债券代码：128095 债券简称：恩捷转债 证券代码：002812 股票简称：恩捷股份 公告编号：2024-227 云南恩捷新材料股份有限公司 关于回购股份注销完成暨股份变动的公告 本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示： 1、本次注销的回购股份数量为 5,905,097 股，占注销前公司总股本的 0.60%。 本次注销完成后，公司总股本由 977,183,687 股变更为 971,278,590 股。 2、经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次回购 股份注销事宜已于 2024 年 11 月 5 日办理完成。 云南恩捷新材料股份有限公司（以下简称"公司"）因实施注销回购专用证券 账户股份导致公司总股本、无限售条件流通股数量发生变化，根据《上市公司股 份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等 相关规定，现就回购股份注销完成暨股份变动情况公告如下： 一、本次回购股份的批准和实施情况 公司分别于 2024 年 2 月 2 日、2024 年 2 月 18 日召开第五届董事会第十九 次会议、第五届董事会第二 ...

证券代码：002812 股票简称：恩捷股份 公告编号：2024-228 债券代码：128095 债券简称：恩捷转债 云南恩捷新材料股份有限公司 关于可转换公司债券转股价格调整的公告 本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 特别提示： 1、债券代码：128095，债券简称：恩捷转债 2、调整前转股价格：人民币64.73元/股 一、关于可转换公司债券转股价格调整的相关规定 公司公开发行了1,600万张可转换公司债券（债券简称：恩捷转债，债券代 码：128095）并于2020年2月28日上市。根据《云南恩捷新材料股份有限公司公 开发行可转换公司债券募集说明书》及中国证券监督管理委员会（以下简称"中 国证监会"）关于可转换公司债券发行的有关规定，在本次可转换公司债券发行 之后，当公司因派送股票股利、转增股本、增发新股（不包括因本次可转换公 司债券转股而增加的股本）、配股使公司股份发生变化及派送现金股利等情况 时，将按下述公式进行转股价格的调整（保留小数点后两位，最后一位四舍五 入）： 派送股票股利或转增股本：P1=P0/（1+n） 增发新股或配股：P1=（P0+A×k ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported Q3 2024 revenue of 2.68 billion yuan, a year-over-year decrease of 23.9% but a quarter-over-quarter increase of 9.2%. The net profit attributable to the parent company was 152 million yuan, down 79.6% year-over-year but up 14.7% quarter-over-quarter. The expected gross margin for Q3 is 21%, a decrease of 2.2 percentage points, primarily due to price declines in the domestic market, and the performance met expectations [2][3] - The company's membrane shipment volume is steadily increasing, with an estimated 2 billion square meters shipped in Q3, a quarter-over-quarter increase of 30%, surpassing the industry growth rate. The domestic shipment ratio continues to rise due to increased domestic energy storage demand, while overseas market profitability remains stable [2] - The company is advancing its overseas capacity construction, with the first phase in Hungary completed and currently in the customer verification stage, expected to start supplying in Q4. The second phase plans to have a capacity of 800 million square meters across four production lines. Additionally, the company plans to invest in a lithium battery separator project in Malaysia with a planned capacity of 1 billion square meters per year, accelerating its capacity expansion strategy and enhancing its global industrial layout [2] - The company has a leading position in technology research and development and significant economies of scale. The net profit estimates for 2024, 2025, and 2026 have been adjusted to 600 million yuan, 1 billion yuan, and 1.4 billion yuan, respectively, corresponding to P/E ratios of 57x, 30x, and 23x, while maintaining a "Buy" rating [2] Financial Summary - For 2023A, the company reported a revenue of 12.04 billion yuan, with a projected revenue of 9.86 billion yuan for 2024E, reflecting a year-over-year decrease of 18.1%. The net profit attributable to the parent company for 2023A was 2.53 billion yuan, with a projected net profit of 597 million yuan for 2024E, indicating a year-over-year decrease of 76.4% [3][4] - The gross margin is expected to decline from 37.4% in 2023A to 21.4% in 2024E, with a gradual recovery projected in subsequent years [3][4] - The company's return on equity (ROE) is projected to decrease from 9.4% in 2023A to 2.3% in 2024E, with a gradual increase expected in the following years [3][4]

证券时报e公司讯，针对公司海外布局，恩捷股份近日在业绩说明会上表示，公司持续开拓海外市场， 积极开拓新海外客户，如印度电池制造商EESL的定点等；另一方面，公司加大海外产能布局来匹配未 来海外市场对隔膜产品的需求，公司分别在匈牙利、美国和马来西亚有布局：公司匈牙利工厂分两期投 建，一期项目的工厂已建设完成，设备已安装调试完成，海外客户正在验证，验证工作顺利，匈牙利一 期将尽快开始进行量产供应；公司也公告了匈牙利二期项目，规划投建4条产线，隔膜产能约8亿平方 米；美国涂覆工厂的建设进展顺利，接下来将按计划推进设备安装；今年公司公告了马来西亚项目，规 划产能约10亿平方米。 ...

证券时报e公司讯，恩捷股份近日在业绩说明会上表示，从当前隔膜行业的盈利水平来看，仅头部企业 保持盈利的状态，头部企业的市场份额和开工率显著高于中小型厂商，有些中小企业已经暂缓扩产或终 止隔膜项目。 从供给端看，今年行业新增产能远低于去年，在今年形成的有效产能也明显减少，供给改善明显；从需 求端看，三季度市场较好，近期隔膜产品价格已基本稳定。 ...

编号：2024-004 证券代码：002812 证券简称：恩捷股份 债券代码：128095 债券简称：恩捷转债 云南恩捷新材料股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------|----------------------------------------------------------------------|----------------------------------------------------------------------------| | 投资者关系 \n活动类别 | □ 特定对象调研 \n□ 媒体采访 \n□ 新闻发布会 \n□ 现场参观 \n□ 其他 | □ 分析师会议 \n☑ 业绩说明会 \n □ 路演活动 | | 参与单位名 | | 嘉实基金、银华基金、、广东正圆私募基金管理有限公司、正心谷资本、国金证券、 | | 称及人员姓 | | 民生证券、东方证券、神农资产管理有限公司、华福证券、中国国际金融股份有限 | | 名 | 证券等 | 公司、华创证券、天风证券、花旗环球金融亚洲公司、瑞银证券、 ...

恩捷股份（002812.SZ）2024 年三季报点评 业绩符合预期，隔膜龙头出货稳步增长 2024 年 11 月 01 日 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------- ...

三、担保合同的主要内容 证券代码：002812 股票简称：恩捷股份 公告编号：2024-226 债券代码：128095 债券简称：恩捷转债 云南恩捷新材料股份有限公司 关于公司合并报表范围内提供担保的进展公告 本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、担保情况概述 云南恩捷新材料股份有限公司（以下简称"公司"）于 2024 年 4 月 24 日召开 第五届董事会第二十三次会议，审议通过了《关于公司 2024 年合并报表范围内 担保额度的议案》，详见公司于 2024 年 4 月 25 日在指定信息披露媒体《证券时 报》《证券日报》《上海证券报》《中国证券报》和巨潮资讯网（www.cninfo.com.cn） 刊登的《关于公司 2024 年度合并报表范围内担保额度的公告》（公告编号： 2024-078 号）。公司于 2024 年 5 月 16 日召开 2023 年度股东大会审议通过了上 述事项。 二、担保进展情况 近日，公司与江苏银行股份有限公司上海惠南支行（以下简称"江苏银行上 海惠南支行"）签订《最高额保证合同》（合同编号：BZ156824000270），对 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance met expectations, with revenue of 7.46 billion yuan for the first three quarters, down 17.9% year-on-year, and a net profit attributable to shareholders of 440 million yuan, down 79.4% year-on-year [2] - Q3 2024 shipment growth is impressive, with a quarter-on-quarter increase of over 30%, and shipments for 2025 are expected to maintain a growth rate of 20%-30% [3] - The company is expected to face slight pressure on profit margins due to product price reductions, but measures such as increasing the proportion of coated products and controlling costs may help mitigate this [4] - The company has seen an improvement in expenses and a significant increase in capital expenditures, with inventory slightly rising [5] - The profit forecast for 2024-2026 has been adjusted downwards due to product price declines, with net profit expectations of 600 million, 900 million, and 1.5 billion yuan respectively for those years [5] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 2.68 billion yuan, a decrease of 23.9% year-on-year, but an increase of 9.2% quarter-on-quarter. The net profit for Q3 was 150 million yuan, down 79.6% year-on-year, but up 14.7% quarter-on-quarter [2] - The gross margin for Q3 was 20.9%, down 14.5 percentage points year-on-year, and the net profit margin was 5.7%, down 15.6 percentage points year-on-year [2] Shipment and Growth Projections - The company is projected to ship 6.7-6.8 billion square meters in 2024, maintaining a year-on-year growth rate of over 30%, with shipments expected to reach 20 billion square meters in Q3 2024 [3] - The company anticipates that shipments will remain stable in Q4 2024, with growth rates of 20%-30% expected for 2025-2026 [3] Profitability and Cost Management - The estimated net profit per square meter for 2024 is around 0.1 yuan, with a slight decrease expected in Q3 due to losses from dry-process separators and aluminum-plastic films [4] - The company is expected to face pricing pressure in the wet-process separator market, but operational improvements and cost control measures may help offset this [4] Capital Expenditures and Cash Flow - The company reported capital expenditures of 4.92 billion yuan for the first three quarters of 2024, with a significant increase in Q3 [5] - Operating cash flow for Q3 was 740 million yuan, down 58.2% quarter-on-quarter [5]

2024 年 10 月 30 日 单击或点击此处输入文字。 增持（维持评级） 恩捷股份（002812.SZ） 公司点评 证券研究报告 确收量超预期，盈利环比降低 业绩简评 10 月 29 日，公司公告 2024 年三季报。3Q24，公司实现收入 26.8 亿元，YoY/QoQ-24%/+9%；实现扣非净利 1.6 亿元，YoY/QoQ- 78%/+43%。毛利率 21%，QoQ-2.2pct，扣非净利率 6%，QoQ+1.4pct。 业绩符合预期。 经营分析 1、盈利随价格环降 14%，出货高增 33%。其他业务减亏。 1）量：Q3 公司出货 20 亿平，环增 33%。9 月已达 7 亿平+，10-11 略降至 6-7 亿平，预计 Q4 整体出货持平，目标 65 亿平 24 年确 收，同增 33%。 2）价：测算公司 Q3 单平价格 1.1 元，环降 18%。主要降幅在今年 7 月前，8-10 月价格企稳；价格降幅集中在国内，海外较为稳定。 3）利：测算公司 Q3 单平利润 0.11 元，环降 14%，较价格幅度收 窄。测算考虑加回干法&铝塑膜&咨询费用等，Q3 亏损预计有所收 窄，以及扣除其他业务净利。 2 ...