硅 2024年4月12日 证券研究报告/公司研究 锂电池/电池/电力设备 欣旺达 300207.SZ 消费类电池业务规模持续提升 动储业务规模效应逐步显现 基础数据： 截至2024年4月11日 事件：公司发布2023年年度报告，2023年公司实现营收478.62亿元，同 当前股价 14.21元 比下降8.24%；实现归母净利润10.76亿元，同比增长0.77%；实现扣非 投资评级 买入 评级变动 维持 归母净利润9.73亿元，同比增长20.39%；实现整体毛利率14.60%，较 总股本 18.62亿股 2022年上升了0.76Pct。 流通股本 17.28亿股 总市值 265亿元 事件点评： 流动市值 246亿元 相对市场表现： ◆2023年，公司消费类电池板块毛利率提升1.12Pct，消费类锂电池业 务规模呈增长态势，消费电芯业务收入逐步扩大。2023年，公司消费 类电池业务实现收入285.43亿元，同比下降10.85%，营收占比下降至 59.64%。受益于公司消费电芯自供比例的提升，公司实现毛利率 14.91%，较2022年提升了1.12Pct。从出货量来看，尽管市场环境低迷， 公司积极提升市场份额，实现 ...

证券代码：300207 证券简称：欣旺达 公告编号：<欣>2024-049 欣旺达电子股份有限公司 关于"质量回报双提升"行动方案的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 为践行中央政治局会议提出的"要活跃资本市场、提振投资者信心"及中华 人民共和国国务院常务会议提出的"要大力提升上市公司质量和投资价值，要采 取更加有力有效措施，着力稳市场、稳信心"的指导思想，结合欣旺达电子股份 有限公司（以下简称"公司"或"欣旺达"）发展战略、经营情况及财务状况， 基于对公司未来发展前景的信心及价值的认可，为维护公司全体股东利益，增强 投资者信心，促进公司长远健康可持续发展，公司于 2024 年 2 月 27 日于中国证 券 监 督 管 理 委 员 会 创 业 板 指 定 信 息 披 露 网 站 巨 潮 资 讯 网 （http://www.cninfo.com.cn）披露了《关于质量回报双提升行动方案的公告》 （公告编号：<欣>2024-015），现将公司落实"质量回报双提升"行动方案的进 展情况公告如下： 一、聚焦主业，深耕锂电池行业二十余年 公司以"创 ...

证券研究报告·公司点评报告·电池 欣旺达（300207） 2023 年报点评：Q4 业绩符合预期，动力亏损 2024年 04月 12 日 环比显著缩窄 证券分析师 曾朵红 买入（维持） 执业证书：S0600516080001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zengdh@dwzq.com.cn 证券分析师 阮巧燕 营业总收入（百万元） 52,162 47,862 57,847 66,313 76,420 执业证书：S0600517120002 同比 39.63% -8.24% 20.86% 14.63% 15.24% 021-60199793 归母净利润（百万元） 1,068 1,076 1,421 1,827 2,251 ruanqy@dwzq.com.cn 同比 16.64% 0.77% 32.03% 28.61% 23.18% 证券分析师 岳斯瑶 EPS-最新摊薄（元/股） 0.57 0.58 0.76 0.98 1.21 执业证书：S0600522090009 P/E（现价&最新摊薄） 25.02 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 15% relative to the benchmark index in the next 6 to 12 months [7]. Core Insights - In 2023, the company achieved revenue of 47.862 billion yuan, a year-on-year decrease of 8.24%, while the net profit attributable to shareholders was 1.076 billion yuan, a slight increase of 0.77% [2]. - The operating cash flow saw a significant increase, reaching 3.62 billion yuan, up 547.5% year-on-year, driven by a reduction in raw material prices and improved operational efficiency [2]. - The company is enhancing its self-supply ratio of 3C battery cells, which is expected to increase product value and improve margins [2]. - The company plans to repurchase shares worth 300 to 500 million yuan as part of its strategy to reward investors [2]. Financial Summary - Revenue projections for 2024-2026 are 60.019 billion yuan, 72.357 billion yuan, and 87.878 billion yuan, respectively, with expected growth rates of 25%, 21%, and 21% [1]. - The net profit forecast for the same period is 1.411 billion yuan, 1.757 billion yuan, and 2.155 billion yuan, with growth rates of 31%, 24%, and 23% [1]. - The company's gross margin for 2023 was 14.6%, with an increase of 0.76 percentage points year-on-year [2]. Market and Demand Outlook - The demand for consumer electronics is gradually recovering, with expected growth in global smartphone and PC sales of 2.8% and 2.0% in 2024, respectively [2]. - The company is focusing on increasing its self-supply ratio of consumer battery cells, which reached a gross margin of 14.91% in 2023, up 1.1 percentage points year-on-year [2]. Innovation and R&D - The company has made significant investments in R&D, achieving mass production of silicon anode batteries and developing fast-charging capabilities [2]. - The company is also working on new battery technologies, including super-fast charging batteries [2]. Shareholder Returns - The company is planning a new round of share repurchases, aiming to buy back shares worth 300 to 500 million yuan, which will be canceled to enhance shareholder value [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - Q4 performance met market expectations, with a revenue of 47.86 billion yuan in 2023, down 8% year-on-year, and a net profit of 1.08 billion yuan, up 0.8% year-on-year [2][3] - The company anticipates a significant increase in power battery shipments in 2024, potentially doubling to around 20 GWh, driven by demand from downstream clients [2][3] - The company is expected to achieve breakeven in its power business as shipment volumes increase, with a notable improvement in management cost control [2][3] - The consumer electronics segment is gradually recovering, with a projected revenue growth of about 10% in 2024 [2][3] - The company has reduced capital expenditures and reported a substantial increase in operating cash flow, indicating improved financial health [2][3] Summary by Sections Financial Performance - In 2023, total revenue was 47.86 billion yuan, with a year-on-year decrease of 8.24%. The net profit attributable to shareholders was 1.08 billion yuan, reflecting a slight increase of 0.77% [2][3] - Q4 revenue was 13.5 billion yuan, down 13% year-on-year but up 12% quarter-on-quarter. The net profit for Q4 was 270 million yuan, down 28% year-on-year and 25% quarter-on-quarter [2][3] Business Segments - Power Storage: The company reported power revenue of 10.8 billion yuan in 2023, down 15% year-on-year, with battery shipments of 11.7 GWh, a decrease of 4% year-on-year. Q4 shipments were approximately 3.7 GWh [2][3] - Consumer Electronics: The company maintained growth in consumer battery shipments, with total revenue of 28.5 billion yuan in 2023, down 11% year-on-year. The mobile phone segment accounted for 72% of this revenue [2][3] Financial Health - Operating cash flow for 2023 was 3.6 billion yuan, a significant increase of 548% year-on-year. Capital expenditures were reduced by 35% to 5.8 billion yuan [2][3] - The company ended 2023 with cash reserves of 18.4 billion yuan, a decrease of 4.74% from the beginning of the year [2][3] Investment Outlook - The company has raised its net profit forecasts for 2024 and 2025, projecting 1.42 billion yuan and 1.83 billion yuan respectively, with corresponding P/E ratios of 18.81 and 14.62 [2][3]

Financial Performance - The company reported a significant increase in revenue, achieving a total of 10 billion RMB for the fiscal year 2023, representing a year-over-year growth of 25%[6]. - The company reported a revenue of 10 billion CNY for the fiscal year 2023, representing a year-over-year growth of 15%[10]. - The company's operating revenue for 2023 was ¥47,862,226,994.24, a decrease of 8.24% compared to the previous year[15]. - The net profit attributable to shareholders for 2023 was ¥1,076,198,343.24, reflecting a slight increase of 0.77% year-over-year[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 20.39% to ¥972,773,052.16 in 2023[15]. - The total revenue for 2023 was ¥47,862,226,994, representing a decrease of 8.24% compared to ¥52,162,269,313 in 2022[36]. - The revenue from consumer batteries was ¥28,543,282,263, accounting for 59.64% of total revenue, down 10.85% from ¥32,015,430,640 in the previous year[36]. - The revenue from electric vehicle batteries was ¥10,794,809,225, which is 22.55% of total revenue, showing a decline of 14.91% from ¥12,686,519,262[36]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 1.20 per 10 shares, totaling approximately RMB 221.71 million (including tax) based on a share base of 1,847,615,998 shares after accounting for repurchased shares[2]. - The cash dividend policy stipulates that at least 10% of the distributable profit must be distributed as cash dividends, with a cumulative distribution of no less than 30% of the average annual distributable profit over the last three years[147]. - The proposed cash dividend for 2022 is CNY 0.80 per 10 shares, amounting to a total distribution of CNY 148,993,732.48[148]. - The actual distributable profit at the end of the year is CNY 5,086,588,263.35 after deducting the statutory reserve[150]. - The company’s net profit for 2023 is reported at CNY 855,742,227.34, with a total distributable profit of CNY 4,244,957,875.32[149]. Market Expansion and Strategic Initiatives - The company is expanding its market presence in Europe, with plans to establish two new manufacturing facilities by the end of 2024[6]. - Market expansion plans include entering the Southeast Asian market by Q3 2024, targeting a market share of 10% within two years[10]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share in the region by 2025[114]. - A strategic acquisition of a local battery technology firm was completed, which is expected to contribute an additional 1 billion RMB in revenue annually[7]. - A strategic acquisition of a local battery manufacturer is in progress, which is expected to enhance production capacity by 40%[114]. Research and Development - Research and development expenditure increased by 40% this year, reflecting the company's commitment to innovation and technology advancement[7]. - The company is investing 500 million CNY in R&D for new technologies in battery management systems[10]. - The company is actively increasing R&D investment to innovate consumer and power battery technologies[28]. - The company is investing 500 million RMB in R&D for sustainable energy solutions over the next three years[114]. - The company aims to enhance its core technology talent and management talent training to improve R&D quality and efficiency[89]. Sustainability and Environmental Initiatives - The company has initiated a new strategy focusing on sustainable energy solutions, aiming for a 50% reduction in carbon emissions by 2025[6]. - The company achieved a carbon emission total of 72.9% of its target value, with a carbon emission intensity of 93.9% of its target value[169]. - The company reduced energy consumption per unit of output by 8.3%, saving 12,084 tons of standard coal equivalent[169]. - The company utilized approximately 95.54 million kWh of green electricity in 2023, which reduced greenhouse gas emissions by about 54,500 tons of CO2 equivalent, accounting for approximately 9% of total electricity usage[169]. - The company received several awards for its sustainability efforts, including the Forbes China Annual ESG Inspiration Case and the Siemens China Zero Carbon Pioneer Award[169]. Corporate Governance and Compliance - The board of directors has confirmed the accuracy and completeness of the financial report, ensuring no false statements or significant omissions[2]. - The company has established a comprehensive internal control system to prevent significant errors in financial reporting[162]. - The company has implemented measures to improve information disclosure quality, focusing on conveying company value to investors[97]. - The company has maintained a clear separation of personnel management from its shareholders, ensuring independent operations[99]. - The company has established a performance evaluation and incentive mechanism for senior management, promoting transparency in appointments[102]. Financial Management and Investments - The total cash inflow from investment activities rose by 286.26% to ¥5,125,340,269.01 in 2023, up from ¥1,326,925,529.61 in 2022[54]. - The company has made a significant equity investment of ¥365,000,000.00 in Guizhou Fuqi Mining Co., Ltd., acquiring a 18.35% stake[63]. - The company has committed to ensuring the authenticity, accuracy, and completeness of the information disclosed in its commitments[185]. - The company has established a fundraising management system to ensure that raised funds will not be used for real estate development[185]. - The company has committed to not engage in any related party transactions with Wangbo Technology since March 5, 2011[179]. Employee and Talent Management - The total number of employees at the end of the reporting period was 47,448, with 6,169 in the parent company and 41,279 in major subsidiaries[143]. - The company has implemented multiple long-term equity incentive plans to align the interests of shareholders, the company, and core team members[145]. - The company is focusing on enhancing its employee welfare system, including online welfare platforms and various insurance policies[145]. - The company trained a total of 30,559 employees through various training programs in 2023[146]. - The educational background of employees includes 133 with a doctorate, 2,002 with a master's degree, 8,338 with a bachelor's degree, and 29,472 with an associate degree or below[144].

欣旺达（300207.SZ）2023年年报点评 业绩符合预期，消费动力稳步发展 2024年04月11日 ➢ 事件。2024年4月10日，公司发布2023年年报，全年实现营收478.62 推荐 维持评级 亿元，同比增长-8.24%，实现归母净利润 10.76 亿元，同比增长 1.17%，扣非 当前价格： 14.35元 后归母净利润9.73亿元，同比增长21.02%。 ➢ Q4业绩拆分。营收和净利：公司2023Q4营收135.43亿元,同比-13.06%， [Table_Author] 环比+12.09%，归母净利润为 2.73 亿元，同比-27.56%，环比-25.37%，扣非 后净利润为3.63亿元，同比+13.49%，环比+51.55%。毛利率：2023Q4毛利 率为15.02%，同比-0.26pct，环增0.67pct。净利率：2023Q4净利率为0.63%， 同比-1.25%，环比-0.05%。费用率：公司 2022Q3 期间费用率为 13.93%，同 比变动0.48%，费用管控良好，其中销售、管理、研发、财务费用率分别为1.28%、 6.47%、5.22%、0.97%。 分析师 邓永康 ➢ 动力电池规 ...

12023 ESG REPORT ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT Sunwoda Electronic Co., Ltd. Contents | About This Report | 01 | | --- | --- | | Message from the Chairman | 03 | | About Sunwoda | 05 | | Annual Theme | 11 | | ESG Strategy and Management | 13 | Appendix 95 Corporate Governance | Corporate Governance | 23 | | --- | --- | | Risks and Compliance Management | 25 | | Business Ethics | 26 | | Fair Competition | 28 | | Information Security | 29 | | Digital Construction | 30 | Collaboration and Mutual B ...

欣旺达电子股份有限公司 独立董事提名人声明与承诺 提名人欣旺达电子股份有限公司董事会现就提名吴崎右为欣旺达电子股 份有限公司第六届董事会独立董事候选人发表公开声明。本次提名是在充分了 解被提名人职业、学历、职称、详细的工作经历、全部兼职、有无重大失信等 不良记录等情况后作出的，本提名人认为被提名人符合相关法律、行政法规、 部门规章、规范性文件和深圳证券交易所业务规则对独立董事候选人任职资格 及独立性的要求，具体声明并承诺如下事项： 一、被提名人已经通过欣旺达电子股份有限公司第六届董事会提名委员会 或者独立董事专门会议资格审查，提名人与被提名人不存在利害关系或者其他 可能影响独立履职情形的密切关系。 ■ 是 □ 否 二、被提名人不存在《中华人民共和国公司法》第一百四十六条等规定不 得担任公司董事的情形。 ■ 是 □ 否 如否，请详细说明：______________________________ 三、被提名人符合中国证监会《上市公司独立董事管理办法》规定的独立 董事任职资格和条件。 ■ 是 □ 否 如否，请详细说明： 六、被提名人担任独立董事不会违反《中华人民共和国公务员法》的相关 规定。 ■ 是 □ 否 ■ ...

环境、社会及公司治理报告 欣旺达电子股份有限公司 目录 | 关于本报告 | 01 | | --- | --- | | 董事长致辞 | 03 | | 走进欣旺达 | 05 | | 年度专题 | 11 | | ESG 管理策略 | 13 | 附录 | 公司治理 | 23 | | --- | --- | | 风险与合规管理 | 25 | | 商业道德 | 26 | | 公平竞争 | 28 | | 信息安全 | 29 | | 数字化建设 | 30 | 01 公司治理 02 信赖共赢 03 绿色低碳 04 和谐人文 | 研发与创新 | 35 | | --- | --- | | 产品质量与安全 | 42 | | 客户服务 | 45 | | 可持续供应链 | 46 | | 环境管理 | 53 | | --- | --- | | 双碳管理 | 56 | | 绿色生产 | 59 | | 绿色文化 | 68 | | 生物多样性保护 | 68 | | 幸福职场 | 71 | | --- | --- | | 职业健康与安全 | 81 | | 社区公益 | 89 | 95 欣旺达电子股份有限公司 关于本报告 报告说明 本报告是欣旺达电 ...