Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company achieved a revenue of 0.952 billion yuan in Q3 2024, representing a year-on-year growth of 11.45% and a quarter-on-quarter growth of 1.37%. However, the net profit attributable to shareholders decreased by 62.84% year-on-year and 20.62% quarter-on-quarter, primarily due to a reduction in subsidies [4] - The company is recognized as a leader in the lithium battery separator industry, with significant advancements in production efficiency and technology innovation, including the sixth generation of dry production lines and the fifth generation of super wet production lines [4][5] - The company is expanding its production capacity both domestically and internationally, with new bases in Nantong and Foshan, and is actively pursuing overseas projects in Sweden and Malaysia [5] - The company is increasing its R&D investments, focusing on solid-state batteries and coated separators, which are expected to create new profit growth points [5] Financial Summary - The company forecasts net profits of 0.401 billion yuan, 0.482 billion yuan, and 0.609 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year changes of -30.5%, +20.2%, and +26.4% [6] - Revenue is projected to grow from 3.013 billion yuan in 2023 to 6.218 billion yuan in 2026, with a compound annual growth rate of approximately 24.8% [7][11] - The gross margin is expected to decline from 44.4% in 2023 to 30.1% in 2024, stabilizing thereafter [11] Production and Sales Forecast - The company anticipates separator shipments of 4.0 billion square meters, 5.5 billion square meters, and 6.88 billion square meters for 2024, 2025, and 2026 respectively, with a unit price of 0.9 yuan per square meter [8][9]

特别提示： 1、协议的生效条件 本协议于 2024 年 11 月 11 日签订，双方授权代表签字后生效。 证券代码：300568 证券简称：星源材质 公告编号：2024-075 深圳市星源材质科技股份有限公司 关于全资子公司欧洲星源与大众集团旗下动力电池子公司 签订《定点协议》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。 2、协议的重大风险及重大不确定性 本协议履约期限较长，在协议执行过程中，存在法律、法规、政策、履约能 力、技术、市场等方面不确定性或风险，同时还可能面临外部宏观环境发生重大 变化、突发意外事件，以及其他不可抗力因素影响所带来的风险等。敬请投资者 注意投资风险。 3、协议履行对公司本年度经营成果的影响 本次签订的《定点协议》属于框架性约定，采购数量仅为预测数，实际采购 数量将会根据市场情况及客户实际需求变动，如协议顺利履行，2025-2032 年期 间预计将累计供货约 20.9 亿平方米湿法涂覆锂离子电池隔膜材料，协议对公司 本年度经营业绩无重大影响，对公司未来经营业绩的影响情况需以审计机构年度 审计确认后的结果为准。 4、本协议的签 ...

Investment Rating - Buy (Maintained) [1] Core Views - 24Q3 performance met expectations with revenue of 2.61 billion yuan, up 17.9% YoY, and net profit attributable to the parent company of 350 million yuan, down 47.7% YoY [2] - Gross margin for 24Q1-Q3 was 30.2%, down 16.4 percentage points YoY, and net profit margin was 13.4%, down 16.8 percentage points YoY [2] - 24Q3 revenue was 950 million yuan, up 11.5% YoY and 1.4% QoQ, with net profit attributable to the parent company of 110 million yuan, down 62.8% YoY and 20.6% QoQ [2] - Gross margin for 24Q3 was 28%, down 19.9 percentage points YoY and 0.2 percentage points QoQ, while net profit margin was 11.3%, down 22.5 percentage points YoY and 3.1 percentage points QoQ [2] - Shipments in 24Q3 increased by 60% YoY, with 25% to 30% growth expected in 2025 [2] - 24Q1-Q3 shipments are estimated at nearly 2.8 billion square meters, with 24Q3 shipments at approximately 1.15 billion square meters, up 15% QoQ [2] - Wet-process shipments accounted for over 50% in 24Q3, with full-year 2024 shipments expected to reach around 4 billion square meters, up nearly 60% YoY [2] - In 2025, four new wet-process lines in Foshan are expected to add approximately 1.1 billion square meters of capacity, with shipments projected to grow 25% to 30% to over 5 billion square meters [2] Financial Performance - 24Q3 average price was 1.06 yuan per square meter (including tax), down approximately 10% QoQ [3] - Non-GAAP net profit per square meter in 24Q3 was 0.08 yuan, flat QoQ, with dry-process break-even and flat QoQ [3] - Full-year 2024 net profit per square meter is expected to be 0.1 yuan [3] - Wet-process diaphragm price pressure continues, but cost reductions through improved yield and equipment efficiency are expected to partially offset the impact [3] - 24Q1-Q3 operating expenses were 460 million yuan, up 17.5% YoY, with an expense ratio of 17.6%, down 0.1 percentage points YoY [3] - 24Q3 operating expenses were 150 million yuan, up 18.4% YoY and down 7.5% QoQ, with an expense ratio of 16.1%, up 0.9 percentage points YoY and down 1.5 percentage points QoQ [3] - 24Q1-Q3 operating cash flow was 330 million yuan, down 63.4% YoY, with 24Q3 operating cash flow at 100 million yuan, up 83.3% YoY and 4.2% QoQ [3] - Inventory at the end of 24Q3 was 390 million yuan, down 14.2% from the end of Q2 [3] Profit Forecast and Valuation - 2024-2026 net profit attributable to the parent company is revised down to 460 million yuan, 570 million yuan, and 810 million yuan, respectively, from previous estimates of 576 million yuan, 703 million yuan, and 930 million yuan [4] - YoY growth for 2024-2026 is expected to be -20%, +23%, and +42%, respectively, with corresponding P/E ratios of 31x, 25x, and 17x [4] - The company's profit is expected to have bottomed out, with significant long-term growth potential [4] Market Data - Closing price: 10.54 yuan [5] - 52-week low/high: 6.73 yuan / 16.00 yuan [5] - P/B ratio: 1.44x [5] - Market cap of tradable A shares: 12.79 billion yuan [5] - Total market cap: 14.15 billion yuan [5] Financial Projections - 2024E revenue: 3.585 billion yuan, up 18.99% YoY [9] - 2025E revenue: 4.33 billion yuan, up 20.76% YoY [9] - 2026E revenue: 5.348 billion yuan, up 23.53% YoY [9] - 2024E net profit attributable to the parent company: 463 million yuan, down 19.62% YoY [9] - 2025E net profit attributable to the parent company: 572 million yuan, up 23.43% YoY [9] - 2026E net profit attributable to the parent company: 813 million yuan, up 42.26% YoY [9] - 2024E EPS: 0.34 yuan [9] - 2025E EPS: 0.43 yuan [9] - 2026E EPS: 0.61 yuan [9] Cash Flow and Key Financial Ratios - 2024E operating cash flow: 1.251 billion yuan [10] - 2025E operating cash flow: 1.936 billion yuan [10] - 2026E operating cash flow: 2.151 billion yuan [10] - 2024E ROE: 4.55% [10] - 2025E ROE: 5.34% [10] - 2026E ROE: 7.11% [10] - 2024E P/E ratio: 30.56x [10] - 2025E P/E ratio: 24.76x [10] - 2026E P/E ratio: 17.40x [10]

证券代码：300568 证券简称：星源材质 公告编号：2024-073 准之日起至 2024 年年度股东大会召开之日。 特别提示： 本次担保事项提交股东大会审议通过后，公司及子公司提供担保额度超过 最近一期经审计净资产 100%，特别提醒投资者充分关注担保风险。 深圳市星源材质科技股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日 召开第六届董事会第八次会议审议通过了《关于公司为子公司银行融资提供担保 的议案》。同意公司子公司 Senior International Holding(Singapore)Pte.Ltd.（以下 简称"新加坡星源"）向银行等金融机构申请不超过人民币 5 亿元的综合授信额度、 子公司英诺威（新加坡）有限公司向银行等金融机构申请不超过人民币 25 亿元 的综合授信额度，并由公司为上述子公司提供合计不超过人民币 30 亿元的担保。 本担保事项在公司董事会审议批准后，需提交公司 2024 年第二次临时股东大会 审议批准后方可实施。现将具体情况公告如下： 关于公司为子公司银行融资提供担保的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥951,744,245.85, an increase of 11.45% year-over-year, while the year-to-date revenue was ¥2,605,329,841.96, reflecting a growth of 17.86% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥107,210,278.00, a decrease of 62.84% year-over-year, with a year-to-date net profit of ¥349,373,039.38, down 47.66% from the previous year[2]. - The basic earnings per share for Q3 2024 was ¥0.0800, representing a decline of 63.64% compared to the same period last year, while the diluted earnings per share also stood at ¥0.0800[2]. - Operating profit for the current period was ¥400,832,803.17, a decline of 46.6% from ¥748,555,453.71 in the previous period[20]. - Total profit for the current period was ¥401,767,660.23, down 46.5% from ¥749,439,924.67 in the previous period[20]. - Net profit attributable to shareholders of the parent company decreased to ¥349,373,039.38, down 47.5% from ¥667,568,882.01 in the same period last year[21]. - Other comprehensive income after tax attributable to the parent company was -¥28,586,615.51, compared to -¥259,268.30 in the previous period[21]. Assets and Liabilities - The company's total assets at the end of Q3 2024 amounted to ¥20,828,534,134.43, an increase of 16.07% from the end of the previous year[2]. - Total liabilities increased to CNY 10.83 billion from CNY 7.99 billion, marking a rise of about 35.5%[19]. - Non-current assets totaled CNY 12.91 billion, compared to CNY 10.53 billion, showing a growth of around 22.6%[18]. - The company's equity attributable to shareholders reached CNY 9.83 billion, up from CNY 9.79 billion, a slight increase of about 0.4%[19]. Cash Flow - Cash flow from operating activities for the year-to-date period was ¥334,919,070.16, a significant decrease of 63.36% compared to the same period last year[2]. - The net cash flow from operating activities was 334,919,070.16, a decrease of 63.4% compared to 914,115,120.07 in the previous year[23]. - The total cash inflow from investment activities reached 11,212,673,412.64, significantly up from 4,785,335,141.31, marking an increase of 134.4%[23]. - The cash outflow for investment activities was 12,019,617,074.37, compared to 7,122,137,257.49, representing an increase of 68.5%[23]. - The net cash flow from financing activities was 2,216,639,310.22, an increase of 42.9% from 1,549,647,641.37 in the previous year[23]. - The total cash and cash equivalents at the end of the period amounted to 3,467,357,348.65, up from 1,430,879,404.41, reflecting an increase of 142.5%[23]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 83,079, with no preferred shareholders having restored voting rights[9]. - The company reported a shareholding structure with the largest shareholder holding 12.70% of shares, amounting to 170,489,491 shares[10]. - The total number of shares held by the top 10 shareholders accounts for a significant portion of the total share capital, with the largest shareholder being a natural person[10]. - The company has a total of 132,179,374 restricted shares, with 3,118,253 shares released during the period[13]. - The company has a total of 127,867,118 restricted shares held by the largest shareholder, which are subject to lock-up agreements[13]. Management Changes - The company’s independent director resigned on August 7, 2024, due to personal reasons, which may impact governance[14]. - The company’s vice president and board secretary also submitted a resignation on September 5, 2024, indicating potential changes in management[14]. - The company appointed a new board secretary, Mr. Li Sheng, effective from the board meeting date[16]. Strategic Outlook - The company’s future outlook includes potential market expansion and new product development strategies, although specific figures were not disclosed in the call[12]. - The company has engaged in strategic planning for future growth, focusing on technology development and market positioning[12]. - The company reported a financial expense of ¥53,664,032.69, a significant increase from a financial income of -¥2,741,089.62 in the previous period[20]. Research and Development - Research and development expenses were ¥175,741,015.03, slightly down from ¥175,866,118.24 in the previous period[20].

深圳市星源材质科技股份有限公司（以下简称"公司"）第六届董事会第八次 会议于 2024 年 10 月 29 日在公司会议室以通讯表决方式召开，本次会议应出席 董事 7 人，实际出席董事 7 人。会议由董事长陈秀峰先生主持，公司监事和高级 管理人员列席了会议。会议通知已于 2024 年 10 月 25 日以电子邮件、短信及电 话通知的方式向全体董事、监事及高级管理人员送达。本次董事会会议的召开符 合《公司法》和《公司章程》的有关规定。 证券代码：300568 证券简称：星源材质 公告编号：2024-067 深圳市星源材质科技股份有限公司 第六届董事会第八次会议决议公告 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。 一、董事会会议召开情况 二、董事会会议审议情况 经与会董事审议表决，本次会议通过了以下议案： （一）审议通过了《2024 年第三季度报告》 具体内容详见与本公告同日刊登在巨潮资讯网（http://www.cninfo.com.cn） 上的《2024 年第三季度报告》。 表决结果：同意 7 票；反对 0 票；弃权 0 票。 （二）审议通过了《关于公司为 ...

深圳市星源材质科技股份有限公司 第一条 为维护深圳市星源材质科技股份有限公司（以下简称"公司"）及其 股东和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司章程指引》、《境内企业境外发行证券和上市管理试行办法》（以下简 称"《境外上市管理办法》"）和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和国家其他有关法律、行政法规等规定成立的 股份有限公司。 章 程 2024 年 10 月 | 第一章 | 总则 | 3 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 4 | | 第三章 | 股份 | 4 | | 第一节 | 股份发行 4 | | | 第二节 | 股份增减和回购 6 | | | 第三节 | 股份转让 8 | | | 第四章 | 股东和股东大会 | 8 | | 第一节 | 股东 8 | | | 第二节 | 股东大会的一般规定 10 | | | 第三节 | 股东大会的召集 14 | | | 第四节 | 股东大会的提案与通知 15 | | | 第五节 | ...

证券代码：300568 证券简称：星源材质 公告编号：2024-070 2022 年 1 月 25 日，公司召开第五届董事会第十九次会议及第五届监事会第 十六次会议，审议通过了《关于公司<2022 年限制性股票激励计划（草案）>及 其摘要的议案》、《关于公司<2022 年限制性股票激励计划实施考核管理办法> 的议案》、《关于提请股东大会授权董事会办理公司 2022 年限制性股票激励计 划有关事项的议案》，公司独立董事对此发表了同意的独立意见。 2022 年 1 月 27 日至 2022 年 2 月 15 日，公司对授予的激励对象名单的姓名 和职务在公司内部进行了公示。在公示期内，公司监事会未收到关于本次拟激励 对象的异议，并于 2022 年 2 月 16 日披露了《监事会关于公司 2022 年限制性股 票激励计划首次授予激励对象名单的公示情况说明及核查意见》。 2022 年 2 月 21 日，公司召开 2022 年第二次临时股东大会，审议通过了《关 于公司<2022 年限制性股票激励计划（草案）>及其摘要的议案》、《关于公司 <2022 年限制性股票激励计划实施考核管理办法>的议案》、《关于提请股东大 会授权 ...

深圳市星源材质科技股份有限公司 关于变更注册资本及修改《公司章程》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。 证券代码：300568 证券简称：星源材质 公告编号：2024-071 上述回购注销完成后，公司注册资本由人民币 1,345,106,969 元变更至人民 币 1,342,956,970 元，公司股份总数由 1,345,106,969 股变更为 1,342,956,970 股。 根据《公司法》、《上市公司章程指引》和《深圳证券交易所创业板股票上市规 则》的有关规定，结合公司实际情况，拟对《公司章程》中的有关条款进行修改。 具体修改内容对照如下： | 修改前 | | 拟修改后 | | | --- | --- | --- | --- | | 第六条 | 公 司 注 册 资 本 为 人 民 币 | 第六条 | 公 司 注 册 资 本 为 人 民 币 | | 1,345,106,969 | 元。前款所称人民币是指 | 1,342,956,970 | 元。前款所称人民币是指 | | 中华人民共和国的法定货币。 | | | 中华人民共和国的法定货币。 ...

证券代码：300568 证券简称：星源材质 公告编号：2024-068 深圳市星源材质科技股份有限公司（以下简称"公司"）第六届监事会第六次 会议于2024年10月29日在公司会议室以通讯表决方式召开，本次会议应出席监事 3人，实际出席监事3人。会议由监事会主席丁志强先生主持。本次会议通知已于 2024年10月25日以电子邮件、电话通知的方式向全体监事送达。本次监事会会议 的召开符合《公司法》和《公司章程》的有关规定，会议合法、有效。 二、 监事会会议审议情况 （一）审议通过了《2024 年第三季度报告》 深圳市星源材质科技股份有限公司 第六届监事会第六次会议决议公告 本公司及监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。 一、监事会会议召开情况 经审核，监事会认为：董事会编制和审议公司 2024 年第三季度报告的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见与本公告同日刊登在巨潮资讯网（http://www.cninfo.com.cn） 上的《2024 年第三季 ...