Group 1 - A new company named Huzhou Hexing Gongchuang Enterprise Service Management Co., Ltd. has been established with a registered capital of 24.5 million yuan [1] - The legal representative of the company is Gu Xiaotan [1] - The business scope includes enterprise management, enterprise management consulting, information technology consulting services, and production line management services [1] Group 2 - The company is jointly held by Yongxing Materials and other shareholders [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has released its earnings forecast for 2024, projecting a net profit attributable to shareholders of 1.03 to 1.23 billion yuan, representing a year-on-year decrease of 64% to 70%. The fourth quarter net profit is expected to be between 60 million to 260 million yuan, a year-on-year decrease of 27% to 83% [2] - The report indicates that the company's cost advantages are significant, with the fourth quarter's tax-inclusive average price around 76,000 yuan, and the estimated total cost per ton at approximately 52,000 yuan, resulting in a profit of about 13,000 yuan per ton [7] - The lithium carbonate sales for the entire year of 2024 are estimated to be around 26,000 tons, a decrease of 4% year-on-year, with fourth quarter sales expected to increase by about 8% quarter-on-quarter [7] Financial Forecasts - The total revenue for 2024 is forecasted to be 9.037 billion yuan, a year-on-year decrease of 25.86% [8] - The net profit attributable to shareholders for 2024 is projected at 1.132 billion yuan, a year-on-year decrease of 66.76% [8] - The earnings per share (EPS) for 2024 is estimated to be 2.10 yuan, with a price-to-earnings (P/E) ratio of 19.15 based on the latest diluted EPS [8] Market Data - The closing price of the company's stock is 40.23 yuan, with a market capitalization of approximately 21.688 billion yuan [5] - The company has a price-to-book (P/B) ratio of 1.73 and a net asset value per share of 23.28 yuan [6] Production and Capacity - The company plans to start a technical transformation project for its 10,000-ton lithium carbonate smelting capacity in January 2025, with an expected construction period of 9 months [7] - The company is also planning to contribute an additional 20,000 tons of smelting capacity in 2026, bringing the total capacity to 50,000 tons [7]

Financial Performance Forecast - The estimated net profit attributable to shareholders for 2024 is projected to be between 1,030 million yuan and 1,230 million yuan, representing a year-on-year decline of 63.90% to 69.77% compared to 3,406.77 million yuan in the previous year[3]. - The estimated net profit after deducting non-recurring gains and losses is expected to be between 880 million yuan and 1,080 million yuan, reflecting a year-on-year decrease of 66.66% to 72.83% from 3,238.88 million yuan last year[3]. - The basic earnings per share is forecasted to be between 1.93 yuan and 2.26 yuan, down from 6.33 yuan per share in the previous year[3]. Business Operations - The company is increasing market development efforts in its special steel new materials business while continuing to optimize product structure to maintain stable profitability[5]. - The lithium battery new energy business is operating normally, with a slight improvement in quarterly operating profit due to stabilizing lithium carbonate prices, although prices have significantly decreased year-on-year[6]. Audit and Reporting - The company has communicated with the accounting firm regarding the performance forecast, and there are no discrepancies in this regard[4]. - The performance forecast data is a preliminary estimate by the company's finance department and has not been audited, highlighting potential investment risks[7]. - Specific financial data related to the 2024 performance will be disclosed in the subsequent annual report[8].

证券代码：002756 证券简称：永兴材料 公告编号：2024-049 号 永兴特种材料科技股份有限公司 第六届董事会第十四次临时会议决议公告 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 12 月 18 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 届董事会第十四次临时会议的通知。会议于 2024 年 12 月 23 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： 董事会同意公司与关联方姚国华先生等公司特钢新材料业务主要管理人员共同投 资设立控股子公司，注册资本 2,450 万元，其中，公司认缴注册资本 1,250 万元，持 股 51.02%；姚国华先生认缴注册资本 250 万元，持股 10.20%；其余特钢新材料业务主 要管理人员认缴注册资本 950 ...

证券代码：002756 证券简称：永兴材料 公告编号：2024-050 号 永兴特种材料科技股份有限公司 第六届监事会第九次临时会议决议公告 本次公司与关联方共同投资事项符合《公司法》等有关法律法规和《公司章程》 《公司关联交易决策制度》等规定，定价公允，不存在损害公司和中小股东利益的情 形。监事会同意公司与关联方共同投资。 《关于与关联方共同投资暨关联交易的公告》与本决议公告同日刊登于《证券时 报》《上海证券报》和巨潮资讯网（http://www.cninfo.com.cn），供投资者查阅。 特此公告。 永兴特种材料科技股份有限公司监事会 2024 年 12 月 24 日 1 本公司及监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 12 月 18 日以书 面及电子邮件等方式向公司全体监事发出了召开公司第六届监事会第九次临时会议的 通知。会议于 2024 年 12 月 23 日以通讯表决方式召开，会议应到监事 3 名，实到监事 3 名。本次会议的召集、召开符合《公司法》和《公司章程》的有关规定，会议决议 ...

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 12 月 23 日召开 了第六届董事会第十四次临时会议，审议通过了《关于与关联方共同投资暨关联交易 的议案》，同意公司与关联方共同投资设立控股子公司，现将有关事项公告如下： 一、与关联方共同投资暨关联交易概述 证券代码：002756 证券简称：永兴材料 公告编号：2024-051 号 永兴特种材料科技股份有限公司 关于与关联方共同投资暨关联交易的公告 1、与关联方共同投资的基本情况 为积极应对特钢新材料业务的市场变化，不断推进产品结构优化调整，持续降低 生产成本，提高公司特钢业务的市场竞争力，促进公司可持续、高质量发展，公司拟 与公司副总经理姚国华先生等公司特钢新材料业务管理人员共同投资设立控股子公司。 该控股子公司将参与特钢新材料业务的经营和管理，以期通过公司和经营者的强绑定， 在现有业绩基础上，进一步提高公司特钢业务的经营利润，实现企业、股东和经营者 互利共赢。 控股子公司注册资本 2,450 万元，其中，公司认缴注册资本 1,250 万元，持 ...

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 ...