关于江苏天奈科技股份有限公司 中信证券股份有限公司 使用暂时闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为江苏天 奈科技股份有限公司（以下简称"天奈科技"或"公司"）2022 年度向特定对象 发行 A 股股票项目的保荐人，根据《证券发行上市保荐业务管理办法》、《上海 证券交易所科创板股票上市规则》、《上海证券交易所科创板上市公司自律监管指 引第 1 号——规范运作》及《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》等有关规定，就天奈科技使用部分闲置募集资金进行现金 管理的事项进行了专项核查，核查情况及核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意江苏天奈科技股份有限公司首次公 开发行股票注册的批复》（证监许可[2019]1581 号），首次向社会公开发行人民币 普通股（A 股）57,964,529 股，每股面值 1.00 元，每股发行价格 16 元，募集资 金总额 92,743.2464 万元，扣除发行费用 9,843.1724 万元（不含增值税）后，募 集资金净额为 82,900.074 万元。上述募集资金 ...

| 证券代码：688116 | 证券简称：天奈科技 | 公告编号：2024-056 | | --- | --- | --- | | 转债代码：118005 | 债券简称：天奈转债 | | 江苏天奈科技股份有限公司 关于可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、可转债发行上市情况 因公司 2020 年限制性股票激励计划首次授予部分第二个归属期第二次归属 的股份登记，自 2023 年 9 月 28 日起转股价格由 103.80 元/股调整为 103.75 元/ 股。具体内容详见公司于 2023 年 9 月 27 日在上海证券交易所网站 （www.sse.com.cn）披露的《江苏天奈科技股份有限公司关于可转换公司债券"天 奈转债"转股价格调整公告》（公告编号：2023-080）。 因公司 2020 年限制性股票激励计划首次授予部分第三个归属期及预留授予 部分第二个归属期以及 2022 年激励计划首次授予部分第一个归属期及预留授予 部分第一个归属期的股份登记，自 2024 ...

Summary of Tian Nai Technology Conference Call Industry and Company Overview - The conference call focuses on Tian Nai Technology, a company involved in the production of carbon tube materials for battery applications, particularly in collaboration with major clients such as LG, Samsung, and Panasonic [1][2][3]. Key Points and Arguments Collaboration with LG - Tian Nai Technology has made significant progress in its collaboration with LG, with products like 3D tubes, multi-wall tubes, and slurries certified and beginning to ramp up production. LG processes batteries for Tesla, which mandates the use of Tian Nai's slurries, ensuring consistent demand [1][2]. - From October 2023 to October 2026, LG is expected to have a stable monthly demand, with a projected total supply volume of around 10,000 tons by 2026, although this estimate carries uncertainty due to a lack of detailed data [1][7]. Collaboration with Samsung and Panasonic - The partnership with Samsung is progressing more slowly, currently in the final stages of product introduction and certification [1][3]. - Tian Nai has been supplying Panasonic for consumer electronics, but the volume is small. A significant increase in demand from Panasonic is anticipated by 2026, contingent on the decision to mass-produce the 4680 battery model [1][3][4]. Production Capacity and Infrastructure - The new factory in the U.S. has completed infrastructure construction but is yet to install equipment, which is currently being validated in Changzhou. Once validated, installation will proceed rapidly [5]. - Tian Nai can fulfill urgent small-batch orders from U.S. clients by shipping products from China until local production capacity is scaled up [5]. Government Subsidies - The U.S. government offers two types of subsidies: production-related subsidies, which do not currently apply to Tian Nai, and construction subsidies, which provide a 10% investment subsidy. This subsidy will be amortized over the asset's depreciation period, aiding in cost reduction and profitability [6]. Market Dynamics and Competition - The competitive landscape includes LG as a primary competitor, but Tian Nai's cost, performance, and supply stability provide a competitive edge. The company has successfully passed lengthy certification processes, enhancing customer confidence [26]. - The European market is strategically important, but Tian Nai has no plans to establish a factory there due to high production costs, opting instead to optimize its supply chain [28]. Future Product Development - The introduction of the fourth-generation products is expected to begin with two to three clients in the fourth quarter, with a conservative sales estimate of over 10,000 tons next year [14][15]. - The pricing and profitability of new products are expected to improve compared to previous generations, driven by high market demand [15]. Financial Outlook - The company anticipates that overseas markets will contribute approximately 20% to sales next year, equating to about 15,000 to 20,000 tons [24]. - Capital expenditures for the upcoming year are projected at around 300 million yuan, with significant investments in both the Baotou and U.S. projects [25]. Other Important Insights - The decision by Panasonic regarding the 4680 battery model is expected by the end of the year, which will significantly impact Tian Nai's demand for carbon tube materials [4]. - The company is also exploring the potential impact of solid-state batteries, which could increase carbon tube usage if mass production is achieved by 2028-2029 [27]. - The construction of battery factories in Europe faces challenges, including strict environmental regulations and lengthy approval processes, which could delay production timelines [29].

Investment Rating - The report gives a "Recommended" rating for the company, which is a global leader in carbon nanotubes, with continuous product technology iterations and a clear growth potential for the future [2][4]. Core Viewpoints - The company has achieved stable revenue growth and significant improvement in profitability in the first half of 2024, with a revenue of 647 million and a net profit of 156 million, representing year-on-year increases of 0.88% and 28.52% respectively [1][11]. - The company is actively expanding its global integrated layout and promoting the research and development of new materials, with a market share of 46.7% in carbon nanotube conductive slurry products in 2023, an increase of 6.4 percentage points from the previous year [1][30]. - The company has established strong relationships with key customers, including major domestic players like CATL and BYD, and is also expanding its customer base internationally, entering the supply chains of renowned Japanese and Korean battery manufacturers [1][30]. Summary by Sections 1. Company Management and Performance - The company has a stable internal management structure and has been continuously growing its performance, focusing on the research, production, and sales of carbon nanotube materials [6][11]. - The company has a strong executive team with significant technical expertise, having been a pioneer in the carbon nanotube industry since its establishment in 2007 [6][8]. 2. Advantages of Carbon Nanotubes and Product Iteration - Carbon nanotubes are highlighted as a new type of conductive agent with superior electrical performance compared to traditional conductive agents [16][18]. - The company has been increasing its R&D investment, with a total R&D expenditure of 50 million in the first half of 2024, reflecting a year-on-year growth of 9.6% [21][23]. 3. Customer Expansion and Integrated Layout - The company has built a robust customer structure by focusing on major clients and developing high-quality secondary customers, ensuring a strong market position [30]. - The company is actively developing its production capacity both domestically and internationally, with plans for new production bases in the U.S. and Europe [1][30]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 1.369 billion, 1.898 billion, and 2.423 billion from 2024 to 2026, with corresponding growth rates of -2.5%, 38.6%, and 27.7% [2][3]. - The projected net profits for the same period are 266 million, 368 million, and 471 million, with growth rates of 10.3%, 38.2%, and 27.9% respectively [2][3].

中信证券股份有限公司 关于江苏天奈科技股份有限公司 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2024 年 8 月 19 日至 23 日对公司进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度； （3）查阅公司与控股股东、实际控制人及其关联方的资金往来明细及相关 内部审议文件、信息披露文件，查阅公司出具的 2024 年半年度报告； 1 2024 年半年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为江苏天 奈科技股份有限公司（以下简称"天奈科技"或"公司"或"上市公司"）2022 年度向特定对象发行 A 股股票项目的保荐人，于 2023 年 1 月 ...

江苏天奈科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |------------------------|----------------------------------------------------------------------|--------------------------------------------------------|------------------------------------------------------------------| | 证券简称：天奈科技 | 证券代码： | 688116 | 编号： 2024-008 | | | | □特定对象调研 □分析师会议 | | | | | □媒体采访 √业绩说明会 | | | 投资者关系活动类别 | □新闻发布会 | □路演活动 | | | | □现场参观 | | | | | □其他:电话调研 | | | | 参与单位名称 | 线上参与天奈科技 | 2024 年半年度业绩说明会的投资者 | | | 时间 | 2024 年 9 月 13 日上午 | 10:00- ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Views - The company holds a leading position in the industry with long-term stable cooperation with high-quality domestic and international enterprises [1] - The company's carbon nanotube conductive paste accounts for 46.7% of the Chinese market share, and it is expected to exceed 50% in the next two years [1] - The company is advancing cooperation with Panasonic, planning to supply Panasonic's overseas factories starting from Q4 2025, and is in the process of onboarding more overseas customers [1] - The company's Q2 shipments increased by 40% quarter-over-quarter, with H1 carbon nanotube shipments reaching 36,000 tons [2] - The company's profitability is expected to improve in Q3 due to an increase in high-margin product orders [2] Financial Performance - In 2023, the company's ROE was 4.08% [1] - The company achieved revenue of 650 million yuan in H1 2024, a year-over-year increase of 0.88%, with net profit attributable to the parent company of 120 million yuan, a year-over-year increase of 28.5% [1] - Q2 revenue was 340 million yuan, a year-over-year decrease of 6.3%, with net profit attributable to the parent company of 62 million yuan, a year-over-year increase of 23.1% [1] - The company's carbon nanotube conductive paste achieved revenue of 640 million yuan in H1 2024, with a gross margin of 36.6% [2] - The average price of carbon nanotubes in H1 2024 was approximately 18,000 yuan/ton, with a gross profit of 7,000 yuan/ton and a net profit of 3,000 yuan/ton [2] - In Q2, the average price of carbon nanotubes decreased by 21.7% quarter-over-quarter to 16,000 yuan/ton, with a gross profit of 6,000 yuan/ton and a net profit of 3,000 yuan/ton [2] Capacity Expansion - The company's US facility, with an annual production capacity of 10,000 tons of carbon nanotube conductive paste, is expected to be operational in Q4 2025, with capacity release in H2 2026 [2] - The Meishan production base in Sichuan is expected to be operational within the next year, gradually increasing capacity [2] Financial Forecasts - The company's EPS for 2024-2026 is forecasted to be 0.92, 1.22, and 1.49 yuan, respectively [1] - Net profit attributable to the parent company for 2024-2026 is expected to be 320, 420, and 520 million yuan, respectively [1] - The company's PE ratio for 2024-2026 is estimated to be 22.5, 16.9, and 13.8, respectively [1] - Revenue for 2024-2026 is projected to be 1,647, 2,046, and 2,446 million yuan, with year-over-year growth rates of 17.3%, 24.3%, and 19.6%, respectively [3] - Net profit for 2024-2026 is expected to be 316, 420, and 515 million yuan, with year-over-year growth rates of 6.4%, 32.7%, and 22.6%, respectively [3] - Gross margin for 2024-2026 is forecasted to be 34.2%, 35.1%, and 35.1%, respectively [3] Valuation Metrics - The company's P/E ratio for 2024-2026 is estimated to be 22.5, 16.9, and 13.8, respectively [3] - The company's P/B ratio for 2024-2026 is projected to be 2.5, 2.2, and 1.9, respectively [3] - ROE for 2024-2026 is expected to be 10.6%, 12.6%, and 13.6%, respectively [3]

中国证券监督管理委员会同意注册批复的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 江苏天奈科技股份有限公司（以下简称"公司"）于近日收到中国证券监督管 理委员会出具的《关于同意江苏天奈科技股份有限公司向特定对象发行股票注册 的批复》（证监许可〔2024〕1237 号）（以下简称"批复文件"），批复文件内容 如下： 一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发行应严格按照报送上海证券交易所的申报文件和发行方案 实施。 | 证券代码：688116 | 证券简称：天奈科技 | 公告编号：2024-055 | | --- | --- | --- | | 转债代码：118005 | 债券简称：天奈转债 | | 江苏天奈科技股份有限公司 关于 2022 年度向特定对象发行 A 股股票申请获得 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告上海证券交易所并按有关规定处理。 公司董事会将按照上述批复文件和相关法律法规的要求以及公司股东大会 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨天奈科技（688116.SH） [Table_Title] 出货环比稳增，海外加速延拓 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Tab ...

江苏天奈科技股份有限公司 投资者关系活动记录表 证券简称：天奈科技 证券代码：688116 编号：2024-007 | --- | --- | --- | |--------------------|------------------------------------|--------------------------------------------------------------------| | | | | | | □特定对象调研 □分析师会议 | | | | □媒体采访 □业绩说明会 | | | 投资者关系活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | √其他:电话调研 | | | | | 东兴基金、深圳熙山资本、山西证券、上银基金、上海笃诚私募基金、青 | | | | 岛双木投资、中信保诚基金、西部证券、厦门财富管理顾问、国联安基金、 | | | | 上海泾溪投资管理、上海龙全投资管理、成都观今私募基金、民生证券、 | | | | 广州云禧私募证券投资基金、华西证券、泓德基金、海南兴高私募基金、 | | | | 上海泊通投资管理、海通证券、杭州优益增投 ...