证券研究报告 | --- | --- | |----------|-------------| | | | | 科达利 | (002850.SZ) | | 投资评级 | 买入 | | | | [Table_A [Table_Author] 武浩 电力设备与新能源行业首席分 uthor] 析师 执业编号：S1500520090001 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 孙然 电力设备与新能源行业研究助 理 联系电话：18721956681 邮 箱：sunran@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127金隅大厦B座 邮编：100031 [Table_Title] 盈利能力稳健，国内外产能逐步释放 [Table_ReportDate] 2024 年 8 月 22 日 [Table_S 事件：公司ummar202y]4H1 实现营业收入 54 亿元，同比+10.75%；归母净利润 6.48 亿元，同比+27.38%；实现扣非归母净利润 6.28 亿元，同比+26.68%。 2024Q2 ...

[Table_StockNameRptType] 科达利（002850） 公司点评 公司盈利能力稳健，国内外扩张提速 [Table_Rank] 投资评级：买入（维持） 报告日期： 2024-08-21 [Table_BaseData] 收盘价（元） 70.22 | --- | --- | |---------------------------|--------------| | 近 12 个月最高/最低（元） | 122.80/56.00 | | 总股本（百万股） | 271 | | 流通股本（百万股） | 193 | | 流通股比例（%） | 71.26 | | 总市值（亿元） | 190 | | 流通市值（亿元） | 135 | [公司价格与沪深 Table_Chart] 300 走势比较 -61% -43% -24% -6% 13% 8/23 11/23 2/24 5/24 科达利 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：牛义杰 执业证书号：S0010524050005 邮箱：niuy ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company reported a net profit attributable to shareholders of RMB 648 million for the first half of 2024, representing a year-on-year growth of 27.38% [3]. - Revenue for the first half of 2024 reached RMB 5.45 billion, an increase of 10.75% compared to the same period last year [3]. - The company is focused on cost reduction and efficiency improvement, with a gross profit margin of 23.06% and a net profit margin of 11.87% for the first half of 2024 [3][5]. - The company is expanding its production capacity with new projects in Shenzhen and the United States, which will enhance its future growth potential [3][4]. - The company is also diversifying into humanoid robot components, which is expected to become a new growth driver [3]. Financial Summary - For the first half of 2024, the company achieved a gross profit of RMB 1.26 billion, with a gross profit margin of 23.06% [5]. - The net profit for the second quarter of 2024 was RMB 339 million, showing a year-on-year increase of 27.03% and a quarter-on-quarter increase of 10.02% [3][5]. - The company’s projected earnings per share (EPS) for 2024-2026 are RMB 5.19, RMB 6.34, and RMB 7.86, respectively, with corresponding price-to-earnings (P/E) ratios of 13.5, 11.1, and 8.9 [4][6]. - The company’s total revenue is expected to grow from RMB 12.8 billion in 2024 to RMB 19.6 billion in 2026, with a compound annual growth rate (CAGR) of approximately 22% [4][6].

证券研究报告 2024 年 08 月 19 日 评级 买入 | --- | --- | |---------------------|--------------| | | 维持 | | 交易数据 | | | 当前价格（元） | 71.05 | | 52 周价格区间（元） | 58.03-120.76 | | 总市值（百万） | 19232.00 | | 流通市值（百万） | 13705.20 | | 总股本（万股） | 27068.20 | | 流通股（万股） | 19289.50 | 涨跌幅比较 科达利 电池 -52% -32% -12% 8% 2023-08 2023-11 2024-02 2024-05 2024-08 % 1M 3M 12M 杨鑫 分析师 执业证书编号:S0530524050001 yangxin13@hnchasing.com 相关报告 科达利 -8.44 -24.24 -42.48 电池 -4.22 -16.80 -36.91 1 科达利（002850.SZ）公司点评：投建美国基 地，加速市场拓展 2024-05-22 电力设备｜ 电池 盈利能力保持韧性，业务稳定增长 公司点评 ...

| 证券代码：002850 | 证券简称：科达利 公告编号：2024-071 | | --- | --- | | 债券代码：127066 | 债券简称：科利转债 | 深圳市科达利实业股份有限公司 关于全资子公司山东科达利完成工商变更登记的公告 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。 深圳市科达利实业股份有限公司（以下简称"公司"）全资子公司山东科达 利精密工业有限公司（以下简称"山东科达利"）因实际经营需要，经管理层决 策，公司法定代表人由原励建炬先生变更为黎安明先生。 近日，山东科达利完成了相关工商变更登记手续，变更后的登记信息如下： 名称：山东科达利精密工业有限公司 统一社会信用代码：91370400MABWCN151J 类型：有限责任公司（非自然人投资或控股的法人独资） 法定代表人：黎安明 注册资本：人民币壹亿元整 成立日期：2022 年 8 月 18 日 经营范围：一般项目：模具制造；模具销售；电池零配件生产；电池零配件 销售；汽车零部件及配件制造；汽车零配件批发；汽车零配件零售；五金产品制 造；五金产品批发；五金产品零售；塑料制品销售；货物进 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 -51% -40% -29% -19% -8% 3% 2023-08 2023-12 2024-04 本报告导读： [Table_Market] 交易数据 投资要点： [Table_PicQuote] 52周股价走势图 科达利 深证成指 [Table_Report] 相关报告 业绩符合预期，盈利韧性强劲 科达利(002850) [Table_Industry] 资本货物/工业 | --- | --- | --- | |-----------------------------|-----------|--------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 92.52 | | | 上次预测: | 111.06 | | [当前价格： Table_CurPrice] | | 73.13 | [table_Authors] 庞钧文(分析师) ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's performance in the first half of 2024 met expectations, with revenue of 5.446 billion yuan, a year-on-year increase of 10.8%, and a net profit attributable to shareholders of 648 million yuan, up 27.4% year-on-year [5]. - The company has a strong customer base, including major domestic and international manufacturers, and is expanding its overseas production capacity [5]. - The company is actively pursuing business expansion in the humanoid robot sector, which is expected to contribute to future profit growth [5]. Financial Performance Summary - In the first half of 2024, the company achieved a gross margin of 23.06% and a net margin of 11.87% [5]. - The company’s capital expenditure in the first half of 2024 was 640 million yuan, a decrease of 48.7% year-on-year [5]. - The company’s total revenue is projected to reach 12.799 billion yuan in 2024, with a year-on-year growth rate of 21.8% [6]. Profitability Forecast - The forecasted net profit for 2024 is 1.416 billion yuan, with a year-on-year growth rate of 17.9% [6]. - The earnings per share (EPS) for 2024 is estimated to be 5.23 yuan [6]. - The company is expected to maintain a return on equity (ROE) of 12.5% in 2024 [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][7]. Core Views - The company maintains robust profitability despite a product price decline cycle, focusing on cost reduction and operational efficiency, with a steady profit level in H1 2024 [2][6]. - As a leader in lithium battery precision components, the company is successfully expanding its overseas bases, with new businesses expected to contribute to new growth points [2][6]. - The company reported H1 2024 revenue of 5.446 billion yuan, a year-on-year increase of 10.75%, and a net profit attributable to shareholders of 648 million yuan, up 27.38% year-on-year [6]. Financial Performance - In Q2 2024, the company achieved revenue of 2.937 billion yuan, a year-on-year increase of 13.36% and a quarter-on-quarter increase of 17.09%, with a net profit of 339 million yuan, up 27.03% year-on-year and 10.02% quarter-on-quarter [6]. - The gross margin for lithium battery structural components in H1 2024 was 23.61%, a slight increase of 0.05 percentage points year-on-year [6]. - The company’s overseas revenue reached 295 million yuan in H1 2024, a year-on-year increase of 11.38%, with production bases in Hungary and Sweden already operational [6]. Future Outlook - Revenue projections for 2024-2026 are 12.346 billion yuan, 14.846 billion yuan, and 17.822 billion yuan, with year-on-year growth rates of 17.46%, 20.25%, and 20.05% respectively [7][8]. - Net profit forecasts for the same period are 1.423 billion yuan, 1.742 billion yuan, and 2.119 billion yuan, with growth rates of 18.46%, 22.43%, and 21.65% respectively [7][8]. - The company plans to invest in a joint venture with two Taiwanese companies to develop key components for humanoid robots, leveraging its design and manufacturing expertise [6].

证券代码：002850 证券简称：科达利 债券代码：127066 债券简称：科利转债 深圳市科达利实业股份有限公司投资者关系活动记录表 | --- | --- | |---------------|---------------------------| | | □特定对象调研 □分析师会议 | | | □媒体采访 | | 投资者关系活 | | | | □新闻发布会 □路演活动 | | 动类别 | | | | □现场参观 | | | √其他 （电话会议） | | | | | | | | | | | | | | 参与单位名称 | | | 及人员姓名 | | | | | | | | | | | | | 信建投等 288 | | 时间 | 2024 年 8 月 16 日 20:30 | | 地点 电话会议 | | 上市公司接待 人员姓名 总裁励建炬先生、财务总监石会峰先生、董事会秘书罗丽娇女士 一、2024 年半年度情况介绍： 投资者关系活 公司于 2024 年 8 月 16 日披露了 2024 年半年度报告，今年上 动主要内容介 半年公司实现营业收入 54.46 亿，同比增长 10.75%，净利润 6.48 绍 ...

2024 年 8 月 18 日 公司研究 盈利能力强韧，下半年需求增长可期 ——科达利（002850.SZ）2024 年半年报点评 要点 买入（维持） 事件：科达利发布 2024 年半年报：公司 24H1 营业收入为 54.46 亿元，同 比增长 10.75%；实现归母净利润 6.48 亿元，同比增长 27.38%；实现扣非 归母净利润 6.28 亿元，同比增长 26.68%，业绩符合预期。 Q2 业绩同环比稳健增长。单季度来看，公司 2024Q2 营业收入为 29.37 亿 元，同比增长 13.36%，环比增长 17.09%；实现归母净利润 3.39 亿元，同 比增长 27.03%，环比增长 10.02%；实现扣非归母净利润 3.33 亿元，同比 增长 26.34%，环比增长 12.81%。 行业需求强韧，公司利润跟随行业增长。据高工产业研究院数据，2024 年上 半年，我国动力电池装机量约 200.6GWh，同比增长 40%；全球动力电池装 机量约 346.5GWh，同比增长 15%；2024 年上半年中国储能锂电池出货量 116GWh，同比增长 41%。公司 24H1 锂电池结构件收入 52.42 亿元 ...