Investment Rating - Maintains a "Buy" rating [5][7] Core Views - The company achieved significant revenue and profit growth in the first half of 2024, with revenue reaching 17.34 billion yuan, a year-on-year increase of 33.99%, and net profit attributable to the parent company reaching 701 million yuan, a year-on-year increase of 69.70% [1] - The company's profitability has significantly improved, with the gross profit margin increasing to 13.51%, up by 0.93 percentage points year-on-year, and the net profit margin reaching 4.61%, up by 0.32 percentage points year-on-year [2] - The company's product shipments have grown rapidly, with the utilization rate of mainstream product capacity reaching 100%, and the sales of ternary precursors exceeding 100,000 tons, a year-on-year increase of 45% [3] - The company has deepened its industrial chain cooperation, signing a memorandum of understanding with ECOPRO BM for the supply of 265,000 tons of precursors from 2025 to 2028, and securing long-term strategic nickel ore supply from MDK in Indonesia [4] Financial Performance - The company's operating cash flow increased significantly, reaching 1.32 billion yuan in the first half of 2024, a year-on-year increase of 111.34% [2] - The company's revenue is expected to grow steadily, with projected revenues of 38.61 billion yuan, 44.53 billion yuan, and 51.20 billion yuan for 2024, 2025, and 2026, respectively [6] - The company's net profit attributable to the parent company is expected to be 1.88 billion yuan, 2.47 billion yuan, and 2.66 billion yuan for 2024, 2025, and 2026, respectively [5][6] Product and Market Performance - The company's ternary precursor business has seen strong growth, with sales exceeding 100,000 tons, a year-on-year increase of 45%, and high-end products accounting for over 90% of total shipments [3] - The company's nickel resource business has also performed well, with shipments of MHP products exceeding 20,000 tons, a year-on-year increase of 101%, and capacity utilization reaching 100% [3] - The company's urban mining business, including power battery, cobalt resource, tungsten resource, and scrapped car recycling, has shown steady growth [3] Strategic Developments - The company has signed a strategic cooperation agreement with MDK in Indonesia, ensuring a long-term supply of at least 75,000 nickel metal tons per year for its nickel resource projects [4] - The company's new high-nickel ternary precursor production capacity in Indonesia, with an annual output of 50,000 tons, is expected to be completed and put into operation in the second half of 2024, with all capacity already pre-sold to customers [4] Valuation and Forecast - The company's EPS is expected to be 0.37 yuan, 0.48 yuan, and 0.52 yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 15, 12, and 11 times [5][6] - The company's EV/EBITDA ratios are projected to be 9.40, 7.54, and 6.75 for 2024, 2025, and 2026, respectively [11]

证券代码：002340 证券简称：格林美 公告编号：2024-067 | 镍资源项目 | 股权情况 | 产能（万金吨镍/年） | 项目状态 | | | --- | --- | --- | --- | --- | | 青美邦一期 | 控股 | 4.0 | 已实现满产 | | | 青美邦二期 | 控股 | 2.5 | 成功开通 | | | 美明 | 控股 | 2.5 | 年 2024 10 | 月开通 | | ESG | 参股 | 4.0 | 2024 年 10 | 月开通 | | 格林爱科 | 控股 | 2.0 | 2024 年 12 | 月开通 | | 合计 | - | 15.0 | - | | 随着青美邦二期项目的成功开通，打开了公司各在建镍资源模块如期开通的 技术基础与工程基础，公司将按照预期计划全速开通各镍资源模块，并履行信息 披露义务，保障公司 2024 年镍产出的目标达成，保障公司年度预期业绩的有效 实施。 公司印尼在建年产 5 万吨三元前驱体项目正在快速推进，预计将于 2024 年 10 月建成投产。 格林美股份有限公司 关于印尼青美邦镍资源二期湿法冶炼（1,168m³反应器） （HPAL）产线成 ...

格林美股份有限公司 关于与韩国ECOPRO在印尼合作建设"镍资源—前 驱体—正极材料"全产业链战略合作体的 证券代码：002340 证券简称：格林美 公告编号：2024-066 4、法定代表人：宋豪俊 5、注册地址：大韩民国忠清北道清州市清源区梧仓邑科学产业 2 路 587-40 提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、概述 格林美股份有限公司（以下简称"公司"或"格林美"）与全球领先的新能 源动力电池用高镍三元正极材料生产商韩国 ECOPRO CO., LTD.（以下简称 "ECOPRO"）过去十年来一直保持着良好的紧密合作关系，极大促进了互相的 发展，构建了坚如磐石、历久弥新的友谊。针对全球内卷竞争的关键时刻，双方 决定将双方在镍资源湿法冶炼（HPAL）、高镍前驱体制造与高镍三元正极材料 制造等方面的优势全面高效结合，形成不可分割的资源、技术、产能、资本与市 场的合作联盟，构建全球领先竞争力的产业链战略联盟。近日，公司与 ECOPRO 的双方实际控制人以"友谊十载，同行百年—构建全球领先的战略联盟"为主题， 以满足欧美市场与亚洲新兴 ...

关于格林美股份有限公司 2024 年第二次临时股东大会的 法律意见书 二〇二四年九月 1 广东君信经纶君厚律师事务所 法律意见书 广东君信经纶君厚律师事务所 关于格林美股份有限公司 2024 年第二次临时股东大会的 法律意见书 致：格林美股份有限公司 广东君信经纶君厚律师事务所接受格林美股份有限公司（下称"格林美"） 的委托，指派邓洁律师、陈晓璇律师（下称"本律师"）出席格林美于 2024 年 9 月 6 日召开的 2024 年第二次临时股东大会（下称"本次股东大会"）， 并根据《中华人民共和国公司法》（下称"《公司法》"）、《中华人民共 和国证券法》（下称"《证券法》"）、中国证券监督管理委员会《上市公 司股东大会规则》（下称"《股东大会规则》"）及格林美《章程》的规定， 就本次股东大会的召集和召开程序、出席会议人员资格、召集人资格、表决 程序、表决结果等事项出具法律意见。 根据《股东大会规则》第五条的要求，按照律师行业公认的业务标准、 道德规范和勤勉尽责精神，本律师现就本次股东大会的有关事项出具法律意 见如下： 一、本次股东大会的召集和召开程序 （一）格林美董事会于 2024 年 8 月 16 日在指定媒 ...

证券代码：002340 证券简称：格林美 公告编号：2024-063 格林美股份有限公司 2024年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 一、会议召开和出席情况 现场会议召开时间：2024年9月6日上午10:00 网络投票时间：2024年9月6日-2024年9月6日。其中，通过深圳证券交易所交易 系统进行网络投票的具体时间为2024年9月6日上午9:15至9:25和9:30至11:30，下午 13:00至15:00；通过深圳证券交易所互联网投票的具体时间为：2024年9月6日上午 9:15至下午15:00期间的任意时间。 （3）会议主持人：董事长许开华先生 （4）现场会议召开地点：格林美股份有限公司会议室（深圳市宝安区海秀路荣 超滨海大厦A座20层） （5）召开方式：现场召开与网络投票相结合的方式 1．本次股东大会未出现否决提案的情形。 2．本次股东大会未涉及变更以往股东大会已通过的决议。 3．本次股东大会采取现场投票与网络投票相结合的表决方式。 1、会议召开情况 （1）会议召集人：公司董事会 （2）会议时间 ...

证券代码：002340 证券简称：格林美 公告编号：2024-065 格林美股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 格林美股份有限公司（以下简称"公司"）于 2024 年 8 月 14 日召开第六届董 事会第二十八次会议和第六届监事会第二十三次会议、2024 年 9 月 6 日召开 2024 年第二次临时股东大会，审议通过了《关于变更部分回购股份用途并注销的议案》， 为了维护广大投资者利益，增强投资者的投资信心，根据公司实际经营管理情况， 结合公司整体战略规划、股权激励规模等因素综合考量，同意对已回购的部分股 份的用途进行变更，回购股份 5,000,000 股由原计划用于实施"股权激励或员工 持股计划"变更为"用于注销并减少注册资本"，剩余回购股份 14,219,800 股的 用途仍为实施"股权激励或员工持股计划"。"用于注销并减少注册资本"的 5,000,000 股股份注销完成后，公司总股本将由 5,131,291,557 股变更为 5,126,291,557 股，注册资本将由 5,131,291,557 元变更为 5,126,291, ...

关于2024年限制性股票激励计划内幕信息知情人及激励对 象买卖公司股票情况的自查报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 证券代码：002340 证券简称：格林美 公告编号：2024-064 格林美股份有限公司 三、结论 综上，经核查，在本次激励计划首次公开披露前6个月内，公司未发现激励 计划内幕信息知情人及激励对象利用本次激励计划有关内幕信息买卖公司股票 的行为。公司已经严格按照相关规定，自本次激励计划开始筹划至公开披露前采 取了充分必要的保密措施，严格限定了接触内幕信息人员的范围，并对接触到内 幕信息的相关公司人员及中介机构人员及时进行了登记备案。公司在本次激励计 划公开披露前，不存在泄露内幕信息而导致内幕交易发生的情形。 格林美股份有限公司（以下简称"公司"）于2024年8月14日召开第六届董事 会第二十八次会议、第六届监事会第二十三次会议，审议通过了《关于<2024年 限制性股票激励计划（草案）及其摘要>的议案》，具体内容详见公司2024年8月 16日披露于巨潮资讯网（http://www.cninfo.com.cn）上的相关公告。 根据《 ...

关于与五矿石墨、本征方程签署构建石墨一体化循环 利用产业链合作协议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 证券代码：002340 证券简称：格林美 公告编号：2024-062 1、本次签署的合作协议为三方合作意愿和基本原则的框架性约定，在具体 实施过程中尚存在不确定性，公司董事会将积极关注该事项的进展情况，后续 若有具体合作协议签署，公司将严格按照法律法规要求履行审议程序和信息披 露义务。敬请广大投资者谨慎决策，注意投资风险。 格林美股份有限公司 2、本合作协议的签订不会对公司本年度财务状况及经营业绩构成重大影 响。 一、概述 面对全球新能源与可持续发展的宏大趋势，秉承创新、协调、绿色、开放、 共享的发展理念，瞄准实现"产业升级和环境责任"的双重目标，2024 年 9 月 3 日，格林美股份有限公司（以下简称"格林美"或"公司"）与中国五矿集团（黑 龙江）石墨产业有限公司（以下简称"五矿石墨"）、深圳市本征方程石墨烯技 术股份有限公司（以下简称"本征方程"）共同签署了《合作框架协议》，基于 五矿石墨在"资源+产能+技术+新材料"领域 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, with total revenue reaching 1.5 billion RMB, representing a 25% year-over-year growth[7]. - The company's operating revenue for the first half of 2024 reached ¥17.34 billion, a year-on-year increase of 33.99%[12]. - Net profit attributable to shareholders was ¥701.50 million, up 69.70% compared to the same period last year[12]. - The net profit after deducting non-recurring gains and losses was ¥702.98 million, representing a 103.13% increase year-on-year[12]. - The net cash flow from operating activities was ¥1.32 billion, an increase of 111.34% compared to the previous year[12]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the first half of 2024, representing a 25% year-over-year growth[111]. - The company’s net profit after deducting non-recurring gains and losses reached CNY 70,297.88 million, a 103.13% increase compared to the same period last year[189]. - The net profit for the first half of 2024 was CNY 798.50 million, representing a 43.9% increase compared to CNY 554.79 million in the first half of 2023[199]. Market Expansion and User Growth - User data indicates a growing customer base, with an increase of 15% in active users compared to the previous year, totaling approximately 3 million active users[7]. - The company plans to expand its market presence by entering two new international markets by the end of 2024, aiming for a 10% contribution to total revenue from these markets[7]. - The company has provided a positive outlook for the second half of 2024, projecting a revenue growth of 20%[111]. - User data indicates a growth in active users, reaching 5 million, which is a 20% increase compared to the previous year[118]. - The company is expanding its market presence, with plans to enter three new provinces by Q4 2024[118]. Research and Development - The company is investing heavily in R&D, with a budget increase of 40% for the next fiscal year to support innovation[7]. - The company is investing heavily in R&D, with a budget increase of 30% for new technology development[111]. - Research and development investments have increased by 25%, focusing on sustainable technologies and waste recycling solutions[118]. - The company has applied for a total of 4,169 patents globally, with 1,837 patents granted and effective, including 27 patents authorized in key countries[34]. - Research and development expenses rose to CNY 481.36 million, an increase of 16.2% from CNY 414.21 million in the previous year[198]. Strategic Initiatives and Acquisitions - The company has completed a strategic acquisition of a local competitor, which is projected to enhance market share by 5%[7]. - The company is considering strategic acquisitions to enhance its product portfolio, with a target of completing at least one acquisition by the end of 2024[111]. - The company has established partnerships with key industry players to enhance its supply chain resilience and reduce costs by 15%[7]. - The company has signed strategic cooperation agreements with several industry players to promote the "old-for-new" consumption policy, significantly increasing transaction volumes in the home appliance sector[45]. Environmental Compliance and Sustainability - The company is committed to green technology and clean production, with six subsidiaries recognized as "national-level green factories"[35]. - The company is currently processing environmental impact assessments for several new projects, including a 30,000 tons/year ternary power battery precursor production project and a 60,000 tons/year precursor material project[113]. - The company has established a comprehensive environmental management system, adhering to standards for greenhouse gas emissions and waste management[115]. - The company is committed to maintaining compliance with environmental laws and regulations, as evidenced by its timely acquisition of necessary permits[115]. - The company achieved a wastewater reuse rate of over 70% and 100% recycling of distilled water, significantly reducing emissions[130]. Financial Management and Shareholder Returns - The company will not distribute cash dividends or issue bonus shares for this fiscal year, focusing instead on reinvestment for growth[2]. - The total dividend distributed to shareholders for the 2023 fiscal year reached 409 million yuan, marking a historical high with a dividend payout ratio of approximately 44%[40]. - The company has repurchased a total of 19,219,800 shares, part of which was used for cancellation to reduce registered capital, enhancing long-term shareholder value[39]. - The company has implemented a restricted stock incentive plan for 181 individuals, granting 9,205,000 shares to motivate key talents and enhance global competitiveness[40]. - The company aims to enhance its long-term incentive mechanisms to attract and retain talent[173]. Operational Efficiency and Cost Management - The company has set a target to reduce operational costs by 15% through efficiency improvements in the next fiscal year[111]. - Operating costs increased to ¥14.99 billion, reflecting a 32.57% rise from ¥11.31 billion, primarily due to higher sales volume[66]. - The company aims to maintain stable cash flow through measures such as improving inventory turnover and controlling debt ratios[96]. - The company has established a comprehensive risk control system for foreign exchange derivative trading, including regular tracking of exchange rate trends and internal audits[84]. Production and Capacity Utilization - The company achieved a production capacity utilization rate of 100% for its mainstream products during the reporting period[22]. - The sales volume of ternary precursor products exceeded 100,000 tons, a year-on-year growth of 45%[23]. - The company plans to establish a total nickel smelting capacity of 150,000 tons by the end of 2024, with an additional capacity of 110,000 tons added within the year, supporting a target of 60,000 tons of metal MHP shipments[28]. - In the first half of 2024, the company achieved a shipment of over 20,000 tons of MHP products, a year-on-year increase of 101%, with a capacity utilization rate of 100%[26]. Risk Management - The management highlighted potential risks including regulatory changes and market competition, which could impact future performance[2]. - The company has established a comprehensive risk control system for foreign exchange derivative trading, including regular tracking of exchange rate trends and internal audits[84]. Corporate Governance and Compliance - The company has implemented a "traceability" system for battery recycling, focusing on information sharing regarding carbon footprints and resource reuse[48]. - The company has been recognized with multiple awards for its contributions to sustainable development and circular economy practices, enhancing its global ESG reputation[63]. - The company has established an environmental management control center in Indonesia for real-time monitoring of waste emissions and environmental facility operations[132].

格林美股份有限公司 2024 年半年度财务报表 格林美股份有限公司 2024 年半年度财务报表 2024 年 8 月 格林美股份有限公司 2024 年半年度财务报表 1、合并资产负债表 编制单位：格林美股份有限公司 2024 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 3,513,450,645.41 | 5,543,512,089.84 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 414,205,874.86 | 807,659,401.96 | | 应收账款 | 7,210,501,343.84 | 6,923,189,481.43 | | 应收款项融资 | 166,232,820.98 | 63,068,153.23 | | 预付款项 | 2,436,818,061.54 | 2,100,826,212.90 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | ...