南通江海电容器股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日 召开第六届董事会第七次会议，审议通过了《关于注销公司 2018 年股票期权激 励计划部分股票期权的议案》。根据《上市公司股权激励管理办法》、公司《股票 期权激励计划（草案）》的有关规定，公司 2018 年股权激励计划第五个行权期到 2024 年 10 月 23 日结束。截止第五个行权期届满，有 1 名激励对象持有 12.6 万 份股票期权尚未行权，公司董事会决定取消上述已到期但尚未行权的股票期权， 并将相关股票期权予以注销。具体内容详见公司于 2024 年 10 月 29 日披露的 《南通江海电容器股份有限公司关于注销公司 2018 年股票期权激励计划部分股 票期权的公告》（公告编号：2024-040）。本次注销完成后股票期权激励份额由 3,549.45 万份调整为 3536.85 万份。 近日，公司向中国证券登记结算有限责任公司深圳分公司提交了注销上述股 票期权的申请。2024 年 11 月 4 日，经中国证券登记结算有限公司深圳分公司审 核确认，公司已完成上述股票期权的注销事宜。本次期权注销符合《公司法》、 《上市公司股权 ...

Investment Rating - Maintain "Recommend" rating [1][3] Core Views - The company's Q3 2024 performance was under pressure, with both revenue and net profit declining year-on-year and quarter-on-quarter [1] - The capacitor industry is experiencing a mild recovery, with demand fluctuations [1] - Film capacitors and supercapacitors have broad application prospects, especially in the new energy vehicle sector [1] - The company is expected to achieve net profits of 719 million, 893 million, and 1,079 million yuan in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 18, 14, and 12 times [1] Financial Performance - Q3 2024 revenue was 1,175 million yuan, a year-on-year decrease of 9.94% [1] - Q3 2024 net profit attributable to the parent company was 147 million yuan, a year-on-year decrease of 20.98% [1] - Q3 2024 gross profit margin was 25.27%, a year-on-year decrease of 0.63 percentage points [1] - Q3 2024 net profit margin was 12.57%, a year-on-year decrease of 1.79 percentage points [1] Industry and Market Analysis - Aluminum electrolytic capacitors accounted for over 80% of the company's revenue in the first half of 2024 [1] - The company's MLPC products are expected to gain more market share in Q4 2024 due to technological innovation and recognition by server and AI companies [1] - The company is actively researching and industrializing key materials for capacitors, extending the aluminum electrolytic capacitor industry chain [1] Future Prospects - The company's film capacitors and supercapacitors are expected to benefit from the continued development of new energy vehicles [1] - Supercapacitors have significant application potential in smart meters, wind power pitch control, smart grid transformation, rail transit, oil-to-electricity projects, and port machinery [1] - The company's grid frequency modulation module project is progressing smoothly, laying a good foundation for future development [1] Financial Forecasts - Expected revenue for 2024, 2025, and 2026 is 5,070 million, 6,066 million, and 7,079 million yuan, respectively [4] - Expected net profit attributable to the parent company for 2024, 2025, and 2026 is 719 million, 893 million, and 1,079 million yuan, respectively [4] - Expected EPS for 2024, 2025, and 2026 is 0.85, 1.05, and 1.27 yuan, respectively [4]

Investment Rating - Buy (Maintained) [1][2] Core Views - The company's Q3 2024 performance showed a sequential decline, with revenue at 1.175 billion yuan, down 9.94% YoY and 10.48% QoQ, and net profit attributable to shareholders at 147 million yuan, down 20.98% YoY and 30.20% QoQ [2] - The decline in Q3 performance was mainly due to increased impairment losses, higher loan interest expenses, and inventory adjustments [2] - The company's long-term development is promising, supported by its diversified capacitor product layout and ongoing capacity expansion projects [2][3] - The company's non-public offering projects, including the "Super Capacitor Industrialization Project" and the "High-Voltage Large-Capacity Film Capacitor Expansion Project," are progressing steadily, with investment progress reaching 79.51% and 82.37% respectively as of June 30, 2024 [3] Financial Performance Summary - Revenue for the first three quarters of 2024 was 3.539 billion yuan, down 6.33% YoY, with net profit attributable to shareholders at 494 million yuan, down 9.71% YoY [2] - Gross profit margin for Q3 2024 was 25.27%, down 0.62 percentage points YoY and 0.75 percentage points QoQ [2] - Net profit margin for Q3 2024 was 12.57%, down 1.79 percentage points YoY and 3.66 percentage points QoQ [2] - The company's revenue is expected to grow to 5.448 billion yuan in 2024, 6.276 billion yuan in 2025, and 7.277 billion yuan in 2026, with net profit attributable to shareholders projected to reach 807 million yuan, 954 million yuan, and 1.135 billion yuan respectively [4][5] Valuation and Projections - The current stock price corresponds to a PE ratio of 16.1x for 2024, 13.6x for 2025, and 11.4x for 2026 [2][4] - The company's EPS is expected to be 0.95 yuan in 2024, 1.12 yuan in 2025, and 1.33 yuan in 2026 [4][5] - The company's ROE is projected to be 13.3% in 2024, 13.8% in 2025, and 14.3% in 2026 [4][5] Industry and Market Outlook - The demand for film capacitors in wind/solar energy storage applications is expected to grow as inventory adjustments conclude and the industry stabilizes [3] - The company has a strong order book in the electric vehicle sector, with significant potential for future profit growth [3] - The super capacitor project is expected to see good prospects in traditional applications and new areas such as power generation side and user-side frequency regulation, as well as energy-saving and intelligent manufacturing applications [3]

南通江海电容器股份有限公司 证券代码：002484 证券简称：江海股份 公告编号：2024-037 第六届监事会第六次会议决议公告 根据《上市公司股权激励管理办法》、《股票期权激励计划（草案）》的 有关规定，公司2018年股权激励计划第五个行权期到2024年10月23日结束。截 止第五个行权期满，有1名激励对象陆军共计持有12.6万份股票期权尚未行权， 公司董事会决定取消上述已到期但尚未行权的股票期权，并予以注销。 监事会认为：根据《激励计划》、公司与激励对象签署的《南通江海电容 器股份有限公司 2018 年股票期权激励计划股票期权授予协议》的相关规定，由 于截止第五个行权期满，激励对象股票期权尚未行权，公司董事会决定取消上 述已到期但尚未行权的股票期权。此次注销，符合公司《激励计划》以及有关 法律、法规的相关规定，本次注销部分股票期权合法、有效。符合公司及全体 股东的利益。因此，我们一致同意公司注销 2018 年股票期权激励计划部分股票 期权。 表决结果：同意 3 票，反对 0 票，弃权 0 票，获得通过。 三、审议了《关于为本公司及公司全体董事、监事、高级管理人员购买责 任保险的议案》 本公司及监事会全体 ...

江海股份 法律意见书 江苏世纪同仁律师事务所 关于南通江海电容器股份有限公司注销 2018 年 股票期权激励计划部分股票期权的 法律意见书 致：南通江海电容器股份有限公司 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司股权 激励管理办法》（以下简称"《管理办法》"）、《律师事务所从事证券法律业务管理 办法》和《律师事务所证券法律业务执业规则（试行）》等有关法律、法规和规 范性文件的规定，本所接受南通江海电容器股份有限公司（以下简称"江海股份" 或"公司"）委托，就公司注销 2018 年股票期权激励计划部分股票期权（以下 简称"本次注销"）事项出具本法律意见书。 为出具本法律意见书，本所律师特作如下承诺和声明： 1、本所依据《律师事务所从事证券法律业务管理办法》和《律师事务所证 券法律业务执业规则（试行）》等有关规定，编制和落实了查验计划，收集证据 材料，查阅了按规定需要查阅的文件以及本所认为必须查阅的其他文件。在公司 保证提供了本所为出具本法律意见书所要求公司提供的原始书面材料、副本材料、 复印材料、确认函或证明，提供给本所的文件和材料是真实、准确、完整和有效 的，并无任何隐瞒、虚假或重大 ...

证券代码：002484 证券简称：江海股份 公告编号：2024-040 南通江海电容器股份有限公司 关于注销公司2018年股票期权激励计划部分股票期权的公告 本公司及其董事会全体成员保证公告内容真实、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。 南通江海电容器股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日 召开第六届董事会第七次会议，审议通过了《关于注销公司 2018 年股票期权激 励计划部分股票期权的议案》。根据公司 2018 年第四次临时股东大会审议通过的 《关于提请股东大会授权董事会办理公司 2018 年股票期权激励计划相关事宜的 议案》，公司董事会注销部分股票期权已获得股东大会的授权，本事项无需再提 交股东大会审议。现将有关事项具体公告如下： 5、2018 年 11 月 8 日，公司第四届董事会第十次会议审议通过《关于调整 公司 2018 年股票期权激励计划激励对象名单及期权数量的议案》，公司独立董事 对相关事项发表了意见。 6、2018 年 11 月 30 日，公司在中国证券登记结算有限责任公司深圳分公司 完成了 2018 年股票期权激励计划的授予登记， ...

为公司及董事、监事、高级管理人员购买责任保险的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 南通江海电容器股份有限公司（以下简称"江海股份"或"公司"）于 2024 年 10 月 28 日召开第六届董事会第七次会议和第六届监事会第六次会议，审议了 《关于为本公司及公司全体董事、监事、高级管理人员购买责任保险的议案》。 为进一步完善公司风险管理体系，降低公司运营风险，促进公司董事、监事及高 级管理人员充分行使权利、履行职责，根据《上市公司治理准则》的有关规定， 公司拟为公司及全体董事、监事、高级管理人员购买责任险。现将相关情况公告 如下： 一、投保情况概述 1、投保人：南通江海电容器股份有限公司 证券代码:002484 证券简称：江海股份 公告编号：2024-039 南通江海电容器股份有限公司关于 为提高决策效率，公司董事会拟提请股东大会在上述权限内授权公司管理层 办理公司及全体董事、监事、高级管理人员购买责任险的相关事宜（包括但不限 于确定其他相关责任人员，确定保险公司，确定保险金额、保险费及其他保险条 款，选择及聘任保险经纪公司或其他中介机构，签署相关法律 ...

第六届董事会第七次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 证券代码:002484 证券简称：江海股份 公告编号：2024-036 南通江海电容器股份有限公司 本议案赞成票6票，反对票0票，弃权票0票，此项决议通过。（公司董事陈 卫东、丁继华、陈瑜为本次激励计划激励对象，在本次议案表决中已回避表 决） 三、审议了《关于为本公司及公司全体董事、监事、高级管理人员购买责 任保险的议案》 为进一步完善公司风险管理体系，降低公司运营风险，促进公司董事、监 事及高级管理人员充分行使权利、履行职责，根据《上市公司治理准则》的有 关规定，公司拟为公司和全体董事、监事和高级管理人员购买责任险。根据《公 司章程》及相关法律法规的规定，公司全体董事、监事及高级管理人员对本事 项回避表决，本次为公司和全体董事、监事和高级管理人员购买责任险事宜将 直接提交公司股东大会审议。具体内容详见公司指定信息披露媒体巨潮资讯网 （http://www.cninfo.com.cn）。 南通江海电容器股份有限公司（以下简称"公司"）第六届董事会第七次会 议（以下简称"会议"）通知于20 ...

Financial Performance - Revenue for Q3 2024 was CNY 1,175,111,139.30, a decrease of 9.94% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was CNY 146,946,791.78, down 20.98% year-on-year[2] - Basic earnings per share for Q3 2024 was CNY 0.1746, a decline of 20.82% compared to the previous year[2] - Total operating revenue for the third quarter was approximately CNY 3.54 billion, a decrease of 6.35% compared to CNY 3.78 billion in the same period last year[15] - Total operating costs amounted to approximately CNY 3.05 billion, down 3.59% from CNY 3.16 billion year-on-year[15] - The company reported a net profit margin of approximately 15.00% for the quarter, reflecting a decrease from the previous year's margin[15] - The net profit for Q3 2024 was approximately ¥499.46 million, a decrease of 8.97% compared to ¥548.77 million in Q3 2023[16] - Operating profit for Q3 2024 was ¥576.17 million, down from ¥635.91 million in the same period last year, reflecting a decline of 9.34%[16] - Total revenue from operating activities was ¥2.07 billion, a decrease of 16.14% from ¥2.47 billion in Q3 2023[18] - The company reported a total comprehensive income of ¥490.42 million for Q3 2024, compared to ¥537.12 million in Q3 2023, indicating a decline of 8.68%[17] - Basic earnings per share for Q3 2024 were ¥0.5852, down from ¥0.6502 in the same quarter last year, representing a decrease of 10.06%[17] Assets and Liabilities - Total assets as of the end of Q3 2024 reached CNY 7,388,985,541.20, an increase of 1.73% from the end of the previous year[2] - Non-current assets totaled approximately CNY 2.94 billion, an increase of 3.16% from CNY 2.85 billion year-on-year[14] - Total liabilities decreased to approximately CNY 1.64 billion, down 4.23% from CNY 1.71 billion in the previous year[14] - The company's total assets reached approximately CNY 7.39 billion, an increase of 1.73% from CNY 7.26 billion year-on-year[14] - The equity attributable to shareholders of the parent company increased to approximately CNY 5.71 billion, up 3.44% from CNY 5.52 billion in the previous year[14] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 414,303,185.61, a decrease of 2.22% year-on-year[2] - Cash flow from investment activities increased by 42.36% year-to-date, attributed to changes in structured financial products and fixed asset investments[7] - Net cash flow from financing activities decreased by 1201.28% year-to-date, due to reduced borrowings and increased stock repurchases[7] - Cash flow from operating activities generated a net amount of ¥414.30 million, slightly down from ¥423.72 million in the previous year[18] - The company’s cash and cash equivalents at the end of Q3 2024 stood at ¥882.31 million, compared to ¥785.75 million at the end of Q3 2023, showing an increase of 12.31%[19] Shareholder Information - The total number of common shareholders at the end of the reporting period is 28,720, with the top 10 shareholders holding 28.81% of the shares[8] - The largest shareholder, Yiwei Investment Limited, holds 245,021,000 shares, representing 28.81% of the total shares[9] - The top 10 shareholders include domestic and foreign entities, with the largest domestic individual shareholder, Zhu Xiang, holding 60,627,966 shares, or 7.13%[8] - The company has a total of 8,500,000 shares held by China Foreign Economic and Trade Trust Co., Ltd., representing 1.00% of the total shares[9] - The company has not reported any changes in the relationships or actions among the top shareholders[10] - The total number of preferred shareholders and their holdings has not been disclosed as applicable[12] Expenses and Investments - Research and development expenses increased to approximately CNY 201.29 million, up 9.25% from CNY 184.48 million in the previous year[15] - The company’s long-term investments in equity increased to approximately CNY 143.06 million, up from CNY 142.39 million year-on-year[14] - Interest expenses increased by 32.91% year-to-date, mainly due to higher loan interest[5] - The company recorded a foreign exchange loss of approximately ¥11.61 million in Q3 2024, compared to a loss of ¥9.65 million in the same period last year[17] - Investment activities resulted in a net cash outflow of approximately ¥187.75 million, an improvement from a net outflow of ¥325.72 million in Q3 2023[19] Other Income - The company reported a 303.94% increase in other income year-to-date, mainly from increased VAT deductions[5] - Accounts receivable increased to ¥1,735,337,623.82 from ¥1,588,612,042.32, reflecting a growth of about 9.2%[12] - Inventory stands at ¥1,069,094,599.61, slightly down from ¥1,098,376,243.08, showing a decrease of approximately 2.6%[12] - The total current assets amount to ¥4,452,722,890.16, a slight increase from ¥4,416,704,764.34, representing a growth of about 0.8%[12] Future Outlook - The company plans to continue expanding its market presence and invest in new product development in the upcoming quarters[15]

证券代码:002484 证券简称：江海股份 公告编号：2024-041 南通江海电容器股份有限公司 关于选举职工监事的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 南通江海电容器股份有限公司（以下简称"公司"） 职工监事 任期已届满，为保证监事会正常运作，根据《中华人民共和国公司 法》和《公司章程》有关规定，公司于 2024 年 10 月 26 日召开南通 江海电容器股份有限公司工会第十一届一次会员（职工）代表大 会，经全体到会职工代表民主投票，选举潘翔（简历附后）为公司 第六届监事会职工代表监事。 潘翔任期自本次职工大会召开之日起至第六届监事会届满之日 止，与第六届监事会任期相同。 特此公告。 南通江海电容器股份有限公司董事会 2024 年 10 月 29 日 附件： 潘翔先生，中国国籍，无境外永久居留权，1973 年出生，本科学历。潘翔先 生自 1991 年进入南通江海电容器厂，历任南通江海电容器厂设备管理员、现任 江海股份制造五部副部长。 潘翔先生与持有公司 5%以上股份的股东、实际控制人、公司其他董事、监 事、高级管理人员不存在关联关系，未直接或间接 ...