Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in Q2 2024, with a revenue increase of 36.41% quarter-on-quarter, driven by the expansion of organic fluorochemical products [5][6] - The overall performance in the first half of 2024 was impacted by a slowdown in the new energy sector, increased competition in lithium battery materials, and declining product prices [4][5] Financial Performance Summary - In H1 2024, the company achieved a total revenue of 3.582 billion yuan, a year-on-year increase of 4.35%, but the net profit attributable to shareholders decreased by 19.54% to 416 million yuan [3][4] - Q2 2024 results showed a revenue of 2.067 billion yuan, up 15.75% year-on-year and 36.41% quarter-on-quarter, with a net profit of 251 million yuan, reflecting a year-on-year decrease of 7.54% but a quarter-on-quarter increase of 51.97% [3][5] Segment Performance Summary - Battery chemicals generated revenue of 2.293 billion yuan, up 4.44% year-on-year, with a gross margin of 13.65% [4] - Organic fluorochemicals reported revenue of 712 million yuan, down 4.72% year-on-year, with a gross margin of 62.22% [4] - Capacitor chemicals saw revenue of 365 million yuan, an increase of 20.07% year-on-year, with a gross margin of 40.48% [4] - Semiconductor chemicals achieved revenue of 177 million yuan, up 15.98% year-on-year, with a gross margin of 44.86% [4] Future Outlook - The company is expected to benefit from the exit of 3M from PFAS production, which may create opportunities in the organic fluorochemical market [6] - Revenue projections for 2024-2026 are estimated at 8.216 billion, 10.114 billion, and 12.911 billion yuan respectively, with net profits of 1.094 billion, 1.527 billion, and 2.014 billion yuan [7][16]

[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 新宙邦（300037）公司半年报点评 2024 年 08 月 23 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |------------------------------------------------|--------------| | 08[Table_StockInfo 月 22日收盘价（元）] | 31.12 | | 52 周股价波动（元） | 27.18-50.60 | | 总股本/流通 A 股（百万股） | 754/547 | | 总市值/流通市值（百万元） | 23461/17014 | | 相关研究 | | | [Table_ReportInfo] 《2023 年归母净利润同比减少 | 42.50%，氟化 | 工业务快速增长》2024.04.05 市场表现 [Table_QuoteInfo] 新宙邦 海通综指 -41.69% -32.69% -23.69% -14.69% -5.69% 3.31% 2023/8 2023/11 2024/2 2 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's performance in the first half of 2024 met expectations, with revenue of 3.582 billion yuan, a year-on-year increase of 4.35%, and a net profit of 416 million yuan, a year-on-year decrease of 19.54% [1] - The domestic electrolyte market is gradually bottoming out, with the Polish factory ramping up production, contributing to a significant increase in output [1] - The depreciation and amortization pressure from the Haide Fluor project is increasing, but the long-term optimization logic of the fluorochemical sector remains unchanged [1] Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 2.067 billion yuan, a year-on-year increase of 15.75% and a quarter-on-quarter increase of 36.41% [1] - The gross margin for the electrolyte business in Q2 2024 was 28.37%, down 2.04 percentage points year-on-year but up 1.16 percentage points quarter-on-quarter [1] - The company’s net profit margin increased by 1.6 percentage points quarter-on-quarter to 12.36% [1] Market Dynamics - The average price of domestic electrolytes in Q2 2024 was 21,200 yuan per ton, down 40.5% year-on-year but up 0.9% quarter-on-quarter [1] - The company’s electrolyte production capacity is rapidly increasing, with a production volume of 157,000 tons in the first half of 2024, a year-on-year increase of 86.8% [1] Business Outlook - The company expects to maintain its profit forecasts for 2024-2026, projecting net profits of 1.198 billion yuan, 1.710 billion yuan, and 2.425 billion yuan respectively [1] - The PE ratios for the projected years are 20X for 2024, 14X for 2025, and 10X for 2026 [1]

[Table_Main] 证券研究报告 | 公司点评 新宙邦(300037.SZ) 2024 年 08 月 21 日 买入（维持） 所属行业：电力设备/电池 当前价格(元)：31.76 证券分析师 彭广春 资格编号：S0120522070001 邮箱：penggc＠tebon.com.cn 赵皓 资格编号：S0120524030004 邮箱：zhaohao3＠tebon.com.cn 市场表现 新宙邦 沪深300 -60% -40% -20% 0% 20% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|-------|-------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -3.29 | -2.10 | -4.96 | | 相对涨幅(%) | 1.36 | 3.22 | 3.77 | 资料来源：德邦研究所，聚源数据 相关研究 1.《新宙邦（300037.SZ）：电解液盈利 承压，氟化工开启强成长周期》， 2024.5.7 2.《新宙邦（300037.SZ）：盈利承压， 追 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a significant quarter-on-quarter increase in Q2 2024, with revenue reaching 2.07 billion yuan, a year-on-year increase of 15.8% and a quarter-on-quarter increase of 36.4% [1] - The organic fluorine segment faced temporary pressure, but the growth trend for second and third-generation products remains positive [1] - The company is expected to see a gradual increase in production capacity for key products, particularly in the organic fluorine sector, as new projects come online [1] Financial Performance Summary - For H1 2024, the company achieved revenue of 3.58 billion yuan, a year-on-year increase of 4.4%, while net profit attributable to shareholders was 416 million yuan, a year-on-year decrease of 19.5% [1] - The organic fluorine chemical segment generated revenue of 710 million yuan in H1 2024, a year-on-year decrease of 4.7% [1] - The capacitor chemicals segment saw revenue of 365 million yuan, a year-on-year increase of 20.1%, with a gross margin of 40.5% [1] - The battery chemicals segment reported a production volume of 157,000 tons, a year-on-year increase of 87%, with revenue of 2.29 billion yuan, a year-on-year increase of 4.4% [1] Future Earnings Projections - The company is projected to achieve net profits of 1.08 billion yuan, 1.60 billion yuan, and 2.24 billion yuan for the years 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 21.9, 14.7, and 10.5 times [1][2]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 31.32 yuan [2]. Core Views - The company achieved a revenue of 3.582 billion yuan in H1 2024, a year-on-year increase of 4.35%, while the net profit attributable to shareholders decreased by 19.54% to 416 million yuan [1]. - In Q2 2024, the company reported a revenue of 2.067 billion yuan, a year-on-year increase of 15.75% and a quarter-on-quarter increase of 36.41%, with a net profit of 251 million yuan, down 7.54% year-on-year but up 51.97% quarter-on-quarter [1]. - The company is actively expanding its electrolyte production capacity globally, with nine production bases established worldwide, including eight in China and one in Europe [1]. - The organic fluorochemical business has a broad application in various fields such as pharmaceuticals, digital infrastructure, AI, and big data, despite a 4.72% decline in revenue to 712 million yuan in H1 2024 [1]. - Revenue from capacitor chemicals grew by 20.07% to 365 million yuan, and semiconductor chemicals increased by 15.98% to 177 million yuan in H1 2024, benefiting from the recovery in the semiconductor integrated circuit sector [1]. Financial Summary - The company forecasts revenues of 7.993 billion yuan, 10.157 billion yuan, and 12.678 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 6.8%, 27.1%, and 24.8% [2][6]. - The net profit attributable to shareholders is projected to be 1.104 billion yuan, 1.335 billion yuan, and 1.614 billion yuan for the same years, with growth rates of 8.5%, 21.7%, and 20.9% [2][6]. - The current price-to-earnings (PE) ratios are 22, 18, and 15 for the years 2024, 2025, and 2026, respectively [2][6].

[Table_StockNameRptType] 新宙邦（300037） 公司点评 电解液拖累公司业绩，氟化工助力成长 | --- | --- | |------------------------------|-------------| | [Table_Rank] | | | 报告日期： | | | [Table_BaseData]收盘价（元） | 31.32 | | 近 12 个月最高/ | 50.60/27.18 | | 总股本（百万股） | 754 | | 流通股本（百万股） | 546 | | 流通股比例（%） | 72.46 | | 总市值（亿元） | 236 | | 流通市值（亿元） | 171 | [公司价格与沪深 Table_Chart] 300 走势比较 -52% -36% -20% -3% 13% 8/23 11/23 2/24 5/24 新宙邦 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘旭升 执业证书号：S0010524070003 电话：1761 ...

证券简称：新宙邦 证券代码：300037 深圳新宙邦科技股份有限公司 投资者关系活动记录表 编号：2024-004 投资者关系活 □ 特定对象调研 □分析师会议 □媒体采访 动类别 ☑业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称 及人员姓名 参会单位名称详见后文附表 时间 2024 年 8 月 20 日 15:00-16:30 地点 新宙邦科技大厦 16 楼会议室 董事长：覃九三 上市公司接待 董事会秘书：贺靖策 人员姓名 财务总监：黄瑶 公司 2024 年半年度业绩说明会分为两个环节：第一部分为公司 2024 年半年度业绩情况说明，第二部分为问答环节。 第一部分：公司 2024 年半年度业绩情况说明 1、业绩概述 2024 年上半年，公司实现营业收入 35.82 亿元，同比增长 4.35%；归 属于上市公司股东的扣除非经常性损益的净利润 4.31 亿元，同比下降 投资者关系活 10.02%。 动主要内容介 2、主营业务 绍 公司主营业务是新型电子化学品及功能材料的研发、生产、销售和服 务，主要产品包括电池化学品、有机氟化学品、电容化学品、半导体化学 品四 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 31.32 CNY [6] Core Viewpoints - The company's performance is under short-term pressure due to declining product prices and increased operating costs, but its fluorochemical and overseas expansion strategies are progressing steadily [5][9] - The company achieved revenue of 3.582 billion CNY in H1 2024, a year-on-year increase of 4.35%, but net profit attributable to shareholders decreased by 19.54% to 416 million CNY [8] - The lithium battery electrolyte business saw a slight revenue increase of 4.44% to 2.293 billion CNY, but gross margin dropped by 2.08 percentage points to 13.65% due to price declines [9] - The organic fluorine business is expected to see both volume and profit growth in H2 2024, supported by stable terminal demand and the gradual production of the Haidefu Phase I project [10] - The company's overseas expansion, including the 40,000-ton/year electrolyte project in Poland, is expected to enhance its global market share and profitability [11] Financial Performance Summary - H1 2024 revenue: 3.582 billion CNY (+4.35% YoY), net profit: 416 million CNY (-19.54% YoY) [8] - Q2 2024 revenue: 2.067 billion CNY (+15.75% YoY, +36.41% QoQ), net profit: 251 million CNY (-7.54% YoY, +51.97% QoQ) [8] - Forecasted revenue for 2024-2026: 8.196 billion CNY (+9.5%), 9.733 billion CNY (+18.8%), and 13.380 billion CNY (+37.5%) respectively [12] - Forecasted net profit for 2024-2026: 1.096 billion CNY (+8.4%), 1.644 billion CNY (+49.9%), and 2.227 billion CNY (+35.5%) respectively [12] Business Segment Analysis - **Lithium Battery Electrolyte**: Revenue of 2.293 billion CNY in H1 2024 (+4.44% YoY), with gross margin declining to 13.65% due to price pressures [9] - **Organic Fluorine**: Revenue of 712 million CNY in H1 2024 (-4.72% YoY), with gross margin at 62.22%, expected to grow in H2 2024 [10] - **Overseas Expansion**: The Poland plant's 40,000-ton/year electrolyte project is operational, with plans to add another 50,000-ton/year capacity [11] Valuation and Forecast - EPS forecast for 2024-2026: 1.45 CNY, 2.18 CNY, and 2.95 CNY respectively [12] - P/E ratios for 2024-2026: 21x, 14x, and 10x respectively [12] - The report expects a three-year CAGR of 30.1% for net profit [12]

证券研究报告·公司点评报告·电池 新宙邦（300037） 2024 年中报业绩点评：Q2 业绩略超预期，电 解液出货量亮眼 2024 年 08 月 20 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|-------|---------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 9661 | 7484 | 8328 | 10528 | 13722 | | 同比（%） | 38.98 | (22.53) | 11.28 | 26.42 | 30.34 | | 归母净利润（百万元） | 1758 | 1011 | 1065 | 1442 | 2012 | | 同比（%） | 34.57 | (42.50) | 5.38 | 35.31 | 39.59 | | EPS-最新摊薄（元/股） | 2.33 | 1.34 | 1.41 | 1.91 | ...