海亮股份（002203.SZ）2023年年报&2024年一季报点评 吨毛利维持高位，期待铜箔扭亏为盈 2024年05月05日 ➢ 事件：公司发布2023年年报和2024年一季报。2023年公司实现营业收 推荐 维持评级 入755.89亿元，同比增长2.33%，归母净利润11.18亿元，同比减少7.46%。 当前价格： 9.23元 单季度来看，2023Q4 公司实现营收 62.80 亿元，同比减少 62.1%，环比减少 75.6%，归母净利润 1.48 亿元，同比减少 46.1%，环比减少 41.4%。2024Q1 [Table_Author] 公司实现营收 218.52 亿元，同比增长 12.2%，环比增长 248.0%，归母净利润 3.15亿元，同比减少5.5%，环比增长112.7%。业绩略低于市场预期。 ➢ 2023 年公司产品产销量保持高位，在铜箔加工费压力下维持盈利稳健。 2023 年，受各产品产销量变化影响，公司铜管和铜排的营收增长放缓，铜棒营 收负增长。2023年，公司铜管产品实现收入412亿元，占总营收的54.4%，同 比增长0.58%；铜棒产品实现收入48亿元，占总营收的6.4%，同比下降19 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 75.589 billion yuan in 2023, a year-on-year increase of 2.3%, but the net profit attributable to shareholders decreased by 7.5% to 1.118 billion yuan [1][3] - The performance in the second half of the year was significantly impacted by a downturn in the copper processing industry due to weak real estate demand and oversupply in the battery copper foil market [1] - The company anticipates profit recovery in the lithium battery copper foil segment as domestic production capacity is expected to clear [2] Financial Performance Summary - In 2023, the company produced 851,000 tons of copper processing materials, a slight decrease of 1.64% year-on-year, with a sales volume of 853,000 tons, down 1.36% [1] - The gross profit margin for copper processing materials was approximately 5.41%, a decline of 0.19% compared to the previous year [1] - The gross profit margin for traditional copper processing materials remained stable, while the lithium battery copper foil segment saw a significant decline in profitability [1] Future Projections - The company expects revenues of 83.098 billion yuan, 90.974 billion yuan, and 97.055 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 1.327 billion yuan, 1.575 billion yuan, and 1.737 billion yuan [2][3] - The price-to-earnings (P/E) ratios are forecasted to be 13.9, 11.7, and 10.6 for the years 2024, 2025, and 2026 respectively [2][3]

4月 29日，公司发布 23年年报和 24年一季报，23 年实现总营收 757.49 亿元，同比+2.36%，归母净利11.18 亿元，同比-7.46%； 1Q24 实现总营收 218.52 亿元，环比+247.96%，归母净利3.15 亿 元，环比+112.67%。 铜管铜排盈利能力提升。23年公司铜及铜合金加工产品销量85.73 万吨，其中铜加工产品销量85.28 万吨，同比-1.36%，2H23 铜及 铜加工产品销量40.83 万吨，环比-7.13%。（1）铜管：23年收入 412.02 亿元，同比+0.58%，毛利率同比+0.31 个百分点至6.09%。 （2）铜棒：23 年收入 48.18 亿元，同比-19.42%，毛利率同比-0.06 个百分点至5.54%。（3）铜排：23年收入19.57 万吨，同比+2.97%， 人民币(元) 成交金额(百万元) 毛利率同比+0.13 个百分点至 1.84%。（4）铜箔：23 年收入 7.35 13.00 400 亿元，同比+893.50%，毛利率同比-31.20 个百分点至-24.17%。23 350 12.00 300 年虽然公司铜加工产品销量下滑影响，但营 ...

Financial Performance - The company reported a significant increase in revenue, with a year-on-year growth of 15% in 2023[18]. - The company's operating revenue for 2023 was ¥75.59 billion, an increase of 2.33% compared to ¥73.87 billion in 2022[25]. - The total revenue for 2023 was 75.589 billion yuan, representing a year-on-year increase of 2.33% compared to 73.865 billion yuan in 2022[59]. - The net profit attributable to shareholders decreased by 7.46% to ¥1.12 billion in 2023 from ¥1.21 billion in 2022[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 16.56% to ¥1.31 billion in 2023 from ¥1.12 billion in 2022[25]. - The company reported a significant cash flow deficit from operating activities of ¥776.34 million in 2023, compared to a positive cash flow of ¥870.25 million in 2022, marking a 189.21% decline[26]. - The basic earnings per share for 2023 were ¥0.56, down 9.68% from ¥0.62 in 2022[26]. - The total revenue for the copper processing industry was CNY 48,712,048,900, with a slight decrease of 0.42% compared to the previous year[61]. - The company achieved sales of 857,300 tons of copper and copper alloy processing materials, with a total revenue of 75.589 billion yuan, a net profit attributable to shareholders of 1.118 billion yuan, and a total profit of 1.374 billion yuan[49]. Market Expansion and Strategy - The company is focusing on expanding its market presence in Southeast Asia, targeting a 20% increase in market share by 2025[18]. - The company aims to enhance its digital transformation with a comprehensive digital strategy by 2025, focusing on smart manufacturing and digital supply chains[42]. - The company is exploring strategic acquisitions to enhance its product offerings and market reach, with a budget of 500 million RMB for potential deals[18]. - The company plans to expand its market presence and enhance product development, focusing on new technologies and innovations in the copper processing industry[149]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 300 million RMB allocated for potential deals[155]. - The company plans to enhance the efficiency of the "Annual Production of 170,000 Tons of Copper and Copper Alloy Bar Construction Project" through further optimization of production processes and increasing demand for recycled material products[108]. Research and Development - New product development initiatives are underway, with an investment of 200 million RMB allocated for R&D in advanced copper materials[18]. - The company invested 823.65 million yuan in R&D, applied for 102 patents, and obtained 125 patent certificates, totaling 775 patents by the end of the reporting period[55]. - Research and development (R&D) investment amounted to 823.65 million yuan, representing an increase of 8.60% from 2022[74]. - The number of R&D personnel increased to 827, up 18.99% from 2022, with a significant rise in the number of master's (139.13%) and doctoral (575.00%) degree holders[74]. - The company is actively investing in new product development, including lithium battery composite materials and sodium-ion battery materials, with ongoing projects in copper foil production[45]. - The company plans to develop over 10 new types of copper foil products, focusing on high modulus, low carbon, and high fatigue resistance[116]. Operational Efficiency - The company has successfully reduced production costs by 5% through efficiency improvements and technology upgrades[18]. - The company achieved a 25% reduction in production costs through improved operational efficiencies[155]. - The company is currently researching new additive processes to enhance product performance and reduce costs, aiming to improve competitiveness[71]. - Ongoing projects include the development of high-performance lightweight copper pipes, which are expected to lower costs and improve performance compared to existing products[72]. - The company has completed the development of intelligent manufacturing technology for recycled copper, aimed at increasing the usage rate of recycled materials and reducing production costs[72]. Risk Management - The company has identified potential risks in the supply chain, particularly related to raw material prices, which could impact future profitability[5]. - The company faces copper price fluctuation risks, as its main raw material is electrolytic copper, and it primarily relies on a pricing model of "raw material price + processing fee" for profitability[123]. - The company is exposed to exchange rate risks due to its international operations, which can affect product pricing and lead to foreign exchange gains or losses[125]. - The company emphasizes the importance of risk management measures, including selecting simple and liquid financial derivatives for hedging[97]. Corporate Governance - The company held 4 shareholder meetings during the reporting period, including 1 annual and 3 extraordinary meetings, ensuring fair treatment of all shareholders[133]. - The board of directors consists of 9 members, including 3 independent directors with expertise in the non-ferrous metal industry, finance, and law, complying with legal and regulatory requirements[134]. - The company has implemented a restricted stock incentive plan and an employee stock ownership plan to align the interests of shareholders and core personnel, ensuring stable management and achieving long-term development goals[135]. - The company maintains independent operations in business, personnel, assets, finance, and institutions, with no interference from the controlling shareholder[138]. - The company has established a transparent investor relations management system to enhance communication and maintain good relationships with investors[137]. Environmental Responsibility - The company has been recognized as a "green factory" and received the "Environmental Friendly Pioneer Enterprise Award" for its contributions to carbon reduction and clean energy utilization[57]. - The company is committed to building a green production system by utilizing clean energy and optimizing production processes to minimize environmental impact[122]. - The company has adhered to various environmental protection laws and standards during its operations, ensuring compliance with national regulations[195]. - The pollution discharge permits for the company's facilities are valid until 2028, with specific issuance dates in 2023[196]. Employee Development - The company has implemented a talent development and training system to enhance the quality and efficiency of talent management[181]. - The company has conducted a talent inventory covering over a thousand core talents to strengthen its talent base[181]. - The company has a comprehensive salary and performance evaluation system in place for its employees[180]. - The company has approved a project to establish a 100,000-ton high-performance electrolytic copper foil production line in Indonesia[176]. Shareholder Returns - The company plans to distribute a cash dividend of 1.70 RMB per 10 shares (including tax) to all shareholders[5]. - The cash dividend distribution represents 100% of the total profit distribution amount, with the distributable profit amounting to RMB 7.97 billion[184][185]. - The board of directors has approved a dividend payout of 0.5 RMB per share, reflecting a commitment to returning value to shareholders[155].

Financial Performance - The company's revenue for Q1 2024 was CNY 21,817,027,838.49, representing a 12.21% increase compared to CNY 19,442,473,399.95 in the same period last year[3]. - Net profit attributable to shareholders decreased by 5.53% to CNY 315,059,210.19 from CNY 333,499,461.03 year-on-year[3]. - The company's diluted earnings per share decreased by 3.75% to CNY 0.1461 from CNY 0.1518 in the previous year[3]. - The weighted average return on equity declined to 2.22% from 2.59% year-on-year[3]. - In Q1 2024, Zhejiang Hailiang Co., Ltd. reported a net profit of CNY 292,329,508.17, a decrease of 14.3% compared to CNY 341,141,427.58 in Q1 2023[17]. - The company's operating profit for Q1 2024 was CNY 323,062,848.95, down from CNY 379,964,496.02 in the same period last year, reflecting a decline of 15.0%[17]. - The total profit for Q1 2024 was CNY 329,700,603.48, down from CNY 381,199,442.44 in Q1 2023, a decline of 13.5%[17]. Cash Flow and Liquidity - The net cash flow from operating activities improved by 31.89%, reaching CNY -2,246,931,276.98 compared to CNY -3,298,985,335.56 in the previous year[3]. - The total cash inflow from operating activities was CNY 23,408,081,144.06 in Q1 2024, up from CNY 20,008,456,631.41 in Q1 2023, an increase of 12.0%[19]. - The total cash and cash equivalents as of March 31, 2024, is 6,754,500,317.59 RMB, down from 7,721,492,735.10 RMB at the beginning of the period[13]. - The total cash and cash equivalents at the end of Q1 2024 were 3,966,548,461.09 CNY, compared to 3,053,026,416.45 CNY at the end of Q1 2023, indicating an increase in liquidity[20]. - The cash inflow from financing activities was 8,916,002,365.58 CNY, down from 9,142,021,064.23 CNY in Q1 2023, reflecting a decrease in new borrowings[20]. Assets and Liabilities - Total assets increased by 8.66% to CNY 43,905,310,857.40 from CNY 40,405,099,640.89 at the end of the previous year[3]. - Current liabilities rose to ¥18,515,562,427.04, up from ¥14,768,075,209.17, indicating a significant increase of 25.0%[15]. - Non-current liabilities totaled ¥8,362,418,135.27, a decrease from ¥8,798,313,034.26, reflecting a decline of 5.0%[15]. - The total liabilities increased to ¥26,877,980,562.31 from ¥23,566,388,243.43, reflecting a growth of 14.0%[15]. Inventory and Receivables - The company's inventory rose by 19.08% to CNY 843,933.52 million, driven by increased stock for the production season and rising output of copper foil[6]. - Accounts receivable increased to 6,561,986,605.14 RMB from 5,405,829,742.53 RMB[13]. - Prepayments increased to 1,737,396,776.71 RMB from 1,175,515,089.65 RMB[13]. - Other receivables rose to 347,136,917.35 RMB from 160,093,849.95 RMB[13]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 19,091[9]. - Hai Liang Group Limited holds 29.24% of shares, totaling 584,229,734 shares, with 136,000,000 shares pledged[10]. - Z&P Enterprises LLC owns 10.67% of shares, amounting to 213,213,964 shares[10]. - The company has not reported any changes in the top 10 shareholders due to margin trading activities[11]. - The company has not issued any preferred shares during the reporting period[12]. Expenses - The company reported a significant increase in financial expenses by 222.28% to CNY 28,337.70 million, attributed to currency exchange losses on Euro-denominated assets[7]. - Research and development expenses decreased to CNY 37,464,089.69 in Q1 2024 from CNY 44,484,479.26 in Q1 2023, a reduction of 15.8%[17]. - Financial expenses surged to CNY 283,376,993.85 in Q1 2024, significantly higher than CNY 87,928,110.29 in Q1 2023, indicating an increase of 221.0%[17]. - The company paid 517,856,639.37 CNY to employees in Q1 2024, up from 482,798,519.57 CNY in Q1 2023, reflecting a rise in employee compensation[20]. - Tax payments increased to 275,080,937.47 CNY in Q1 2024 from 192,406,258.71 CNY in Q1 2023, indicating higher tax obligations[20]. - Cash outflow for other operating activities was 604,566,480.27 CNY, compared to 382,057,393.62 CNY in the previous year, showing increased operational expenses[20].

Event Details - Event Time: May 22, 2024 (Wednesday) 9:30 AM - 11:00 AM [2] - Event Location: Hailiang Research Building, 368 Xietong Road, Binjiang District, Hangzhou, Zhejiang Province [2] - Reception Method: On-site reception [2] Participants - Board Secretary: Mr. Cheng Jiang [2] - CFO: Ms. Zhu Xiaoyu (subject to change in case of special circumstances) [2] Registration - Registration Deadline: May 21, 2024 (excluding holidays) [3] - Contact Person: Zhang Shiyi [3] - Contact Information: - Phone: 0571-86638381 [3] - Fax: 0571-86031971 [3] - Email: gfoffice@hailiang.com [3] - Address: 10th Floor, Hailiang Research Building, 368 Xietong Road, Binjiang District, Hangzhou, Zhejiang Province [3] Requirements - Individual Investors: Bring original and copy of ID card [4] - Institutional Investors: Bring relevant institutional documents and copies [4] - Confidentiality Agreement: Investors are required to sign a "Commitment Letter" as per Shenzhen Stock Exchange regulations [4] Preparation - Investors can submit questions via email to the Board Office before the event to improve reception efficiency [4] Announcement - Issued by the Board of Directors of Zhejiang Hailiang Co., Ltd. on April 30, 2024 [5]

| 证券代码：002203 | 证券简称：海亮股份 公告编号：2024-019 | | --- | --- | | 债券代码：128081 | 证券简称：海亮转债 | 浙江海亮股份有限公司 关于举行 2023 年度业绩说明会的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告中的 虚假记载、误导性陈述或者重大遗漏承担责任。 特此公告 浙江海亮股份有限公司 董事会 浙江海亮股份有限公司定于 2024 年 5 月 14 日（星期二）15:00-17:00 在全 景网举办 2023 年度业绩说明会，本次年度业绩说明会将采用网络远程的方式举 行，投资者可登陆全景网"投资者关系互动平台"（https://ir.p5w.net）参与 本 次 年 度 业 绩 说 明 会 或 者 直 接 进 入 浙 江 海 亮 股 份 有 限 公 司 路演厅 （https://ir.p5w.net/c/002203.shtml）参与本次年度业绩说明会。 出席本次说明会的人员有：公司董事长曹建国先生、财务总监朱晓宇女士、 董事会秘书程疆先生。 为充分尊重投资者、提升交流的针对性，现就公司 2023 年度业绩说明会提 前向投资 ...

| 证券代码：002203 | 证券简称：海亮股份 公告编号：2024-004 | | --- | --- | | 债券代码：128081 | 债券简称：海亮转债 | 浙江海亮股份有限公司 关于为控股子公司提供担保的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告中的 虚假记载、误导性陈述或者重大遗漏承担责任。 一、担保情况概述 2023 年 4 月 23 日，浙江海亮股份有限公司（以下简称"公司"）第八届董 事会召开第六次会议审议通过了《关于为控股子公司融资提供一揽子担保的议 案》，本议案已经获得 2022 年度股东大会的批准。同意公司为上海海亮铜业有限 公司、香港海亮铜贸易有限公司、香港海亮控股有限公司、海亮（安徽）铜业有 限公司、广东海亮铜业有限公司、海亮奥托铜管（广东）有限公司、成都贝德铜 业有限公司、重庆海亮铜业有限公司（以下简称"重庆海亮"）、重庆海亮金属材 料有限公司、浙江科宇金属材料有限公司、海亮（新加坡）有限公司、HAILIANG （VIETNAM）COPPER MANUFACTURINGCO.,LTD、山东海亮奥博特铜业有限公司、甘 肃海亮新能源材料有限公司、HME ...

一、可转换公司债券发行上市基本概况 （一）可转债发行情况 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第15号——可转换公司债券》的有关规定，浙江海亮股份有限公司（以下简 称"公司"）现将2024年第一季度可转换公司债券转股及公司股本变动的情况公 告如下： 经中国证券监督管理委员会"证监许可[2019]1943 号"文核准浙江海亮股 份有限公司于 2019 年 11 月 21 日公开发行了 3,150 万张可转换公司债券，每张 面值 100 元，发行总额 31.50 亿元，期限六年。 （二）可转债上市情况 | 证券代码：002203 | 证券简称：海亮股份 | 公告编号：2024-003 | | --- | --- | --- | | 债券代码：128081 | 债券简称：海亮转债 | | 浙江海亮股份有限公司 关于 2024 年第一季度可转换公司债券转股情况的公告 2024年第一季度，"海亮转债"因转股减少1,000.00元（10张债券），转股 数量为104股 。截 至 2024年3 ...

| 证券代码：002203 | 证券简称：海亮股份 公告编号：2024-002 | | --- | --- | | 债券代码：128081 | 债券简称：海亮转债 | 特此公告 浙江海亮股份有限公司 董事会 浙江海亮股份有限公司 关于董事会办公室办公地址变更的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 浙江海亮股份有限公司（以下简称"公司"）董事会办公室于近日搬迁至 新址办公，现将变更前后的办公地址及联系方式公告如下： 变更前： 变更后： 上述联系方式自本公告之日起正式启用，敬请广大投资者注意。 二〇二四年一月三十一日 办公地址：浙江省诸暨市店口镇解放路386号二楼 邮政编码：311814 联系电话：0575-87069033 传 真：0575-87069031 电子邮箱：gfoffice@hailiang.com 办公地址：浙江省杭州市滨江区协同路368号海亮科研大厦10楼 邮政编码：310051 联系电话：0571-86638381 传 真：0571-86031971 电子邮箱：gfoffice@hailiang.com ...