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]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][9] Core Views - The company's lithium salt business demonstrates a cost advantage, while the special steel business remains stable [2] - The company reported a revenue of 6.231 billion yuan for the first three quarters, a year-on-year decrease of 35.79%, and a net profit attributable to shareholders of 0.971 billion yuan, down 68.19% year-on-year [5] - The average price of domestic battery-grade lithium carbonate in Q2 and Q3 of 2024 was 105,200 yuan/ton and 79,400 yuan/ton respectively, with a quarter-on-quarter decline of 24.52% in Q3 [5] - The company focuses on product quality improvement rather than volume release in a relatively weak downstream demand environment [5] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 1.739 billion yuan, a quarter-on-quarter decrease of 20.69%, and a net profit of 0.202 billion yuan, down 32.58% quarter-on-quarter [2][5] - The company’s operating cash flow for the first three quarters was 0.387 billion yuan, a year-on-year decrease of 88.87% [5] - The company’s net profit margin and return on equity (ROE) are projected to decline significantly in the coming years due to falling lithium prices [9] Lithium Business - The company is implementing a sales strategy focused on "leading terminals, high-quality cathodes, and niche segments" and aims to optimize the entire supply chain to reduce production costs [6][7] - The cost of lithium carbonate per ton was only 50,000 yuan in the first half of the year, with a reduction of over 10% year-on-year [6] - The company is actively advancing key projects, including increasing the production capacity of its mining subsidiary from 3 million tons/year to 9 million tons/year [7] 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 profit per ton of steel [7] - In 2023, over 40% of the company's steel products sold had a gross profit margin exceeding 2,000 yuan/ton [7] Future Outlook - The revenue forecasts for 2024-2026 are adjusted to 8.211 billion yuan, 9.120 billion yuan, and 10.027 billion yuan respectively, with year-on-year growth rates of -32.6%, 11.1%, and 9.9% [9] - The net profit forecasts for the same period are 1.163 billion yuan, 1.280 billion yuan, and 1.595 billion yuan, with year-on-year growth rates of -65.9%, 10.1%, and 24.6% [9] - The company maintains a strong resource advantage and a clear growth path, which is expected to help mitigate the adverse effects of declining lithium prices [9]

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 ...

Financial Performance - Revenue for Q3 2024 was ¥1,738,609,945.67, a decrease of 42.97% compared to ¥3,048,385,306.73 in the same period last year[3] - Net profit attributable to shareholders was ¥202,413,881.23, down 82.38% from ¥1,148,847,636.34 year-on-year[3] - Net profit excluding non-recurring items was ¥169,426,545.53, reflecting an 82.56% decline from ¥969,974,875.47 in the previous year[3] - Cash flow from operating activities was ¥387,203,423.33, a significant drop of 88.87% compared to ¥3,479,338,243.30 in the same period last year[3] - The company's basic earnings per share were ¥0.38, down 82.24% from ¥2.14 in the same period last year[3] - The weighted average return on equity was 1.62%, down from 9.04% year-on-year, a decrease of 7.42%[3] - The company reported a 35.79% decline in revenue for the first nine months of 2024, totaling ¥6,230,880,788.85 compared to ¥9,703,961,100.52 in the same period last year[7] - Total operating revenue for the current period is ¥6,230,880,788.85, a decrease of 35.5% compared to ¥9,703,961,100.52 in the previous period[17] - Operating profit for the current period is ¥1,186,274,235.07, a decline of 68.5% from ¥3,773,112,616.42 in the previous period[17] - The company reported a net profit of ¥1,174,184,155.70 for the current period, down from ¥3,761,016,633.87 in the previous period[17] - The net profit for the current period is approximately ¥992.25 million, a decrease from ¥3.17 billion in the previous period, representing a decline of about 68.7%[18] - The basic earnings per share for the current period is ¥1.81, down from ¥5.70 in the previous period, indicating a decrease of approximately 68.3%[18] - The total comprehensive income attributable to the parent company's owners is approximately ¥970.77 million, down from ¥3.05 billion in the previous period, a decrease of about 68.2%[18] Assets and Liabilities - Total assets at the end of Q3 2024 were ¥15,506,219,373.71, a decrease of 10.26% from the previous year[3] - Total assets at the end of the period amount to ¥13,915,457,996.49, down from ¥15,506,219,373.71 at the beginning of the period[15] - Total liabilities at the end of the period are ¥1,184,091,508.84, a decrease from ¥2,230,537,953.70 in the previous period[15] - Cash and cash equivalents decreased to ¥7,052,391,895.52 from ¥9,439,887,526.25 at the beginning of the period[14] - The company reported cash and cash equivalents at the end of the period amounting to ¥7.02 billion, down from ¥9.19 billion at the end of the previous period, a decrease of approximately 23.7%[22] Shareholder Information - The total number of common shareholders at the end of the reporting period is 57,728, with the largest shareholder, Gao Xingjiang, holding 35.72% of shares, totaling 192,550,206 shares[8] - The company repurchased a total of 11,381,748 shares, accounting for 2.11% of the total share capital, with a total transaction amount of approximately RMB 499.85 million[11] - The highest transaction price during the share repurchase was RMB 53.05 per share, while the lowest was RMB 31.41 per share[11] - The top ten shareholders include Zhejiang Jiuli Special Materials Technology Co., Ltd. with a 7.15% stake, holding 38,570,000 shares[9] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending activities[10] - The company has not disclosed any related party relationships among the top ten shareholders[9] - The total number of preferred shareholders with restored voting rights is not applicable as there are no preferred shares reported[10] Cash Flow and Financing Activities - Cash flow from operating activities for the current period is ¥387.20 million, significantly lower than ¥3.48 billion in the previous period, reflecting a decline of about 88.9%[21] - Total cash inflow from financing activities is ¥883.15 million, compared to ¥530.16 million in the previous period, showing an increase of approximately 66.4%[22] - The net cash outflow from financing activities is approximately -¥1.31 billion, compared to -¥2.41 billion in the previous period, indicating an improvement of about 45.5%[22] - The company paid approximately ¥1.21 billion in dividends and interest, down from ¥2.74 billion in the previous period, reflecting a decrease of about 55.8%[22] - The company recorded a tax expense of approximately ¥181.94 million, compared to ¥593.08 million in the previous period, a decrease of about 69.3%[18] Inventory and Costs - The company’s inventory decreased by 44.03% to ¥613,392,951.18, attributed to revenue recognition in the lithium-ion battery business[6] - Total operating costs for the current period are ¥5,318,278,984.15, down 12.8% from ¥6,101,116,419.49 in the previous period[17] - Inventory decreased significantly to ¥613,392,951.18 from ¥1,095,892,681.18 at the beginning of the period[14] - Research and development expenses for the current period are ¥223,396,331.35, a decrease from ¥327,667,018.99 in the previous period[17]

董事会编制和审核的公司 2024 年第三季度报告的程序符合法律、行政法规和中国 证监会的相关规定，报告内容真实、准确、完整地反映了公司的实际情况，不存在任 何虚假记载、误导性陈述或者重大遗漏。 永兴特种材料科技股份有限公司 第六届监事会第八次临时会议决议公告 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 10 月 25 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八次临时会议的 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，会议决议合 法、有效。会议由公司监事会主席沈惠玉女士主持，经与会监事充分讨论，审议通过 了如下议案： 一、关于《2024 年第三季度报告》的议案 表决结果：同意：3 票；反对：0 票；弃权：0 票 证券代码：002756 证券简称：永兴材料 公告编号：2024-046 号 《2024 年第三季度报告》与本决议公告同日刊登于《证券时报 ...