简称本所）接受厦门厦钨新能源材料股份有限 公司（以下简称公司）之委托，指派蒋浩、韩叙律师出席公司 2023 年年度股东 大会（以下简称本次大会），并依据《中华人民共和国公司法》（以下简称《公 司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上市公司股东大会 规则（2022 年修订）》（中国证券监督管理委员会公告〔2022〕13 号，以下简称 《股东大会规则》）、《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（2023 年 12 月修订）》（上证发〔20 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][16] Core Views - The company is expected to face short-term performance pressure but has long-term growth potential in the hydrogen energy business [3][5] - The company has made significant advancements in high-voltage ternary materials, which are being supplied for hybrid and low-altitude applications [6][22] - The lithium cobalt oxide industry is anticipated to see a demand peak in the second half of the year, with the company maintaining a leading market share [15] Financial Performance - In 2023, the company's revenue was 17.31 billion yuan, a year-on-year decrease of 39.79%, with a net profit of 527 million yuan, down 52.93% [5][17] - For Q1 2024, the company reported revenue of 3.30 billion yuan, a quarter-on-quarter decrease of 8.02% and a year-on-year decrease of 21.24% [5] - The company plans to distribute a cash dividend of 7.00 yuan per 10 shares, with a dividend payout ratio of 55.72% [5] Market Position and Growth Prospects - The company has a 40% market share in the lithium cobalt oxide sector, with sales of 34,600 tons in 2023, reflecting a year-on-year increase of 4.15% [15] - The new Ni6 series high-voltage ternary materials have begun mass production, targeting the growing hybrid vehicle market [6] - The company is also developing high-power, high-voltage ternary products for low-altitude flying vehicles and drones, with monthly production reaching hundreds of tons [6] Future Projections - The company is projected to achieve net profits of 572 million yuan, 690 million yuan, and 870 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 26.51, 21.98, and 17.44 [16][17]

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股 票 研 究 | --- | --- | --- | --- | --- | |-------------------------------------------------------|------------------------------------|-------|----------------------------------------------|-------------| | [Table_OtherInfo] [Table_Industry] 模型更新时间： | 2024.05.10 | | \n[Table_Forcast] 财务预测（单位：百万元） | | | | | | 损益表 | 2022A | | 股票研究 | | | 营业总收入 | 28,751 | | | | | 营业成本 | 26,278 | | 工业 | | | 税金及附加 | 37 | | 资本货物 | | | 销售费用 | 26 | | | | | 管理费用 | 155 | | | | | EBIT | 1,366 | | | | | 公允价值变动收益 | 0 | | | | | | | | [Tabl ...

厦门厦钨新能源材料股份有限公司 2023 年年度股东大会会议材料 厦门厦钨新能源材料股份有限公司 2023 年年度股东大会会议材料 厦门厦钨新能源材料股份有限公司董秘办公室编制 二〇二四年五月 1 厦门厦钨新能源材料股份有限公司 2023 年年度股东大会会议材料 目 录 | 2023 年年度股东大会议程 3 | | --- | | 关于召开 2023 年年度股东大会的通知 4 | | 议案一：2023 年度董事会工作报告 9 | | 议案二：2023 年度监事会工作报告 19 | | 议案三：2023 年度财务决算及 2024 年度财务预算报告 24 | | 议案四：2023 年年度报告及其摘要 28 | | 议案五：2023 年度利润分配方案 29 | | 议案六：关于为子公司提供担保的议案 30 | | 议案七：关于聘请公司 2024 年度审计机构的议案 31 | | 议案八：关于董事、监事薪酬的议案 32 | | 议案九：关于对外投资制度修订的议案 34 | | 2023 年度独立董事述职报告（孙世刚） 35 | | 2023 年度独立董事述职报告（何燕珍） 44 | | 2023 年度独立董事述职报告 ...

证券代码：688778 证券简称：厦钨新能 公告编号：2024-026 厦门厦钨新能源材料股份有限公司 关于召开 2023 年度暨 2024 年第一季度 业绩说明会的公告 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、准确性和完整性依法承担法律责任。 二、说明会召开的时间、地点 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 05 月 10 日(星期五)至 05 月 16 日(星期四)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 xwxn@cxtc.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 厦门厦钨新能源材料股份有限公司（以下简称"公司"）已于 2024 年 4 月 18 日发布公司 2023 年年度报告及 2024 年第一季度报告，为便于广大投资者更 全面深入地了解公司 2023 年度及 2024 年第一季度的经营成果、财务状况，公司 计划于 2024 年 05 月 17 日上午 09:00-10:00 ...

2023 年度持续督导跟踪报告 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为厦门厦钨新 能源材料股份有限公司（以下简称"厦钨新能"或"公司"、"上市公司"）首次公开发 行股票并在科创板上市和 2022 年度向特定对象发行股票的持续督导机构，根据《证券 发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则（2023 年 8 月修订）》 《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（2023 年 12 月修 订）》以及《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）》等有关规定，对厦钨新能进行持续督导，并出具本年度持续督导跟踪 报告。 一、持续督导工作情况 | 工作内容 | 督导情况 | | --- | --- | | 1、建立健全并有效执行持续督导工作制度，并针 | 保荐机构已建立健全并有效执行了持续督导工 | | 对具体的持续督导工作制定相应的工作计划。 | 作制度，并制定了相应的工作计划 | | 2、根据中国证监会相关规定，在持续督导工作开 | 保荐机构已与厦钨新能签订《持续督导协议》， | | 始前，与上市公司或相关当 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will outperform the benchmark index by 10%-20% over the next 6-12 months [10][24]. Core Views - The company reported a significant decline in 2023 earnings, with a net profit of 527.45 million RMB, down 52.93% year-on-year, and revenue of 17.31 billion RMB, down 39.79% [2][3]. - The first quarter of 2024 showed a recovery in sales volume, particularly for new products, with a notable increase in the sales of ternary materials by 249.47% year-on-year [2][14]. - The company is actively pursuing new technology products, focusing on high-voltage and high-power performance in cobalt lithium and ternary materials, which are expected to drive future growth [2][3]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 17.31 billion RMB, a decrease of 39.79% compared to 2022, and a net profit of 527.45 million RMB, down 52.93% [3][5]. - The first quarter of 2024 saw a profit of 111.29 million RMB, a slight decrease of 3.71% year-on-year, but a non-GAAP profit increase of 4.28% [2][14]. Sales and Product Development - The total sales volume of lithium battery cathode materials in 2023 was 72,000 tons, with cobalt lithium sales at 34,600 tons (up 4.15% year-on-year) and ternary materials at 37,400 tons (down 19.39% year-on-year) [2][3]. - The company is expanding its market share in cobalt lithium and ternary materials, with significant growth in sales volume in the first quarter of 2024 [2][14]. Future Outlook - The earnings forecast for 2024-2026 has been adjusted to 1.30 RMB, 1.69 RMB, and 2.14 RMB per share, reflecting a decrease in expected earnings due to increased competition and raw material price fluctuations [2][5]. - The company is expected to benefit from the ramp-up of new technology products, which could enhance performance in the coming years [2][3].