Company Overview - Yongxing Materials focuses on "special steel new materials + lithium battery new energy" as its dual core business model, with production bases in Huzhou, Zhejiang and Yichun, Jiangxi [2] - The lithium battery new energy business relies on domestic lithium mica mineral resources, integrating mining, selection, and smelting to produce battery-grade lithium carbonate [2] - The special steel new materials business primarily produces high-quality stainless steel bars and special alloy materials, serving high-end manufacturing industries such as petroleum extraction, power equipment, and transportation [2] Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 6.231 billion CNY and a net profit attributable to shareholders of 971 million CNY, both showing a decline due to falling lithium carbonate prices [3] - As of September 30, 2024, total assets amounted to 13.915 billion CNY, with net assets of 12.549 billion CNY [3] Lithium Carbonate Business Model - The company employs a "production-based sales" strategy, primarily using long-term contracts while also engaging in flexible sales through spot contracts [3] - A proposal for futures hedging business was approved, allowing for a maximum margin of 200 million CNY for lithium carbonate futures hedging within twelve months [3] Project Development - The company completed the mining license change for the Chashan porcelain stone mine in January 2024, increasing the production capacity from 3 million tons/year to 9 million tons/year [3] - The lithium ore efficient selection and comprehensive utilization project has been largely completed, with some production lines already operational [3] Future Financial Plans - The company plans to utilize its ample cash reserves for shareholder returns, construction of lithium carbonate projects, and potential investments in lithium resources [4] Competitive Advantages in Special Steel - The special steel new materials business emphasizes six core competitive advantages: product quality, R&D and technology, certification, refined management, circular economy, and geographical location [5] - The company aims to increase the proportion of high-value-added products in sectors such as new energy, nuclear power, and high-end equipment manufacturing, while maintaining a leading market share in stainless steel bars [5]

Key Points Company and Industry Overview - **Industry**: Lithium and Special Steel - **Company**: Yongxing Materials - **Focus**: Investment value, market dynamics, and financial performance Investment Value - **Low Cost**: Yongxing Materials benefits from resource advantages and strong execution, achieving lower production costs. - **Expansion**: The company is expanding its production capacity and implementing a high-dividend strategy. - **High Dividends**: Yongxing Materials has a history of high dividends, returning over 52 billion yuan to investors with financing of only about 20 billion yuan. Market Dynamics - **Increasing Demand**: Lithium demand is increasing due to growth in the energy storage sector, particularly from CATL's production increase. - **Supply Constraints**: Supply is constrained by project shutdowns and reduced production in Australia. - **Price Outlook**: Lithium prices are expected to rise due to supply constraints, potentially reaching 8-9 yuan/ton. Business Performance - **Special Steel**: Yongxing Materials has a strong performance in the special steel business, with rising margins driven by sectors like power generation, nuclear power, and oil. - **Lithium**: The company has a significant advantage in the lithium business, with its own mines and low-cost production. Financial Performance - **Excellent Financial Health**: Yongxing Materials has a strong balance sheet, with high-quality mine resources supporting expansion plans and low-cost operations. - **High Dividend Expectations**: The company is expected to continue high dividend payments, especially if lithium prices rebound or reverse. Future Outlook - **Expansion Projects**: The company's expansion projects are expected to increase production capacity and profitability. - **Industry Leadership**: Yongxing Materials is poised to become an industry leader if lithium prices rise.

Summary of Conference Call on New Materials Investment Value Company and Industry Overview - The conference call focused on the new materials industry, specifically discussing the investment value of a company named Yongxing Materials [1][4]. - The discussion highlighted the lithium mining sector, particularly the demand and supply dynamics influenced by companies like Ningde and the impact of the Belt Hill project in Australia [1][2]. Key Points and Arguments Demand and Supply Dynamics - Ningde's production forecast for next year was revised upwards from a 20% growth to a 30% growth, leading to an additional demand of 50 to 60 GWh, equating to approximately 40,000 tons of lithium carbonate equivalent [1][3]. - The Belt Hill project in Australia, with a capacity of 120,000 tons, is now in maintenance mode, which could reduce the supply by 15,000 tons of lithium carbonate equivalent for 2025 [2][3]. - Overall supply expectations have been adjusted downwards from 140-145 million tons to potentially 135-140 million tons, indicating a tightening market [3]. Company Performance and Strategy - Yongxing Materials is characterized by low costs, capacity expansion, and high dividends, which are seen as key investment highlights [4][9]. - The company has a strong historical performance, having proven its ability to maintain low costs despite market skepticism regarding its production methods [5][6]. - Yongxing's expansion plans include increasing its mining capacity from 300 million tons to 900 million tons, which will significantly boost its production of lithium carbonate equivalent [7][8]. Financial Health and Dividend Policy - Yongxing has a strong financial position with net cash of 9 billion and no debt, allowing for potential high dividend payouts [9][10]. - The company has a history of substantial dividends, having distributed 5.2 billion since 2015, with expectations for continued high dividends in the future [9][10]. - The projected profits for the next year could reach 1 billion if lithium prices stabilize around 80,000, with potential for higher profits if prices increase [12]. Additional Important Insights - The company’s operational efficiency and disciplined management, stemming from its leadership background, contribute to its competitive edge in cost control [5][6]. - The lithium mining sector is expected to experience significant price increases due to supply constraints and rising demand, making it a critical area for investment [3][12]. - Yongxing's ability to adapt and explore various revenue streams, including potential processing of lithium carbonate, positions it well for future growth [12]. Conclusion - The conference emphasized the importance of the lithium mining sector and the promising outlook for Yongxing Materials, highlighting its low-cost structure, expansion capabilities, and strong dividend history as key factors for potential investors [1][12].

证券代码：002756 证券简称：永兴材料 公告编号：2024-048 号 永兴特种材料科技股份有限公司 关于控股股东部分股权质押的公告 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。 一、股份质押情况 | | | | | 合计占 | 合计占 | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 情况 | | 情况 | | | 股东 名称 | 持股数量 | 持股比例 | 累计被质押 股份数量 | 其所持 股份比 | 公司总 股本比 | 已质押股 | 占已质 | 未质押股 | 占未质 | | | | | | 例 | 例 | 份限售和 | 押股份 | 份限售和 | 押股份 | | | | | | | | 冻结数量 | 比例 | 冻结数量 | 比例 | | 高兴江 | 192,550,206 | 35.72% | 29,750,000 | 15.45% | 5.52% | 0 | 0 | 0 | 0 | 3、其他说明 高兴江先 ...

Core Viewpoint - Recently, Yongxing (Jiangxi) Technology Entrepreneurship Park Co., Ltd. was established, indicating a strategic move in the real estate and technology sectors [1] Company Summary - The company is registered with a capital of 50 million yuan, which reflects a significant investment in its operational capabilities [1] - The legal representative of the company is Yang Guohua, suggesting a centralized leadership structure [1] - Yongxing Technology Entrepreneurship Park's business scope includes non-residential real estate leasing, commercial complex management services, hotel management, engineering and technology research and experimental development, new material technology promotion services, and electronic special materials research and development [1] - The company is wholly owned by Yongxing Materials through indirect shareholding, indicating a strong backing from an established entity in the materials sector [1]

Investment Rating - The report maintains a "Buy-A" rating for the company with a 12-month target price of 47.9 CNY per share, compared to the current price of 40.41 CNY [5][8]. Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue at 6.231 billion CNY, down 35.79% year-on-year, and net profit at 971 million CNY, down 68.19% year-on-year [1]. - The lithium prices have dropped significantly, with battery-grade lithium carbonate averaging 80,000 CNY per ton in Q3, down 66.77% year-on-year, and battery-grade lithium hydroxide at 75,700 CNY per ton, down 66.18% year-on-year [2]. - The company is actively working on cost reduction and technology development to improve lithium yield and enhance the utilization of by-products [2]. - The company’s subsidiary, Huqiao Mining, has completed the change of its mining license, increasing its production capacity from 3 million tons per year to 9 million tons per year, enhancing resource security [3]. - The company has completed the construction of a 3 million tons per year lithium ore efficient selection and comprehensive utilization project, which is now in the equipment installation phase [3]. Financial Performance - For Q3 2024, the company achieved revenue of 1.7386 billion CNY, down 42.97% year-on-year and 20.69% quarter-on-quarter, with a net profit of 202.4 million CNY, down 82.38% year-on-year and 32.58% quarter-on-quarter [1]. - The company distributed a cash dividend of 5.00 CNY per 10 shares, totaling 264 million CNY (including tax) [4]. - The projected revenues for 2024 to 2026 are 8.441 billion CNY, 9.548 billion CNY, and 10.995 billion CNY, respectively, with net profits of 1.173 billion CNY, 1.309 billion CNY, and 1.939 billion CNY [5].

Investment Rating - The report maintains a "Recommend" rating for Yongxing Materials (002756 SZ) [4][7] Core Views - Yongxing Materials' Q1-Q3 2024 revenue was RMB 6 23 billion, down 35 8% YoY, with net profit attributable to shareholders of RMB 970 million, down 68 2% YoY [2] - Q3 2024 revenue was RMB 1 74 billion, down 43 0% YoY and 20 7% QoQ, with net profit attributable to shareholders of RMB 200 million, down 82 4% YoY and 32 6% QoQ [2] - The company's performance met expectations, with lithium carbonate prices continuing to decline and cost reduction efforts progressing [2][3] - The company's integrated expansion and cost optimization in lithium extraction from lepidolite are key highlights [4] Financial Performance - Q1-Q3 2024 gross margin was 18 4%, with a net margin of 15 9%, while Q3 gross margin was 16 8%, down 2 3pct QoQ, and net margin was 11 8%, down 2 3pct QoQ [3] - Other income for Q1-Q3 2024 was RMB 250 million, mainly from government subsidies, with Q3 other income at RMB 40 million, up RMB 30 million QoQ [3] - The company's 2024-2026 net profit attributable to shareholders is forecasted to be RMB 1 18 billion, RMB 1 21 billion, and RMB 1 53 billion, respectively, with P/E ratios of 18x, 17x, and 14x based on the closing price on November 1 [4] Lithium Carbonate Business - Domestic lithium carbonate prices in Q1-Q3 2024 averaged RMB 95,000/ton, down 67 8% YoY, with Q3 prices at RMB 80,000/ton, down 24 3% QoQ [3] - The company has made significant progress in cost reduction, with H1 2024 operating costs per ton at RMB 50,000, down over 10% YoY, and further optimization expected in Q3 due to lower raw material prices [3] Expansion and Cost Optimization - The company has formed an integrated layout with 3 million tons of lepidolite mining and beneficiation capacity and 30,000 tons of lithium salt production capacity, achieving high self-sufficiency in lithium ore [4] - Expansion projects are progressing steadily, with the Huashan Mine's capacity increasing from 3 million tons to 9 million tons in January 2024, and the Yongcheng Lithium 3 million tons beneficiation project nearing completion [4] - The company continues to optimize costs across the entire process, maintaining a significant cost advantage in lepidolite lithium extraction [4] Financial Forecasts - 2024-2026 revenue is forecasted to be RMB 12 189 billion, RMB 8 828 billion, and RMB 9 001 billion, respectively, with growth rates of -21 8%, -27 6%, and 2 0% [6] - 2024-2026 net profit attributable to shareholders is forecasted to be RMB 1 183 billion, RMB 1 211 billion, and RMB 1 529 billion, respectively, with growth rates of -65 3%, 2 4%, and 26 2% [6] - 2024-2026 EPS is forecasted to be RMB 2 19, RMB 2 25, and RMB 2 84, respectively, with P/E ratios of 18x, 17x, and 14x [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q3 2024 met expectations, with total revenue of 6.2 billion yuan, down 36% year-on-year, and a net profit attributable to shareholders of 970 million yuan, down 68% year-on-year [2] - The sales volume of lithium carbonate remained stable quarter-on-quarter, with costs further decreasing, leading to a profit contribution of 60-70 million yuan in Q3 [3] - The special steel business maintained strong profitability, contributing 350-400 million yuan in profit during the first three quarters of 2024, with Q3 alone contributing over 100 million yuan [3] - Operating cash flow faced pressure, with a significant decline in net cash flow from operating activities, totaling 390 million yuan, down 89% year-on-year [4] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 1.14 billion yuan, 750 million yuan, and 1.2 billion yuan respectively, reflecting a year-on-year decline of 67% and 34% before a recovery in 2026 [4] Summary by Sections Financial Performance - Total revenue for 2024 is projected at 9.62 billion yuan, a decrease of 21.06% year-on-year, while net profit is expected to be 1.14 billion yuan, down 66.61% year-on-year [1][4] - Q3 2024 revenue was 1.7 billion yuan, down 43% quarter-on-quarter and 21% year-on-year, with a net profit of 200 million yuan, down 82% quarter-on-quarter and 33% year-on-year [2][4] Sales and Production - The company plans to start a technical transformation project for lithium carbonate smelting with an annual capacity of 10,000 tons, expected to impact production from Q4 2024 to H1 2025 [3] - The total sales volume for 2024 is expected to be over 25,000 tons, slightly down year-on-year [3] Cash Flow and Capital Expenditure - The operating cash flow for the first three quarters of 2024 was 390 million yuan, down 89% year-on-year, with Q3 showing a negative cash flow of 140 million yuan [4] - Capital expenditure for the first three quarters of 2024 was 270 million yuan, down 30% year-on-year [4]

证券研究报告 | 2024年10月31日 请务必阅读正文之后的免责声明及其项下所有内容 永兴材料（002756.SZ）——三季报点评 优于大市 锂盐业务成本优势凸显，特钢业务经营保持稳定 公司发布三季报：前三季度实现营收 62.31 亿元，同比-35.79%；实现归母 净利润 9.71 亿元，同比-68.19%。公司 24Q3 实现营收 17.39 亿元，Q3 环比 -20.69%；实现归母净利润 2.02 亿元，Q3 环比-32.58%。Q3 利润环比有所下 滑，一方面是由于锂价持续下行，国产电池级碳酸锂 24Q2/Q3 均价分别为 10.52/7.94 万元/吨，Q3 环比-24.52%，另一方面是下游需求相对平淡的情 况下，公司更加注重产品质量的提升，而并不追求量上的释放。 锂业务降本增效：面对锂价大幅下跌带来的不利影响，公司坚持实施以"终 端龙头、优质正极、特色细分"为主要客户的销售策略和"长协为主、应销 尽销"的经营方针，确保锂业务稳健运行。另外，公司对全产业链进行优化， 降低生产成本，提高产品竞争力。今年上半年公司碳酸锂单吨营业成本仅为 5 万元，同比降本 10%以上，预计下半年随着降本增效持续推 ...

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。 永兴特种材料科技股份有限公司（以下简称"公司"）于 2024 年 10 月 25 日以书 面送达及电子邮件等方式向公司全体董事、监事和高级管理人员发出了召开公司第六 届董事会第十三次临时会议的通知。会议于 2024 年 10 月 30 日以通讯表决方式召开， 会议应到董事 9 名，实到董事 9 名。公司监事、高级管理人员列席了本次董事会。本 次会议的召开符合《公司法》和《公司章程》的有关规定，会议决议合法、有效。会 议由董事长高兴江先生主持，经与会董事充分讨论，审议通过了如下议案： 表决结果：同意：9 票；反对：0 票；弃权：0 票 本议案已经公司审计委员会审议通过。 证券代码：002756 证券简称：永兴材料 公告编号：2024-045 号 永兴特种材料科技股份有限公司 第六届董事会第十三次临时会议决议公告 一、关于《2024 年第三季度报告》的议案 永兴特种材料科技股份有限公司董事会 2024 年 10 月 31 日 1 《2024 年第三季度报告》与本决议公告同日刊登于《证券时报》《上海证券报》 和巨潮资讯 ...