Financial Performance - The company's net profit for Q3 2024 was 1.77 billion, maintaining stability [3] - The operating revenue for the first three quarters of 2024 reached 19.84 billion, with a significant increase in profitability [3] - The sales volume of lithium iron phosphate (LFP) products saw substantial growth, contributing to improved profit levels [5] Production and Capacity - The company achieved full production capacity at its Panzhihua production base for LFP in the first half of 2024 [4] - The overall capacity utilization rate for lithium battery cathode materials remained high in the first three quarters of 2024 [4] - The company is planning to increase production capacity based on downstream market demand and customer orders [4] Product Development and Market Strategy - The company has successfully developed high-nickel and medium-nickel high-voltage materials, achieving full coverage of series 5, 6, and 7 [5] - The company is actively expanding its product portfolio, including sodium battery cathode materials, which have shown stable growth in shipment volumes [5] - The company is focusing on high-end markets and leveraging its technological R&D advantages to attract more quality customers [5] Customer Base and Market Position - The company has established a balanced customer structure, with international customers accounting for a leading share in the lithium battery cathode materials industry [4] - The company has formed partnerships with major domestic and international clients, including LG and SK, enhancing its market presence [3] - The company is committed to maintaining its leading position in the global lithium battery cathode materials market [5] Future Outlook - The company is advancing its European materials industry base project, with a planned annual production capacity of 60,000 tons of multi-material cathodes [6] - The company aims to optimize production processes and enhance profitability through integrated supply chain construction [6] - The company is well-prepared to enhance its competitive advantage in the global lithium battery industry across various domains [7]

Summary of Conference Call for Chang'an Technology Company Overview - The conference call involved Chang'an Technology, focusing on their Q3 financial results and future outlook. Key participants included the financial director and other senior management members. [1] Key Financial Highlights - Q3 revenue was reported at 1.983 billion, with September revenue at 525 million, indicating a downward trend due to material price impacts. [2] - Cumulative revenue from January to September was 4.64 billion, with a net profit of 1.05 billion for Q3 and 3.21 billion for the year-to-date. [2] - The company held a strategic seminar to analyze the current market situation and plan for 2025-2027. [3] Business Segments and Performance - The company reported significant growth in the iron-lithium segment, with a shipment volume of 32,000 tons and expectations to reach a monthly shipment of 10,000 tons. [4][5] - The company plans to expand production capacity to approximately 100,000 tons next year, depending on market conditions and customer orders. [5] - The iron-lithium business is primarily focused on energy storage applications, with major clients including banks. [6] Market Dynamics - The company noted that while the demand for new energy is increasing globally, competition in the iron-lithium market remains intense. [3][13] - The company is strategically positioned to leverage its technological advantages and customer relationships to navigate market challenges. [13][15] - The international market for their products is expected to stabilize, with a projected growth rate of around 10% from 2024 to 2026. [17][18] Challenges and Risks - The company faces challenges from intense market competition and pricing pressures, particularly in the iron-lithium segment. [16] - The profitability of the iron-lithium business is currently under pressure due to competitive pricing and production ramp-up issues. [16] - The company anticipates that the market will remain competitive, but believes it has advantages that will help it succeed. [15] Future Outlook - The company expects to achieve profitability in the iron-lithium segment by the end of the year, with a positive outlook for 2024 and beyond. [15][16] - The company is also exploring sodium-ion battery technology, which is expected to grow in demand due to its cost and performance advantages. [19] Additional Insights - The company has a 40% minority stake in its iron-lithium business, which has contributed to the reported losses. [12] - The strategic focus includes enhancing production efficiency and exploring partnerships to secure raw material supply chains. [15] This summary encapsulates the key points discussed during the conference call, highlighting the company's financial performance, market dynamics, challenges, and future strategies.

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 关于应收账款诉讼进展的公告 证券代码：300073 证券简称：当升科技 公告编号：2024-082 北京当升材料科技股份有限公司 关于应收账款诉讼进展的公告 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。 重要内容提示: 1、案件所处的诉讼阶段：执行阶段 2、上市公司所处的当事人地位：原告 3、涉案金额：起诉要求偿还本金为 39,846.18 万元，违约金为 826.13 万 元。 4、对上市公司损益产生的积极影响：本次诉讼案件对公司本期利润影响的 金额为 5,455.82 万元（该影响金额已计入公司 2024 年第三季度报告），上述数 据未经审计，最终以会计师事务所年度审计确认的数据为准。 一、 案件诉讼的基本情况 北京当升材料科技股份有限公司（以下称"公司"）于 2019 年 11 月 12 日 披露了公司及子公司江苏当升材料科技有限公司（以下称"江苏当升"）与深圳 市比克动力电池有限公司（以下称"深圳比克"）、郑州比克电池有限公司（以 下称"郑州比克"，深圳比克和郑州比克合称"比克公司"）有关应收账款诉讼 事项，并于后续分别 ...

中信证券股份有限公司 关于北京当升材料科技股份有限公司 使用闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为北京 当升材料科技股份有限公司（以下简称"当升科技"或"公司"）2021 年度向特 定对象发行 A 股股票的持续督导保荐机构，根据《上市公司监管指引第 2 号— —上市公司募集资金管理和使用的监管要求》《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》等相关法律、法规的规定，对当升 科技使用闲置募集资金进行现金管理的事项进行了审慎核查，并出具本核查意见。 核查情况如下： 一、募集资金基本情况 2021 年 11 月，经中国证券监督管理委员会《关于同意北京当升材料科技股 份有限公司向特定对象发行股票注册的批复》（证监许可〔2021〕3437 号）核准， 公司向特定对象发行人民币普通股（A 股）52,880,236 股，每股面值人民币 1.00 元，发行价格为人民币 87.84 元/股，募集资金总额为 4,644,999,930.24 元，扣除 保荐及承销费用人民币（不含税）21,539,622.64 元，其他发行费用人民币（不含 ...

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 ...