Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's performance has been under pressure, with a significant decline in revenue and net profit for 2023. The total revenue for 2023 was 7,484 million, down 22.53% year-on-year, and the net profit attributable to shareholders was 1,011 million, a decrease of 42.50% [8][9] - Despite the challenges in the electrolyte market, the company is actively expanding its overseas market presence and has seen a 10.11 percentage point increase in overseas revenue, which accounted for 25.22% of total revenue in 2023 [8] - The organic fluorochemical segment achieved record profitability, with revenue of 1,425 million, up 21.45% year-on-year, and a gross margin of 69.91% [8] Summary by Relevant Sections Financial Performance - In Q4 2023, the company reported revenue of 1,901 million, down 18.47% year-on-year, and a net profit of 214 million, down 32.33% [8] - The battery chemical business generated revenue of 5,053 million, a decline of 31.74%, despite a 47.41% increase in sales volume to 211,200 tons [8] Future Projections - The company is projected to achieve revenues of 9,011 million, 11,180 million, and 14,011 million for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 20.40%, 24.07%, and 25.32% [9][12] - Net profit forecasts for the same period are 1,213 million, 1,629 million, and 2,232 million, with corresponding year-on-year growth rates of 19.96%, 34.32%, and 37.00% [9][12] Market Position and Strategy - The company is recognized as a leader in the electrolyte market and is focusing on cost control and efficiency improvements, with material costs down 24.35%, labor costs down 19.05%, and energy costs down 29.22% [8] - The company is advancing its fluorochemical production capacity, with the Haidefu project progressing well and expected to reach full operational status by mid-2024 [8]

[Ta新ble宙_Sto邦ckN（am3eR0p0tT0yp3e7] ） 公司研究/公司点评 电解液盈利触底，氟化工助力成长 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-04-06 ⚫[ T事ab件le描_S述um mary] 4月1日晚间，新宙邦发布2023年年度报告。2023年公司实现营业 [收Ta盘bl价e_（Ba元se）D ata] 36.14 总收入74.84亿元，同比-22.53%；实现归母净利润10.11亿元，同比 近12个月最高/最低（元） 56.97/33.40 -42.50%；实现扣非归母净利润9.56亿元，同比-44.20%。2023Q4实 总股本（百万股） 754 流通股本（百万股） 542 现营业总收入19.01亿元，同比-18.47%；实现归母净利润2.14亿元， 流通股比例（%） 71.96 同比-32.33%；实现扣非归母净利润2.11亿元，同比-26.82%。 总市值（亿元） 272 流通市值（亿元） 196 ⚫ 电解液盈利承压拖累公司业绩，产能扩张+一体化布局提升盈利韧性 2023年公司实现营业总收入74.84亿元，同比-22.53% ...

[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）公司年报点评 2024年04月05日 [Table_InvestInfo] 2023 年归母净利润同比减少 42.50%，氟 投资评级 优于大市 维持 化工业务快速增长 股票数据 0[4Ta月b0le3_日S收to盘ck价（In元fo）] 36.14 [Table_Summary] 52周股价波动（元） 33.40-56.97 投资要点： 总股本/流通A股（百万股） 754/542 总市值/流通市值（百万元） 27245/19604 相关研究  2023 年归母净利润同比减少 42.50%。公司 2023 年实现营业收入 74.84亿 [《Ta 22bl年e_业R绩e同po比rt增In长fo 3] 4.57%，氟化工高速增 元，同比下降22.53%；实现归母净利润10.11亿元，同比下降42.50%；实 现扣非净利润 9.56亿元，同比下降 44.20%。公司利润分配预案为向全体股 长》2023.04.22 东每10股派发现金红利6元（含税），2023年度拟派发现金红利总额为人民 币4.51亿元（含税）。 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [2][5]. Core Views - The company's performance is under short-term pressure, with a revenue decline of 22.53% year-on-year in 2023, amounting to 7.484 billion yuan. Operating profit decreased by 42.14% to 1.194 billion yuan, and net profit fell by 42.50% to 1.011 billion yuan [2][5]. - Despite the short-term challenges, the company is expected to see growth in lithium battery chemical shipments in 2024, driven by the increasing demand from the new energy vehicle sector [2][3][4]. - The organic fluorine chemical segment has shown continuous growth, with a revenue increase of 21.45% in 2023, reaching 1.425 billion yuan, and is projected to maintain double-digit growth in 2024 [4][5]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 7.484 billion yuan, a decrease of 22.53% compared to the previous year. The net profit was 1.011 billion yuan, down 42.50% year-on-year [2][6]. - The gross profit margin for 2023 was 28.94%, a decline of 3.10 percentage points from the previous year. The fourth quarter gross margin was 26.09%, down 2.18 percentage points from the third quarter [5][6]. Product Segments - **Lithium Battery Chemicals**: The company has a production capacity of 269,691 tons with an 81.29% utilization rate. The revenue from this segment was 5.053 billion yuan in 2023, down 31.74% year-on-year [2][5]. - **Organic Fluorine Chemicals**: This segment achieved a revenue of 1.425 billion yuan in 2023, with a growth rate of 21.45%. The company expects continued growth in this area due to high market demand and technological advancements [4][5]. - **Capacitor Chemicals**: Revenue in this segment was 629 million yuan in 2023, a decline of 9.77%. However, recovery is anticipated in 2024 as new products are developed [4][5]. Market Outlook - The demand for lithium battery electrolytes is projected to grow, with the industry expected to benefit from the increasing sales of new energy vehicles, which reached 9.448 million units in 2023, a year-on-year increase of 37.48% [3][4]. - The company has established long-term supply agreements with major clients, including a contract worth 924 million USD with Ultium Cells, which is expected to enhance revenue stability [2][3]. Valuation - The report forecasts diluted earnings per share (EPS) of 1.65 yuan for 2024 and 2.17 yuan for 2025, with corresponding price-to-earnings (PE) ratios of 21.04 and 16.02 based on the closing price of 34.71 yuan on April 3, 2024 [5][6].

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a revenue of 7.48 billion yuan in 2023, a year-on-year decline of 22.5%, and a net profit attributable to shareholders of 1.01 billion yuan, down 42.5% year-on-year [1]. - The organic fluorine segment showed strong growth, with revenue and profit significantly increasing, while the electrolyte segment was the main drag on revenue and profitability [1]. - The report anticipates a gradual recovery in profitability for the electrolyte segment, with expectations for net profits of 1.23 billion yuan, 1.80 billion yuan, and 2.48 billion yuan for 2024, 2025, and 2026 respectively [1][2]. Financial Performance Summary - Revenue breakdown by segment in 2023: Electrolyte (68%), Organic Fluorine (19%), Capacitor Chemicals (8%), Semiconductor Chemicals (4%) [1]. - Year-on-year revenue changes for 2023: Electrolyte -31.7%, Organic Fluorine +21.5%, Capacitor Chemicals -9.8%, Semiconductor Chemicals -3.8% [1]. - Gross margin by segment: Electrolyte 16.1%, Organic Fluorine 69.9%, Capacitor Chemicals 39.6%, Semiconductor Chemicals 26.9% [1]. - The report projects a revenue increase to 10.39 billion yuan in 2024, representing a growth rate of 38.8% [2]. Future Outlook - The company is expected to benefit from the exit of 3M from the market, which may lead to increased demand for its fluorinated liquids and perfluoroisobutylene products [1]. - The report suggests that the company’s strategy of producing and developing high-value products will support stable growth in the future [1].

2024 年 04 月 02 日 公司研究 评级：买入 (维持 ) 研究所： 证券分析师： 李永磊 S0350521080004 电解液盈利有望筑底[Ta ，ble 有_T 机itle] 氟化学品持续放量 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn ——新宙邦（ ） 年年报点评报告 300037 2023 联系人 ： 仲逸涵 S0350123070022 zhongyh@ghzq.com.cn 最近一年走势 事件 : 2024年4月1日，新宙邦发布2023年年度报告：2023年实现营业收入 74.84 亿元，同比降低22.5%；实现归母净利润10.11亿元，同比降低 42.5%；实现扣非归母净利润9.56亿元，同比降低44.2%；销售毛利率 28.9%，同比降低3.1个pct，销售净利率13.5%，同比降低5.4个pct； 经营活动现金流净额为34.48亿元。 2023Q4 单季度，公司实现营业收入 19.01 亿元，同比-18.5%，环比 -11.6%；实现归母净利润为2.14亿元，同比-32.3%，环比-23.7%；扣非 ...

2024年4月2日 公司研究 电解液价格下跌 23 年业绩下滑，有机氟化学品板块持续发力 ——新宙邦（300037.SZ）2023 年年报点评 要点 买入（维持） 事件：公司发布2023年年度报告，23年公司实现营业收入74.84亿元，同比下 当 前价：34.71元 降22.5%，实现归母净利润10.11亿元，同比下降42.5%。其中，公司Q4单季 实现营业收入 19.01 亿元，同比下降 18.5%，环比下降 11.5%，实现归母净利 作者 润2.14亿元，同比下降32.3%，环比下降23.7%。 分析师：赵乃迪 电解液价格下跌23年业绩下滑，有机氟化学品板块持续发力。电池化学品方面， 执业证书编号：S0930517050005 23年公司销量虽同比有所上升，但由于产品价格大幅下降，销售额同比下降幅 010-57378026 zhaond@ebscn.com 度较大。根据百川盈孚数据，23年电解液均价为3.40万元/吨，同比下降59.3%。 23年公司电池化学品业务实现营收50.53亿元，同比-31.7%，毛利率16.1%， 分析师：周家诺 同比-10.0pct。有机氟化学品方面，公司一代产品市场份额稳定， ...

一、可转债基本情况 | 证券代码：300037 | | 公告编号：2024-021 | | --- | --- | --- | | 债券代码：123158 | | | | | 证券简称：新宙邦 债券简称：宙邦转债 | | 深圳新宙邦科技股份有限公司 关于 2024 年第一季度可转换公司债券转股情况的公告 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。 特别提示： 1、"宙邦转债"（债券代码：123158）转股期限为 2023 年 3 月 30 日至 2028 年 9 月 25 日；最新的转股价格为人民币 41.98 元/股。 2、2024 年第一季度，共有 27 张"宙邦转债"完成转股（票面金额共计人民 币 2,700 元），合计转成 62 股"新宙邦"股票（证券代码：300037）。 3、截至2024年第一季度末，公司剩余可转换公司债券张数为19,694,716张， 剩余可转换公司债券票面总额为人民币 1,969,471,600 元。 根据《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 15 号——可转换公司债券》的有关规定，深 ...

Financial Performance - The company's operating revenue for 2023 was ¥7,483,950,240.16, a decrease of 22.53% compared to ¥9,660,713,467.18 in 2022[17]. - Net profit attributable to shareholders for 2023 was ¥1,011,067,526.26, down 42.50% from ¥1,758,398,655.27 in 2022[17]. - Basic earnings per share decreased to ¥1.36 in 2023, down 42.62% from ¥2.37 in 2022[17]. - The company achieved operating revenue of CNY 748,395.02 million, a year-on-year decrease of 22.53%[78]. - The net profit attributable to shareholders was CNY 101,106.75 million, down 42.50% year-on-year[78]. - Revenue from battery chemicals was CNY 505,311.16 million, a decline of 31.74% due to intensified industry competition and price fluctuations[79]. - Organic fluorine chemicals revenue increased by 21.45% to CNY 142,541.53 million, driven by market opportunities in high-end fluorinated fine chemicals[80]. - Capacitor chemicals revenue decreased by 9.77% to CNY 62,859.99 million, impacted by lower-than-expected end-user demand[82]. - Semiconductor chemicals revenue was CNY 31,079.05 million, a slight decline of 3.76%, with growth potential in AI and digital infrastructure[83]. Market Expansion and Strategy - The company is actively pursuing market expansion strategies, including potential mergers and acquisitions to enhance its competitive position[11]. - The company plans to continue expanding its market presence and invest in new product development to drive future growth[26]. - The company is focusing on expanding its market presence through strategic acquisitions and partnerships in the new materials sector[179]. - Future guidance indicates a continued emphasis on research and development in lithium battery materials to meet growing market demand[115]. - The company aims to enhance its overseas market competitiveness through the establishment of a lithium-ion battery electrolyte project in Poland[74]. - The company is exploring strategic acquisitions to enhance its market position in the lithium battery sector[121]. Research and Development - The company is focused on developing new products and technologies, particularly in the electronic chemical materials sector[11]. - The company has been focusing on R&D for new technologies to enhance its competitive edge in the market[26]. - The company is actively increasing R&D investment to enhance its technological and product capabilities, aiming to provide more competitive product combinations and solutions for customers[41]. - The company has established 30 innovation platforms, including a lithium-ion battery electrolyte engineering laboratory, to enhance its R&D capabilities[70]. - The company is focusing on R&D for new technologies in the electronic materials field to maintain competitive advantage[179]. - The company has applied for over 30 patents related to sodium-ion battery electrolytes, indicating a strong focus on innovation in this area[65]. Governance and Management - The company has a comprehensive governance structure, with all board members present for the report's approval, ensuring accountability and transparency[3]. - The financial report is guaranteed to be true, accurate, and complete by the company's management, including the CEO and accounting head[3]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal and regulatory requirements[165]. - The company has established a comprehensive performance evaluation and incentive mechanism for senior management, aligning with its current development needs[167]. - The company emphasizes transparency in information disclosure, with the chairman as the primary responsible person for disclosures, ensuring timely and accurate information for shareholders[168]. - The company actively engages with investors through various channels, achieving the highest rating of "A" in the Shenzhen Stock Exchange's 2022 information disclosure assessment[169]. Environmental and Social Responsibility - The annual report outlines the company's commitment to environmental and social responsibilities, reflecting its corporate governance practices[5]. - The company is committed to sustainable development by promoting low-carbon, resource-efficient, and circular manufacturing practices[72]. - The company has established a "Four Green" development concept to reduce pollution through advanced technology and innovation, aligning with national "dual carbon" strategies[152]. - The company adheres to strict safety and environmental regulations, maintaining an ISO14001:2015 environmental management system and an ISO45001:2018 occupational health and safety system[153]. Financial Management and Investments - The company has completed a capital increase of ¥8,084,000 in Poland's Capchem, acquiring a 90% stake in lithium battery materials[115]. - The total investment amount for the reporting period was ¥1,835,986,372.24, representing a 2.96% increase compared to ¥1,783,125,452.84 in the same period last year[114]. - The company has raised a total of RMB 1,122,261,524.47 from a private placement of 32,758,620 shares at RMB 34.80 per share, after deducting underwriting fees[132]. - The company has utilized a total margin balance of 450,300 yuan for hedging activities as of December 31, 2023[128]. - The company plans to conduct forward foreign exchange transactions based on 30% of the expected annual foreign sales receipts to mitigate foreign exchange risks[127]. Product Development and Innovation - The company has developed high-voltage electrolyte solutions that meet the needs of domestic and international battery manufacturers, with a cycle life exceeding 2000 cycles at room temperature[86]. - The company has successfully developed a new high-pressure solution for aluminum electrolytic capacitors, achieving industrialization[101]. - The company is advancing the development of solid-state lithium battery materials, which are crucial for next-generation battery technology[101]. - The company is focusing on the development of new chemical materials, with a projected investment of 2,768 million CNY for the upcoming year[121]. Employee and Stakeholder Engagement - The company emphasizes employee development and performance management to align with strategic goals and enhance operational effectiveness[77]. - The total remuneration paid to directors, supervisors, and senior management for the year 2023 amounted to 26.6977 million yuan[191]. - The company’s remuneration policy is based on the achievement of annual operational targets and performance evaluations[191]. - The management team includes experienced professionals with backgrounds in chemical engineering and business management, enhancing strategic decision-making[179].

新宙邦（300037.SZ）2023年年报点评 盈利能力短期承压，产能全球化布局 2024年04月02日 ➢ 事件。4月1日，公司发布2023年年报，全年实现营收74.84亿元，同比 推荐 维持评级 -22.53%，实现归母净利润10.11亿元，同比-42.50%，扣非后归母净利润9.56 当前价格： 34.46元 亿元，同比-44.20%。 ➢ Q4业绩拆分。营收和净利：公司2023Q4营收19.01亿元,同比-18.47%， [Table_Author] 环比-11.55%，归母净利润为2.14亿元，同比-32.33%，环比-23.71%，扣非后 归母净利润为2.11亿元，同比-26.82%，环比-20.57%。毛利率：2023Q4毛利 率为26.09%，同比-3.81pct，环比-2.18pct。净利率：2023Q4净利率为10.72%， 同比-3.03pcts，环比-2.53pcts。费用率：公司2023Q4期间费用率为13.36%， 同比-1.69pct，其中销售、管理、研发、财务费用率分别为1.27%、6.32%、6.53%、 -0.76%。 分析师 邓永康 ➢ 盈利能力承压，产能全球化布局。出货 ...