Group 1: Business Growth and Strategy - The company aims to leverage opportunities in the electromagnetic metallurgy and lithium battery anode materials sectors to achieve sustained growth [2] - The lithium-ion battery anode material shipment volume is expected to continue increasing due to the expanding electric vehicle market and rapid development of the energy storage industry [3][4] - The company is focusing on professional and international development, enhancing product competitiveness through continuous technological innovation and product upgrades [2] Group 2: Financial Performance and Cash Flow - The company anticipates a negative operating cash flow for 2024 due to increased accounts receivable and reliance on bill payments, which will improve as business develops [3] - The company plans to implement the 2024 profit distribution plan within two months after shareholder approval [3] Group 3: Product Development and Market Position - The company has developed products in solid-state battery materials, including silicon-carbon and lithium metal anodes, with pilot production lines established [3] - The company is currently in the mass production introduction phase for hard carbon anodes required for sodium-ion batteries [6] Group 4: Market Challenges and Risk Management - The company's overseas sales account for 2.22% of total sales, with minimal impact from recent tariff increases [8] - The company is closely monitoring policy changes and is actively advancing the construction of overseas production bases to enhance risk resilience [8] Group 5: Future Outlook and Goals - The company aims to become a leading brand in lithium-ion battery anode materials and a pioneer in electromagnetic technology innovation [8] - The company is committed to maintaining technological leadership in fast-charging anode materials through continuous innovation and product upgrades [8]

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company has shown significant growth in net profit for both the 2024 annual report and the 2025 Q1 report, with a notable increase in the anode business and potential for overseas market expansion [4][9] - The forecasted earnings per share for 2025-2027 have been adjusted to 0.91, 1.17, and 1.46 RMB respectively, reflecting a positive outlook for the company's performance [6][8] Summary by Sections Financial Performance - The company reported a revenue of 5,581 million RMB for 2024, a year-on-year increase of 13.72%, and a net profit of 303 million RMB, up 626.56% [9][10] - In Q1 2025, the company achieved a revenue of 1,598 million RMB, a 49.92% increase year-on-year, with a net profit of 134 million RMB, reflecting a growth of 465.80% [11] Business Development - The anode materials business has seen a significant increase in output, with a total shipment of 225,700 tons in 2024, representing a 55.66% year-on-year growth [9] - The company has successfully developed international clients, including a well-known battery subsidiary of an international automotive company, and is expanding its production capacity in Morocco [9] Valuation Metrics - The adjusted earnings per share forecasts for 2025, 2026, and 2027 are 0.91, 1.17, and 1.46 RMB, with corresponding price-to-earnings ratios of 17.1, 13.3, and 10.6 [6][8] - The company’s projected revenue growth rates for 2025, 2026, and 2027 are 23.8%, 20.2%, and 21.5% respectively [8][12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 5.581 billion yuan for 2024, representing a year-on-year growth of 13.72%. The net profit attributable to shareholders was 303 million yuan, a significant increase of 626.56%. The net profit excluding non-recurring items reached 345 million yuan, up 269.37% [2][4]. - In Q4 2024, the company achieved a revenue of 1.697 billion yuan, with a year-on-year growth of 22.52%. The net profit attributable to shareholders was 119 million yuan, growing by 21.93%, while the net profit excluding non-recurring items was 140 million yuan, up 15.43% [2][4]. - For Q1 2025, the company reported a revenue of 1.598 billion yuan, marking a year-on-year increase of 49.92%. The net profit attributable to shareholders was 134 million yuan, a growth of 465.80%, and the net profit excluding non-recurring items was 126 million yuan, up 285.41% [2][4]. Financial Performance - The company's negative electrode sales reached 223,700 tons in 2024, reflecting a year-on-year increase of 58.5%. The capacity utilization rate for lithium battery materials was 95.66%, with an overall gross margin of 18.73%, which is an increase of 6.5 percentage points year-on-year [10]. - In Q4 2024, the company is expected to maintain stable sales, with a continuous increase in gross profit per ton. The operating profit margin is anticipated to improve due to product structure upgrades and lower petroleum coke prices [10]. - For Q1 2025, sales are expected to remain high, although gross profit per ton may face pressure due to rising petroleum coke prices. The overall decline in profit margins is expected to be in line with industry trends [10]. Future Outlook - The company is expected to benefit from the market share and profitability improvements associated with its fast-charging negative electrodes. The anticipated net profit for 2025 is projected to be 670 million yuan, corresponding to a PE ratio of approximately 15.5 times [10].

证券代码：300035 证券简称：中科电气 公告编号：2025-028 湖南中科电气股份有限公司 关于公司与子公司间提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 三、累计对外担保情况 截至本公告日，公司及子公司湖南中科星城、贵州中科星城、贵安新区中科星城、 云南中科星城、四川中科星城实际发生的对外担保总额为人民币 621,150 万元，占公司 最近一期经审计净资产的 132.91%。公司及子公司无逾期对外担保情况，亦无为股东、 实际控制人及其关联方提供担保的情况。 四、备查文件 《中国银行最高额保证合同》。 湖南中科电气股份有限公司（以下简称"公司"、"中科电气"）为更好地实施公 司发展战略，满足公司及下属子公司湖南中科星城石墨有限公司（以下简称"湖南中科 星城"）、贵州中科星城石墨有限公司（以下简称"贵州中科星城"）、贵安新区中科 星城石墨有限公司（以下简称"贵安新区中科星城"）、云南中科星城石墨有限公司（以 下简称"云南中科星城"）、四川中科星城石墨有限公司（以下简称"四川中科星城"） 日常经营和业务发展资金需要，提高融资效率、降低融 ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering its continuous improvement in profitability and increasing self-supply rate of graphite [6][8]. Core Views - The company achieved a revenue of 5.581 billion yuan in 2024, representing a year-on-year growth of 13.72%, and a net profit attributable to shareholders of 303 million yuan, which is a significant increase of 626.56% year-on-year [3][4]. - In Q1 2025, the company reported a revenue of 1.598 billion yuan, up 49.92% year-on-year, and a net profit of 134 million yuan, reflecting a growth of 465.80% year-on-year [3]. - The lithium battery anode business saw a substantial increase in shipments, with a total of 225,800 tons shipped in 2024, marking a year-on-year growth of 55.66% [5]. Financial Performance Summary - **2024 Financials**: Revenue reached 5.581 billion yuan, with a net profit of 303 million yuan. The gross margin was 20.87% [7][13]. - **2025-2027 Projections**: Expected revenues of 6.918 billion yuan, 9.243 billion yuan, and 11.650 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 655 million yuan, 864 million yuan, and 1.182 billion yuan [6][7]. - **Profitability Metrics**: The projected PE ratios for 2025, 2026, and 2027 are 16, 12, and 9 respectively, indicating a favorable valuation trend [6][7]. Business Development - The company is actively expanding its overseas customer base, establishing stable partnerships with major domestic and international battery manufacturers, including CATL and BYD [6]. - The company is progressing with the construction of its integrated anode material production project in Yunnan and planning a production base in Morocco [5].

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company's performance in 2024 met expectations, with a revenue of 5.581 billion yuan, a year-on-year increase of 13.72%, and a net profit attributable to shareholders of 303 million yuan, a significant year-on-year growth of 626.56% [3][4]. - The first quarter of 2025 showed strong growth, with revenue reaching 1.598 billion yuan, up 49.92% year-on-year, and a net profit of 134 million yuan, reflecting a year-on-year increase of 465.80% [3][4]. - The lithium battery anode business saw a substantial increase in shipments, with a total of 225,800 tons shipped in 2024, representing a year-on-year growth of 55.66% [5][6]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 1.697 billion yuan, a year-on-year increase of 22.53%, and a net profit of 119 million yuan, up 21.43% year-on-year [4]. - The gross margin for Q4 2024 was 24.20%, an increase of 2.11 percentage points year-on-year [4]. - The company expects revenues of 6.918 billion yuan, 9.243 billion yuan, and 11.650 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 23.9%, 33.6%, and 26.0% [6][7]. Business Development and Market Position - The company is actively expanding its overseas customer base, establishing stable partnerships with major domestic and international lithium battery manufacturers [6]. - The company is progressing with the construction of its integrated anode material project in Qujing, Yunnan, and planning a production base in Morocco [5][6]. - The magnetic equipment business generated revenue of 388 million yuan, maintaining stability [5].

使用部分闲置募集资金暂时补充流动资金的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"保荐人"）作为 湖南中科电气股份有限公司（以下简称"中科电气"、"公司"）向特定对象发行 股票的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业 板股票上市规则》《深圳证券交易所上市公司自律监管指引第2号——创业板上市 公司规范运作》等有关规定，对中科电气拟使用部分闲置募集资金暂时补充流动 资金事项进行了审慎核查，并出具本核查意见如下： 一、募集资金基本情况 根据中国证监会出具的《关于同意湖南中科电气股份有限公司向特定对象发 行股票注册的批复》（证监许可[2022]93号），同意公司向特定对象发行股票募集 资金的注册申请。根据发行结果，公司本次向11名特定对象发行股票总数量为 81,102,941 股 ， 发 行 价 格 为 27.20 元 / 股 ， 实 际 募 集 资 金 总 额 为 人 民 币 2,205,999,995.20元，扣除本次发行费用人民币24,584,266.63元（不含税）后，实 际募集资金净额为人民币2,181,415,728.57元。募集资金到位情况由天健会计师事 务 ...

华泰联合证券有限责任公司 关于湖南中科电气股份有限公司 2024 年度跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：中科电气 | | --- | --- | | 保荐代表人姓名：董瑞超 | 联系电话：0755-82492010 | | 保荐代表人姓名：杨逸飞 | 联系电话：0755-82492010 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 | | | 限于防止关联方占用公司资源的制度、募集资 | 是 | | 金管理制度、内控制度、内部审计制度、关联交 | | | 易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月 1 次 | | （2）公司募集资金项目进展是否与信息披露文 | 是 | | 件一致 ...

| | | | 一、审计报告……………………………………………………… | 第 | 1—6 | | 页 | | --- | --- | --- | --- | --- | | 二、财务报表……………………………………………………… | 第 | 7—14 | | 页 | | （一）合并资产负债表…………………………………………… | | 第 | 7 | 页 | | （二）母公司资产负债表………………………………………… | | 第 | 8 | 页 | | （三）合并利润表………………………………………………… | | 第 | 9 | 页 | | （四）母公司利润表………………………………………………第 | | | 10 | 页 | | （五）合并现金流量表……………………………………………第 | | | 11 | 页 | | （六）母公司现金流量表…………………………………………第 | | | 12 | 页 | | （七）合并所有者权益变动表……………………………………第 | | | 13 | 页 | | （八）母公司所有者权益变动表…………………………………第 | | | 14 | 页 | | 三、财务报表附 ...

保荐总结报告书 华泰联合证券有限责任公司 关于湖南中科电气股份有限公司 向特定对象发行股票并在创业板上市之 保荐总结报告书 | 保荐机构名称 | 华泰联合证券有限责任公司 | | --- | --- | | 保荐机构编号 | Z26774000 | 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）、深圳证券交易所对保荐总结报告书相关事项进行的任何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 2 保荐总结报告书 | 情况 | 内容 | | --- | --- | | 保荐机构名称 | 华泰联合证券有限责任公司 | | 注册地址 | 深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金 | | | 小镇 B7 栋 401 | | 主要办公地址 | 广东省深圳市福田区莲花街道益田路 5999 号基金大厦 27 层及 ...