[Table_MainInfo] 公司研究/有色金属/其他有色金属 证券研究报告 格林美（002340）公司跟踪报告 2024年06月05日 [Table_InvestInfo] 投资评级 优于大市 维持 印尼镍资源项目超产，出海布局互利共赢 股票数据 [Table_Summary] 0[6Ta月b0le4_日S收to盘ck价（In元fo）] 6.61 投资要点： 52周股价波动（元） 3.95-7.19 总股本/流通A股（百万股） 5136/5087  公司公布23年年报及24年一季报。公司2023年营收305.3亿元，同增3.9%； 总市值/流通市值（百万元） 33946/33625 归母净利9.3亿元，同减27.9%。公司向全体股东每 10 股派发现金红利 0.80 相关研究 元（含税）。2024 年 Q1 公司营收 83.5 亿元，同增 36.3%；归母净利 4.6 [《Ta立b足le城_R市e矿po山rtI，nf循o]环 驱动产业碳达峰》 亿元，同增164.5%，环增17.8%。 2023.05.25  镍资源项目达产超产，走出自主路线。公司印尼青美邦一期项目于23年顺利 爬坡达产，全年出货量达 ...

由于公司2022年年度权益分派方案已实施完毕，根据公司《回购报告书》， 本次回购股份价格由不超过人民币10.29元/股（含）调整为不超过人民币10.24元 /股（含），具体内容详见公司在指定信息披露媒体《中国证券报》《证券时报》 《上海证券报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）披露的《关于 调整回购股份价格上限和数量的公告》（公告编号：2023-054）。 证券代码：002340 证券简称：格林美 公告编号：2024-044 格林美股份有限公司 关于回购公司股份进展暨回购实施结果的公告 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。 格林美股份有限公司（以下简称"公司"）于2023年6月6日召开了第六届董 事会第十七次会议、第六届监事会第十四次会议，审议通过了《关于回购公司股 份方案的议案》，基于对公司未来发展前景的信心以及对公司价值的高度认可， 同时进一步建立、健全公司长效激励机制，吸引和留住优秀人才，激发员工奋斗 精神，有效地将股东利益、公司利益和核心员工利益结合在一起，推动公司可持 续发展，同意公司使用自有资金或自筹资金以集中 ...

关于格林美股份有限公司 2023 年年度股东大会的 法律意见书 二〇二四年五月 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、张娟律师（下称"本律师"）出席格林美于 2024 年 5 月 22 日召开的 2023 年年度股东大会（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 4 月 27 日在指定媒体上刊登了《格林美 股份有限公司关于召开 2023 年年度股东大会的通知》（下称"《股东大会 通知》"），在法定期限内公告了本次股东大会的召开 ...

证券代码：002340 证券简称：格林美 公告编号：2024-042 格林美股份有限公司 2023年年度股东大会决议公告 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： 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。 一、会议召开和出席情况 1、会议召开情况 时报》《上海证券报》《证券日报》和巨潮资讯网（http://www.cninfo.com.cn）上。 本次会议的召集、召开与表决程序符合《公司法》《上市公司股东大会规则》《深 圳证券交易所股票上市规则》及《公司章程》等法律、法规及规范性文件的规定。 （1）会议召集人：公司董事会 （2）会议时间 现场会议召开时间：2024年5月22日上午10:00 网络投票时间：2024年5月22日-2024年5月22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5月22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 ...

各位投资者各位研究员以及媒体朋友大家下午好欢迎大家来参加格力美2023年度及2024年一季度业绩说明会我是本次业绩说明会主持人潘华感谢无论是线上还是线下参加本次说明会的各位嘉宾朋友给予格力美的关注与支持 为了加强与投资者的沟通交流公司召开本次助劳业绩底盘打开增长通道为主题的业绩说明会希望通过充分专业的交流让大家更加了解格林美增强友谊传递价值同时也倾听投资者对格林美发展的真知灼见为此我们特地设立了两个会场 一个在印尼大K岛我们青美邦的项目现场一个就是我们今天我所在地深圳超级绿色技术研究院我们将在两地同步为大家进行介绍汇报格林美基于绿色生态制造的理想而设立并在国内率先提出资源有限循环无限的绿色低碳产业理念 积极倡导通过开采城市矿山的商业模式来消除污染再造资源推进循环型社会的发展公司城市矿山开采加新能源材料制造的业务模式不仅与国家当前设备更新和消费品已旧换新的发展战略同频共振而且完全契合全球绿色发展的大趋势 与碳中和的主频道展示了极大的市场空间与广阔的产业前景那今天业绩说明会的召开首先就让我来介绍一下出席本次业绩说明会的公司管理层他们是格力美董事长兼总经理许开华教授我们许董是在印尼现场参会 格雷美独立董事刘中华教授 ...

Group 1: Business Performance and Growth - The company recycled 27,454 tons (3.05 GWh) of power batteries in 2023, a year-on-year increase of 57.49%, accounting for over 10% of China's retired power batteries [3] - The lithium carbonate recovery capacity reached 10,000 tons/year, with a lithium recovery rate exceeding 95%, aiming for 97% [3] - The company achieved a shipment of 27,050 tons of metal nickel from its Indonesian project in 2023, with an overproduction rate of 30% [4] Group 2: Strategic Initiatives and Collaborations - The company signed strategic cooperation agreements with major automotive groups, enhancing its recycling capabilities and establishing a closed-loop supply chain for lithium, nickel, and cobalt [3] - The Indonesian nickel resource project is set to ship 60,000 tons of metal nickel in 2024, with a planned capacity increase from 123,000 tons to 150,000 tons [4] - The company is actively pursuing partnerships to enhance its global market position, particularly in the context of the IRA legislation [8] Group 3: Market Opportunities and Policy Impact - The new round of "old-for-new" policies is expected to create a trillion-level market scale, significantly boosting the company's recycling and dismantling business [5] - The company is positioned to leverage its extensive recycling network and advanced green recycling technology to capitalize on the historical opportunities presented by the new policies [3] - The global demand for wet-process nickel resources is projected to reach 1 million tons by 2026, with current projects only at 300,000 tons, indicating no overcapacity in this sector [4] Group 4: Technological Advancements - The company has made breakthroughs in solid-state and sodium battery precursor materials, with small-batch production already achieved [4] - Automation in lithium battery recycling is progressing, with expectations to reach over 95% automation in the future [7] - The company is developing high-surface-area sodium battery precursors, enhancing the stability and electrochemical performance of sodium battery materials [4] Group 5: Financial Performance and Challenges - The company's net profit attributable to shareholders was 934,487,445 yuan in 2023, with a non-recurring loss of 240,660,830 yuan [6] - The gross margin for tungsten resource recovery declined due to increased market competition and rising raw material prices [6] - The cost structure of tungsten resource recovery is heavily influenced by raw material costs, which account for over 90% of total costs [6]

证券代码：002340 证券简称：格林美 公告编号：2024-041 格林美股份有限公司 关于回购公司股份的进展公告 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。 格林美股份有限公司（以下简称"公司"）于2023年6月6日召开了第六届董 事会第十七次会议、第六届监事会第十四次会议，审议通过了《关于回购公司股 份方案的议案》，基于对公司未来发展前景的信心以及对公司价值的高度认可， 同时进一步建立、健全公司长效激励机制，吸引和留住优秀人才，激发员工奋斗 精神，有效地将股东利益、公司利益和核心员工利益结合在一起，推动公司可持 续发展，同意公司使用自有资金或自筹资金以集中竞价方式回购公司部分股份， 回购的公司股份将全部用于后续实施股权激励或员工持股计划。本次回购股份的 价格为不超过人民币10.29元/股，本次回购的资金总额不低于10,000万元人民币 （含）且不超过15,000万元人民币（含），具体回购数量以回购期限届满时实际 回购的股份数量为准，本次回购股份的实施期限自董事会审议通过本次回购股份 方案之日起12个月内。上述具体内容详见公司在指定信息披露媒体《中国证 ...

证券研究报告 | 2024年04月28日 格林美（002340.SZ） 增持 新能源材料出货持续增长，“以旧换新”提振回收业务发展 核心观点 公司研究·财报点评 公司2024Q1净利润4.56亿元，同比+164%。公司2023年实现营收305.29 电力设备·电池 亿元，同比+4%；实现归母净利润9.35亿元，同比-28%；毛利率为12.24%， 证券分析师：王蔚祺 联系人：李全 同比-2.3pct。公司2024Q1实现营收为83.54亿元，同比+36%、环比-19%； 010-88005313 021-60375434 wangweiqi2@guosen.com.cnliquan2@guosen.com.cn 实现归母净利润4.56亿元，同比+164%、环比+18%；毛利率为13.29%，同比 S0980520080003 +0.4pct、环比+3.8pct。公司2023年公允价值变动收益为12.65亿元，或 基础数据 主要受到参股公司Ecopro Materials股价变动影响；2023年因上游原材料 投资评级 增持(维持) 和产品价格下降，计提资产减值损失8.29亿元。 合理估值 收盘价 6.23元 公 ...

Dividend Distribution - The company plans to distribute a cash dividend of 0.80 yuan per 10 shares (including tax) to all shareholders for the 2023 fiscal year[3]. - The total share capital used for the dividend distribution will be adjusted based on any changes in the total share capital before the record date[3]. - The total cash dividend, including share repurchases, is expected to reach approximately 530.28 million yuan, accounting for 56.71% of the net profit attributable to shareholders[156]. Financial Performance - The company's operating revenue for 2023 was ¥30,528,634,731.12, representing a 3.87% increase from ¥29,391,772,691.52 in 2022[14]. - The net profit attributable to shareholders for 2023 was ¥934,487,445.30, a decrease of 27.89% compared to ¥1,295,888,442.16 in 2022[14]. - The net profit after deducting non-recurring gains and losses was -¥240,660,830.56 in 2023, a decline of 119.91% from ¥1,208,862,009.26 in 2022[14]. - The net cash flow from operating activities increased significantly to ¥2,164,444,321.01, compared to -¥17,303,453.52 in 2022, marking a 12,608.74% increase[14]. - Total assets at the end of 2023 were ¥52,632,379,760.02, up 19.27% from ¥44,129,607,400.43 at the end of 2022[14]. - The company's basic earnings per share for 2023 was ¥0.18, down 30.77% from ¥0.26 in 2022[14]. Risk Management - The company emphasizes the importance of accurate financial reporting and has confirmed the authenticity of the annual report by its management team[2]. - The report includes forward-looking statements regarding future plans and development strategies, which do not constitute a commitment to investors[2]. - The company has outlined potential risks and corresponding mitigation strategies in the management discussion section of the report[2]. Corporate Governance - The report indicates that all board members attended the meeting to review the annual report[2]. - The company has a dedicated contact for investor relations, ensuring effective communication with stakeholders[9]. - The company has maintained a high level of governance, achieving an A-level rating in information disclosure for ten consecutive years from the Shenzhen Stock Exchange[53]. - The company has established various specialized committees within the board to enhance governance and decision-making processes[159]. - The company has implemented a series of internal control regulations to ensure compliance and transparency in governance[160]. Research and Development - The company has applied for 3,767 patents globally and has led the formulation of 475 national and industry standards[23]. - The company has invested significantly in R&D from 2017 to 2023, demonstrating a continuous commitment to innovation and maintaining its competitive edge in the industry[59]. - Research and development (R&D) investment amounted to ¥1,446,456,442.35 in 2023, representing 4.74% of operating revenue, down from 5.02% in 2022[88]. Sustainability and Environmental Initiatives - The company aims to create a world-class green industry group and enhance its ESG value chain cooperation globally, aligning with the new round of equipment updates and consumer product recycling strategies in China[26]. - The company has been recognized as a national model for circular economy practices, receiving accolades such as the "National Circular Economy Education Demonstration Base" and "National Green Factory"[65]. - The company is committed to a zero-carbon plan, with a goal of 50% recycling of nickel, cobalt, and lithium resources by 2027[130]. Market Position and Strategy - The company has established a unique lifecycle value chain model for new energy, connecting the manufacturing, consumption, and recycling ends of the global new energy industry[24]. - The company is exploring overseas expansion opportunities and is assessing the impact of nickel price fluctuations on its profitability and production plans[151]. - The company aims to achieve an annual revenue of 40 billion RMB, striving to exceed 43 billion RMB in 2024[122]. Employee and Management Information - The total number of employees at the end of the reporting period is 10,253, with 10,150 from major subsidiaries[197]. - The company has a diverse management team with significant experience in various sectors, including finance, engineering, and management, which enhances its operational capabilities[176]. - The total pre-tax remuneration for the board of directors, supervisors, and senior management during the reporting period amounted to CNY 29.73 million[185]. Strategic Partnerships and Collaborations - The company has established strategic partnerships with major automotive groups, enhancing its position in the new energy lifecycle value chain[44]. - The company received the Annual Best Partner Award from Samsung SDI, reinforcing its strategic partnerships with major clients like Samsung, SK On, and CATL[52]. - The company has established a joint research laboratory with Bandung Institute of Technology, focusing on key mineral resource development and sustainable technologies[56].

Financial Performance - The company's revenue for Q1 2024 reached ¥8,354,162,360.57, representing a 36.31% increase compared to ¥6,128,599,637.93 in the same period last year[3]. - Net profit attributable to shareholders was ¥456,098,177.39, a significant increase of 164.48% from ¥172,449,771.10 year-on-year[3]. - The net profit after deducting non-recurring gains and losses was ¥378,679,540.49, up 332.98% from ¥87,458,646.91 in the previous year[3]. - The net cash flow from operating activities improved to ¥356,303,843.48, a 199.33% increase from a negative cash flow of ¥358,713,655.61 in the same quarter last year[3]. - Total operating revenue for Q1 2024 reached ¥8,354,162,360.57, a significant increase of 36.3% compared to ¥6,128,599,637.93 in Q1 2023[26]. - The net profit for Q1 2024 was CNY 467,486,971.19, a significant increase of 97.6% compared to CNY 236,392,180.70 in Q1 2023[27]. - The operating profit for Q1 2024 was CNY 554,973,499.91, compared to CNY 272,385,004.37 in Q1 2023, marking an increase of 103.8%[27]. - The company reported a total comprehensive income of CNY 440,029,951.54 for Q1 2024, compared to CNY 107,425,450.23 in Q1 2023, reflecting an increase of 309.5%[27]. - The company's basic earnings per share for Q1 2024 was CNY 0.09, up from CNY 0.03 in Q1 2023, indicating a growth of 200%[27]. Asset and Liability Management - Total assets at the end of the reporting period were ¥56,507,368,066.11, reflecting a 7.36% increase from ¥52,632,379,760.02 at the end of the previous year[3]. - Total liabilities increased to ¥34,328,505,138.42, compared to ¥30,929,238,034.99 in the previous year, marking an increase of 10.3%[25]. - The company's total equity reached ¥22,178,862,927.69, an increase from ¥21,703,141,725.03, indicating a growth of 2.2%[25]. - Accounts receivable increased from CNY 6,923,189,481.43 to CNY 7,382,929,901.00, indicating a growth of about 6.6%[23]. - The company's long-term equity investments rose from CNY 1,650,689,719.86 to CNY 1,798,025,046.57, representing an increase of approximately 9%[23]. Operational Highlights - The shipment of ternary precursors was 51,000 tons, a year-on-year increase of 113.72%, supporting the annual target of 220,000 tons[13]. - The shipment of cobalt tetroxide reached 6,058 tons, a remarkable year-on-year growth of 293.38%, aiming for an annual sales target of 25,000 tons[13]. - The company produced and sold 10,500 tons of nickel MHP, exceeding production targets by 30% and achieving a year-on-year increase of 133.33%[13]. - The company plans to recycle and dismantle 45,000 tons of power batteries in 2024, with Q1 results showing a 27.47% increase to 7,900 tons[13]. Strategic Initiatives - The company is strategically positioned to capitalize on the national initiative for large-scale equipment updates and consumer goods replacement, creating a trillion-level market opportunity[14]. - The company has established a comprehensive recycling network across 11 provinces, covering over 40% of China's territory[14]. - The company is expanding its nickel resource capacity to 150,000 tons, with 110,000 tons under its control and 40,000 tons in joint ventures[17]. - The company is entering a critical phase for its Indonesia nickel resource project, with three modules expected to be completed and put into production by June 2024, contributing to a total annual capacity of 40,000 tons of nickel metal[18]. - The annual production capacity of 30,000 tons of high-nickel ternary precursors in Indonesia is set to be completed by July 2024, marking the first ternary precursor production line in the country[18]. Income and Expenses - Total operating costs for Q1 2024 were ¥7,845,757,812.03, up 31.8% from ¥5,951,810,847.83 in the same period last year[26]. - Research and development expenses increased to ¥204,682,867.95, representing a rise of 17.6% from ¥174,139,047.33 in Q1 2023[26]. - The company's income tax expense for Q1 2024 was CNY 89,537,439.78, compared to CNY 33,628,069.57 in Q1 2023, reflecting an increase of 166.5%[27]. Cash Flow Management - The company's cash and cash equivalents decreased from CNY 5,543,512,089.84 at the beginning of the period to CNY 4,947,972,668.13 at the end of the period, reflecting a decline of approximately 10.7%[23]. - The cash flow from operating activities generated a net amount of CNY 356,303,843.48, a turnaround from a negative cash flow of CNY -358,713,655.61 in the previous year[28]. - The total cash inflow from financing activities was CNY 3,650,218,433.99, compared to CNY 3,149,754,175.36 in the previous year, an increase of 15.9%[29]. - The company experienced a net cash outflow from investing activities of CNY -2,660,295,882.32, compared to CNY -1,223,044,980.80 in Q1 2023, indicating increased investment activity[28].