Investment Rating - Buy (Maintained) [1] Core Views - The company released its 24H1 earnings forecast, with a projected net profit attributable to the parent company of 260-360 million yuan, a year-on-year decrease of 75%-82% [3] - The company's 24Q2 net profit attributable to the parent company is expected to be 100-200 million yuan, a year-on-year decrease of 74%-87%, with a mid-point forecast of 150 million yuan, a year-on-year decrease of 80% and a quarter-on-quarter decrease of 5% [3] - The company's 24Q2 non-GAAP net profit is expected to be 70-170 million yuan, a year-on-year decrease of 76%-90%, with a quarter-on-quarter change of -53% to +14% [3] - The company's 24Q2 performance is under pressure due to losses in dry-process separators and aluminum-plastic film businesses, as well as consulting fees, which together affect profits by over 100 million yuan [3] - The company's 24Q2 shipments increased by 20% quarter-on-quarter, and the company's 24-year shipments are expected to maintain a growth rate of over 30% [3] - The company's 24H1 shipments are estimated to be 2.7-2.8 billion square meters, a year-on-year increase of 28%, with 24Q2 shipments expected to be around 1.5 billion square meters, a year-on-year increase of about 30% and a quarter-on-quarter increase of about 20% [3] - The company's 24-year shipments are expected to reach 6.5 billion square meters, maintaining a year-on-year growth rate of over 30%, and the company's 25-26 year shipments are expected to maintain a growth rate of 25%-30% [3] - The company's 24Q2 single-square-meter operating profit is stable, and the company's 24-year single-square-meter profit is expected to drop to 0.1 yuan+ [3] - The company's overseas capacity has a first-mover advantage, with Hungary's coating capacity contributing from 24H2, and the company's US coating capacity is expected to be released in 25, with profits expected to gradually recover in 25-26 [3] - The company's 24-26 net profit attributable to the parent company is expected to be 900 million yuan, 1.34 billion yuan, and 2.31 billion yuan, respectively, a year-on-year decrease of 64%, an increase of 48%, and an increase of 72%, with corresponding PEs of 33, 23, and 13 times [3] Financial Forecasts and Valuation - The company's 24-26 operating income is expected to be 13.935 billion yuan, 17.307 billion yuan, and 21.911 billion yuan, respectively, with year-on-year growth rates of 15.72%, 24.19%, and 26.61% [2] - The company's 24-26 net profit attributable to the parent company is expected to be 903.89 million yuan, 1.341 billion yuan, and 2.305 billion yuan, respectively, with year-on-year growth rates of -64.23%, 48.36%, and 71.91% [2] - The company's 24-26 EPS is expected to be 0.92 yuan, 1.37 yuan, and 2.36 yuan, respectively, with corresponding PEs of 33.45, 22.54, and 13.11 times [2] Financial Data - The company's 24-26 operating income is expected to be 13.935 billion yuan, 17.307 billion yuan, and 21.911 billion yuan, respectively [8] - The company's 24-26 net profit attributable to the parent company is expected to be 903.89 million yuan, 1.341 billion yuan, and 2.305 billion yuan, respectively [8] - The company's 24-26 EPS is expected to be 0.92 yuan, 1.37 yuan, and 2.36 yuan, respectively [8] - The company's 24-26 P/E is expected to be 33.45, 22.54, and 13.11 times, respectively [8] - The company's 24-26 P/B is expected to be 0.94, 0.90, and 0.85 times, respectively [9] - The company's 24-26 ROE is expected to be 2.57%, 3.68%, and 5.98%, respectively [9] - The company's 24-26 ROIC is expected to be 2.78%, 3.67%, and 5.67%, respectively [9] Market Data - The company's closing price is 30.92 yuan [5] - The company's one-year low/high price is 30.51/99.10 yuan [5] - The company's P/B is 1.12 times [5] - The company's circulating A-share market value is 25.513 billion yuan [5] - The company's total market value is 30.232 billion yuan [5] Basic Data - The company's net asset per share is 27.54 yuan [6] - The company's asset-liability ratio is 38.61% [6] - The company's total share capital is 977.76 million shares [6] - The company's circulating A-share capital is 825.14 million shares [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has released its H1 2024 earnings forecast, indicating that the performance is generally in line with expectations, with a projected net profit attributable to shareholders of 260-360 million yuan, representing a year-on-year decline of 75%-82% [3] - The Q2 2024 net profit is expected to be between 100-200 million yuan, showing a year-on-year decline of 74%-87% and a quarter-on-quarter change of -37% to +26% [3] - The decline in performance is primarily attributed to losses in the dry separator and aluminum-plastic film businesses, along with consulting fees impacting profits by over 100 million yuan [3] Summary by Sections Earnings Forecast and Valuation - Total revenue for 2022 was 12,591 million yuan, with a forecast of 13,935 million yuan for 2024, reflecting a year-on-year growth of 15.72% [2] - The net profit attributable to shareholders for 2022 was 4,000.46 million yuan, with a forecast of 903.89 million yuan for 2024, indicating a significant decline of 64.23% [2] - The latest diluted EPS is projected to be 0.92 yuan for 2024, with a P/E ratio of 33.45 [2] Performance Insights - Q2 2024 shipments are expected to increase by 20% quarter-on-quarter, with annual shipments projected to maintain over 30% growth, reaching approximately 6.5 billion square meters [3] - The company anticipates a stable operating profit per square meter in Q2 2024, with an expected decline in annual profit per square meter to over 0.1 yuan due to losses and consulting fees [3] - The company has a competitive advantage in overseas production capacity, with contributions expected from its Hungarian coating capacity starting in H2 2024 [3] Profitability and Investment Outlook - The profit forecast for 2024-2026 has been revised down to 900 million, 1.34 billion, and 2.31 billion yuan respectively, reflecting a year-on-year change of -64%, +48%, and +72% [3] - The corresponding P/E ratios for these years are projected to be 33, 23, and 13 [3] - Given the company's leading position in the separator industry, long-term profit growth is expected to recover, justifying the "Buy" rating [3]

Financial Performance - The estimated net profit for the first half of 2024 is projected to be between 25,814.12 million and 35,814.12 million CNY, representing a decline of 74.50% to 81.62% compared to the same period last year, where it was 140,466.12 million CNY[3] - The estimated net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 21,910.87 million and 31,910.87 million CNY, reflecting a decrease of 76.26% to 83.70% from 134,390.92 million CNY in the previous year[3] - The basic earnings per share are expected to be between 0.26 CNY and 0.37 CNY, down from 1.55 CNY per share in the same period last year[3] Industry Trends - The lithium battery separator industry is experiencing a slightly relaxed supply-demand situation, leading to a decline in product prices due to increased competition and cost-cutting pressures from downstream[4] Strategic Initiatives - The company has increased its market expansion efforts, resulting in a steady increase in separator product shipment volumes and improvements in capacity utilization and market share[4] - The company plans to enhance its R&D efforts, continuously develop new products, and accelerate overseas market expansion to improve product structure and strengthen competitiveness[4]

证券代码：002812 股票简称：恩捷股份 公告编号：2024-158 债券代码：128095 债券简称：恩捷转债 2、本次股东大会未涉及变更前次股东大会决议。 一、会议的召开和出席情况 （一）会议的召开情况 1、会议召开时间： 云南恩捷新材料股份有限公司 关于2024年第六次临时股东大会决议的公告 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、本次股东大会未出现否决议案的情形。 （1）现场会议召开时间：2024 年 7 月 5 日（星期五）下午 14:00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为 2024 年 7 月 5 日（星期五）上午 9:15-9:25、9:30-11:30，下午 13:00-15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为 2024 年 7 月 5 日（星期 五）上午 09:15 至下午 15:00 期间的任意时间。 2、会议召开地点：云南省玉溪市高新区九龙片区春景路 8 号云南红塔塑胶 有限公司三楼会议室。 3、会议召开方式：现场投票与网络投票相结合的方式 4、会议召集人： ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于云南恩捷新材料股份有限公司 2024 年第六次临时股东大会的法律意见书 致：云南恩捷新材料股份有限公司 国浩律师（上海）事务所（以下简称"本所"）担任云南恩捷新材料股份有 限公司（以下称"公司"或"恩捷股份"）之特聘法律顾问，根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）等法律、法规和《上市公司股东大会规则》（以下称"《股 东大会规则》"）及《云南恩捷新材料股份有限公司章程》（以下称"《公司章 程》"）等有关规定，指派何佳欢律师、孟怡律师出席并见证了公司于 2024 年 7 月 5 日（星期五）下午 14:00 在云南省玉溪市高新区九龙片区春景路 8 号云南 红塔塑胶有限公司三楼会议室召开的 2024 年第六次临时股东大会（以下简称"本 次股东大会"），对本次股东大会的召集、召开程序、出席人员资格、会议表决 程序等事宜进行了审查。本所依据本法律意见书出具日之前已经发生或存在的事 实及中国现行法律、法规及规范性文件发表法律意见。 本所依据本法律意见书出具日之前已经发生或存在的事实及中国 ...

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：2024-159 云南恩捷新材料股份有限公司 关于股东部分股份质押变动的公告 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。 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及公司持股5%以上股东玉溪合益 投资有限公司（以下简称"合益投资"）的通知，获悉李晓华先生将其持有的部 分公司股份办理了补充质押和质押展期手续，合益投资将其持有的部分公司股份 办理了补充质押手续，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7月4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。 二、股东股份累计质押基本情况 截至本公告披露日，李晓华、合益投资及其一致行动人所持股份质押情况如 三、其他情况说明 公司目前经营一切正常，李晓华先生、合益投资及其一致行动人对公司发展 充满信心。李晓华先生、合益投资及其一致行动人资信状况良好，具备良好的资 金偿还能力，其质押的股份目前不存在平仓风险，质押风险可控。上 ...

债券代码：128095 债券简称：恩捷转债 债券代码：128095，债券简称：恩捷转债 转股价格：人民币64.73元/股 转股时间：2020年8月17日至2026年2月11日 云南恩捷新材料股份有限公司 2024年第二季度可转债转股情况的公告 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： 证券代码：002812，证券简称：恩捷股份 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第15号——可转换公司债券》的有关规定，云南恩捷新材料股份有限公司（以 下简称"公司"）现将2024年第二季度可转换公司债券（以下简称"可转债"）转股 及公司股份变动的情况公告如下： 一、可转换公司债券发行上市基本情况 （一）可转换公司债券发行情况 证券代码：002812 股票简称：恩捷股份 公告编号：2024-156 经中国证券监督管理委员会"证监许可[2019]2701号"文核准，公司于2020年2 月11日公开发行了1,600.00万张可转换公司债券，每张面值100元，发行总额 160,000.00万元，期限6年。 （二）可转换公司债券上市情况 经深 ...

根据上述决议，公司于 2024 年 6 月 28 日与华泰证券股份有限公司签订了《恒 益 24026 号收益凭证产品认购协议》，以暂时闲置募集资金人民币 25,000.00 万 元购买本金保障型收益凭证。 债券代码：128095 债券简称：恩捷转债 公司与华泰证券股份有限公司不存在关联关系。现将具体相关情况公告如下： 证券代码：002812 股票简称：恩捷股份 公告编号：2024-155 | 交易方 | 产品名称 | 投资及 | 产品 | 金额 | 产品 | | 产品 | | 年化固定 | 资金 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 收益币种 | 类型 | （万元） | 起息日 | | 到期日 | | 收益率 | 来源 | | 华泰证券股 | 华泰证券恒益 | 人民币 | 本金保障型 | 25,000.00 | 2024 | 年 7 | 年 2025 | 6 | 2.20% | 募集 | | 份有限公司 | 24026 号收益凭证 | | 收益凭证 | | 月 1 | 日 | 月 12 | 日 | ...

云南恩捷新材料股份有限公司 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：2024-154 关于股东部分股份补充质押的公告 | | | | | | | | 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 | 份限售和 | 质押 | 份限售和 | 质押 | | | | | 份数量（股） | 份数量（股） | 比例 | 比例 | 冻结数量 | 股份 | 冻结数量 | 股份 | | | | | | | | | （股） | 比例 | （股） | 比例 | | 玉溪合益投资有 限公司 | 119,449,535 | 12.22% | 92,919,997 | 92,919,997 | 77.79% | 9.50 ...

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：2024-157 云南恩捷新材料股份有限公司 关于回购公司股份的进展公告 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。 截至 2024 年 6 月 30 日，公司通过回购专用证券账户以集中竞价交易方式累 计回购股份数量为 4,133,892 股，占公司总股本的 0.4228%，最高成交价为 42.76 元/股，最低成交价为 31.48 元/股，成交金额为人民币 149,129,012.45 元（不含交 易费用）。本次回购符合相关法律、法规的要求及公司回购股份方案。 | 证券代码：002812 | 股票简称：恩捷股份 公告编号：2024-157 | | --- | --- | | 债券代码：128095 | 债券简称：恩捷转债 | 二、其他说明 云南恩捷新材料股份有限公司（以下简称"公司"）分别于 2024 年 2 月 2 日、 2024 年 2 月 18 日、2024 年 3 月 7 日召开第五届董事会第十九次会议、第五届董 事会第二十次会议、2024 年第二次临时股东 ...