Investment Rating - Maintain "Overweight" rating [2][5] Core Views - Revenue and gross margin declined, putting pressure on profits YoY [2] - H1 2024 revenue: 4.492 billion yuan, down 32.5% YoY - H1 2024 net profit: 768 million yuan, down 59.6% YoY - H1 2024 gross margin: 19.0%, net margin: 13.5% - Q2 2024 revenue: 2.19 billion yuan, down 34.0% YoY and 4.7% QoQ - Q2 2024 net profit: 300 million yuan, down 69.1% YoY and 35.9% QoQ - Lithium carbonate business achieved cost reduction and efficiency improvement [2] - Lithium carbonate operating cost per ton: 50,000 yuan, down over 10% YoY - Subsidiary Huaqiao Mining increased production scale from 3 million tons/year to 9 million tons/year - Yongcheng Lithium's 3 million tons/year lithium ore beneficiation project nearing completion - Special steel business improved profit per ton through production, supply, and sales optimization [2] - Focused on increasing product gross margin per ton - Successful R&D projects in nuclear power, aerospace, new energy vehicles, and industrial robotics Financial Forecasts - Revenue and profit forecasts adjusted downward [5] - 2024E revenue: 8.68 billion yuan - 2025E revenue: 9.73 billion yuan - 2026E revenue: 11.44 billion yuan - 2024E net profit: 1.172 billion yuan - 2025E net profit: 1.545 billion yuan - 2026E net profit: 2.249 billion yuan - Valuation metrics [5][6] - 2024E P/E: 15.9x - 2025E P/E: 12.1x - 2026E P/E: 8.3x - 2024E P/B: 1.35x - 2025E P/B: 1.24x - 2026E P/B: 1.11x Company Fundamentals - Market performance [4] - Market cap: 18.647 billion yuan - 52-week high/low: 58.60/29.92 yuan - 52-week P/E range: 8.79/4.03x - 52-week P/B range: 2.37/1.27x - 52-week return: -23.88% - 52-week turnover rate: 553.28% - Profitability [8] - 2024E gross margin: 18.05% - 2025E gross margin: 21.14% - 2026E gross margin: 26.18% - 2024E net margin: 13.85% - 2025E net margin: 16.30% - 2026E net margin: 20.23%

证券代码：002756 证券简称：永兴材料 公告编号：2024-042 号 永兴特种材料科技股份有限公司 关于回购股份比例达到2%暨回购股份实施完成的公告 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、回购股份的基本情况及实施进展 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）。 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 09 月 05 日 永兴材料(002756.SZ) 公司快报 证券研究报告 锂 投资评级 买入-A 维持评级 12 个月目标价 47.9 元 股价 (2024-09-04) 31.94 元 交易数据 总市值(百万元) 17,218.90 流通市值(百万元) 12,414.89 总股本(百万股) 539.10 流通股本(百万股) 388.69 12 个月价格区间 30.49/57.1 元 特钢业务维持韧性，积极降本应对锂价 波动 公司发布 2024 年中报 2024H1 营业收入 44.92 亿元，同比-32.50%；归母净利润 7.68 亿元， 同比-59.63%；扣非归母净利润 6.04 亿元，同比-68.36%。 其中 2024 年 Q2 营业收入 21.92 亿元，同比-33.95%、环比-4.70%； 归母净利润 3.00 亿元，同比-69.13%、环比-35.88%；扣非归母净利 润 2.96 亿元，同比-69.45%、环比-3.86%。 2024H1 公司取得其他收益 2.09 亿元，其中政府补助 1.95 亿元，增 值税加计抵减 ...

永兴材料（002756.SZ）2024 年半年报点评 推进全流程降本，特钢盈利水平保持高位 2024 年 09 月 03 日 ➢ 事件：公司发布 2024 年半年报。2024H1 公司实现营收 44.9 亿，同比 -32.5%，归母净利 7.7 亿元，同比-59.6%，扣非归母净利 6.0 亿元，同比68.3%。单季度看，24Q2 实现营收 21.9 亿元，同比-33.9%，环比-4.7%， 实现归母净利 3.0 亿元，同比-69.1%，环比-35.9%，扣非归母净利 3.0 亿 元，同比-69.4%，环比-3.9%，符合前期业绩预告。 ➢ 碳酸锂：推进全流程降本，云母提锂龙头成本继续优化。1）价：24H1 国内 电碳均价 10.3 万元/吨，同比-68.2%，24Q2 国内电碳均价 10.5 万元/吨，同比 -58.2%，环比+3.3%；2）本：面对锂价下跌压力，公司推进全流程降本，采矿 环节做好原矿精准开发和分类，选矿环节围绕提升产率和收率进行技术突破，冶 炼环节优化工艺和配方，提高锂收率，同时推动长石等副产品回收，降本效果显 著，24H1 单吨营业成本 5.0 万元，同比下降 10%以上，云母提锂龙头成 ...

证券研究报告·公司点评报告·能源金属 永兴材料（002756） 2024 年半年报点评：Q2 业绩符合预期，成本 优势显著 2024 年 09 月 03 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|---------|---------|---------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 15579 | 12189 | 9733 | 10688 | 13753 | | 同比（ % ） | 116.39 | (21.76) | (20.15) | 9.81 | 28.68 | | 归母净利润（百万元） | 6320 | 3407 | 1365 | 1108 | 1704 | | 同比（ % ） | 612.42 | (46.09) | (59.92) | (18.85) | 53.78 | | EPS- 最新摊薄（元 / 股） | 11.7 ...

证券代码：002756 证券简称：永兴材料 公告编号：2024-041 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 三、其他说明 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 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [3][5][12]. Core Views - The company has optimized lithium salt costs and maintained high gross margins in special steel products despite a significant decline in lithium prices. The sales strategy focuses on key customers and long-term contracts to ensure stable operations in the lithium business [1][3][8]. - The company has a strong cash flow position, with a debt-to-asset ratio of only 14.31% and cash reserves of approximately 8.4 billion yuan, allowing for a proposed mid-term dividend distribution of 5 yuan per 10 shares [2][10]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 4.492 billion yuan, a year-on-year decrease of 32.50%, and a net profit attributable to shareholders of 768 million yuan, down 59.63% [1][6]. - The company’s revenue for Q1 and Q2 was 2.3 billion yuan and 2.192 billion yuan, respectively, with a quarter-on-quarter decline of 4.70% in Q2. The net profit for Q1 and Q2 was 468 million yuan and 300 million yuan, respectively, with a quarter-on-quarter decline of 35.88% in Q2 [1][6]. Key Projects and Developments - The company’s subsidiary, Huqiao Mining, has completed the change of mining rights registration, increasing the production capacity from 3 million tons per year to 9 million tons per year. The company is also advancing several key projects, including a lithium extraction project and a high-efficiency lithium ore selection project [1][8]. - In the special steel business, the company has adjusted its product structure in response to the recovery in energy steel demand, resulting in a significant increase in gross margin per ton of steel, with over 40% of sales coming from products with a gross margin exceeding 2,000 yuan per ton [1][8].

永兴特种材料科技股份有限公司投资者关系活动记录表 编号：2024-004 | --- | --- | --- | |----------------|---------------------|--------------------------------------------------------------| | | | □特定对象调研 □分析师会议 | | | | □媒体采访 □业绩说明会 | | 投资者关系活动 | □新闻发布会 | □路演活动 | | 类别 | □现场参观 □电话会议 | | | | ■其他（ 2024 | 年中报业绩电话交流会） | | | | 国金证券黄舒婷、海鹏私募陈曦、磐泽资产张声宝、清和泉资本 | | | | 赵宇亮、中泽控股刘军洁、贝莱德基金程文钰、博时基金弓琛、 | | | | 博裕资本王楚涵、财通证券付正浩、财通资管刘溢、大地期货张 | | | | 听雨、道润（北京）张栋、点钢投资李江涛、东北证券谭卓尔、 | | | | 东方财富朱晋潇、东方基金张阳、东吴证券胡锦芸、东兴基金孙 | | | | 义丽、富安达基金余思贤、富瑞金融集团蒋舒航、高盛 (亚洲) 劉 | ...

Financial Performance - The company's operating revenue for the reporting period was ¥4,492,270,843.18, a decrease of 32.50% compared to the same period last year[12]. - Net profit attributable to shareholders was ¥768,489,874.20, down 59.63% year-over-year[12]. - The net profit after deducting non-recurring gains and losses was ¥604,108,154.25, reflecting a decline of 68.36% compared to the previous year[12]. - The net cash flow from operating activities was not reported, but it decreased by 77.48% from ¥2,357,628,135.42 in the previous year[12]. - The total assets at the end of the reporting period were ¥14,664,092,152.26, a decrease of 5.43% from the end of the previous year[12]. - The net assets attributable to shareholders were ¥12,385,189,128.80, down 4.59% from the previous year[12]. - The company's revenue for the reporting period was approximately ¥4.49 billion, a decrease of 32.50% compared to ¥6.66 billion in the same period last year, primarily due to a significant drop in lithium carbonate product sales prices[41]. - The special steel new materials business generated ¥3.02 billion, accounting for 67.24% of total revenue, down 16.29% from ¥3.61 billion in the previous year[43]. - The lithium battery new energy business revenue was ¥1.47 billion, representing 32.76% of total revenue, a decline of 51.70% from ¥3.05 billion year-on-year[43]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of 5.00 CNY per 10 shares to all shareholders, based on a total of 528,664,902 shares[3]. - The profit distribution plan is based on a total share capital of 528,664,902 shares after accounting for repurchased shares[72]. - The company reported a total of ¥1,062,986,098.00 in profit distribution to owners, which includes dividends and interest payments[138]. - The total number of ordinary shareholders at the end of the reporting period was 54,670, with a total of 192,550,206 shares held by the largest shareholder, accounting for 35.72% of the shares[113]. Research and Development - The company's R&D investment decreased by 31.67% to ¥149.88 million from ¥219.35 million in the previous year[41]. - The company has established various R&D platforms, including a national enterprise technology center and a national postdoctoral research station, enhancing its technological capabilities[34]. - The company is focusing on R&D in lithium battery technology, particularly in improving extraction processes and increasing the utilization value of by-products, to enhance market competitiveness[64]. - R&D expenses include personnel costs such as salaries and social insurance for R&D staff, as well as fees for outsourced R&D personnel[191]. Market and Industry Insights - The Chinese new energy vehicle market saw production and sales of 4.929 million and 4.944 million units, respectively, representing year-over-year growth of 30.10% and 32.00%[20]. - The company aims to optimize the entire industry chain to reduce production costs and enhance product competitiveness amid declining lithium carbonate prices[21]. - The company is actively expanding its lithium-ion battery applications in various fields, including energy storage and rail transportation, to capture new market opportunities[23]. - The company is focusing on high-value products in the automotive and nuclear power sectors, increasing the proportion of high-margin products[27]. Environmental Compliance and Initiatives - The company is implementing ultra-low emission upgrades across its steelmaking processes to enhance environmental performance[28]. - The company has committed to continuous investment in environmental protection facilities to ensure compliance with pollution discharge standards[82]. - All environmental protection facilities are operating normally, with pollutant emissions meeting regulatory standards[82]. - The company emphasizes the importance of environmental risk prevention and regularly conducts emergency drills for environmental incidents[82]. Financial Position and Liabilities - The company's cash and cash equivalents at the end of the reporting period amounted to CNY 8,399,074,835.17, representing 57.28% of total assets[47]. - The company's short-term borrowings increased to CNY 633,192,116.38, accounting for 4.32% of total assets[47]. - The company reported a significant increase in short-term borrowings, totaling ¥633,192,116.38[123]. - Total liabilities decreased from ¥2,230,537,953.70 to ¥2,098,202,245.11, a decline of 5.9%[124]. Risk Management - The company faces risks related to macroeconomic fluctuations, which could impact product sales and profitability[60]. - The price of battery-grade lithium carbonate, a key product, is closely tied to market demand, and any significant price drop could adversely affect sales and earnings[61]. - The company is aware of potential risks from technological changes in lithium extraction and is focused on R&D to maintain its market position[63]. - The company's main raw materials, including stainless scrap steel, nickel alloys, and chromium iron alloys, accounted for approximately 90% of production costs, indicating significant exposure to raw material price fluctuations[66]. Corporate Governance - The company emphasizes the importance of accurate and complete financial reporting, with all board members present for the meeting[3]. - The financial report has been confirmed as true, accurate, and complete by the company's responsible personnel[3]. - The company has not made any changes to its registered address or contact information during the reporting period[9]. - The company has not required any retrospective adjustments or restatements of previous accounting data[11]. Share Repurchase and Stock Incentives - The company plans to repurchase its shares with a total fund not less than 300 million RMB and not exceeding 500 million RMB, having repurchased 10,436,638 shares, accounting for 1.94% of the total share capital[105]. - The company has implemented a restricted stock incentive plan, granting 5.03 million shares to 58 employees, with the first unlock period completed in May 2022 and the second in May 2024[73]. - The company’s management stock incentive plan released 32,500 shares for Zhang Hua, 52,000 shares for Gu Xiaotian, and 195,000 shares for Liu Huafeng, with a total of 150,407,462 shares converted to management locked shares[112]. Legal and Regulatory Matters - The company has no significant litigation or arbitration matters during the reporting period[90]. - There were no violations of external guarantees during the reporting period[89]. - The company has not engaged in any asset or equity acquisitions or sales during the reporting period[94]. - The company has not experienced any bankruptcy reorganization matters during the reporting period[89].

证券代码：002756 证券简称：永兴材料 公告编号：2024-038 号 永兴特种材料科技股份有限公司 关于2024年半年度利润分配预案的公告 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"）于 2024 年 8 月 28 日召开 第六届董事会第五次会议，审议通过了《关于 2024 年半年度利润分配预案的议案》， 现将有关事项公告如下： 一、利润分配预案基本情况 2024 年 半 年 度 公 司 合 并 利 润 表 实 现 归 属 于 上 市 公 司 股 东 的 净 利 润 为 768,489,874.20 元，截至 2024 年 6 月 30 日，公司合并资产负债表未分配利润为 9,121,678,679.59 元，母公司资产负债表未分配利润为 6,645,479,284.58 元（2024 年半年度财务数据未经审计）。 目前公司经营情况稳定，财务状况良好，未分配利润充足，在确保公司长期稳定 可持续发展并兼顾投资者合理投资回报的基础上，公司 2024 年半年度利润分配预案为： 以公司 2024 年 6 月 3 ...