Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 5.525 billion yuan for the first three quarters of 2024, a year-on-year decrease of 55.95%. The net profit attributable to the parent company was 464 million yuan, down 68.87% year-on-year, and the net profit after deducting non-recurring gains and losses was 322 million yuan, down 80.35% year-on-year. In Q3 alone, the revenue was 1.984 billion yuan, a year-on-year decrease of 52.10% and a quarter-on-quarter decrease of 2.01% [6][7]. Summary by Sections Revenue Analysis - In Q3 2024, the company's ternary cathode shipments are expected to decline quarter-on-quarter, while lithium iron phosphate cathode shipments continue to grow significantly. This is influenced by a slowdown in overseas ternary demand and the company's commitment to a diversified technology route. The lithium iron phosphate cathode has been successfully introduced to clients such as Yiwei Lithium Energy and Lanjun New Energy, and is in a ramp-up phase, with expectations for continued high growth in shipments by 2025 [7][8]. Profitability Insights - The overall gross margin for Q3 was 11.41%, a decrease of 2.1 percentage points quarter-on-quarter, primarily due to the increased proportion of lithium iron phosphate cathode shipments. The net profit margin for Q3 was 8.94%, showing a slight improvement quarter-on-quarter [7][8]. Future Outlook - The company is steadily advancing its multi-category cathode material development strategy. Currently, it has a ternary production capacity of 51,000 tons, with projects in Changzhou, Haimen, and Panzhihua gradually coming online. A European project is also in progress, planning for a total capacity of 500,000 tons (200,000 tons of ternary and 300,000 tons of manganese lithium iron phosphate), with the first phase of 60,000 tons expected to be operational by the end of 2025. The company maintains a strong first-mover advantage with overseas clients and is actively onboarding domestic clients [8][9]. Financial Projections - The company is projected to achieve net profits of 570 million yuan and 680 million yuan in 2024 and 2025, respectively, indicating a positive growth trajectory [8].

北京当升材料科技股份有限公司 关于 2024 年管理层与核心骨干股权增持计划实施进展的公告 证券代码：300073 证券简称：当升科技 公告编号：2024-083 北京当升材料科技股份有限公司 北京当升材料科技股份有限公司董事会 2024 年 11 月 12 日 1 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。 北京当升材料科技股份有限公司（以下称"当升科技"或"公司"）2024 年 第二次临时股东大会于 2024 年 9 月 12 日审议通过了《<公司 2024 年管理层与 核心骨干股权增持计划（草案）>及摘要》（以下称"股权增持计划"）。公司 董事、高级管理人员及核心骨干员工计划使用不超过人民币 7,000 万元通过二级 市场购买等方式增持公司股票并锁定 12 个月。根据中国证券监督管理委员会《关 于上市公司实施员工持股计划试点的指导意见》及《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》的相关要求，现将公司本次股 权增持计划实施进展情况公告如下： 截至本公告披露日，本次股权增持计划尚未买入公司股票。 公司将根据股权增持计划的 ...

北京当升材料科技股份有限公司 投资者关系活动记录表 证券代码：300073 证券简称：当升科技 北京当升材料科技股份有限公司 投资者关系活动记录表 编号：【2024-006】 | --- | --- | --- | --- | --- | |--------------|---------------------|--------------|--------------|--------------| | | | | | | | | ■ 特定对象调研 | □ 分析师会议 | | | | 投资者关系 | □ 媒体采访 | □ 业绩说明会 | | | | 活动类别 | □ 新闻发布会 | □ 路演活动 | | | | | □ 现场参观 | | | | | | □ 其他 （） | | GF | IGWT | | | 长江证券 | UBS | SECURITIES | Investment | | | Jefferies Hong Kong | 贝莱德 | 花旗环球金融 | 摩根大通证券 | | | 野村东方国际证券 | 浩成资产 | 社保理事会 | 中信证券 | | | 东吴证券 | 中信建投证券 | 中金公司 ...

尊敬的各位投资者大家下午好我是长安电信的领队员叶思南那么今天也是非常感谢大家来参加 当生科技三级报的议事监制会那么今天的话就是参加交流的有当生科技财务负责人董事会秘书李总青年材料研究院院长刘总财务副总监刘总投资证券副总监证券事务代表曾总那么在交流开始前我们也需要向各位投资人提示 本次交流会所设置的内容最终以公司披露为准请不要录音不要对外传播会议的交流信息感谢大家理解和支持那么今天的议程的话我们就是首先还是有请公司领导来对三级报的一些经营情况以及后续的整体展望来做一个相应的解析再进入到这个提问交流环节那么首先有请这个公司领导发言好 我是这个公司董事秘书财务总监李洪发首先非常感谢产业证券组织的这次GDP交流会也非常欢迎各位投资者关心关注我们苍生科技的这个情况那么我现在就把我们苍生科技三季度的一些经营情况向各位投资者进行一个简要的一个说明我们这个三季报是在10月20日 我们当季的收入是19.83亿我们九月的收入是5.25亿受材料价格的影响我们收入总体来讲大家能看到是有一个下降的态势规模经济论是1.71亿当季度一到九月累计经济论规模经济论4.64亿元 扣分后的这个规模定义是1.05亿三季度那么一到九月是3.21亿亮点 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 51.24 yuan, based on a projected PE of 28 times for 2025 [2][4]. Core Insights - The company demonstrates strong resilience in performance, with a steady operating income of 55.25 billion yuan for the first three quarters of 2024, despite a year-on-year decline of 55.95%. The net profit attributable to the parent company was 4.64 billion yuan, down 68.87% year-on-year [1]. - The company is advancing its international high-end production capacity, achieving a gross margin of 21.1% in overseas lithium battery materials, which is 9.3 percentage points higher than the domestic market. This is a significant contributor to the company's profitability [1]. - The rapid growth of phosphate-based cathodes and early positioning in solid-state battery materials are key strategies. The company has successfully introduced phosphate (manganese) lithium iron materials to leading domestic battery clients, achieving a significant increase in sales volume [1]. Financial Summary - The company forecasts earnings per share (EPS) of 1.58, 1.83, and 2.31 yuan for 2024, 2025, and 2026 respectively. The previous estimates for 2024 and 2025 were 4.57 and 5.11 yuan, respectively, reflecting a downward adjustment due to slower overseas demand growth and initial capacity ramp-up challenges [2]. - The projected revenue for 2024 is 8.845 billion yuan, with a year-on-year decline of 41.5%, followed by a recovery in 2025 with an expected growth of 15.5% [3][2]. - The net profit margin is expected to be 9.0% in 2024, improving to 9.1% in 2025 and 10.5% in 2026, indicating a gradual recovery in profitability [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company's performance in Q3 2024 met market expectations, with revenue of 5.5 billion yuan, down 56% year-on-year, and a net profit attributable to shareholders of 460 million yuan, down 69% year-on-year [2]. - In Q3 2024, the shipment of ternary cathodes decreased by over 10% quarter-on-quarter, while lithium iron phosphate shipments doubled [2]. - The profitability of ternary cathodes remained stable, with a non-GAAP profit of over 10,000 yuan per ton, significantly higher than the industry average [2]. - Operating cash flow increased quarter-on-quarter, and capital expenditures saw a significant rise [2]. Financial Forecasts and Valuation - The company's net profit forecasts for 2024-2026 have been revised down to 670 million, 830 million, and 1.03 billion yuan respectively, reflecting a year-on-year decline of 65% in 2024, but growth of 23% and 25% in the following years [3]. - The corresponding P/E ratios for 2024-2026 are projected at 34x, 27x, and 22x [3]. - The company is expected to maintain profitability above the market average despite increased industry competition [3].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [1][3]. Core Insights - The company reported a revenue of 5.525 billion yuan for the first nine months of 2024, a year-on-year decrease of 55.95%, and a net profit attributable to shareholders of 464 million yuan, down 68.87% year-on-year [1]. - Despite short-term performance pressures, the long-term growth trend remains intact, with a gross margin of 11.41% in Q3 2024, down 8.28 percentage points year-on-year, primarily due to declining raw material prices and intensified industry competition [1]. - The company is actively developing solid-state batteries and lithium iron manganese phosphate, with significant progress in technology and production capacity, leading to increased shipments and strategic partnerships with major clients [1]. - The internationalization strategy is yielding results, with the company expanding its global footprint and collaborating with leading battery manufacturers, positioning itself for stronger profitability in the future [1]. Financial Performance Summary - For the first nine months of 2024, the company reported a revenue of 5.525 billion yuan, a decrease of 55.95% year-on-year, and a net profit of 464 million yuan, down 68.87% year-on-year [1][4]. - The projected revenues for 2024, 2025, and 2026 are 6.975 billion yuan, 8.470 billion yuan, and 10.343 billion yuan, respectively, with growth rates of -53.9%, +21.4%, and +22.1% [2][4]. - The net profit attributable to shareholders is expected to be 620 million yuan in 2024, 759 million yuan in 2025, and 904 million yuan in 2026, reflecting year-on-year changes of -67.8%, +22.5%, and +19.0% [2][4]. Strategic Developments - The company is focusing on solid-state battery technology, having established key technical routes and partnerships with major manufacturers, which enhances its competitive edge in the market [1]. - The international strategy emphasizes expanding in Europe and optimizing operations in the U.S., with ongoing collaborations with top-tier automotive brands [1]. - The company is also increasing its market share among domestic clients, with significant growth in high-nickel product sales [1].

一、董事会会议召开情况 北京当升材料科技股份有限公司 第六届董事会第六次会议决议公告 证券代码：300073 证券简称：当升科技 公告编号：2024-077 北京当升材料科技股份有限公司 第六届董事会第六次会议决议公告 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。 议通过之日起 12 个月内有效，在前述额度和期限内，资金可以循环滚动使用， 并同意授权公司总经理或由其授权人在额度内审批公司现金管理交易具体操作 方案、签署相关协议及文件。如果单笔交易的存续期超过了决议的有效期，决议 的有效期则自动顺延至该笔交易终止时止。 公司保荐机构对本议案出具了专项核查意见。 北京当升材料科技股份有限公司（以下称"公司"）第六届董事会第六次会 议于 2024 年 10 月 24 日以通讯表决的方式召开。会议通知已于 2024 年 10 月 18 日以邮件的方式发出。本次会议应出席董事 9 名，实际出席董事 9 名，公司董事 长陈彦彬先生主持会议，公司监事及高级管理人员列席了本次会议。本次会议的 召集、召开程序符合《中华人民共和国公司法》和《公司章程》的有关规定。 二、董事会会 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,983,971,728.90, a decrease of 52.10% compared to the same period last year[2]. - Net profit attributable to shareholders was ¥177,419,698.85, down 68.66% year-on-year[2]. - The net profit after deducting non-recurring gains and losses was ¥105,051,336.75, reflecting an 81.63% decrease compared to the previous year[2]. - The basic earnings per share for Q3 2024 was ¥0.3503, a decline of 68.66% from the same quarter last year[3]. - Operating revenue for the first nine months decreased by CNY 7,018.24 million, a decline of 55.95%, mainly due to a significant drop in raw material prices[11]. - Operating costs decreased by CNY 5,451.28 million, a reduction of 53.18%, also attributed to the decline in raw material prices[12]. - Net profit for Q3 2024 was CNY 437,832,028.30, a decline of 70.7% compared to CNY 1,490,731,535.69 in Q3 2023[27]. - Earnings per share for Q3 2024 was CNY 0.9166, down from CNY 2.9449 in the same quarter last year[28]. Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥16,888,414,297.29, representing a decrease of 2.99% from the end of the previous year[3]. - The company's total assets impairment loss increased by CNY 18.50 million, mainly due to a decline in raw material prices and product sales prices[14]. - The total liabilities decreased by CNY 903.91 million, a reduction of 21.86%, compared to the end of the previous year[10]. - The total assets of Beijing Dangsheng Materials Technology Co., Ltd. decreased from CNY 17,409,813,163.19 at the beginning of the period to CNY 16,888,414,297.29 at the end of the period, representing a decline of approximately 3.0%[23]. - Current liabilities decreased from CNY 3,643,489,050.01 to CNY 2,563,472,685.29, a decrease of approximately 29.7%[23]. - The total equity remained stable at CNY 506,500,774.00 throughout the period[23]. Cash Flow - Cash flow from operating activities was ¥1,151,896,539.29, down 36.31% year-on-year[3]. - The company's cash and cash equivalents at the end of the reporting period amounted to CNY 5,948,120,927.80, reflecting a decrease of 10.23% year-on-year[14]. - The company's operating cash inflow for the first nine months of 2024 was CNY 5,780,638,788.29, down 57.22% compared to the same period in 2023[14]. - The net cash flow from operating activities for Q3 2024 was ¥1,151,896,539.29, a decrease from ¥1,808,468,361.77 in Q3 2023[30]. - The net cash flow from investment activities decreased by 191.60%, mainly attributed to the purchase of structured deposits that have not yet matured[15]. - The cash inflow from financing activities in Q3 2024 was ¥386,254,920.79, up from ¥204,098,720.00 in Q3 2023[30]. - The net increase in cash and cash equivalents for Q3 2024 was ¥316,056,635.07, compared to ¥1,466,708,947.94 in Q3 2023, indicating a significant decrease[31]. Inventory and Receivables - The company reported a significant reduction in accounts receivable, which decreased by 19.10% to ¥2,355,630,596.21 compared to the end of last year[6]. - The company’s inventory increased by 45.73% to ¥1,009,930,791.23, indicating a strategic buildup of stock[6]. - Accounts receivable decreased from CNY 2,911,868,296.90 to CNY 2,355,630,596.21, a reduction of approximately 19.1%[22]. - Inventory increased significantly from CNY 693,012,948.93 to CNY 1,009,930,791.23, marking an increase of about 45.6%[22]. Other Income and Expenses - Other income increased by CNY 51.77 million, a growth of 143.91%, mainly due to an increase in government subsidies[12]. - Investment income increased by CNY 86.82 million, a growth of 124.29%, primarily due to fewer foreign exchange losses compared to the previous year[12]. - The company's income tax expense decreased by CNY 229.45 million, a reduction of 75.44%, due to a decrease in total profit[14]. - Research and development expenses for Q3 2024 were CNY 305,745,052.47, a decrease of 29.2% compared to CNY 431,982,353.49 in the same period last year[25]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 88,059, with Minmetals Technology Group holding 23.19% of the shares[16]. - The total equity attributable to shareholders of the parent company increased to CNY 13,157,648,790.48 from CNY 13,075,967,833.76[24]. - The company plans to lift restrictions on shares held by executives, with a total of 1,340,098 shares expected to be released from lock-up[20].

北京当升材料科技股份有限公司 关于使用闲置募集资金进行现金管理的公告 证券代码：300073 证券简称：当升科技 公告编号：2024-081 北京当升材料科技股份有限公司 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。 关于使用闲置募集资金进行现金管理的公告 日出具了"大华验字[2021]000735 号"验资报告（募集总额），于 2021 年 11 月 17 日出具了"大华验字[2021]000734 号"验资报告（募集净额）。 为规范公司募集资金管理，保护投资者权益，公司与保荐机构、募集资金专 户开户银行签署了《募集资金三方监管协议》及《募集资金四方监管协议》，开 设了募集资金专项账户，对募集资金实行专户存储。 截至 2024 年 9 月 30 日，本次募集资金使用情况如下： 截至 2024 年 9 月 30 日，公司累计使用募集资金 335,605.30 万元，尚未使 用募集资金余额 144,999.47 万元（包含募集资金产生的扣除银行手续费后的利 息收入）。公司募投项目建设与规划一致。由于募集资金投资项目建设及资金支 付进程需要一定周期，根据募集资金 ...