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 ...

[Table_MainInfo] 公司研究/钢铁/特钢 证券研究报告 永兴材料（002756）公司研究报告 2024 年 08 月 21 日 投资评级 优于大市 首次 覆盖 股票数据 | --- | --- | |------------------------------------------|-------------| | 08[Table_StockInfo 月 20 日收盘价（元）] | 31.41 | | 52 周股价波动（元） | 31.23-58.60 | | 总股本/流通 A 股（百万股） | 539/389 | | 总市值/流通市值（百万元） | 16933/12209 | | 相关研究 | | [Table_ReportInfo] 市场表现 [Table_QuoteInfo] 永兴材料 海通综指 -28.98% -18.98% -8.98% 1.02% 11.02% 21.02% 2023/8 2023/11 2024/2 2024/5 [Table_AuthorInfo] 分析师:陈先龙 Tel:02123219406 Email:cxl15082@haitong.com 证书:S0 ...

证券代码：002756 证券简称：永兴材料 公告编号：2024-034 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。 1、公司未在下列期间内回购股份： 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 ...

Financial Performance Expectations - The company expects a net profit attributable to shareholders of between 710 million and 820 million CNY for the first half of 2024, representing a year-on-year decline of 56.93% to 62.70% compared to 1.903688 billion CNY in the same period last year[2]. - The net profit after deducting non-recurring gains and losses is projected to be between 540 million and 650 million CNY, reflecting a year-on-year decrease of 65.96% to 71.72% from 1.909589 billion CNY last year[2]. - Basic earnings per share are expected to be between 1.32 CNY and 1.53 CNY, down from 3.55 CNY per share in the same period last year[2]. Factors Influencing Profit Decline - The decline in profit is primarily attributed to a significant drop in lithium carbonate prices compared to the same period last year, despite improvements in the special steel new materials business[3]. Business Strategy and Market Position - The company has intensified market expansion efforts and continues to optimize its product structure, leading to a steady improvement in profitability in its special steel new materials segment[3]. Financial Reporting and Risks - The financial data provided in the earnings forecast has not been audited by an accounting firm, highlighting potential investment risks[4]. - The specific financial data related to the company's 2024 semi-annual performance will be disclosed in the subsequent 2024 semi-annual report[4].

关于回购股份的进展公告 证券代码：002756 证券简称：永兴材料 公告编号：2024-032 号 永兴特种材料科技股份有限公司 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， ...

永兴特种材料科技股份有限公司 第六届董事会第十二次临时会议决议公告 表决结果：同意：9 票；反对：0 票；弃权：0 票 董事会同意全资子公司江西永兴特钢新能源科技有限公司投资建设锂云母绿色智 能高效提锂综合技改项目。 证券代码：002756 证券简称：永兴材料 公告编号：2024-030 号 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 6 月 16 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 届董事会第十二次临时会议的通知。会议于 2024 年 6 月 21 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： 一、关于全资子公司投资建设锂云母绿色智能高效提锂综合技改项目的议案 特此公告。 永兴特种材料科技股份有限公司董事会 2024 年 6 月 22 日 ...

1、对外投资基本情况 证券代码：002756 证券简称：永兴材料 公告编号：2024-031 号 永兴特种材料科技股份有限公司 关于全资子公司投资建设锂云母绿色智能高效提锂 综合技改项目的公告 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 6 月 21 日召开 了第六届董事会第十二次临时会议，审议通过了《关于全资子公司投资建设锂云母绿 色智能高效提锂综合技改项目的议案》，同意全资子公司江西永兴特钢新能源科技有 限公司（以下简称"永兴新能源"）投资建设锂云母绿色智能高效提锂综合技改项目， 现将有关事项公告如下： 一、对外投资概述 为了进一步降低生产成本，提升高效智能制造能力，提高绿色低碳水平，增强公 司核心竞争力，第六届董事会第十二次临时会议审议通过了《关于全资子公司投资建 设锂云母绿色智能高效提锂综合技改项目的议案》，同意全资子公司永兴新能源投资 建设锂云母绿色智能高效提锂综合技改项目，对现有年产 1 万吨电池级碳酸锂项目产 线中焙烧系统、浸出过滤系统、尾气系统、及部分蒸发与湿法系统等进行技改 ...