证券研究报告 | 2024年05月05日 永兴材料（002756.SZ） ——年报点评 买入 锂盐成本持续优化，特钢业务稳中有升 核心观点 公司研究·财报点评 公司发布2023年年报：实现营收121.89亿元，同比-21.76%;实现归母净利 钢铁·特钢Ⅱ 润34.07亿元，同比-46.09%;实现扣非归母净利润32.39亿元，同比-47.66%; 证券分析师：刘孟峦 证券分析师：杨耀洪 实现经营活动产生的现金流量净额39.44亿元，同比-40.67%。 010-88005312 021-60933161 liumengluan@guosen.com.cn yangyaohong@guosen.com.cn 公司发布2024年一季报：实现营收23.00亿元，同比-31.07;实现归母净利 S0980520040001 S0980520040005 润4.68亿元，同比-49.70%;实现扣非归母净利润3.08亿元，同比-67.14%; 基础数据 实现经营活动产生的现金流量净额-1.74亿元，同比-113.44%。 投资评级 买入(维持) 合理估值 核心产品方面：2023年，公司锂盐产量约2.71万吨，同比+3 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5][12] Core Insights - The company reported a revenue of 12.189 billion RMB in 2023, a decrease of 21.76% year-on-year, and a net profit attributable to shareholders of 3.407 billion RMB, down 46.09% year-on-year [7][12] - In Q1 2024, the company achieved a revenue of 2.3 billion RMB, a decline of 31.07% year-on-year, with a net profit of 468 million RMB, down 49.70% year-on-year [7][12] - The lithium salt production reached approximately 27,100 tons in 2023, an increase of 37.30% year-on-year, while sales were about 26,900 tons, up 36.43% year-on-year [8][11] - The special steel production was around 311,500 tons in 2023, with sales of approximately 310,300 tons, reflecting a year-on-year increase of 1.38% and 3.62% respectively [8][11] Financial Performance - The company plans to distribute a cash dividend of 20.00 RMB per 10 shares, totaling approximately 1.063 billion RMB, with a total cash distribution of about 1.751 billion RMB for 2023 [9][11] - The operating cash flow for 2023 was 3.944 billion RMB, down 40.67% year-on-year [7][12] - The company’s asset-liability ratio decreased to 14.38% by the end of 2023, down 4.10 percentage points from the end of 2022 [9] Business Strategy - The company is focusing on cost reduction and efficiency improvement in its lithium business through various operational optimizations and technological advancements [11][12] - In the special steel segment, the company has adjusted its product structure to enhance profitability, with over 40% of its sales coming from products with a gross margin of over 2,000 RMB per ton in 2023 [2][11]

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company reported a revenue of 12.19 billion yuan in 2023, a decrease of 21.8% year-on-year, with a net profit attributable to shareholders of 3.41 billion yuan, down 46.1% year-on-year [2]. - The company has a significant cost advantage in lithium extraction from mica, with the cost per ton of lithium carbonate reduced to 53,000 yuan, a decrease of 4.2% year-on-year [2]. - The company is focusing on an integrated layout in lithium extraction, with a total capacity of 3 million tons for lithium mica mining and 30,000 tons for lithium salt as of the end of 2023 [2]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 2.49 billion yuan, down 47.3% year-on-year, and a net profit of 0.35 billion yuan, down 82.7% year-on-year [2]. - For Q1 2024, the company reported a revenue of 2.30 billion yuan, an increase of 31.1% year-on-year, but a net profit of 0.47 billion yuan, down 49.7% year-on-year [2]. - The company plans to distribute a cash dividend of 1.06 billion yuan for 2023, resulting in a total cash dividend of 1.75 billion yuan for the year, with a dividend payout ratio of 51.3% [2]. Future Outlook - The company is expected to achieve net profits attributable to shareholders of 1.46 billion yuan, 1.89 billion yuan, and 2.39 billion yuan for 2024, 2025, and 2026, respectively, corresponding to PE ratios of 18, 14, and 11 times based on the closing price on April 30 [2][3]. - The company is actively optimizing its product structure in the special steel segment, achieving a revenue of 6.91 billion yuan in 2023, with a gross profit of 0.83 billion yuan, up 37.4% year-on-year [2].

证券研究报告·公司点评报告·能源金属 永兴材料（002756） 2023 年年报及 2024 年一季报点评：Q1 业绩 2024 年 04月 30日 略超预期，成本优势显著 证券分析师 曾朵红 买入（维持） 执业证书：S0600516080001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zengdh@dwzq.com.cn 证券分析师 阮巧燕 营业总收入（百万元） 15,579 12,189 10,040 11,124 12,783 执业证书：S0600517120002 同比（%） 116.39 (21.76) (17.63) 10.80 14.92 021-60199793 归母净利润（百万元） 6,320 3,407 1,718 1,870 2,402 ruanqy@dwzq.com.cn 同比（%） 612.42 (46.09) (49.58) 8.87 28.46 证券分析师 岳斯瑶 EPS-最新摊薄（元/股） 11.72 6.32 3.19 3.47 4.46 执业证书：S0600522090009 P ...

永兴特种材料科技股份有限公司 2024 年第一季度报告 证券代码：002756 证券简称：永兴材料 公告编号：2024-019 号 永兴特种材料科技股份有限公司 2024年第一季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报 告中财务信息的真实、准确、完整。 3.第一季度报告是否经审计 □是 否 1 永兴特种材料科技股份有限公司 2024 年第一季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 是 □否 追溯调整或重述原因 | --- | --- | --- | --- | --- | |-----------------------------------------------------|--------------------------------- ...

Financial Performance - The company's operating revenue for 2023 was ¥12,189,008,783.35, a decrease of 21.76% compared to the previous year[16]. - The net profit attributable to shareholders for 2023 was ¥3,406,771,930.76, down 46.09% year-over-year[16]. - The net profit after deducting non-recurring gains and losses was ¥3,238,878,396.17, reflecting a 47.66% decline from the previous year[16]. - The net cash flow from operating activities was ¥3,944,624,548.83, a decrease of 40.67% compared to 2022[16]. - The total assets at the end of 2023 amounted to ¥15,506,219,373.71, showing a slight increase of 0.54% from the end of 2022[16]. - The net assets attributable to shareholders increased by 5.72% to ¥12,980,850,206.76 at the end of 2023[16]. - The company reported a total of ¥167,893,534.59 in non-recurring gains for 2023, compared to ¥131,835,812.93 in 2022[21]. - The revenue from lithium battery new energy business was 5.282 billion yuan, a year-on-year decrease of 39.55%[45]. - The net profit attributable to shareholders was 2.879 billion yuan, a year-on-year decrease of 51.72%[45]. - The average price of battery-grade lithium carbonate decreased to 223,600 yuan per ton, a year-on-year decline[47]. Dividend Distribution - The company plans to distribute a cash dividend of 20.00 yuan (including tax) for every 10 shares, totaling 531,493,049 shares[4]. - The cash dividend distribution for 2023 is proposed at 20.00 RMB per 10 shares, totaling 1,062,986,098.00 RMB, with no stock dividends or capital reserve transfers planned[165]. - In 2022, the company distributed a cash dividend of 50.00 RMB per 10 shares, totaling 2,073,467,465.00 RMB, and increased its total share capital by 124,408,047 shares[162]. - For the first half of 2023, the company plans to distribute a cash dividend of 10.00 RMB per 10 shares, based on a total share capital of 539,101,540 shares[163]. - The total distributable profit for the reporting period is 4,436,180,870.37 RMB, with total cash dividends (including other methods) amounting to 1,750,758,872.17 RMB[165]. Business Stability and Governance - The company has not changed its main business since its listing, indicating stability in operations[12]. - The company has not made any changes to its controlling shareholders, indicating stability in ownership[12]. - The company has confirmed that all board members attended the meeting to review the annual report, ensuring governance compliance[3]. - The company maintains an independent operational structure, with no influence from its controlling shareholder[134]. - The company has established a comprehensive internal control system, focusing on risk management and ensuring the normal operation of key business processes[130]. - The company has independent financial, personnel, and asset management, ensuring no violations by the controlling shareholder[133]. - The company has not reported any related party transactions that would affect its operational independence[134]. - The company has established a clear organizational structure with defined responsibilities among its departments[134]. Risk Management and Compliance - The company emphasizes the importance of risk management and has outlined potential risks and countermeasures in its future development outlook[4]. - The company has established a comprehensive employee training system to enhance core competitiveness and meet the needs of different employee development stages[160]. - The company has complied with various environmental protection laws and standards, being classified as a key pollutant discharge unit[177]. - The company has received approvals for hazardous waste transfer valid until September 10, 2023, and December 31, 2023[178]. - The company has developed emergency response plans for environmental incidents, which have been approved by local environmental authorities[183]. Research and Development - The company has invested significantly in R&D, holding 90 patents related to stainless steel, including 35 invention patents, enhancing its technological capabilities[38]. - The company is focusing on R&D innovations to improve lithium recovery rates and reduce energy consumption[49]. - The company is committed to continuous innovation and improvement in its R&D efforts to enhance its core competitiveness and sustainable profitability[120]. - The company achieved a research and development investment of approximately ¥437.12 million in 2023, a decrease of 15.11% compared to ¥514.94 million in 2022[74]. - The number of R&D personnel increased to 338 in 2023, up by 2.11% from 331 in 2022[73]. Market and Industry Trends - In the lithium battery new energy sector, China's new energy vehicle production and sales reached 9.857 million and 9.495 million units, respectively, with year-on-year growth of 35.8% and 37.9%[23]. - The installed capacity of new energy storage projects in China reached 31.39 million kilowatts by the end of 2023, with a year-on-year growth of over 260%[23]. - The stainless steel industry saw a production increase of 12.59% in 2023, with crude steel output reaching 36.6759 million tons[24]. - The average annual growth rate of global lithium battery demand is projected to exceed 30% from 2023 to 2027[100]. - The new energy vehicle export volume reached 1.203 million units in 2023, marking a year-on-year increase of 77.2%, setting a historical record[98]. Environmental Responsibility - The company has established a series of environmental protection facilities, including dust removal and wastewater treatment systems, to mitigate pollution[181]. - The company reported zero financial reporting defects, indicating strong internal controls[176]. - The company invested over 80 million yuan in environmental protection facilities and projects during the reporting period[182]. - The total emissions of particulate matter were 26.0004 tons, with a permitted limit of 49.647 tons per year, indicating compliance with standards[180]. - The company has implemented energy-saving measures, achieving significant reductions in greenhouse gas emissions through process optimizations[184]. Employee and Management Practices - The total number of employees at the end of the reporting period is 2,337, with 785 in the parent company and 1,552 in major subsidiaries[158]. - The company has a competitive salary policy linked to performance, with a focus on reasonable returns for investors and maintaining a stable profit distribution policy[159]. - The total pre-tax remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 714.95 million[150]. - The company has established a comprehensive performance evaluation mechanism for senior management under the 2020 restricted stock incentive plan, linking performance to the unlocking conditions of the shares[169]. - The company’s stock incentive plan aims to align the interests of shareholders and core team members, enhancing overall cohesion[166].

证券代码：002756 证券简称：永兴材料 公告编号：2024-017 号 永兴特种材料科技股份有限公司 出席本次年度报告业绩说明会的人员有公司董事长、总经理高兴江先生，独立董 事张臻悦先生，董事会秘书徐凤女士，财务负责人张骅先生，持续督导保荐代表人王如 意先生。 为充分尊重投资者、提升交流的针对性，现就公司 2023 年度报告业绩说明会提前 向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2024 年 5 月 9 日 （星期四）17:00 前访问 https://ir.p5w.net/zj/，或扫描下方二维码，进入问题征集 专题页面。公司将在 2023 年度报告业绩说明会上对投资者关注的问题进行回答。 欢迎广大投资者积极参与。 特此公告。 永兴特种材料科技股份有限公司董事会 2024 年 4 月 30 日 关于举行2023年度报告网上业绩说明会的公告 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。 永兴特种材料科技股份有限公司（以下简称"公司"）定于 2024 年 5 月 10 日（星 期五）下午 3:00-5:00 举行 2023 年度报告业 ...

证券代码：002756 证券简称：永兴材料 公告编号：2024-006 号 永兴特种材料科技股份有限公司 关于回购股份的进展公告 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。 一、回购股份的基本情况 永兴特种材料科技股份有限公司（以下简称"公司"）于 2023 年 8 月 27 日和 2023 年 9 月 15 日分别召开了第六届董事会第三次会议和 2023 年第三次临时股东大 会，审议通过了《关于以集中竞价方式回购公司股份方案的议案》，同意公司使用自 有资金以集中竞价的方式回购公司已发行的人民币普通股（A 股）股票，回购股份的 资金总额不低于人民币 30,000 万元（含）且不超过人民币 50,000 万元（含），回购 价格不超过人民币 80.00 元/股（含）。具体内容详见公司于 2023 年 8 月 29 日、2023 年9月21日刊登在巨潮资讯网上的《关于以集中竞价方式回购公司股份方案的公告》 （公告编号：2023-038 号）、《关于以集中竞价方式回购公司股份的回购报告书》 （公告编号：2023-045 号）。 因 2023 年半年度权益分派实施， ...

证券代码：002756 证券简称：永兴材料 公告编号：2024-005 号 永兴特种材料科技股份有限公司 关于回购股份的进展公告 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。 一、回购股份的基本情况 永兴特种材料科技股份有限公司（以下简称"公司"）于 2023 年 8 月 27 日和 2023 年 9 月 15 日分别召开了第六届董事会第三次会议和 2023 年第三次临时股东大 会，审议通过了《关于以集中竞价方式回购公司股份方案的议案》，同意公司使用自 有资金以集中竞价的方式回购公司已发行的人民币普通股（A 股）股票，回购股份的 资金总额不低于人民币 30,000 万元（含）且不超过人民币 50,000 万元（含），回购 价格不超过人民币 80.00 元/股（含）。具体内容详见公司于 2023 年 8 月 29 日、2023 年9月21日刊登在巨潮资讯网上的《关于以集中竞价方式回购公司股份方案的公告》 （公告编号：2023-038 号）、《关于以集中竞价方式回购公司股份的回购报告书》 （公告编号：2023-045 号）。 因 2023 年半年度权益分派实施， ...

一、回购股份的基本情况 永兴特种材料科技股份有限公司（以下简称"公司"）于 2023 年 8 月 27 日和 2023 年 9 月 15 日分别召开了第六届董事会第三次会议和 2023 年第三次临时股东大 会，审议通过了《关于以集中竞价方式回购公司股份方案的议案》，同意公司使用自 有资金以集中竞价的方式回购公司已发行的人民币普通股（A 股）股票，回购股份的 资金总额不低于人民币 30,000 万元（含）且不超过人民币 50,000 万元（含），回购 价格不超过人民币 80.00 元/股（含）。具体内容详见公司于 2023 年 8 月 29 日、2023 年9月21日刊登在巨潮资讯网上的《关于以集中竞价方式回购公司股份方案的公告》 （公告编号：2023-038 号）、《关于以集中竞价方式回购公司股份的回购报告书》 （公告编号：2023-045 号）。 因 2023 年半年度权益分派实施，公司对回购股份价格上限进行调整，由 80.00 元/股调整至 79.00 元/股，自 2023 年 9 月 27 日生效。具体内容详见公司于 2023 年 9 月 27 日刊登在巨潮资讯网上的《关于调整回购股份价格上限的公告》（ ...