证券研究报告 科达利 (002850 CH) 费用控制优异，净利率实现环增 华春研究 2024年10月30日|中国内地 李报点评 电力设备与新能源 投资评级(维持): 目标价(人民币): 研究员 | --- | --- | |------------------------|------------------------------------------| | | | | SAC No. S0570522020002 | shenjianguo@htsc.com +(86) 755 8249 2388 | | 研究员 | 边文技 | | SAC No. S0570518110004 | bianwenjiao@htsc.com | | SFC No. BSJ399 | +(86) 755 8277 6411 | | 联系人 | 碎样洋 | | SAC No. S0570124030024 | shaozivang@htsc.com +(86) 21 2897 2228 | 基本數据 | --- | --- | |---------------------------------|------------- ...

深圳市科达利实业股份有限公司 关于全资子公司惠州科达利完成工商变更登记的公告 | 证券代码：002850 | 证券简称：科达利 公告编号：2024-097 | | --- | --- | | 债券代码：127066 | 债券简称：科利转债 | 经营范围：一般项目：五金产品制造；五金产品零售；五金产品研发；塑料 制品制造；塑料制品销售；有色金属铸造；锻件及粉末冶金制品制造；锻件及粉 末冶金制品销售；模具制造；模具销售；金属结构制造；金属结构销售；汽车零 部件及配件制造；汽车零配件零售；汽车零配件批发；机械零件、零部件加工； 机械零件、零部件销售；通用零部件制造；国内贸易代理；货物进出口；技术进 出口；劳务服务（不含劳务派遣）；非居住房地产租赁；园区管理服务。（除依 法须经批准的项目外，凭营业执照依法自主开展经营活动） 统一社会信用代码：914413005645329263 法定代表人：刘公发 注册资本：人民币伍亿元 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。 成立日期：2010 年 10 月 21 日 深圳市科达利实业股份有限公司（以下简称"公司"）全资子公 ...

上 市 公 司 证 券 研 究 报 告 电力设备 2024 年 10 月 29 日 科达利 (002850) ——业绩符合预期，盈利能力保持强劲 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 28 日 | | 收盘价（元） | 96.52 | | 一年内最高/最低（元） | 107.62/56.00 | | 市净率 | 2.5 | | 息率（分红/股价） | 1.55 | | 流通 A 股市值（百万元） | 18,632 | | 上证指数/深证成指 | 3,322.20/10,685.89 | 点评： | --- | --- | |------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 09 月 30 日 | | | | | 每股净资产（元） | 40.53 | | | | | 资产负债率 % | 37.70 | | 总股本/流通 A 股（ ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 2024 performance slightly exceeded expectations, with revenue of 8.6 billion yuan for the first three quarters, a year-on-year increase of 11%, and a net profit attributable to shareholders of 1.02 billion yuan, up 28% year-on-year [2][3] - The revenue from lithium battery structural components was impacted by price reductions, but overseas operations are gradually ramping up, with expectations for continued revenue growth in Q4 2024 [3][4] - Cost control measures have effectively mitigated the impact of price declines, maintaining stable profitability, with a projected Q4 profit level above 10% [4] Summary by Sections Earnings Forecast and Valuation - The company’s revenue is projected to reach 12.08 billion yuan in 2024, with a year-on-year growth of 14.89%, and net profit is expected to be 1.42 billion yuan, reflecting a growth of 17.93% [1][5] - The report adjusts the net profit forecasts for 2024-2026 to 1.42 billion, 1.72 billion, and 2.07 billion yuan respectively, with corresponding P/E ratios of 18, 15, and 13 times [5] Revenue and Profitability - The company achieved a gross margin of 23.2% and a net profit margin of 11.8% in Q3 2024, with slight year-on-year changes [2][4] - The report anticipates that the company will benefit from increased demand in Q4 due to trade-in programs and energy storage needs, projecting a revenue increase for the full year [3] Cost Management - The company has effectively managed costs, with operating expenses increasing only 2% year-on-year, reflecting strong cost control capabilities [4] - The report notes a decrease in inventory levels by 22.5% compared to the previous quarter, indicating improved operational efficiency [4]

来源：公司年报、国金证券研究所 科达利 (002850.SZ) 业绩超预期，盈利坚韧，看好海外扩 业绩简评 10 月 28 日，公司发布三季报。1-3Q24 公司收入 85.9 亿元，同比 +10.6%，归母净利润 10.2 亿元，同比+27.9%，扣非归母净利润 9.85 亿元，同比+27.7%；单 Q3 公司收入 31.5 亿元，环比+7.1%，归母 净利润 3.68 亿元，环比+8.5%，扣非归母净利润 3.57 亿元，环比 +7.2%。业绩超预期。 经营分析 1、费率下降弥补毛利率下降，净利率持稳。1-3Q24 公司毛利率 23.2%，同比-0.1pct，四费率 8.9%，同比-0.7pct，资产+信用减 值同比-0.48 亿元，其他收益同比+0.73 亿元，扣非归母净利率 11.5%，同比+1.5pct。单 Q3，公司毛利率 23.4%，环比-0.4pct， 四费率 8.4%，环比-0.8pct，扣非归母净利率 11.35%，环比持平。 2、持续巩固与二线盈利差距，强化龙头地位。Q3 行业降价压力扩 大， 二线企业结构件盈利普遍环比承压，公司利润逆势增长，与 二线差距不减反增，源于公司优秀的成本&费 ...

科达利（002850.SZ）2024 年三季报点评 业绩超预期，结构件龙头盈利能力强劲 2024 年 10 月 29 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件。2024 年 10 月 28 日，公司发布 2024 年三季报，公司前三季度实现 营收 85.92 亿元，同比增长 10.60%，实现归母净利润 10.16 亿元，同比增长 27.86%，扣非后归母净利润 9.85 亿元，同比增长 27.75%。 ➢ Q3 业绩拆分。营收和净利：公司 2024Q3 营收 31.46 亿元,同比增长 10.35%，环比增长 7.12%，归母净利润为 3.68 亿元，同比增长 28.70%，环比 增长 8.49%，扣非后净利润为 3.57 亿元，同比增长 29.66%，环比增长 7.24%。 毛利率：2024Q3 毛利率为 23.42%，同比-0.46pct，环比-0.40pct。净利率： 2024Q3 净利率为 11.68%，同比+1.43pcts，环比+0.17 pct。费用率：公司 2024Q3 期间费用率为 8.41%，同比变动-1.50%，费用管控良好，其中销售、管 理、研发、财务费用率分 ...

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 编号：2024-007 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------|--------------------------------------------------|-------------------------------------|--------------|-------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------| | | ...

大家好 如需提问电话端的参会者请先按话机上的信号键再按数字1网络端的参会者您可以在直播间互动区域内文字提问或点击旁边的举手按钮申请语音提问谢谢大家好如需提问电话端的参会者请先按话机上的信号键再按数字1网络端的参会者您可以在直播间互动区域内文字提问 或点击旁边的举手按钮申请语音提问谢谢下面有请尾号5325的参会者进行提问谢谢 各位投资者大家晚上好,我是天风的电梯演员沈小雅,然后我这边也不过多浪费时间就进入到正题的环节,我这边可能有两个小问题,然后第一个问题是想问小易总的,因为我看您朋友圈也是发了刚从欧洲回来嘛, 第一个就是我想问一下那个海外的需求从三季度的报表端看有没有起来比如说海外的收入的占比在三季度的一个表现看您这边或者施总那边能不能回答一下 然后另一个呢就是我想问一下您去了欧洲之后啊一个是对我们欧洲的盈利能力后面就是怎么展望一个是对当地的一个需求会不会在明年有可能迎来一个大爆发大概我就是跟海外相关的先请教一下这个问题好的小姚好各位同事都好欧洲是对我们来说因为前面技术小嘛当然是每季度还是在增长的 这个这个是确定的我们跟欧洲的客户也做了一些交流这个整体他们对明年的计划因为它整体还是因为有的数量少包括明德也好包 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥3,146,353,061.13, representing a 10.35% increase compared to the same period last year[1] - Net profit attributable to shareholders was ¥368,338,477.13, up 28.70% year-on-year[1] - The net profit excluding non-recurring gains and losses was ¥357,172,075.71, reflecting a 29.66% increase compared to the previous year[1] - The basic earnings per share for Q3 2024 was ¥1.36, an increase of 22.52% year-on-year[1] - Total operating revenue for Q3 2024 reached CNY 8,592,174,316.04, an increase of 10.6% compared to CNY 7,768,355,719.01 in the same period last year[15] - Net profit for Q3 2024 was CNY 1,013,980,649.38, representing a 25.9% increase from CNY 805,554,206.06 in Q3 2023[16] - Total comprehensive income for the period reached CNY 1,005,074,717.04, an increase from CNY 814,242,169.23 in the previous period[17] - Basic earnings per share increased to CNY 3.76 from CNY 3.28, reflecting a growth of 14.63%[17] Assets and Liabilities - The total assets as of September 30, 2024, amounted to ¥18,023,260,795.31, a 4.65% increase from the end of the previous year[1] - The company's total assets increased to CNY 18,023,260,795.31, up from CNY 17,222,355,388.09 at the end of the previous year[14] - Total liabilities rose to CNY 6,794,815,884.46, compared to CNY 6,711,151,104.73 in the previous year[14] - The equity attributable to shareholders of the parent company increased to CNY 11,184,161,681.63, up from CNY 10,498,482,020.77[14] Cash Flow - The company's cash flow from operating activities for the year-to-date reached ¥1,787,678,663.81, a significant increase of 4,873.24%[4] - Cash flow from operating activities generated CNY 8,536,127,560.65, up from CNY 6,107,127,052.38, representing a growth of 39.8%[18] - Net cash flow from operating activities was CNY 1,787,678,663.81, significantly higher than CNY 35,945,921.00 in the previous period[19] - Cash inflow from investment activities totaled CNY 3,759,620,877.28, compared to CNY 352,808,553.43 in the previous period[19] - Cash flow from financing activities resulted in a net outflow of -CNY 845,179,635.62, down from a net inflow of CNY 2,793,460,480.67 in the previous period[19] Shareholder Information - The total number of common shareholders at the end of the reporting period is 16,791[7] - The largest shareholder, Li Jicheng, holds 28.51% of the shares, totaling 77,198,985 shares[7] Investments and Future Plans - The company plans to invest up to ¥3 million to establish a joint venture with Suzhou Weichuang Electric Technology Co., Ltd. and Mengli Automation Technology (Shanghai) Co., Ltd.[9] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[16] Other Financial Metrics - The company's financial expenses decreased by 6.20% to ¥50,783,775.34, attributed to reduced interest expenses on bank loans[4] - Research and development expenses for Q3 2024 were CNY 451,767,618.20, an increase from CNY 434,442,943.80 in the same quarter last year[16] - The total current assets as of September 30, 2024, are ¥9,962,427,156.11, compared to ¥9,183,699,589.91 at the beginning of the period[12] - The total inventory as of September 30, 2024, is ¥714,771,671.79, down from ¥920,638,332.54[12] - The fixed assets increased to ¥6,776,613,789.33 from ¥6,446,078,338.17[12] - The company has issued convertible bonds with a remaining convertible bond amount of ¥1,534,244,600 as of the end of Q3 2024[10] Audit and Compliance - The company has not undergone an audit for the third quarter report[20] - The company has not disclosed any related party transactions among shareholders other than the relationship between Li Jicheng and Li Jianju[8]

| 证券代码：002850 | 证券简称：科达利 | 公告编号：2024-095 | | --- | --- | --- | | 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 2022 年股票期权激励计划第二个行权期行权条件达成 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。 （五）2023 年 10 月 26 日，公司第四届董事会第四十九次（临时）会议和 第四届监事会第三十四次（临时）会议审议通过了《关于公司 2022 年股票期权 激励计划注销部分股票期权及调整股票期权行权价格的议案》《关于公司 2022 年 股票期权激励计划第一个行权期行权条件达成的议案》。公司独立董事对此发表 了同意的独立意见。 深圳市科达利实业股份有限公司（以下简称"公司"或"本公司"）于 2024年10月28日召开第五届董事会第十四次（临时）会议及第五届监事会第七 次（临时）会议审议通过了《关于2022年股票期权激励计划第二个行权期行权 条件达成的议案》。现将相关事项公告如下： 一、公司 2022 年股票期权激励计划已履行的决策程 ...