本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假记载、误 导性陈述或者重大遗漏。 中伟新材料股份有限公司（以下简称"公司"）于 2023 年 8 月 24 日召开的第二届董事 会第八次会议、第二届监事会第六次会议，审议通过了《关于公司以集中竞价交易方式回购 公司股份方案的议案》，公司决定使用自有资金以集中竞价方式回购公司股份用于股权激励 或员工持股计划。回购资金总额不低于人民币 18,000 万元（含）且不超过人民币 29,000 万 元（含），回购股份价格不超过人民币 88 元/股，回购股份期限为董事会审议通过回购股份 方案之日起 12 个月内，具体回购股份数量以回购期满时实际回购的股份数量为准。具体内 容详见公司于 2023 年 8 月 25 日在创业板指定网站巨潮资讯网（www.cninfo.com.cn）上披露 的《关于公司以集中竞价交易方式回购公司股份的方案》等公告。 一、公司回购股份的进展情况 根据《深圳证券交易所股票上市规则》、《上市公司股份回购规则》及《深圳证券交易 所上市公司自律监管指引第 9 号-回购股份》等相关规定，上市公司应当在每个月的前三个 交易日内披露截至上月末的 ...

Investment Rating - The investment rating for Zhongwei Co., Ltd. (300919) is maintained at "Buy" [1][2] - The target price is set at 58.68, revised up from the previous forecast of 57.60 [1][2] Core Views - The company's performance is in line with expectations, with ongoing integration efforts expected to drive growth [1] - The company is anticipated to achieve a rise in both volume and profit in 2024, supported by its comprehensive product offerings in nickel, cobalt, phosphorus, and sodium [1] - The report highlights the company's leading position in the precursor market, with a market share of 27% in 2023, and a continued strong demand from domestic and international clients [1][2] Financial Performance Summary - In 2023, the company achieved a revenue of 34.27 billion, a year-on-year increase of 13.0%, and a net profit of 1.95 billion, up 26.2% [1][2] - The first quarter of 2024 saw a net profit of 379 million, reflecting an 11.2% year-on-year increase [1] - The earnings per share (EPS) for 2024 is projected at 3.26, with a long-term view suggesting a potential increase to 4.64 by 2026 [1] Market Position and Strategy - The company has established a comprehensive product system for precursors, which is expected to drive continuous performance growth [1] - The integration of the supply chain and expansion into overseas markets are expected to enhance the company's competitive edge [1] - The report notes that the company has successfully launched new production lines that will improve its self-sufficiency in nickel resources and reduce raw material costs [1] Financial Forecasts - Revenue is projected to reach 44.85 billion in 2024, with a continued upward trend expected in subsequent years [2] - The operating profit is forecasted to grow from 3.03 billion in 2023 to 4.11 billion in 2024 [2] - The net profit is expected to increase to 2.18 billion in 2024, with a further rise to 2.59 billion in 2025 [2]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company demonstrated robust profitability with a 2023 revenue of 34.273 billion, a year-on-year increase of 12.95%, and a net profit of 1.947 billion, up 26.11% year-on-year [2] - The company is a leader in ternary precursor production, holding a 27% market share in 2023, despite a revenue decline in this segment [2][3] - The company is benefiting from strong overseas demand, with significant revenue growth from key clients such as Tesla and LG Chem [2] Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 8.083 billion, a slight increase of 0.31% year-on-year, but a decrease of 9.43% quarter-on-quarter [2] - Q1 2024 revenue reached 9.292 billion, marking a 17.58% year-on-year increase and a 14.97% quarter-on-quarter increase [2] - The gross margin for Q1 2024 was 13.52%, down 2.93 percentage points from the previous quarter but up 2.30 percentage points year-on-year [2] Market Position - The company has established nearly 400,000 tons/year of ternary precursor capacity and is expanding its resource integration globally [3] - The company achieved a ternary precursor revenue of 21.733 billion in 2023, with a gross margin of 17.96%, an increase of 5.36 percentage points from the previous year [2][3] Growth Prospects - The report forecasts a decrease in net profit estimates for 2024 and 2025 due to product price reductions, projecting net profits of 2.345 billion and 2.746 billion respectively [3] - The company is expected to benefit from increasing overseas demand, maintaining its leading position in the industry [3]

Investment Rating - The report maintains a "Buy" rating for Zhongwei Co., Ltd. (300919) [1] Core Views - In Q1 2024, the company's net profit attributable to shareholders reached 380 million yuan, aligning with market expectations. Revenue for Q1 2024 was 9.3 billion yuan, representing an 18% year-on-year increase and a 15% quarter-on-quarter increase. The net profit attributable to shareholders increased by 11% year-on-year but decreased by 32% quarter-on-quarter [3] - The company is expected to maintain a 20-25% growth in ternary precursor shipments in 2024, supported by increased demand from downstream customers like Tesla and Samsung SDI. Total shipments are projected to reach 340,000 tons, a year-on-year increase of approximately 25% [3] - The report forecasts net profits for 2024-2026 to be 2.37 billion, 2.85 billion, and 3.47 billion yuan respectively, with corresponding growth rates of 22%, 20%, and 22% [4] Financial Summary - Total revenue for 2022 was 30.34 billion yuan, with a year-on-year growth of 51.17%. For 2023, revenue is projected at 34.27 billion yuan, a 12.95% increase, and is expected to reach 39.86 billion yuan in 2024, reflecting a 16.30% growth [2][9] - The company's diluted EPS for 2024 is estimated at 3.53 yuan per share, with a P/E ratio of 13.82 based on the current price [2][10] - The gross profit margin for Q1 2024 was 14%, a year-on-year increase of 2.3 percentage points, while the net profit margin was 4.1%, a slight decrease of 0.2 percentage points year-on-year [3][4] Market Data - The closing price of the stock is 48.81 yuan, with a market capitalization of approximately 32.69 billion yuan [6] - The company has a price-to-book ratio of 1.65 and a debt-to-asset ratio of 55.10% [7][10]

Financial Performance - The company's operating revenue for Q1 2024 was ¥9,292,228,538.39, representing a 17.58% increase compared to ¥7,902,791,580.39 in the same period last year[3] - Net profit attributable to shareholders was ¥379,138,599.25, an increase of 11.19% from ¥340,969,264.18 year-on-year[3] - The company reported a basic earnings per share of ¥0.57, up 11.76% from ¥0.51 in the previous year[3] - The company's net profit after deducting non-recurring gains and losses was ¥339,942,641.80, which is a 34.64% increase from ¥252,481,726.80 in the same period last year[3] - Net profit for Q1 2024 was ¥522,905,178.52, representing a 43.0% increase from ¥365,684,199.67 in Q1 2023[17] - Total comprehensive income for the first quarter reached CNY 489,884,389.27, an increase from CNY 387,796,905.83 in the previous year[18] - Basic earnings per share increased to CNY 0.57 from CNY 0.51 year-over-year[18] - The company’s total revenue from sales of goods and services was CNY 9,922,704,952.18, compared to CNY 7,783,937,794.70 in the previous year, marking a growth of approximately 27.5%[19] Cash Flow and Liquidity - The net cash flow from operating activities improved significantly to ¥781,639,663.92, a 188.08% increase from a negative cash flow of -¥887,398,973.07 in Q1 2023[3] - The cash and cash equivalents at the end of Q1 2024 were reported at ¥7,470,499,720.99[15] - Cash inflow from operating activities totaled CNY 10,664,914,514.61, compared to CNY 8,399,245,722.82 in the same period last year, reflecting a growth of approximately 27%[19] - Cash and cash equivalents at the end of the period amounted to CNY 11,599,636,291.62, up from CNY 8,573,434,006.32 year-over-year[20] - Cash inflow from financing activities was CNY 5,227,429,346.11, compared to CNY 2,556,351,865.31 in the previous year, indicating a substantial increase[20] - The company reported a net cash outflow from investing activities of CNY -1,492,761,131.70, an improvement from CNY -2,229,869,750.08 in the previous year[20] - The company received CNY 512,649,386.29 from new investments, a significant increase from CNY 24,225,120.00 in the previous year[20] Assets and Liabilities - Total assets as of March 31, 2024, were ¥64,177,305,416.29, reflecting a 3.20% increase from ¥62,186,283,832.73 at the end of the previous year[3] - Total liabilities increased to ¥35,238,563,958.78 in Q1 2024, up from ¥34,262,590,827.28 in Q1 2023[16] - The company's equity attributable to shareholders reached ¥28,938,741,457.51, an increase from ¥27,923,693,005.45 year-over-year[16] - The long-term borrowings rose to ¥15,677,859,078.60, compared to ¥13,832,291,109.73 in the previous year[16] Shareholder Information - The total number of common shareholders at the end of the reporting period was 28,545, with the top 10 shareholders holding 51.36% of the shares[8] - Hunan Zhongwei Holdings Group Co., Ltd. holds 344,000,000 shares, representing 51.36% of the total shares[8] - The number of shares held by the top 10 unrestricted shareholders includes 344,000,000 shares held by Hunan Zhongwei Holdings Group Co., Ltd.[8] - The total amount of shares repurchased so far is 3,885,100, accounting for approximately 0.58% of the total share capital[12] Business Development - The company established a new subsidiary, C&P Advanced Material Technology Co., Ltd., to enhance its business development and market competitiveness[13] - The company has not reported any significant impact on production and operations from the establishment of the new subsidiary[13] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[17] Financial Assets and Liabilities - The company experienced a significant decrease in financial assets, with trading financial assets dropping by 50.51% to ¥60,602,715.79 due to fluctuations in hedging instruments[6] - The company's contract liabilities increased by 77.30% to ¥300,070,371.86, attributed to the growth in customer prepayments[6] - The company reported a decrease in trading financial assets from RMB 122,462,292.67 to RMB 60,602,715.79[14] - Accounts receivable increased to RMB 4,705,706,404.62 from RMB 3,752,892,890.31, indicating a growth in sales or credit terms[14] - The company reported a significant increase in accounts receivable, totaling ¥747,134,006.99, compared to the previous period[15]

[Table_Title] 证券研究报告 海外布局加速，一体化持续推进 公司研究 [Table_ReportDate] 2024年4月25日 [Table_ReportType] 点评报告 [T事ab件le：_S公um司ma2r0y2]3 年实现营业收入 342.73 亿元，同比 12.95%；归母净利润 [T中ab伟le股_S份toc k(A3n0d0R9an1k9]. SZ) 19.47亿元，同比26.15%；实现扣非归母净利润15.87亿元，同比43.13%。 2023Q4实现营业收入80.83亿元，同比0.31%；归母净利润5.60亿元，同 投资评级 买入 比22.06%；实现扣非归母净利润4.56亿元，同比40.21%。 上次评级 买入 点评： [T[武Taba浩lbe l_e A电_uAt力uhot设hr]o备 r]与 新能源行业首席分 ➢ 产品竞争力持续增强，三元前驱体市占率第一。受益于全球新能源市场 析师 的快速增长，以及公司自身“新四化”战略的推进，2023 年公司现有 执业编号：S1500520090001 电池材料体系（镍系、钴系、磷系、钠系）产品合计销售量超27万吨， 联系电话：010 ...

Investment Rating - The investment rating for Zhongwei Co., Ltd. is "Buy" (maintained) [1] Core Views - The company's 2023 net profit attributable to shareholders reached 1.9 billion yuan, a year-on-year increase of 26%, aligning with market expectations. The total revenue for 2023 was 34.3 billion yuan, up 13% year-on-year, with a gross profit margin of 14%, an increase of 2.4 percentage points [3][4] - The shipment of precursor materials exceeded 270,000 tons in 2023, with expectations for a 20-30% growth in 2024. The company is actively expanding its domestic market presence [3][4] - The integrated production ratio is expected to further increase in 2024, contributing to profit enhancement [4] Financial Performance - Total revenue (in million yuan) for 2022A was 30,344, for 2023A was 34,273, and projections for 2024E, 2025E, and 2026E are 39,861, 47,850, and 56,644 respectively, indicating a growth rate of 12.95%, 16.30%, 20.04%, and 18.38% [2][10] - The net profit attributable to shareholders (in million yuan) for 2022A was 1,543, for 2023A was 1,947, and projections for 2024E, 2025E, and 2026E are 2,365, 2,846, and 3,473 respectively, with year-on-year growth rates of 26.15%, 21.50%, 20.32%, and 22.04% [2][10] - The latest diluted EPS (in yuan/share) for 2022A was 2.30, for 2023A was 2.91, and projections for 2024E, 2025E, and 2026E are 3.53, 4.25, and 5.18 respectively [2][10] Market Data - The closing price of the stock is 49.39 yuan, with a one-year low of 38.03 yuan and a high of 64.90 yuan. The market capitalization is approximately 33.08 billion yuan [7][8] Valuation - The company is projected to have a P/E ratio of 14x for 2024, 12x for 2025, and 10x for 2026, with a target price of 71 yuan based on a 20x P/E for 2024 [4]

报告范围 中伟新材料股份有限公司 环境、社会和治理（ESG）报告 2023 Environmental, Social, and Governance Report 2023 中伟股份 铜仁产业基地 中伟股份 2023 年环境、社会及治理（ESG）报告 关于本报告 关于本报告 本报告是中伟新材料股份有限公司对外公开披露的非财务报告，旨在回应利益相关方期望，全面展示中伟新材料股份有限 公司在环境、社会及治理（以下简称"ESG"），以及可持续发展方面的理念、管理、行动和成效。 为方便表述和阅读， 本报告中将使用"中伟股份""公司""我们"指代"中伟新材料股份有限公司"。 本报告披露的所有资料和数据均来自中伟新材料股份有限公司及其实际运营控制的子公司，包括： | 公司名称 | 注册地址 | | --- | --- | | 中伟新材料股份有限公司 | 贵州省铜仁市玉屏侗族自治县大龙经济开发区 2 号干道与 1 号干道交汇处 | | 湖南中伟新能源科技有限公司 | 湖南省长沙市宁乡经济技术开发区长兴村檀金路 1 号 | | 贵州中伟兴阳储能科技有限公司 | 贵州省贵阳市开阳县硒城街道办事处经济开发区智能服务中心 | | ...

Financial Performance - The company's operating revenue for 2023 reached ¥34.27 billion, representing a 12.95% increase compared to ¥30.34 billion in 2022[23]. - The net profit attributable to shareholders for 2023 was ¥1.95 billion, a 26.15% increase from ¥1.54 billion in 2022[23]. - The net profit after deducting non-recurring gains and losses was ¥1.59 billion, up 43.13% from ¥1.11 billion in 2022[23]. - The net cash flow from operating activities for 2023 was ¥4.39 billion, showing a significant increase of 188.53% compared to ¥4.95 billion in 2022[23]. - The total assets at the end of 2023 amounted to ¥62.19 billion, reflecting a 15.42% increase from ¥53.87 billion at the end of 2022[23]. - The net assets attributable to shareholders increased to ¥19.83 billion, a 20.00% rise from ¥16.52 billion in 2022[23]. - The basic earnings per share for 2023 was ¥2.90, a 15.08% increase from ¥2.52 in 2022[23]. - The weighted average return on equity for 2023 was 10.90%, down from 14.02% in 2022, indicating a decrease of 3.12%[23]. Dividend Distribution - The profit distribution plan approved by the board is to distribute a cash dividend of 11.60 CNY (including tax) for every 10 shares based on a total of 665,939,003 shares, with no bonus shares issued[4]. - The total cash dividend, including other methods, amounts to 959,855,762.18 CNY, which represents 100% of the distributable profit[192]. - The cash dividend distribution has been approved by the board and complies with the company's articles of association and relevant regulations[191]. - The company will not issue bonus shares or stock dividends, opting instead for a capital reserve increase of 4 shares for every 10 shares held[194]. Risk Management - The company emphasizes the importance of risk management and has detailed the main risks and corresponding countermeasures in the management discussion section[4]. - The company reported a market risk associated with derivative investments due to potential price fluctuations in the futures market[106]. - The company is implementing measures to control raw material price volatility risks, including enhancing supply chain management and increasing self-supply ratios[130]. Research and Development - The company is focusing on expanding its international presence in response to the competitive landscape and potential trade barriers[39]. - The company is actively researching sodium-ion battery precursor materials, aiming to improve energy density and cycle stability[46]. - The company has developed new synthesis processes for single crystal precursors that balance performance and cost, addressing key challenges in high-voltage applications[45]. - Research and development expenses increased by 13.62% to 1,055,686,488.24 yuan, driven by increased R&D personnel and material consumption[78]. - The company’s R&D personnel increased to 1,661 in 2023, a 75.77% rise from 945 in 2022, with the proportion of R&D personnel in total employees rising to 12.28%[81]. Market Expansion and Strategy - The company is focusing on high-nickel single crystal precursor projects, aiming to improve capacity and rate performance, with ongoing development in the trial production phase[79]. - The company is committed to sustainable development and aims to leverage digitalization and internationalization to enhance its operational capabilities[122]. - The company is exploring potential mergers and acquisitions to accelerate growth and market expansion[163]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[168]. Corporate Governance - The company adheres to strict governance practices, ensuring compliance with relevant laws and regulations, and protecting investor interests[145]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal requirements[147]. - The company has established a comprehensive internal control system to enhance governance and ensure the achievement of operational goals[150]. - The company has a dedicated financial department that operates independently, ensuring compliance with accounting standards and tax regulations[152]. Sustainability and Environmental Initiatives - The management emphasized the importance of sustainability in its future strategies, aiming to reduce carbon emissions by 25% over the next five years[156]. - The company aims to increase the recycling and reuse capabilities of retired batteries, maximizing the value of ternary material battery recycling[126]. - The company reported a significant focus on environmental, social, and governance (ESG) initiatives, reflecting its commitment to sustainable practices[176]. Shareholder Engagement - The company has established a dedicated team for investor relations, utilizing multiple channels for communication and actively responding to investor inquiries[149]. - The company emphasizes a commitment to enhancing shareholder returns and maintaining a dynamic balance between performance growth and shareholder rewards[140]. - The company has implemented a performance evaluation and incentive mechanism for its directors, supervisors, and senior management[149].

中伟新材料股份有限公司 2023年度募集资金存放与使用情况专项报告 经中国证券监督管理委员会证监许可[2022]2140 号文同意注册，公司向特定对象发行人民 币普通股（A 股）60,966,688 股，面值为每股人民币 1 元，发行价格为每股人民币 70.65 元， 募集资金总额为人民币 4,307,296,507.20 元，扣除发行费用（不含税）人民币 34,425,440.28 元， 募集资金净额为人民币 4,272,871,066.92 元。募集资金到位情况由天职国际会计事务所（特殊 普通合伙）于 2022 年 11 月 17 日出具的天职业字[2022]44942 号《验资报告》验证确认。 （二）募集资金本年度和累计使用及年末余额情况 1.首次公开发行股票募集资金存放、使用及年末余额情况如下： 根据中国证监会《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 （2022 年修订）》、深圳证券交易所颁布的《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》及相关公告格式规定，中伟新材料股份有限公司（以下简称"公司"） 董事会编制 2023 年度募集资金存放与使用情 ...