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 ...

事件：公司发布2024 年年度报告，24 年公司实现营业收入78.47 亿元，同比+4.85%，实现归母净利润 9.42 亿元，同比-6.83%。其中，24Q4 实现营业收入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%。 24 年公司收入增长盈利下滑，电池化学品量增价减。2024 年新能源行业增速放缓，电池化学品竞争激 烈，产品价格持续下行，国际贸易摩擦加剧，同时公司投产项目处在产能爬坡期，运营成本有所增加， 公司归母净利润同比下滑6.83%。 盈利预测、估值与评级：考虑到电解液价格仍处低位，我们下调公司25-26 年的盈利预测，新增27 年的 盈利预测。预计25-27 年的归母净利润分别为11.92（下调18.9%）/15.65（下调22.5%）/19.13 亿元。公 司聚焦新型电子化学品及功能材料业务，新增产能有望持续放量，发展前景广阔，维持公司"买入"评 级。 风险提示：产能建设风险，产品价格下滑，下游需求不及预期风险。 2024 年公司电池化学品业务实现营业收入51.16 亿元，同比增长1.24%，虽电池化学品销量同比大 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6][15]. Core Insights - In 2024, the company achieved a revenue of 7.847 billion yuan, a year-on-year increase of 4.85%, while the net profit attributable to shareholders was 942 million yuan, a decline of 6.83% compared to the previous year [1][2]. - The decline in net profit is attributed to increased competition in the battery chemicals sector, falling product prices, and rising operational costs during the capacity ramp-up phase of new projects [2][4]. - The company is actively expanding its global production capacity, with significant ongoing projects in various regions, including semiconductor materials and battery chemicals [3]. Revenue Breakdown - The battery chemicals segment generated 5.116 billion yuan in revenue, a growth of 1.24% year-on-year, despite a significant increase in sales volume due to declining product prices [2]. - The capacitor chemicals segment saw a revenue increase of 21.91% to 766 million yuan, driven by demand from emerging industries such as industrial automation and energy storage [2]. - Organic fluorine chemicals revenue reached 1.529 billion yuan, up 7.25%, with stable end-user demand and ongoing capacity ramp-up from the Haidefu project [2]. - The semiconductor chemicals segment reported a revenue of 368 million yuan, an increase of 18.35%, with significant growth in integrated circuit applications [2]. Capacity and Utilization - As of the end of 2024, the company has a total production capacity of 455,400 tons per year for battery chemicals, with a utilization rate of 83.16% [3]. - The company has ongoing construction projects that will add 212,200 tons per year to its capacity across various chemical segments [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted downward, with expected net profits of 1.192 billion yuan (down 18.9%), 1.565 billion yuan (down 22.5%), and 1.913 billion yuan respectively [4][5]. - The report highlights a focus on new electronic chemicals and functional materials, suggesting a promising growth outlook due to the anticipated ramp-up of new capacities [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][6]. Core Insights - The company experienced a revenue increase of 4.85% year-on-year in 2024, reaching 7.847 billion yuan, while the net profit attributable to shareholders decreased by 6.83% to 942 million yuan [1][2]. - The decline in profitability is attributed to increased competition in the battery chemicals sector, falling product prices, and rising operational costs during the capacity ramp-up phase of new projects [2][4]. - The company is actively expanding its global production capacity, with significant projects underway in various regions, including semiconductor materials and battery chemicals [3]. Summary by Sections Financial Performance - In 2024, the battery chemicals segment generated 5.116 billion yuan in revenue, a 1.24% increase, despite a decline in profitability due to lower product prices. The capacitor chemicals segment saw a 21.91% revenue increase to 766 million yuan, driven by demand from emerging industries [2][5]. - The company reported a Q4 2024 revenue of 2.180 billion yuan, up 14.64% year-on-year, with a net profit of 241 million yuan, reflecting a 12.47% increase [1]. Capacity Expansion - As of the end of 2024, the company has a total production capacity of 455,400 tons per year for battery chemicals, with a utilization rate of 83.16%. There are ongoing projects that will add 212,200 tons of capacity [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted downward, with expected net profits of 1.192 billion yuan (down 18.9%), 1.565 billion yuan (down 22.5%), and 1.913 billion yuan, respectively. The company is focusing on new electronic chemicals and functional materials, with promising growth prospects [4][5].

Macro Strategy - The report emphasizes that expanding consumer demand is more effective than capacity reduction policies in addressing low inflation, as service prices have dropped to historical lows, which is the core issue of the current price cycle [1][10] - If consumption policies are strengthened, service prices could rise by 2 percentage points, leading to a GDP deflator increase from -0.7% to +0.39%, which would be more beneficial than the effects of capacity reduction [1][10] - Historical comparisons indicate that the current price pressure is primarily demand-driven, with the second industry contributing only 48% to the current low inflation, significantly lower than previous years [1][10] Fixed Income Strategy - The report discusses the introduction of buying and selling government bonds as a new monetary policy tool in China, aimed at managing interest rate risks amid a declining yield environment [2][12] - It highlights that the People's Bank of China has primarily focused on buying government bonds to release liquidity, given the current low inflation environment [2][12] - The effectiveness of these operations will depend on the central bank's ability to provide clear forward guidance to shape market expectations [2][12] Company Analysis: Zhengfan Convertible Bonds - Zhengfan Convertible Bonds are expected to list at a price between 115.63 and 128.82 yuan, with a subscription rate of 0.0048% [3][15] - The bonds have a solid debt protection feature, with a conversion premium rate of approximately 25% anticipated on the first day of listing [3][15] - Zhengfan Technology has shown steady revenue growth, with a compound annual growth rate of 34.10% from 2019 to 2023, and a revenue of 38.35 billion yuan in 2023, reflecting a 41.78% year-on-year increase [3][15] Company Analysis: Kelun-Botai - Kelun-Botai's revenue for 2024 is projected at 19.3 billion yuan, a 25.5% increase year-on-year, with a gross profit of 12.74 billion yuan, up 67.8% [5][16] - The company is expected to see rapid growth in multiple products as they commercialize, with significant clinical data supporting their efficacy [5][16] - Revenue forecasts for 2025 and 2026 have been raised to 17.8 billion and 35.6 billion yuan, respectively, with an expected revenue of 58.9 billion yuan in 2027 [5][16] Company Analysis: China National Materials - China National Materials reported a total revenue of 461.27 billion yuan for 2024, a 0.7% increase, and a net profit of 29.83 billion yuan, up 2.3% [6][19] - The company has shown resilience in its Q4 performance, with overseas engineering and operation maintenance businesses performing well [6][19] - The company plans to distribute a cash dividend of 4.5 yuan per 10 shares, reflecting its commitment to shareholder returns [6][19]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's performance has been impacted by expenses and depreciation, but the electrolyte market is showing signs of recovery, and the growth trend in fluorochemical products remains intact [1] - The company reported a total revenue of 7,847 million yuan for 2024, with a year-on-year growth of 4.9%, while the net profit attributable to the parent company was 942 million yuan, down 6.8% year-on-year [6] - The electrolyte industry is currently experiencing a bottoming out phase, with the average market price for lithium iron phosphate electrolyte expected to be 19,900 yuan per ton in 2024, a decline of 41.4% year-on-year [6] Financial Data and Profit Forecast - Total revenue forecast for the company is as follows: - 2023: 7,484 million yuan - 2024: 7,847 million yuan - 2025E: 10,009 million yuan - 2026E: 12,338 million yuan - 2027E: 14,587 million yuan - Year-on-year growth rates for total revenue are projected to be: - 2023: -22.5% - 2024: 4.9% - 2025E: 27.6% - 2026E: 23.3% - 2027E: 18.2% [5][8] - Net profit attributable to the parent company is forecasted as follows: - 2023: 1,011 million yuan - 2024: 942 million yuan - 2025E: 1,442 million yuan - 2026E: 1,816 million yuan - 2027E: 2,129 million yuan - Year-on-year growth rates for net profit are projected to be: - 2023: -42.5% - 2024: -6.8% - 2025E: 53.1% - 2026E: 25.9% - 2027E: 17.3% [5][8] - The company's current price-to-earnings (PE) ratio is projected to be 26 for 2023, decreasing to 12 by 2027 [5]

证券研究报告·公司点评报告·电池 新宙邦（300037） 2024 年年报点评： Q4 业绩略低于预期，25 年氟化工+电解液拐点将至 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7484 | 7847 | 10239 | 13035 | 16678 | | 同比（%） | (22.53) | 4.85 | 30.48 | 27.31 | 27.95 | | 归母净利润（百万元） | 1,011.07 | 942.05 | 1,313.20 | 1,617.30 | 2,005.03 | | 同比（%） | (42.50) | (6.83) | 39.40 | 23.16 | 23.97 | | EPS-最新摊薄（元/股） | 1.34 | 1.25 | 1.74 | 2.15 | 2.66 | | P/E（现价&最新摊薄） | 24.75 | 26.57 | 19.06 | 15.48 | 12.48 | ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [6]. Core Views - The company achieved a revenue of 7.847 billion yuan in 2024, a year-on-year increase of 4.85%, while the net profit attributable to shareholders decreased by 6.83% to 942 million yuan [1]. - The company is expanding its production capacity both domestically and internationally, with significant projects underway in Nantong, Chongqing, and the United States, aiming for a total designed capacity of 455,400 tons [3]. - The electrolyte business faced pressure on profitability due to declining product prices, despite a substantial increase in sales volume of 66.8% year-on-year, reaching approximately 350,000 tons [3]. - The fluorochemical segment reported a revenue of 1.529 billion yuan, growing by 7.25% year-on-year, benefiting from a focus on high-end fine chemicals and fluoropolymer applications [3]. - The company’s capacitor and semiconductor chemical segments showed strong growth, with revenues of 766 million yuan and 368 million yuan, representing year-on-year increases of 21.91% and 18.35%, respectively [4]. Financial Forecasts - The company is projected to achieve revenues of 9.613 billion yuan, 11.690 billion yuan, and 13.655 billion yuan for the years 2025, 2026, and 2027, with year-on-year growth rates of 22.5%, 21.6%, and 16.8% respectively [5]. - The net profit attributable to shareholders is expected to reach 1.097 billion yuan, 1.318 billion yuan, and 1.460 billion yuan for the same years, with growth rates of 16.5%, 20.2%, and 10.8% respectively [5]. - The current price-to-earnings (PE) ratios are projected to be 24, 20, and 18 for the years 2025, 2026, and 2027 [5].