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].

Financial Performance - The company achieved a revenue of 5.446 billion in the first half of 2024, representing a year-on-year growth of 10.75% [2] - Net profit for the same period was 648 million, with a year-on-year increase of 27.38% [2] - In Q2, revenue reached 3.339 billion, showing a year-on-year growth of 26.85% [3] Market Outlook - The company anticipates a strong demand trend for the second half of the year, despite market volatility [3] - The European electric vehicle market is expected to grow rapidly, driven by environmental demands and consumer preferences [3] - The company is prepared to meet European customer needs with production bases in Sweden and Hungary already operational [3] Customer and Market Strategy - The company maintains a high-end market positioning and focuses on large key customers, with no significant changes in customer structure or the proportion of top five customers [3] - The company is recognized as one of the largest suppliers of precision structural components for lithium batteries in China [4] - The company is actively expanding its customer base for cylindrical batteries, with plans to increase production based on customer demand [4] Cost Management and Profitability - The company has implemented cost reduction measures while maintaining product quality, which has helped sustain good profit levels [4] - The gross profit margin has improved, but the net profit margin has decreased due to increased R&D expenses and other income impacts [6] - The company is focused on optimizing financial management to maintain stable cash flow and accounts receivable [5] Production and Capacity - The company is in the initial stages of establishing its U.S. production base, with equipment preparation underway and expected capacity release next year [5] - The company is managing inventory carefully, producing based on specific customer needs to avoid excess stock [7] - The company is leveraging new technology and cost reduction strategies to enhance its driving capabilities and added value [6]

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's H1 2024 performance met expectations, with revenue of 5.4 billion yuan, a year-on-year increase of 11%, and a net profit attributable to shareholders of 650 million yuan, up 27% year-on-year [3] - The revenue from lithium battery structural components increased by 11.6% year-on-year, with stable market share, and is expected to grow by approximately 15% for the full year [3] - Cost reduction measures have been effective in offsetting raw material price increases, and there remains potential for further cost reductions in Q3 [3] - The company has maintained good expense control, with a significant increase in operating cash flow [3] Financial Forecasts and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 1.38 billion, 1.66 billion, and 2.02 billion yuan respectively, reflecting a year-on-year growth of 15%, 20%, and 21% [4] - The target price is set at 102 yuan, based on a 20x PE for 2024 [4] - The company's revenue is projected to reach 12.39 billion yuan in 2024, with a year-on-year growth of 17.88% [2][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's H1 2024 performance met expectations, with stable profit margins [1] - The company achieved revenue of 5.446 billion yuan in H1 2024, a year-on-year increase of 10.75%, and a net profit of 648 million yuan, up 27.38% year-on-year [3] - The company maintains a robust profitability despite price reductions, with a gross margin of 23.06% and a net margin of 11.87% in H1 2024 [3] - The global capacity layout supports key customers, with successful overseas base operations in Hungary and Sweden [3][4] - The company is expanding into harmonic reducers, which is expected to open a second growth curve [4] - Revenue projections for 2024-2026 are 12.695 billion yuan, 15.301 billion yuan, and 18.147 billion yuan, with corresponding net profits of 1.407 billion yuan, 1.652 billion yuan, and 1.901 billion yuan [4] Financial Performance Summary - H1 2024 revenue: 5.446 billion yuan, up 10.75% YoY - H1 2024 net profit: 648 million yuan, up 27.38% YoY - Q2 2024 revenue: 2.937 billion yuan, up 13.36% YoY, and net profit: 339 million yuan, up 27.03% YoY [3] - H1 2024 gross margin: 23.06%, net margin: 11.87% [3] - Projected revenue growth rates for 2024-2026: 20.77%, 20.53%, and 18.60% [5] - Projected net profit growth rates for 2024-2026: 17.13%, 17.46%, and 15.05% [5]

业绩符合预期，结构件龙头盈利能力稳定 2024 年 08 月 17 日 ➢ 事件。2024 年 8 月 16 日，公司发布 2024 年半年报，公司上半年实现营收 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%， 扣非后归母净利润 6.28 亿元，同比增长 26.68%。 ➢ Q2 业绩拆分。营收和净利：公司 2024Q2 营收 29.37 亿元,同比增长 13.36%，环比增长 17.09%，归母净利润为 3.39 亿元，同比增长 27.03%，环比 增长 10.02%，扣非后净利润为 3.33 亿元，同比增长 26.34%，环比增长 12.81%。 毛利率：2024Q2 毛利率为 23.82%，同比+0.02pct，环比+1.64pcts。净利率： 2024Q2 净利率为 11.51%，同比+1.15pcts，环比-0.79pct。费用率：公司 2024Q2 期间费用率为 9.18%，同比-0.64pct，费用管控良好，其中销售、管理、 研发、财务费用率分别为 0.38%、2.78%、5.47%、0.56%。 ➢ 结构件盈利能力稳定，客户结构优质。公司 2 ...

| 证券代码：002850 | 证券简称：科达利 | 公告编号：2024-068 | | --- | --- | --- | | 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 公司第五届董事会第十一次会议同意召开本次股东大会，本次股东大会会议 召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 3、会议召开日期和时间： 关于召开 2024 年第一次临时股东大会的通知 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"或"本公司"）2024 年 第一次临时股东大会定于 2024 年 9 月 3 日（星期二）在公司召开，现将本次会 议有关事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2024 年第一次临时股东大会 2、召集人：公司董事会 （1）会议召开时间：2024 年 9 月 3 日（星期二）下午 14：30 （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 9 月 3 日上午 9:15-9:25，9:30-1 ...

深圳市科达利实业股份有限公司 第二章 持股信息申报、披露与监管 第四条 公司董事、监事、高级管理人员应在下列时间内委托公司向深圳 证券交易所和中国证券登记结算有限责任公司深圳分公司（以下简称"中国结 董事、监事和高级管理人员所持公司 股份及其变动管理制度 第一章 总则 第一条 为加强深圳市科达利实业股份有限公司（以下简称"公司"）董事、 监事和高级管理人员所持公司股份及其变动的管理，进一步明确办理程序，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》"）、《上市公司董事、监事和高级管理 人员所持本公司股份及其变动管理规则》、《深圳证券交易所上市公司自律监 管指引第10号——股份变动管理》、《上市公司股东减持股份管理暂行办法》、 《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》 （以下简称"《规范运作指引》"）等法律、法规、规范性文件以及《公司章程》 的有关规定，结合公司的实际情况，制定本制度。 第二条 公司董事、监事、高级管理人员所持公司股份，是指登记在其证 券账户名下和利用他人账户持有的公司股份。公司董事、监事和高级管理人员 从事 ...

| | | 占用方与 上市公司 | 上市公 司核算 | 2024 年初 | 年半年 2024 度占用累计发 | 年半年 2024 度占用资金 | 2024 年半 | 2024 年 | 6 | 占用形成 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占 | 资金占用方名称 | | | 占用资金余 | | | 年度偿还累 | 月末占用资 | | | 占用性质 | | 用 | | 的关联关 | 的会计 | 额 | 生金额（不含 | 的利息（如 | 计发生金额 | 金余额 | | 原因 | | | | | 系 | 科目 | | 利息） | 有） | | | | | | | | | | | | | | | — | | | | | 控股股东、实际 | | | | | | | | — | | | | | 控制人及其附属 企业 | | | | | | | | | | | | | | | | | | | | | — | | | | | 小计 | — | — | — | — | — | — | — | — ...

关于 深圳市科达利实业股份有限公司 2022 年股票期权激励计划调整行权价格的 法律意见书 中国 深圳 福田区益田路6001号太平金融大厦11、12层 邮政编码：518038 11-12/F, Taiping Finance Tower, Yitian Road No.6001, Futian District, Shenzhen 518038 电话(Tel)：(0755)88265288 传真(Fax)：(0755)88265537 电子邮件（E-mail）：info@sundiallawfirm.com 网站（Website）：www.sundiallawfirm.com | 释 义 | 1 | | --- | --- | | 第一节 | 法律意见书引言 3 | | 第二节 | 法律意见书正文 4 | | 一、 | 本次激励计划的批准和授权 4 | | 二、 | 本次调整 5 | | 三、 | 结论性意见 6 | ii 法律意见书 释 义 关于深圳市科达利实业股份有限公司 2022 年股票期权激励计划调整行权价格的 法律意见书 信达励字[2024]第 117 号 致：深圳市科达利实业股份有限公司 法律意见 ...