24H1 隔膜盈利承压，成本和研发行业领先 恩捷股份(002812.SZ)/电力 设备 证券研究报告/公司点评 2024 年 9 月 4 日 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------|--------|--------------------------------------|-----------------------|--------------------|------------------|--------------------------|----------------| | | | | | | | | | | [Table_Industry] [Table_Title] 评级：增持（维持） | | [Table_Finance] 公司盈利预测及估值 | | | | | | | 市场价格： 27.51 元 | | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 153.08 分析 ...

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，公司与浙商银行股份有限公司杭州分行（以下简称"浙商银行杭州分 行"）签订《最高额保证合同》（合同编号：30300000 浙商银高保字 2024 第 00049 号），对控股子公司上海恩捷新材料科技有限公司（以下简称"上海恩捷"）向 浙商银行杭州分行申请的额度为人民币 19,000.00 万元的综合授信提供连带责任 保证担保。 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：2024-200 债券代码：128095 债券简称：恩捷 ...

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：2024-199 云南恩捷新材料股份有限公司 关于股东部分股份质押展期的公告 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。 云南恩捷新材料股份有限公司（以下简称"公司"）于近日接到公司副董事长、 总经理暨实际控制人家族成员之一李晓华先生的通知，获悉李晓华先生将其持有 的部分公司股份办理了质押展期手续，具体事项如下： 注：本公告中所述的总股本均指公司截至2024年8月30日总股本，本公告中所涉数据的尾数如有差异或不符 系四舍五入所致。 | | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 持股数量 | 持股 | 本次质押变 | 本次质押变 | 占其所 | 占公司 | 已质押股 | 占已 | 未质押股 | 占未 | | 股东名称 | （股） | 比例 | 动前质押股 | 动后质押股 | 持股份 | 总股本 ...

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 编号：2024-002 | --- | --- | --- | |-------|---------------------------------------------------|----------------------| | 名 | | | | 时间 | 2024 年 8 月 28 日 16:00 至 17:00 | | | 地点 | 全景网"投资者关系互动平台"（ | http://ir.p5w.net ） | 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 ☑业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名 称及人员姓 通过全景网"投资者关系互动平台"（http://ir.p5w.net）参与公司 2024 年半年度业 绩说明会的广大投资者 上市公司接 待人员姓名 公司董事长 Paul Xiaoming Lee 先生、副董事长兼总经理李晓华先生、董事会秘书禹 雪女士、财务总监李见先生 投资者关系 活动主要内 容介绍 公司就 ...

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 证券代码：002812 股票简称：恩捷股份 公告编号：2024-198 债券代码：128095 债券简称：恩捷转债 | 被担保人 | 担保权人 | 主债权额度 | 担保额度 | 担保合同内容 | | --- | --- | --- | --- | --- | | | | | | 1、担保人 ...

恩捷股份（002812.SZ）2024 年半年报点评 业绩符合预期，隔膜龙头盈利承压 2024 年 08 月 29 日 ➢ 事件。8 月 27 日，公司公布 2024 年半年报，2024H1 公司实现营收 47.83 亿元，同比下降 14.10%，实现归母净利 2.91 亿元，同比下降 79.28%，扣非后 归母净利润 2.60 亿元，同比下降 80.69%，业绩整体符合预告预期。 ➢ Q2 业绩拆分。营收和净利：公司 2024Q2 营收 24.56 亿元,同比-18.14%， 环比+5.50%，归母净利润为 1.33 亿元，同比-82.41%，环比-15.97%，扣非后 净利润为 1.10 亿元，同比-84.58%，环比-25.96%。毛利率：2024Q2 毛利率为 23.06%，同比-18.28pcts，环比+4.19pcts。净利率：2024Q2 净利率为 5.46%， 同比-21.32pcts，环比-1.29pcts。费用率：公司 2024Q2 期间费用率为 19.46%， 同比变动 8.35%，费用管控良好，其中销售、管理、研发、财务费用率分别为 0.82%、5.94%、8.24%、4.47%。 ➢ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in H1 2024 is generally in line with expectations, with revenue of 4.78 billion yuan, a year-on-year decrease of 14.1%, and a net profit attributable to shareholders of 290 million yuan, down 79.3% year-on-year [3][4] - The company expects to maintain over 30% growth in shipments for 2024, with Q2 shipments increasing by 20% quarter-on-quarter [3] - The company is facing significant cost increases, with operating expenses rising by 9.2% in H1 2024, leading to a decrease in profitability [4] - The company has a competitive advantage in overseas production capacity, particularly in Hungary and the U.S., which is expected to contribute positively to future earnings [4] Financial Performance Summary - Total revenue for 2022 was 12.591 billion yuan, with a forecasted decline to 11.632 billion yuan in 2024, followed by growth to 14.381 billion yuan in 2025 and 18.126 billion yuan in 2026 [2] - Net profit attributable to shareholders is projected to drop significantly to 687.54 million yuan in 2024, with a recovery expected in subsequent years [2] - The company's gross margin is expected to decline to 19.91% in 2024, with a gradual recovery anticipated in the following years [9] - The company’s operating cash flow for H1 2024 was 1.55 billion yuan, an increase of 22.2% year-on-year [4] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders has been revised down to 690 million yuan for 2024, 1.05 billion yuan for 2025, and 1.84 billion yuan for 2026, reflecting a year-on-year growth of 73%, 53%, and 75% respectively [4] - The price-to-earnings ratio (P/E) is projected to be 36.14 for 2024, decreasing to 13.49 by 2026 [2][4]

2024 年 08 月 28 日 单击或点击此处输入文字。 来源：公司年报、国金证券研究所 增持（维持评级） 恩捷股份（002812.SZ） 公司点评 证券研究报告 价格临近触底，行业拐点将至 业绩简评 8 月 28 日，公司公告 2024 年半年度业绩，1）1H24 实现收入 47.8 亿元，YoY-14%；扣非利润 2.6 亿元，YoY-81%；2）单 Q2，实现收 入 24.6 亿元，YoY/QoQ-18%/+6%；扣非利润 1.1 亿元，YoY/QoQ- 85%/-26%。 经营分析 1、短期利润承压，价格临近触底。 量：1H24 公司预计出货 27.5 亿平（Q1、Q2 分别 12.5、15 亿平）， YoY+28%（Q2 环增 20%）。出货保持高增。当前月度排产保持在 6 亿 平+，8、9 月小幅上修，24 年目标出货 65-70 亿平，YoY 有望+40%。 价：隔膜价格主要降幅集中在 H1，Q3 幅度收窄（7、8 月份价格稳 定）。 利：2Q24 公司单平扣非利润约 0.14 元/平，QoQ-35%，测算考虑 Q2 计入铝塑膜&干法膜亏损、咨询费、股权激励费用，以及少数股东 权益等。盈利短期 ...

Financial Performance - The company reported a revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15% compared to the same period in 2023[9]. - The net profit attributable to shareholders for the first half of 2024 was RMB 300 million, up 20% from RMB 250 million in the first half of 2023[9]. - The company's operating revenue for the reporting period was CNY 4,783,241,580.48, a decrease of 14.10% compared to the same period last year[17]. - Net profit attributable to shareholders was CNY 291,027,352.44, down 79.28% year-on-year[17]. - The net profit after deducting non-recurring gains and losses was CNY 259,507,389.87, reflecting an 80.69% decline compared to the previous year[17]. - The company reported a total profit of CNY 272,149,113.01 for the first half of 2024, down 83.8% from CNY 1,679,122,286.32 in the first half of 2023[195]. - The company experienced a net loss from investment of CNY 10,063,360.22, worsening from a loss of CNY 3,454,740.44 in the same period last year[194]. - The total comprehensive income for the first half of 2024 was CNY 233,042,934.25, a decrease of 85.4% from CNY 1,599,861,473.21 in the first half of 2023[196]. Research and Development - Research and development expenses increased by 30% year-on-year, totaling RMB 150 million, focusing on new materials for battery applications[9]. - The company has established a robust R&D team that covers separator and coating production equipment, separator preparation processes, and energy-saving technologies[25]. - The company has a total of 447 valid patents, including 36 international patents, with an additional 252 patents pending[41]. - Investment in R&D has increased by 20% year-over-year, focusing on innovative materials and technologies to enhance product offerings[135]. - The company aims to enhance its research and development capabilities by consolidating technology centers to improve production efficiency and product quality[68]. Market Expansion and Strategy - The company aims to achieve a market share of 30% in the lithium battery separator market by the end of 2025[9]. - The company is expanding its overseas production capacity, with the Hungary phase one project progressing well and customer validation underway[32]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[135]. - A strategic acquisition of a local competitor is expected to be finalized by Q3 2024, which will enhance production capabilities[135]. - The company is actively exploring new applications for separators to diversify its business and reduce reliance on the volatile new energy vehicle market[73]. Production Capacity and Investment - The company plans to expand its production capacity by 25% in the next year to meet increasing demand for lithium battery separators[9]. - The company is expanding its production capacity for sterile packaging products through the construction of new production lines[36]. - The company has invested CNY 100,000 million in the Wuxi Enjie New Materials Industrial Base Project, which has also reached its investment target[62]. - The company plans to invest approximately €447 million in the second phase of the wet lithium battery separator project in Hungary, with a total production capacity of about 800 million square meters per year[151]. Financial Management and Cash Flow - The net cash flow from operating activities increased by 22.21% to CNY 1,553,077,396.86[17]. - The company reported a significant increase in other income by 143.78% to approximately ¥158 million, attributed to increased VAT deductions[46]. - The cash inflow from operating activities increased to CNY 5,827,670,184.61 in the first half of 2024, up from CNY 5,171,462,636.61 in the first half of 2023, representing a growth of approximately 12.7%[200]. - The net cash flow from financing activities for the first half of 2024 is CNY 955,291,683.62, a significant decrease from CNY 5,490,943,241.34 in the first half of 2023[200]. Environmental Compliance - The company has complied with environmental protection laws and regulations during its operations[98]. - The total emissions of wastewater from Wuxi Enjie amounted to 1.26 tons, with a COD concentration of 21 mg/L, complying with the synthetic resin industry pollutant discharge standards (GB31572-2015)[99]. - The company has implemented a carbon emission accounting system, accurately calculating carbon emissions across production bases[112]. - The company has established a comprehensive emergency response plan for environmental incidents, ensuring effective deployment through regular drills[108]. Shareholder and Governance Matters - The company has established a stock incentive plan to retain core technical personnel and maintain its competitive edge in technology[78]. - The company has not provided guarantees for shareholders, actual controllers, or their related parties, maintaining a balance of CNY 0[140]. - The company has completed all commitments made by its actual controllers and shareholders during the reporting period[118]. - The company has not reported any significant contracts during the reporting period[142]. Risks and Challenges - The company faces risks related to raw material price fluctuations and intends to implement hedging strategies to mitigate these risks[2]. - The company is facing risks from intensified market competition in the lithium-ion battery separator industry, which has seen increased capacity and competition due to high profit margins attracting new entrants[74]. - The company plans to mitigate risks from fluctuating raw material prices by establishing long-term relationships with suppliers and implementing a strategic procurement system[75].

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：2024-193 云南恩捷新材料股份有限公司 关于变更注册资本并修订《公司章程》及办理工商变更登记的公告 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。 云南恩捷新材料股份有限公司（以下简称"公司"）于 2024 年 8 月 27 日召 开第五届董事会第三十次会议审议通过了《关于变更注册资本并修订<公司章 程>及办理工商变更登记的议案》，现将相关情况公告如下： 一、变更注册资本的情况 经中国证券监督管理委员会《关于核准云南恩捷新材料股份有限公司公开发 行可转换公司债券的批复》（证监许可【2019】2701 号）核准，公司于 2020 年 2 月 11 日公开发行了 1,600 万张可转换公司债券，并经深圳证券交易所"深证上 【2020】109 号"文同意，于 2020 年 2 月 28 日起在深圳证券交易所挂牌交易， 债券简称"恩捷转债"，债券代码"128095"。根据《深圳证券交易所股票上市规则》 和《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》等有关 ...