证券代码：300568 证券简称：星源材质 公告编号：2024-080 深圳市星源材质科技股份有限公司 关于子公司与惠州亿纬锂能股份有限公司签订 《全球战略合作框架协议》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。 特别提示： 1、《全球战略合作框架协议》的生效条件 本协议于 2024 年 11 月 21 日签订，双方代表签字后生效。 2、《全球战略合作框架协议》的重大风险及重大不确定性 3、《全球战略合作框架协议》履行对公司本年度经营成果的影响 本次签订的《全球战略合作框架协议》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。如该协议顺利履行， 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、《全球战略合作框架协议》的签订系双方基于合作意愿而达成的框架性 约定，不构成业绩承诺。 5、公司近三年披露的相关协议或合同情况详见本公告六、其他相关说明。 一、协议签署概况 深圳市星源材质科技股份有限公司（以下简称"公司"）子公司英诺威（新加 坡）有限公司（以下简称 ...

证券代码：300568 证券简称：星源材质 公告编号：2024-079 深圳市星源材质科技股份有限公司 关于与Sepion Technologies, Inc.签订《备忘录》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、《备忘录》的生效条件 本协议于 2024 年 11 月 19 日签订，双方代表签字后生效。 2、《备忘录》的重大风险及重大不确定性 在《备忘录》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。 本次签订《备忘录》事项无需提交董事会或股东大会审议，不涉及关联交易 事项，不构成重大资产重组。 二、交易对手方介绍 名称：Sepion Technologies, Inc. 首席执行官：Pete Frischmann 3、《备忘录》履行对公司本年度经营成果的影响 本次签订的《备忘录》属于框架性约定，隔膜销售量仅为预测数，实际销售 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 ...

关于回购注销部分限制性股票减资暨通知债权人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 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及第六届监事会第六次会议，于 2024 年 11 月 19 日召开 2024 年第二次临时股东大会，审议通过了《关于回购注销部分已授予 但尚未解除限售限制性股票的议案》。根据《公司 2022 年限制性股票激励计划》 （以下简称"《激励计划》"）的相关规定，因 2022 年限制性股票激励计划首次 授予的 16 名激励对象及预留授予的 6 名激励对象因个人原因已离职，董事会同 意公司回购注销该部分已授予但尚未解除限售的 54,892 股限制性股票。上述回 购注销完成后，公司注册资本由人民币 1,342,956,970 元 变 更至人民币 1,342,902,078 元，公司股份总数由 1,342,956,970 股变更为 1,342,902,078 股。 由于本次公司回购注销部分限制性股票涉及总股本减少、注册资本变动，根 据《中华人民共和国公司法》（以下简称 ...

证券代码：300568 证券简称：星源材质 公告编号：2024-077 深圳市星源材质科技股份有限公司 2024 年第二次临时股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间 （1）现场会议开始时间：2024 年 11 月 19 日（星期二）14:30 （2）网络投票时间：2024 年 11 月 19 日 其中：通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 11 月 19 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网投票 系统进行网络投票的具体时间为 2024 年 11月 19日 9:15-15:00 期间的任意时间。 2、会议地点：深圳市光明区公明办事处田园路北（星源先进材料产业园 2 栋 10 楼会议室） 3、会议召开方式：采用现场投票表决与网络投票相结合的方式召开 4、会议召集人：公司董事会 5、会议 ...

北京市中伦（深圳）律师事务所 关于深圳市星源材质科技股份有限公司 2024 年第二次临时股东大会的 法律意见书 二〇二四年十一月 北京市中伦（深圳）律师事务所 关于深圳市星源材质科技股份有限公司 2024 年第二次临时股东大会的 法律意见书 在本法律意见书中，本所律师仅对本次股东大会的召集、召开程序、出席会 议人员的资格、召集人资格及会议表决程序、表决结果是否符合《公司法》《股 东大会规则》等法律、法规、规范性文件及《公司章程》的规定发表意见，不对 会议审议的议案内容以及该等议案所表述的事实或数据的真实性及准确性发表 意见。 本所及本所律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信 用原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、准确、 完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大 遗漏，并承担相应法律责任。 本所同意将本法律意见书作为本次股东大会的公告材料，随同其他会议文件 一并报送有关机构并公告。除此以外，未经本 ...

Investment Rating - Strong Buy (Maintained) with a target price of 13.12 CNY, compared to the current price of 11.30 CNY [1] Core Views - Revenue for the first three quarters of 2024 reached 2.605 billion CNY, a year-on-year increase of 17.86% [1] - Net profit attributable to the parent company was 349 million CNY, a year-on-year decrease of 47.66% [1] - Non-GAAP net profit attributable to the parent company was 267 million CNY, a year-on-year decrease of 53.49% [1] - The fifth-generation production line significantly improved production efficiency, with a single-line capacity of 250 million square meters and a width of over 8 meters, setting new industry standards in quality, efficiency, intelligence, and low-carbon production [1] - The company is actively developing solid-state battery technology, with oxide and polymer solid electrolyte membranes ready for mass production, showing excellent performance in low-temperature conditions, cycle stability, and safety [1] - The company is expanding its overseas customer base and capacity construction, with ongoing projects in Sweden and Malaysia, and has established deep collaborations with global battery manufacturers such as LG, Samsung SDI, NorthVolt, Sony, Nissan, CATL, and BYD, as well as automotive manufacturers like Mercedes-Benz, BMW, Volkswagen, and Toyota [1] Financial Projections - Expected net profit attributable to the parent company for 2024-2026 is 477 million CNY, 550 million CNY, and 688 million CNY, respectively [1] - The current market value corresponds to a PE ratio of 32x, 28x, and 22x for 2024-2026 [1] - Revenue growth rates for 2024-2026 are projected at 12.8%, 22.4%, and 30.0%, respectively [5] - Net profit growth rates for 2024-2026 are projected at -17.2%, 15.4%, and 24.9%, respectively [5] Key Financial Indicators - Total revenue for 2023 was 3.013 billion CNY, with a projected increase to 3.400 billion CNY in 2024, 4.160 billion CNY in 2025, and 5.408 billion CNY in 2026 [5] - Gross margin for 2023 was 44.4%, with projected margins of 31.0%, 30.0%, and 30.0% for 2024-2026 [5] - ROE for 2023 was 5.9%, with projected ROE of 4.8%, 5.4%, and 6.4% for 2024-2026 [5] - EPS for 2023 was 0.43 CNY, with projected EPS of 0.36 CNY, 0.41 CNY, and 0.51 CNY for 2024-2026 [5]

[Table_MainInfo] 公司研究/机械工业/新能源板块 证券研究报告 星源材质（300568）公司公告点评 2024 年 11 月 16 日 [Table_InvestInfo] 投资评级 优于大市 维持 揽获海外大单，预计累计供货 20 亿平+ | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | 11 [ Table_StockInfo 月 15 日收盘价（元） ] | 11.30 | | 52 周股价波动（元） | 6.73-16.00 | | 总股本 / 流通 A 股（百万股） | 1343/1214 | | 总市值 / 流通市值（百万元） | 15175/13716 | | 相关研究 | | | [Table_ReportInfo] 《经营性盈利能力环比稳定》 | 2024.11.12 | 市场表现 [Table_QuoteInfo] -54.26% -39.26% -24.26% -9.26% 5.74% 星源材质 海通综指 | --- | --- | ...

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 12.60, based on a 2024 PE multiple of 42x [3][11] Core Views - The company's Q3 2024 operating profit remained stable, but net profit was impacted by reduced subsidies, with revenue reaching RMB 952 million, up 11.45% YoY and 1.37% QoQ, while net profit attributable to shareholders dropped 62.84% YoY and 20.62% QoQ [1][11] - The company is a leader in both dry and wet preparation technologies, with its dry process equipment upgraded to the sixth generation, improving efficiency tenfold, and the fifth-generation super wet line launched in August 2023, doubling the capacity of the fourth generation [2][11] - The company is expanding its domestic and international production bases, with the Nantong base fully operational and the Foshan base expected to reach full production soon, while also advancing overseas projects in Sweden and Malaysia [2][11] - The company is increasing R&D investment, with new technologies in solid-state batteries and coated separators showing excellent performance and entering customer certification and testing stages, potentially creating new growth drivers [3][11] Financial Performance and Forecast - The company's revenue for Q3 2024 was RMB 952 million, with a gross profit margin of 27.96%, down 19.94 percentage points YoY and 0.17 percentage points QoQ [1] - The report forecasts the company's net profit attributable to shareholders for 2024-2026 to be RMB 401 million, 482 million, and 609 million, respectively, with YoY changes of -30.5%, +20.2%, and +26.4% [3][6] - The company's revenue is expected to grow from RMB 3.63 billion in 2024E to RMB 6.22 billion in 2026E, with a CAGR of 24.8% [4][6] - The company's gross profit margin is expected to stabilize at 30.1% from 2024E to 2026E, while the net profit margin is projected to decline from 11.0% in 2024E to 9.8% in 2026E [4][6] Production and Capacity Expansion - The company's dry process equipment has been upgraded to the sixth generation, improving efficiency tenfold compared to the initial generation, and achieving localization [2] - The fifth-generation super wet line, launched in August 2023, has a width of over 8 meters and a single-line capacity of 250 million square meters, more than double the capacity of the fourth generation [2] - The company is expanding its production capacity with the Nantong base fully operational and the Foshan base expected to reach full production soon, while also advancing overseas projects in Sweden and Malaysia [2][11] R&D and Technological Advancements - The company's R&D team has developed oxide and polymer solid electrolytes ready for mass production, showing excellent performance in semi-solid battery evaluations and entering customer certification and testing stages [3] - The company's aramid-coated separator features high temperature resistance, strength, and rapid wetting, with a maximum rupture temperature over 400°C, providing critical support for lithium battery safety [3] - The company is accelerating the industrialization of its aramid-coated separator, expecting it to become a new growth driver [3]

Summary of Conference Call for Xingyuan Material Company Overview - The conference call discusses **Xingyuan Material**, a company involved in the production of battery separators, particularly for electric vehicles and solid-state batteries. Key Points Industry and Market Developments - The company signed a **non-binding agreement** with a subsidiary of Volkswagen Group, which is expected to positively impact future shipment volumes and profit elasticity starting next year [2][7]. - Significant progress in **overseas market expansion** is anticipated, with expectations of substantial revenue growth by 2025 due to increased penetration of electric vehicles and improvements in the battery supply chain [2][13]. - The company is focusing on **high-end separator products** with special coatings, such as ceramic fiber nano-coating and polyimide coating, which are expected to see increased market demand and market share [2][4]. Product and Technology Innovations - The company is developing **solid-state battery technologies**, collaborating with several mainstream semi-solid battery manufacturers, and has achieved small-scale shipments [2][8]. - The **nano-fiber coated separators** have a significantly higher thermal stability, with a membrane rupture temperature increased from 180°C to 400°C, enhancing safety and performance, particularly for fast charging applications [4][35]. - The company has a **patent for nano-fiber coating technology**, which is currently unique to them, and they are seeing good sales in domestic markets, with plans to expand to overseas clients [4][20][36]. Financial and Operational Insights - The company expects a **good production schedule** for January and the first quarter of next year, although long-term forecasts remain uncertain [2][10]. - The **current market conditions** are described as a "not-so-dull off-season," with strong demand driven by government incentives for electric vehicle upgrades and growth in overseas energy storage [6]. - The company does not plan to engage in price wars despite intense competition in the dry and wet separator markets, as they maintain high capacity utilization [11][18]. Future Outlook - The company anticipates **significant revenue growth** in overseas markets by 2025, supported by strategic partnerships and a focus on high-margin products [2][13][30]. - The **production capacity** is expected to increase, with the new capacity in Foshan and overseas facilities projected to contribute to a total shipment volume of approximately 5 billion units next year [37][32]. - The company is cautious about future expansion plans, indicating that any new projects would depend on market demand and would take 18 to 24 months to implement [34]. Competitive Landscape - The company is experiencing growth in market share, although it is unclear if this is at the expense of competitors [27]. - The **pricing strategy** for separators varies by customer, with some using bidding processes that can compress profit margins [31]. Challenges and Risks - The company faces challenges from **aging equipment** and cost pressures, which have led some competitors to cease operations [11][28]. - The **impact of policy changes** in the U.S. market is being monitored, with plans to adapt production strategies accordingly [17]. Conclusion Xingyuan Material is strategically positioning itself for growth in the electric vehicle battery separator market through innovative product development, overseas expansion, and strategic partnerships, while navigating competitive pressures and market dynamics.

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