请务必阅读正文之后的免责声明及其项下所有内容 公司致力于打造全球领先的平台型材料企业。公司成立于 2014 年，成立之 初即聚焦于三元前驱体、四氧化三钴等前驱体产品。经历十年发展，公司持 续推进产品多元化、产业链一体化，已形成涵盖镍系、钴系、磷系、钠系、 锰系等全方位的材料产品布局，并在资源端、冶炼端进行持续布局。公司在 国内三元前驱体、四氧化三钴等市场占有率多年维持行业第一。 公司产品矩阵持续完善，构建多元化材料解决方案。公司在三元前驱体、四 氧化三钴领域深耕多年，近年来持续完善产品布局。磷系材料方面，公司磷 酸铁已实现规模化量产，产品已进入国内外主流供应链；目前在贵州布局有 20 万吨磷酸铁一体化产能。钠系材料方面，公司前驱体覆盖聚阴离子、层状 氧化物等多技术路线，12 月斩获千吨级订单。锰系材料方面，公司 5.0V 高 电压镍锰酸锂前驱体已导入核心客户，开始进行小批量验证。 三元前驱体产品布局完善，公司全球化布局夯实领先优势。欧美电动车需求 2025 年后有望回升、三元与铁锂电池成本差距亦持续缩小，高性能、高安全 的三元电池出货量有望回暖。我们预计 2024-2027 年全球三元前驱体出货量 有望达 1 ...

%% %% 丨证券研究报告丨 联合研究丨公司点评丨中伟股份（300919.SZ） [Table_Title] 中伟股份2024 年三季报点评：前驱体盈利稳定， 价格波动下镍产品盈利收窄 | --- | --- | |----------|-------| | | | | 报告要点 | | 分析师及联系人 [Table_Author] 王鹤涛 邬博华 王筱茜 叶之楠 肖百桓 SAC：S0490512070002 SFC：BQT626 SAC：S0490514040001 SFC：BQK482 SAC：S0490519080004 SAC：S0490520090003 SAC：S0490522080001 请阅读最后评级说明和重要声明 中伟股份（300919.SZ） cjzqdt11111 2024-11-17 联合研究丨公司点评 [Table_Rank]投资评级 买入丨维持 相关研究 [Table_Title 中伟股份 2024 2] 年三季报点评：前驱体盈利稳 定，价格波动下镍产品盈利收窄 [Table_Summary2] 事件描述 中伟股份发布 2024 年三季报，前三季度实现营收 301.63 亿元，同比 ...

证券代码：300919 证券简称：中伟股份 中伟新材料股份有限公司投资者关系活动记录表 | --- | --- | --- | |-----------------------|---------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系 活动类别 | √特定对象调研 媒 ...

证券研究报告·公司点评报告·电池 中伟股份（300919） 2024 年三季报点评：Q3 前驱体盈利稳定，镍 价下跌影响镍产品利润 2024 年 10 月 30 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|--------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 30344 | 34273 | 41399 | 51129 | 59713 | | 同比（ % ） | 51.17 | 12.95 | 20.79 | 23.50 | 16.79 | | 归母净利润（百万元） | 1543 | 1947 | 1807 | 2310 | 2813 | | 同比（ % ） | 64.33 | 26.15 | (7.15) | 27.83 | 21.76 | | EPS- 最新摊薄（元 / 股） | 1.65 | 2.08 | 1 ...

10月29日晚，中伟股份(300919)发布2024年三季报。 2024年前三季度，公司实现营业收入301.63亿元，同比增长15.17%。 这一增长主要得益于镍产品等核心业务销售的提升。 值得注意的是，中伟股份现金流稳步增长，2024年前三季度经营活动产生的现金流量净额达到28.68亿 元，同比增长31.37%。 在营业及融资成本承压的背景下，公司盈利能力保持稳健，2024年前三季度归母扣非净利润为11.41亿 元，同比增长0.92%。 与此同时，在巩固主营业务的同时，中伟股份加速国际化步伐，深化原材料资源保障，为未来发展奠定 坚实基础。 报告期内，公司完成对印尼镍矿46.7%股权的收购。 此举不仅显著扩充了公司的原材料资源储备，也为新能源电池材料的全球供应链布局按下加速键。 回归资本市场来看，为回馈股东，增强市场信心，中伟股份还于2024年三季度完成股份回购，累计回购 股份687.4万股，交易金额达2.89亿元。 此次回购体现了公司对未来业务的信心，并有助于进一步优化股东回报结构。 展望未来，面对新能源材料领域的旺盛需求，中伟股份将坚持全球化布局与成本控制并行，不断深化原 材料供应链优势，提升公司核心竞争 ...

Revenue and Profit Performance - Revenue for Q3 2024 reached 10.08 billion RMB, a 12.91% increase year-over-year[2] - Net profit attributable to shareholders decreased by 25.68% to 459.55 million RMB in Q3 2024[2] - Total operating revenue reached 30,162,945,444.76, up from 26,190,627,235.51, a 15.2% increase[23] - Net profit attributable to parent company owners increased to 4,651,751,294.27 from 4,359,263,642.92, up by 6.7%[22] - Net profit attributable to parent company shareholders reached 1,323,623,216.05 yuan, compared to 1,386,526,289.85 yuan in the previous period[24] - Total comprehensive income for the period was 1,518,108,855.97 yuan, down from 1,897,650,803.09 yuan in the previous period[25] - Basic earnings per share were 1.41 yuan, compared to 1.48 yuan in the previous period[25] Cash Flow and Financial Position - Operating cash flow for the first nine months of 2024 increased by 31.37% to 2.87 billion RMB[7] - Investment cash flow improved by 18.10% to -5.54 billion RMB, reflecting reduced capital expenditures[7] - Cash flow from operating activities increased to 2,868,061,711.57 yuan, up from 2,183,229,775.29 yuan in the previous period[26] - Cash flow from investing activities showed a net outflow of 5,540,693,372.77 yuan, compared to 6,764,900,420.33 yuan in the previous period[27] - Cash flow from financing activities was 4,765,284,052.74 yuan, up from 1,898,555,701.98 yuan in the previous period[27] - Total cash and cash equivalents at the end of the period were 12,348,171,983.31 yuan, up from 10,512,426,300.34 yuan in the previous period[27] Asset and Liability Changes - Total assets grew by 14.27% to 71.06 billion RMB as of September 30, 2024[2] - Total assets increased to 71,061,242,947.22 from 62,186,283,832.73, reflecting a growth of 14.3%[21][22] - Long-term equity investments rose to 3,506,031,958.07 from 2,175,681,475.19, a significant increase of 61.2%[21] - Fixed assets grew to 17,246,885,006.36 from 13,982,467,615.40, marking a 23.3% increase[21] - Total liabilities increased to 42,615,943,723.29 from 34,262,590,827.28, up by 24.4%[22] - Long-term borrowings surged to 18,469,346,912.82 from 13,832,291,109.73, a 33.5% rise[22] - As of September 30, 2024, the company's monetary funds increased to RMB 13,328,985,587.37 from RMB 11,439,443,387.55 at the beginning of the period[20] - The company's inventory increased to RMB 9,710,250,954.86 from RMB 7,929,072,896.35 at the beginning of the period[20] Expenses and Costs - Financial expenses surged by 97.78% due to increased interest expenses and reduced exchange gains[6] - Operating costs increased to 28,707,819,123.20 from 24,588,083,460.11, reflecting a 16.8% rise[23] - R&D expenses decreased slightly to 717,955,598.06 from 766,391,848.46, a 6.3% drop[23] - Financial expenses rose sharply to 731,603,468.96 from 369,916,752.16, a 97.8% increase[23] - Total assets impairment loss was 13,774,837.62 yuan, compared to 76,965,481.05 yuan in the previous period[24] - Total credit impairment loss was 8,226,252.44 yuan, compared to 24,505,861.41 yuan in the previous period[24] Shareholder and Equity Information - The total number of ordinary shareholders at the end of the reporting period is 32,396[8] - Hunan Zhongwei Holding Group Co., Ltd. holds 51.39% of the shares, totaling 481,600,000 shares[8] - Deng Weiming holds 3.16% of the shares, totaling 29,570,194 shares, with 22,177,645 shares under restricted sale[8] - Hong Kong Central Clearing Limited holds 2.14% of the shares, totaling 20,082,234 shares[8] - Tongren Hongxin Chengda Enterprise Management Consulting Partnership holds 1.82% of the shares, totaling 17,052,000 shares[8] - Qianhai Equity Investment Fund holds 1.71% of the shares, totaling 16,058,000 shares[8] - Beijing Junlian Shengyuan Equity Investment Partnership holds 1.46% of the shares, totaling 13,718,057 shares[8] - Central Enterprise Rural Industry Investment Fund holds 1.42% of the shares, totaling 13,281,838 shares[8] - Industrial and Commercial Bank of China - E Fund ChiNext ETF holds 1.25% of the shares, totaling 11,688,801 shares[8] Acquisitions and Investments - The company completed the acquisition of 46.7% equity in Hanking(Indonesia)MiningLimited for approximately 1.298 billion RMB (181.8 million USD)[13] - The company acquired 100% equity of Lilac Solutions, S.R.L. in Argentina for $85 million, with the transaction not yet completed as of the report date[15] - The company completed a share repurchase of 6,873,880 shares, representing 0.73% of total shares, with a total transaction value of RMB 289,981,112[17] - The company established multiple new wholly-owned subsidiaries, including C&P Advanced Material Technology Co., Ltd. and PT Kawasan Industri Tekno Hijau Konasara, to enhance market competitiveness[18][19] Sales and Revenue Contributions - Sales of nickel products contributed to a 15.17% increase in revenue for the first nine months of 2024[6] - Sales revenue from goods and services reached 31,814,302,676.51 yuan, compared to 25,667,137,866.32 yuan in the previous period[26] Other Financial Metrics - Contract liabilities increased by 91.07% to 323.38 million RMB, driven by higher prepayments from customers[6] - Government subsidies contributed 171.77 million RMB to non-recurring gains for the first nine months of 2024[3] - Weighted average return on equity (ROE) decreased by 1.29% to 6.57% for the first nine months of 2024[2]

Key Points - **Industry or Company**: Not specified in the provided content. - **Core Viewpoints and Arguments**: The content discusses the cost situation of GDP出货, specifically mentioning RKF and 富氧测锤. However, specific cost data is not disclosed. - **Other Important Content**: The speaker mentions that they are unable to provide detailed cost data at the moment [1].

]yrtsudnI_elbaT[ [Table_Title] 中伟股份（300919）2024年半年报点评 镍产品放量，收入和利润逆势增长 2024 年 09 月 27 日 [【投资要点】 Table_Summary] 上半年收入增长和毛利率改善带动净利润增长。2024H1 年公司实现营 业收入 200.86 亿元，同比增长 16.3%；实现毛利润 25.65 亿元，同比 增长 33.8%；实现归母净利润 8.64 亿元，同比增长 12.5%；实现扣非 后归母净利润 7.67 亿元，同比增长 26.7%。公司 2024Q2 实现收入 107.94 亿元，同比增长 15.3%，环比增长 16.2%；实现归母净利润 4.85 亿元，同比增长 13.5%，环比增长 27.9%；实现扣非后归母净利润 4.27 亿元，同比增长 21.1%，环比增长 25.6%。公司 2024H1 年毛利率和扣 非后销售净利率分别为 12.8%和 3.8%,同比分别回升 1.67 和 0.32 个 百分点。 印尼镍产品放量驱动公司收入和毛利增长。2024H1 公司三元前驱体业 务实现收入 88.37 亿元，同比下降 21.3%；实现产量 ...

公 司 研 究 ＃assAuthor＃ 证券研究报告 ＃industryId＃ 电池化学品 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） 公 司 点 评 报 告 | --- | --- | |----------------------------|------------| | | | | ＃市场数据 marketData ＃ | | | 市场数据日期 | 2024-09-12 | | 收盘价（元） | 29.24 | | 总股本（百万股） | 937.09 | | 流通股本（百万股） | 909.82 | | 净资产（百万元） | 19939.53 | | 总资产（百万元） | 68164.97 | | 每股净资产 ( 元 ) | 21.28 | ＃相关报告 relatedReport＃ 《【兴证电新】中伟股份一季报 点评：龙头地位稳固，国际化布 局不断完善》2024-04-29 《【兴证电新】中伟股份三季报 点评：一体化布局成效渐现，海 外扩张步履坚实》2023-11-03 《【兴证电新】中伟股份 2022 年 半年报点评：高镍化一体化 ...

[Table_MainInfo] 公司研究/机械工业/新能源板块 证券研究报告 中伟股份（300919）公司研究报告 2024 年 09 月 13 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 12 日收盘价（元） ] | 29.24 | | 52 周股价波动（元） | 26.61-59.75 | | 总股本 / 流通 A 股（百万股） | 937/910 | | 总市值 / 流通市值（百万元） 相关研究 | 27401/26603 | 市场表现 [Table_QuoteInfo] -27.96% -19.96% -11.96% -3.96% 4.04% 2023/9 2023/12 2024/3 2024/6 中伟股份 海通综指 | --- | --- | --- | --- | |--------------------------|------ ...