中信证券股份有限公司关于 深圳新宙邦科技股份有限公司 2022 年向不特定对象发行可转换公司债券 持续督导保荐总结报告书 保荐人编号：Z20374000 申报时间：2025 年 3 月 | 公司名称 | 深圳新宙邦科技股份有限公司 | | --- | --- | | 英文名称 | Shenzhen Capchem Technology Co., Ltd. | | 统一社会信用代码 | 91440300736252008C | | 注册资本 | 753,883,446 元 | | 法定代表人 | 覃九三 | | 成立日期 | 年 月 日 2002 2 19 | | 股票上市地 | 深圳证券交易所 | | 证券简称 | 新宙邦 | | 证券代码 | 300037.SZ | | 上市日期 | 2010 年 1 月 8 日 | | 注册地址 | 深圳市坪山区坪山街道六联社区昌业路 9 号新宙邦科 | | | 技大厦（一照多址企业） | | 办公地址 | 深圳市坪山区昌业路新宙邦科技大厦 | （一）尽职推荐阶段 一、发行人基本情况 保荐人及保荐代表人按照有关法律、行政法规和中国证监会的规定，对发行 人进行尽职调查，组织 ...

Core Viewpoint - The company faces challenges in 2024 due to intense competition in battery chemicals, a slowdown in the new energy industry, and increasing operational costs, leading to a projected decline in net profit despite a slight increase in revenue [1][2]. Revenue Breakdown - In 2024, the company's battery chemical business generated revenue of 5.116 billion yuan, a year-on-year increase of 1.24%, but profitability declined due to intensified competition and price drops [2] - The organic fluorine chemical business achieved revenue of 1.529 billion yuan, up 7.25%, supported by stable demand and ongoing capacity ramp-up [2] - The capacitor chemical business saw revenue of 766 million yuan, a significant increase of 21.91%, driven by demand from emerging industries [2] - The semiconductor chemical business reported revenue of 368 million yuan, an 18.35% increase, with strong growth in integrated circuit applications [2] Cost and Cash Flow Analysis - In 2024, the company's operating expenses as a percentage of revenue were 1.51% for sales, 4.89% for management, 5.01% for R&D, and 0.43% for finance, with mixed year-on-year changes [3] - The net cash flow from operating activities was 818 million yuan, a significant decline of 76.26% due to reduced bank acceptance bill discounts and extended accounts receivable periods [3] Market Dynamics - The average price of domestic electrolyte in 2024 was 19,936 yuan per ton, reflecting a year-on-year decrease of 41.43% [2] - Following 3M's decision to exit PFAS production by the end of 2025, the company is positioned to benefit from this market shift, leveraging its established fluorochemical industry chain [4] Profit Forecast - Revenue projections for 2025-2027 are 9.868 billion, 12.557 billion, and 15.099 billion yuan, with corresponding net profits of 1.152 billion, 1.541 billion, and 1.747 billion yuan, indicating a positive growth outlook [5]

宁德时代携手中国石化，启动换电万站新基建 近日，宁德时代与中国石化在北京签署合作框架协议。根据协议， 双方将全面深化长期战略合作关系，共同建设覆盖全国的换电生 态网络， 今年将建设不少于500座换电站，长期目标是扩展至10000座 。 弗迪电池22GWh项目获批 3月27日，仙居县人民政府发布 拟对建设项目环评文件作出审批意见的公示，其中包括 台州弗迪新能源动力电池项目。该项目 计划总投资 100.2亿 元，新建厂房及配套设施，购置配料、涂布、辊压、装配等生产设备，建设动力电池生产线及配套铝壳线、电解液线、 NMP 精馏系 统等，主要生产工艺涉及混料、涂布、焊接、烘烤、注液、化成、组装、 NMP 精馏回收等，项目建成后形成年产 22GWh 新能源汽车动力电 池的生产能力。 赣锋推出长续航全地形机器人电池 近日，赣锋旗下新余赣锋电子研发的智能全地形机器人电池解决方案正式推出，方案搭载赣锋在机器人动力技术领域的多项创新应用。赣锋机 器人电池采用高能量密度电芯，并具备7C高倍率放电能力，可持续放电3小时以上，续航里程达15km。在兼具能量密度和功率输出的同时， 亦可精准匹配四足机器人续航和动力需求。 瑞浦兰钧202 ...

Group 1: Company Overview and Market Position - The company focuses on battery chemicals, including lithium-ion battery chemicals, supercapacitor chemicals, and sodium-ion battery chemicals, with significant market potential in power batteries, energy storage batteries, and consumer batteries [1] - As of December 2024, the company has established 10 production bases globally, enhancing customer service and loyalty [2] - The company emphasizes R&D innovation and collaboration to provide high-quality products and solutions, positioning itself competitively in the market [3] Group 2: Financial Performance and Stock Management - The company is currently executing a share repurchase plan, set to conclude by May 2025, with a maximum repurchase price of RMB 45 per share [9] - Concerns have been raised regarding the company's stock performance, with a noted lack of focus on capital market positioning compared to peers in the new energy sector [4] - The company has implemented a "market value management system" and conducted two rounds of stock repurchases to enhance shareholder value [10] Group 3: Future Growth and Industry Trends - The lithium battery business is expected to grow rapidly due to the continuous expansion of the supply chain and downstream applications [7] - The company aims to leverage opportunities in three key industries: new energy, electronic information and semiconductors, and fluorine chemicals, while addressing challenges such as market competition and raw material price fluctuations [12] - The company anticipates a growth forecast of approximately 20% to 30% for 2025, reflecting confidence in its operational stability and strategic initiatives [16] Group 4: Product Development and Technological Advancements - The company is exploring solid-state battery technologies, with small-scale supply already initiated, although market growth will take time [8] - The company is committed to increasing R&D investment and market development for high-value products, including solid-state battery materials and semiconductor chemicals [6] - The company has established strict management systems to mitigate bad debt risks, maintaining a low bad debt ratio [11]

| 证券代码：300037 | 证券简称：新宙邦 | 公告编号：2025-021 | | --- | --- | --- | | 债券代码：123158 | 债券简称：宙邦转债 | | 深圳新宙邦科技股份有限公司 关于回购股份进展情况的公告 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。 深圳新宙邦科技股份有限公司（以下简称"公司"）于 2024 年 4 月 24 日召 开第六届董事会第十一次会议、第六届监事会第十一次会议，于 2024 年 5 月 14 日召开 2024 年第一次临时股东大会，审议通过了《关于回购公司股份方案的议 案》，同意公司使用自有资金以集中竞价交易方式回购公司已发行的部分人民币 普通股（A 股）股份（以下简称"本次回购"），本次回购股份将予以注销并相应 减少公司注册资本。本次回购资金总额不低于人民币 10,000 万元（含本数）且不 超过人民币 20,000 万元（含本数），具体回购资金金额以回购实施完成时实际回 购的金额为准。本次回购价格不超过人民币 45 元/股（含本数）。具体内容详见 公司于 2024 年 4 月 26 日在巨潮资 ...

| 证券代码：300037 | 证券简称：新宙邦 | 公告编号：2025-022 | | --- | --- | --- | | 债券代码：123158 | 债券简称：宙邦转债 | | 深圳新宙邦科技股份有限公司 关于 2025 年第一季度可转换公司债券转股情况的公告 经中国证券监督管理委员会《关于同意深圳新宙邦科技股份有限公司向不特 定对象发行可转换公司债券注册的批复》（证监许可[2022]2036 号）同意注册， 公司于 2022 年 9 月 26 日向不特定对象发行可转换公司债券 1,970 万张，发行价 格为每张面值 100 元人民币，按面值发行，募集资金共计人民币 197,000 万元。 发行方式采用在股权登记日收市后中国证券登记结算有限责任公司深圳分公司 登记在册的原股东优先配售，原股东优先配售后余额部分（含原股东放弃优先配 售部分）通过深圳证券交易所交易系统向社会公众投资者发行。 1 （二）可转债上市情况 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。 特别提示： 1、"宙邦转债"（债券代码：123158）转股期限为 2023 年 3 月 30 ...

根据市场公开信息及3月31日披露的机构调研信息，知名私募健顺投资近期对3家上市公司进行了调研， 相关名单如下： 1）新宙邦 （上海健顺投资参与公司业绩说明会） 调研纪要：新宙邦2024年实现营业收入78.47亿元，同比增长4.85%，归母净利润9.42亿元，同比下降 6.83%。氟化液产品凭借技术优势，出货量稳步增长，应用场景广泛，预计未来仍将维持较高毛利水 平。海德福项目处于产能爬坡阶段，预计2025年实现亏损减半，新产品销售逐步放量。2024年国际客户 销售额占总体销售额约30%，预计2025年海外销量基本稳定，波兰工厂交付量将大幅增长。美国加征关 税影响有限，俄亥俄项目按计划推进，预计明年年中批量投产。电解液市场竞争激烈，预计持续1-2 年，2024年销量增长超50%，2025年预计增长30%以上。江西石磊经营状况良好，已步入盈利阶段，预 计2025年持续保持盈利，短期计划将产能提升至3万吨以上，今年重点优化现有产能和技术改造。公司 业务整体保持稳定，预计与去年同期相比情况要好。2025年第一季度至第三季度继续计提股权激励费 用，第四季度视业绩目标调整。 2）怡和嘉业 （健顺投资参与公司电话会形式） 调 ...

事件：据公司3 月35 日公告，公司2024 年实现营业总收入78.47 亿元，同比+4.85%；实现归母净利润 9.42 亿元，同比-6.83%；实现扣非归母净利润9.50 亿元，同比-0.59%。4Q24 实现营业总收入21.80 亿 元，同比+14.64%，环比+4.57%；实现归母净利润2.41 亿元，同比+12.47%，环比-15.78%；实现扣非归 母净利润2.44 亿元，同比+15.52%，环比-11.43%。 有机氟业务持续放量，完善产业链布局打开远期成长空间。报告期内，公司有机氟化学品持续放量，实 现营业收入15.3 亿元，同比增长7.25%，子公司海斯福实现净利润8.16 亿元。未来公司将持续推进氟化 工产业链强链补链，三明海斯福年产3 万吨高端氟精细化学品项目（三期），将有效解决部分产品产能 不足的瓶颈及实现部分新产品产业化，进一步提升公司在高端氟精细化学品行业地位及综合竞争力；福 建海德福年产5000 吨高性能氟材料项目（1.5 期）项目，能延伸与完善有机氟化学品价值链，保障高端 氟精细化学品相关原材料的安全稳定供应，与海斯福形成良好的产业链协同互补，为企业后续持续开发 中高端氟化工产 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a slight decline in performance for 2024, with total revenue of 7.85 billion yuan (up 4.8% year-on-year) and a net profit attributable to shareholders of 940 million yuan (down 6.8% year-on-year) [2][6] - The organic fluorine segment shows promising future prospects, with revenue from organic fluorine chemicals reaching 1.53 billion yuan in 2024, a year-on-year increase of 7.3% [12] - The company plans to distribute a cash dividend of 0.4 yuan per share (tax included) [2][6] Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 2.18 billion yuan (up 14.6% year-on-year, up 4.6% quarter-on-quarter) and a net profit of 240 million yuan (up 12.5% year-on-year, down 15.8% quarter-on-quarter) [2][6] - The gross profit margin for Q4 was 24.9%, a decrease of 1.1 percentage points year-on-year, and the net profit margin was 11.2%, an increase of 0.5 percentage points year-on-year [12] Business Segments - The capacitor chemicals segment generated revenue of 770 million yuan in 2024, a year-on-year increase of 21.9%, with a gross margin of 41.4% [12] - The semiconductor chemicals segment reported revenue of 370 million yuan, up 18.4% year-on-year, with significant growth in integrated circuit applications [12] - The battery chemicals segment had revenue of 5.12 billion yuan, a slight increase of 1.2% year-on-year, but faced pressure on profitability with a gross margin of 12.3% [12] Future Outlook - The company expects net profits attributable to shareholders to reach 1.2 billion yuan, 1.46 billion yuan, and 1.68 billion yuan for 2025, 2026, and 2027 respectively [12]

事件：2025 年3 月24 日，新宙邦发布2024 年年报，公司2024 年营业收入为78.47 亿元，同比上涨 4.85%；归母净利润9.42 亿元，同比下降6.83%。 对应4Q24 公司实现营业收入21.80 亿元，同比上涨14.64%，环比上涨4.57%；归母净利润2.41 亿元，同 比上涨12.47%，环比下降15.78%。 电容化学品市场供需稳定。2024 年，公司电容化学品业务实现营业收入7.66亿元，同比增长21.91%； 毛利率41.41%，同比增长1.77pcts。2024 年电容化学品市场供需基本稳定，下游客户呈现集中化，得益 于AI 和算力发展，市场需求不断扩大。在以技术为驱动的电容化学品行业，公司凭借成熟的技术体 系，有望进一步提高市场占有率。 下游领域发展或将为半导体市场带来机遇。2024 年，公司半导体化学品业务实现营业收入3.68 亿元， 同比增长18.35%。半导体行业下游产业的发展迅速，人工智能、数据中心、消费电子等应用增长拉动 需求增长，且未来随着中高端产品渗透率的提升，技术突破与产业链协同有望推动半导体化学品市场需 求大幅度提升。 2024 年，公司电池化学品业务实现 ...