中信证券股份有限公司 关于辽宁信德新材料科技（集团）股份有限公司 2024 年度跟踪报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：信德新材 | | --- | --- | | 保荐代表人姓名：邓俊 | 联系电话：13811962953 | | 保荐代表人姓名：李宁 | 联系电话：010-60838617 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 | | 2．督导公司建立健全并有效执行规章制度的 | | | 情况 | | | （1）是否督导公司建立健全规章制度（包括 | | | 但不限于防止关联方占用公司资源的制度、 | 是 | | 募集资金管理制度、内控制度、内部审计制 | | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月查询一次募集资金专户银行 | | | 对账单，2024 年共 12 次，此外针 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 40.30 CNY [2][7]. Core Views - The company has turned profitable in Q1 2025, indicating an imminent performance reversal. The Q1 revenue reached 243 million CNY, a year-on-year increase of 80.92%, and the net profit attributable to the parent company was 7 million CNY, a year-on-year increase of 161.40% [7]. - The company's 2024 performance was under pressure due to declining product prices and inventory reduction, with a total revenue of 810 million CNY, down 14.62% year-on-year, and a net loss of 33 million CNY, a decline of 180.01% year-on-year [7]. - The company is focusing on collaborative development between its northern and southern bases and expanding into overseas markets to enhance its market share in the anode coating materials sector [7]. Financial Summary - **2024 Financials**: Total revenue of 810 million CNY, net profit of -33 million CNY, and earnings per share (EPS) of -0.32 CNY [2][8]. - **2025 Projections**: Expected total revenue of 1,323 million CNY, net profit of 63 million CNY, and EPS of 0.62 CNY [2][8]. - **Growth Rates**: Revenue growth is projected at 63.3% for 2025, with net profit growth expected to be 292.1% [2][8]. - **Valuation Metrics**: The price-to-earnings (P/E) ratio is projected to be 56 in 2025, decreasing to 24 by 2027 [2][8].

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 40.30 CNY [2][7]. Core Views - The company has turned profitable in Q1 2025, indicating an imminent performance reversal after a challenging 2024 [7]. - The overall revenue for 2024 is projected at 810 million CNY, reflecting a year-on-year decline of 14.6%, while the net profit attributable to the parent company is expected to be -33 million CNY, a significant drop of 180% [7]. - In Q1 2025, the company reported a revenue of 243 million CNY, a year-on-year increase of 80.92%, and a net profit of 7 million CNY, marking a year-on-year growth of 161.4% [7]. - The company is focusing on enhancing its market share in the negative coating materials sector through strategic collaborations and overseas market expansion [7]. Financial Summary - The total revenue projections for 2025, 2026, and 2027 are 1,323 million CNY, 1,714 million CNY, and 2,223 million CNY, respectively, with growth rates of 63.3%, 29.6%, and 29.7% [2][8]. - The net profit attributable to the parent company is forecasted to recover to 63 million CNY in 2025, 103 million CNY in 2026, and 149 million CNY in 2027, with respective growth rates of 292.1%, 61.9%, and 44.8% [2][8]. - The earnings per share (EPS) are expected to improve from -0.32 CNY in 2024 to 0.62 CNY in 2025, 1.01 CNY in 2026, and 1.46 CNY in 2027 [2][8]. Market Position and Strategy - The company has a total capacity of 70,000 tons, with 40,000 tons located in the northern base and 30,000 tons in the southern base, and is actively pursuing new capacity projects [7]. - The company aims to strengthen its existing customer relationships while also targeting new clients in overseas markets to enhance its competitive position in the negative coating materials industry [7].

Group 1: Financial Performance - The company's total revenue for 2024 was CNY 810 million, a year-on-year decrease of 14.62% [5] - The net profit attributable to shareholders was CNY -33.04 million, a year-on-year decline of 180.01% [5] Group 2: Market Position and Strategy - The coating materials account for approximately 3-5% of the anode cost, with varying impacts based on the type and addition ratio [3] - The company holds the highest market share in the industry and is actively adjusting its sales strategy and product structure to enhance profitability [3][4] - The company achieved a sales volume of over 60,000 tons of anode coating materials in 2024, representing a year-on-year growth of 93.53% [7] Group 3: Industry Context - The lithium battery materials industry has faced significant price adjustments and is currently operating at historical low profitability levels due to intensified competition and cost reduction across the supply chain [6][7] - The company is focusing on technological advancements and product upgrades to meet the growing demand for high-rate power batteries, such as "fast charging" and "super charging" [6][7] Group 4: Future Outlook - The company plans to enhance its research and development capabilities and strengthen partnerships with strategic customers to drive future profitability [6] - The overall market demand for anode coating materials is expected to steadily increase alongside the growth of high-rate power battery applications [7]

中信证券股份有限公司 关于辽宁信德新材料科技（集团）股份有限公司 2024 年度持续督导工作现场检查报告 | 1.是否建立了防止控股股东、实际控制人及其关联人直接或者间接 | √ | | | --- | --- | --- | | 占用上市公司资金或者其他资源的制度 | | | | 2.控股股东、实际控制人及其关联人是否不存在直接或者间接占用 | √ | | | 上市公司资金或者其他资源的情形 | | | | 3.关联交易的审议程序是否合规且履行了相应的信息披露义务 | | √ | | 4.关联交易价格是否公允 | | √ | | 5.是否不存在关联交易非关联化的情形 | | √ | | 6.对外担保审议程序是否合规且履行了相应的信息披露义务 | | √ | | 7.被担保方是否不存在财务状况恶化、到期不清偿被担保债务等情 | | √ | | 形 | | | | 8.被担保债务到期后如继续提供担保，是否重新履行了相应的审批 | | √ | | 程序和披露义务 | | | | （五）募集资金使用 | | | | 现场检查主要手段：实地查看经营场所，查阅同行业上市公司及市场信息，查阅公司定期报 | | | 3 | ...

24Q4业绩承压：公司2024Q4营业收入为2.45亿元，同比下降1.08%，环比增长 19.56%；实现归母净利润-0.12亿元，扣非归母净利润-0.13亿元，产品降价及去 库导致公司业绩承压。公司24Q4毛利率为8.96%，环比增长3.18pcts，同比下 降1.55pcts，净利率为-3.83%，环比下降1.57pcts，同比增长0.71pcts。 负极包覆材料24年以价换量，盈利承压：24年公司负极包覆材料收入3.33亿元， 同比下降1.45%，销量6.0万吨，同比增长94%，价格0.55万元/吨，同比-49%， 毛利率为4.56%，同比下降15.79pcts。 2025 年 4 月 23 日 公司研究 Q1 盈利改善，产品结构优化 ——信德新材（301349.SZ）2024 年报及 2025 年一季报点评 要点 事件：信德新材发布2024年年报，24年营业收入8.1亿元，同比下降14.62%； 归母净利润-0.33亿元，同比转亏；扣非归母净利润-0.57亿元，同比转亏。 公司25Q1营业收入为2.43亿元，同比增长80.92%，环比下降0.82%；实现归母 净利润0.07亿元，扣非归母净利润0.02 ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [19]. Core Insights - The report highlights the launch of new electric vehicle models, including the Xiaopeng X9 and the Denza N9, which are positioned to enhance market competition in the electric vehicle sector [6]. - The report emphasizes the importance of power batteries in electric vehicles, suggesting a focus on companies involved in battery production and related materials [6]. - The report provides detailed specifications of new vehicle models, including pricing, power output, and range, showcasing advancements in technology and design [6]. Industry Overview - The industry consists of 299 listed companies with a total market capitalization of approximately 46,881.73 billion and a circulating market value of about 41,202.87 billion [2]. - The absolute performance of the industry over the past 12 months shows a growth of 3.9%, while the relative performance indicates a decline of 3.0% compared to the benchmark index [3]. Recent Developments - The Ministry of Industry and Information Technology announced the public disclosure of new energy vehicle models, with 218 enterprises submitting 578 models for approval, including 498 pure electric models [6]. - Xiaopeng X9 is priced between 359,800 to 419,800 yuan, featuring a maximum range of 740 kilometers with a 105 kWh battery [6]. - Denza N9 offers a comprehensive range of 1302 kilometers and includes advanced driving assistance features [6]. - Wuling Hongguang has introduced a range-extended version, providing options for fuel, range-extended, and pure electric powertrains [6].

证券代码：301349 证券简称：信德新材 公告编号：2025-027 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。 欢迎广大投资者积极参与本次业绩说明会。 特此公告。 辽宁信德新材料科技（集团）股份有限公司董事会 2025年4月22日 辽宁信德新材料科技（集团）股份有限公司（以下简称"公司"）《2024年年 度报告》已于2025年4月21日披露，为使投资者进一步了解公司的财务状况、经营情 况及公司发展规划，公司将于2025年4月29日（星期二）15:00-16:30在全景网举行 2024年度网上业绩说明会，本次说明会将采用网络远程方式举行，投资者可登陆全 景网"投资者关系互动平台"（http://ir.p5w.net）参与本次业绩说明会。 出席本次业绩说明会的人员有：董事长兼总经理尹洪涛先生；财务总监兼董事 会秘书李婷女士；独立董事陈晶女士和保荐代表人邓俊先生。为充分尊重投资者， 提升交流的针对性，现就公司2024年度业绩说明会提前向投资者公开征集问题，广 泛听取投资者的意见和建议。投资者可于2025年4月28日（星期一）15:00前访问 http://i ...

证券研究报告·公司点评报告·电池 信德新材（301349） 2024 年年报及 2025 年一季报点评：快充催 化出货实现高增长，单吨净利稳步修复 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 948.85 | 810.09 | 1,050.96 | 1,253.39 | 1,495.18 | | 同比（%） | 4.99 | (14.62) | 29.73 | 19.26 | 19.29 | | 归母净利润（百万元） | 41.30 | (33.04) | 57.09 | 88.89 | 110.18 | | 同比（%） | (72.28) | (180.01) | 272.77 | 55.71 | 23.95 | | EPS-最新摊薄（元/股） | 0.40 | (0.32) | 0.56 | 0.87 | 1.08 | | P/E（现价&最新摊薄） | 80.10 | (100.11) | 57.95 | ...