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 ...

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 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥2,300,216,008.45, a decrease of 31.07% compared to ¥3,336,985,077.72 in the same period last year[4] - The net profit attributable to shareholders for Q1 2024 was ¥468,256,875.45, down 49.70% from ¥930,964,066.33 year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥308,004,752.08, a decline of 67.14% compared to ¥934,528,869.57 in the previous year[4] - The basic earnings per share for Q1 2024 was ¥0.88, down 49.43% from ¥2.26 in the same period last year[4] - Net profit for Q1 2024 was ¥478,676,961.25, a decline of 50.7% compared to ¥971,181,482.26 in Q1 2023[19] - Earnings per share (EPS) for Q1 2024 was ¥0.88, down from ¥1.74 in the previous year[19] - The total comprehensive income for Q1 2024 was ¥478,664,487.50, down from ¥971,064,459.65 in Q1 2023[19] Cash Flow - The net cash flow from operating activities was -¥173,690,203.31, a significant drop of 113.44% from ¥1,291,974,041.49 in Q1 2023[4] - The total cash inflow from operating activities for Q1 2024 was CNY 2,206,177,111.10, a decrease of 39.0% compared to CNY 3,623,390,348.01 in the same period last year[21] - The net cash outflow from operating activities was CNY -173,690,203.31, contrasting with a net inflow of CNY 1,291,974,041.49 in Q1 2023[21] - Cash inflow from investment activities totaled CNY 200,091,725.84, significantly higher than CNY 11,012,930.01 in the previous year[22] - The net cash flow from financing activities was CNY 642,778,481.59, recovering from a net outflow of CNY -127,967,345.86 in Q1 2023[22] - The ending balance of cash and cash equivalents was CNY 9,903,068,658.17, down from CNY 10,142,541,564.90 at the end of Q1 2023[22] - The company received CNY 868,379,722.73 in cash from borrowings during the quarter[22] - Cash paid for dividends, profits, or interest was CNY 8,366,571.35, a decrease from CNY 127,967,345.86 in the previous year[22] - Cash paid to employees increased to CNY 112,031,207.62 from CNY 91,040,045.67 in Q1 2023[21] - The cash outflow for purchasing goods and services was CNY 1,693,728,063.79, compared to CNY 1,577,777,546.60 in the same period last year[21] - The company reported a foreign exchange impact on cash and cash equivalents of CNY -274,657.96 for the quarter[22] Assets and Liabilities - Total assets as of March 31, 2024, were ¥15,946,152,980.63, an increase of 2.84% from ¥15,506,219,373.71 at the end of the previous year[4] - The total liabilities increased to ¥2,390,552,748.11, up from ¥2,230,537,953.70 in the previous period[16] - The equity attributable to shareholders increased to ¥13,250,540,279.54, up 2.08% from ¥12,980,850,206.76 at the end of last year[4] - Current assets totaled 12.262 billion yuan, up from 11.808 billion yuan at the beginning of the period[15] - Cash and cash equivalents amounted to 9.999 billion yuan, compared to 9.440 billion yuan at the beginning of the period[15] - Accounts receivable increased to 305.518 million yuan from 153.667 million yuan[15] - Inventory decreased to 763.337 million yuan from 1.096 billion yuan[15] - Long-term equity investments rose to 285.808 million yuan from 276.454 million yuan[15] - Fixed assets decreased to 2.765 billion yuan from 2.825 billion yuan[15] Business Operations - The company reported a significant increase in other income, which reached ¥202,211,385.41, a rise of 3396.75% compared to ¥5,782,834.66 in the previous year[7] - The company experienced a 98.82% increase in accounts receivable, totaling ¥305,518,404.09, primarily due to increased receivables from the lithium battery business[7] - The company’s short-term borrowings increased to ¥853,379,722.73, reflecting a rise in bank short-term loans during the reporting period[7] - The lithium battery new energy business achieved sales of 6,900 tons of lithium carbonate, resulting in a net profit attributable to shareholders of 351.4463 million yuan[12] - The mining license for the subsidiary was updated, increasing the production capacity from 3 million tons per year to 9 million tons per year[12] - The company repurchased a total of 7,608,491 shares, accounting for 1.41% of the total share capital, with a total transaction amount of 364,216,746.85 yuan[13] Research and Development - Research and development expenses were ¥73,064,574.05, a decrease of 38.3% from ¥118,614,026.63 year-over-year[18] - The company reported a financial income of ¥68,222,608.68, an increase from ¥62,677,926.67 in the same period last year[18]

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》（ ...

现场检查手段： （1）查阅深圳证券交易所股票上市规则中关于关联交易、对外担保的规定；取得公司关联 交易管理制度、对外担保管理制度以及其他公司内部的相关规定； （2）与财务人员沟通，询问公司是否发生关联交易，及审议对外担保的内部流程等。 1、是否建立了防止控股股东、实际控制人及其关联人直接 或者间接占用上市公司资金或者其他资源的制度 √ 2、控股股东、实际控制人及其关联人是否不存在直接或者 间接占用上市公司资金或者其他资源的情形 √ 3、关联交易的审议程序是否合规且履行了相应的信息披露 义务 √ 光大证券股份有限公司关于 永兴特种材料科技股份有限公司 2023年度定期现场检查报告 | 保荐机构名称：光大证券股份有限公司 | 被保荐公司简称：永兴材料 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 保荐代表人姓名：王如意 联系电话：021-52523164 | | | | | | | | | 保荐代表人姓名：林剑云 联系电话：021-52523164 | | | | | | | | | 现场检查人员姓名：王如意、刘丽敏、肖权 | ...