Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company is expected to achieve profitability in 2024, with projected revenue between 1.75 billion to 1.85 billion yuan, representing a year-on-year growth of 39.92% to 47.92%. The net profit attributable to the parent company is forecasted to be between 170 million to 205 million yuan, a significant increase compared to the previous year's loss of 45.72 million yuan [4][8]. - The company has successfully commenced mass production of 4-8 inch substrate products and is ramping up production capacity, which is expected to enhance its economies of scale and optimize costs [8][9]. - The launch of the first 12-inch silicon carbide substrate product marks a strategic move into larger substrate sizes, catering to the growing demand in sectors such as electric vehicles and renewable energy [8][9]. Financial Summary - Revenue projections for the company are as follows: 1.25 billion yuan in 2023, increasing to 1.81 billion yuan in 2024, 2.42 billion yuan in 2025, and 3.01 billion yuan in 2026, with year-on-year growth rates of 199.9%, 44.7%, 33.4%, and 24.7% respectively [7][10]. - The net profit is expected to turn positive in 2024, with estimates of 197 million yuan in 2024, 324 million yuan in 2025, and 415 million yuan in 2026, reflecting substantial growth from a loss of 46 million yuan in 2023 [10][11]. - The company's gross margin is projected to improve significantly, reaching 27.2% in 2024 and further increasing to 31.0% in 2025 [11]. Market Position and Strategy - The company is positioning itself as a leader in the silicon carbide substrate market, with a focus on high-quality, automotive-grade products to meet the increasing demand from downstream applications [9][10]. - Plans for an overseas share issuance and listing on the Hong Kong Stock Exchange are in place to enhance the company's capital strength and competitiveness [9].

Core Viewpoint - Tianyue Advanced is expected to achieve significant revenue growth and profitability in 2024, driven by the increasing demand for silicon carbide substrates in various sectors, including electric vehicles and renewable energy [1][3]. Group 1: Financial Performance - The company forecasts 2024 revenue between 1.75 billion to 1.85 billion yuan, representing a year-on-year increase of 39.92% to 47.92% [1]. - Net profit is projected to turn positive, with an estimated profit of 170 million to 205 million yuan, an increase of 216 million to 251 million yuan compared to the previous year, reflecting a year-on-year growth of 471.82% to 548.38% [1]. Group 2: Market Trends and Demand - The global trend towards energy electrification and decarbonization is driving demand for silicon carbide substrates in electric vehicles, wind and solar energy, power grids, data centers, and low-altitude flight [1][3]. - The silicon carbide power device market is projected to grow from 1.8 billion USD in 2022 to 8.9 billion USD by 2028, with a CAGR of 31% [3]. Group 3: Technological Advancements - Tianyue Advanced has developed key technologies for the preparation of 2 to 8-inch semi-insulating and conductive substrates, achieving mass production of high-quality 4-inch and 6-inch substrates [2]. - The company plans to launch the world's first 12-inch silicon carbide substrate in November 2024, which will significantly enhance chip production efficiency and reduce costs [2]. Group 4: Production Capacity and Strategy - The Shanghai Lingang factory is expected to achieve an annual production capacity of 300,000 conductive substrates by the first half of 2024, with plans for further capacity expansion [3]. - The company aims to leverage its advantages in capacity layout, technological accumulation, and industry positioning to enhance product quality and profitability [3].

Revenue and Profit Expectations - Expected annual revenue for 2024 is between 1,750 million RMB and 1,850 million RMB, representing an increase of 39.92% to 47.92% compared to the previous year[2] - Expected net profit attributable to parent company owners for 2024 is between 170 million RMB and 205 million RMB, a significant turnaround from a loss of 45.72 million RMB in the previous year, with an increase of 471.82% to 548.38%[2] - Expected net profit attributable to parent company owners after deducting non-recurring gains and losses for 2024 is between 144 million RMB and 179 million RMB, an increase of 227.75% to 258.80% compared to the previous year[3] - Revenue for the previous year was 1,250.70 million RMB, with a net loss attributable to parent company owners of 45.72 million RMB[4] Production and Market Expansion - The company has achieved mass production of 4-8 inch substrate products, with capacity utilization gradually increasing in 2024, leading to significant growth in revenue and product gross profit[6] - The company's high-quality conductive silicon carbide substrate products are accelerating their expansion into international markets[6] Government Subsidies - The company has received government subsidies related to normal business activities, which have impacted the net profit attributable to parent company owners after deducting non-recurring gains and losses[6]

证券代码：688234 证券简称：天岳先进 公告编号：2025-002 山东天岳先进科技股份有限公司 关于持股 5%以上股东权益变动触及 1%的提示性公告 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： 1、本次权益变动属于股份减持，不触及要约收购。 2、股东持股基本情况 3、本次权益变动不会导致公司控股股东、实际控制人发生变化。 公司于 2025 年 1 月 20 日收到辽宁中德、海通新能源、海通创新发来的《关 于减持股份权益变动触及 1%的告知函》。结合公司于 2024 年 12 月 19 日披露的 《关于持股 5%以上股东权益变动达到 1%的提示性公告》（公告编号：2024-068）， 以及辽宁中德、海通新能源、海通创新本次减持计划实施情况，现将有关权益变 动情况告知如下： 一、本次权益变动基本情况 （一）信息披露义务人基本情况 | 名称一 | 辽宁中德产业股权投资基金合伙企业（有限合伙） | | --- | --- | | 住所 | 辽宁省沈阳经济技术开发区沈辽西路 189-1 号 | | 名称二 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][8]. Core Insights - The company has launched the industry's first 12-inch silicon carbide substrate, marking a significant advancement in the wide bandgap semiconductor industry, which is expected to enhance chip yield and reduce unit costs [5][6]. - The company has successfully entered the supply chains of major international manufacturers, with its silicon carbide substrates being recognized for their quality and consistency [6][7]. - The company's production capacity is steadily increasing, with its Shanghai Lingang factory projected to achieve an annual production capacity of 300,000 conductive substrates by mid-2024 [6]. - The company has made strategic advancements in 8-inch substrates, achieving domestic replacement and initiating bulk sales to overseas clients [7]. Financial Projections - The company is expected to achieve a net profit attributable to the parent company of 200 million, 373 million, and 563 million yuan for the years 2024, 2025, and 2026, respectively [8]. - Revenue projections for the years 2024 to 2026 are 1.685 billion, 2.401 billion, and 3.142 billion yuan, reflecting growth rates of 34.75%, 42.50%, and 30.84% respectively [10][12]. - The company's EBITDA is projected to grow significantly, reaching 773.24 million yuan in 2025 and 987.33 million yuan in 2026 [10].

本次股票上市流通总数为 36,033,000 股。 本次股票上市流通日期为 2025 年 1 月 13 日（因 2025 年 1 月 12 日为非交 易日，故上市流通日期顺延至下一交易日）。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会《关于同意山东天岳先进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〔2021〕3935 号），山东天岳先进科技股 份有限公司（以下简称"公司"、"天岳先进"）首次公开发行人民币普通股（A 股） 42,971,105 股，并于 2022 年 1 月 12 日在上海证券交易所科创板挂牌上市。公司首 次公开发行完成后总股本为 429,711,044 股，其中限售股 395,953,759 股，无限售 条件流通股为 33,757,285 股。 证券代码：688234 证券简称：天岳先进 公告编号：2025-001 山东天岳先进科技股份有限公司 首次公开发行部分限售股上市流通公告 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： 本次股票上市类型为首发限售股份；股 ...

证券代码：688234 证券简称：天岳先进 公告编号：2024-069 山东天岳先进科技股份有限公司 第二届董事会第九次会议决议公告 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。 山东天岳先进科技股份有限公司（以下简称"公司"）第二届董事会第九次会 议于 2024 年 12 月 27 日在公司会议室以现场结合通讯方式召开。会议由董事长 宗艳民先生主持，应出席会议的董事 9 名，实际出席会议的董事 9 名。会议参与 表决人数及召集、召开程序符合《中华人民共和国公司法》和《公司章程》的有 关规定，所作决议合法有效。 一、董事会会议审议情况 本次董事会会议审议并通过了以下议案： 详见公司于同日披露的《关于公司变更会计政策的公告》（公告编号：2024- 072）。 （一）审议通过《关于续聘公司 2024 年度审计机构的议案》 同意续聘立信会计师事务所（特殊普通合伙）为公司 2024 年度审计机构。 表决结果：9 票同意，0 票反对，0 票弃权。 本议案已经审计委员会审议通过，尚需提交公司股东大会审议。 详见公司于同日披露的《关于 ...

证券代码：688234 证券简称：天岳先进 公告编号：2024-070 山东天岳先进科技股份有限公司 第二届监事会第八次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 山东天岳先进科技股份有限公司（以下简称"公司"）第二届监事会第八次会 议于 2024 年 12 月 27 日在公司会议室以现场结合通讯方式召开。会议由监事会 主席张红岩女士主持，应出席会议的监事 3 名，实际出席会议的监事 3 名。会议 参与表决人数及召集、召开程序符合《中华人民共和国公司法》和《公司章程》 的有关规定，所作决议合法有效。 二、监事会会议审议情况 本次监事会会议审议并通过了以下议案： （二）审议通过《关于公司变更会计政策的议案》 监事会认为：公司本次会计政策变更是因公司上线实施 SAP ERP 系统以及 公司根据财政部发布的《企业数据资源相关会计处理暂行规定》《企业会计准则 解释第 17 号》《企业会计准则应用指南汇编（2024）》的要求进行的变更，符合 《企业会计准则》及相关规定，符合公司实际情况，执行 ...

为加快公司的国际化战略及海外业务布局，增强公司的境外融资能力，进一 步提高公司的资本实力和综合竞争力，根据公司总体发展战略及运营需要，公司 拟在境外发行股份（H 股）并在香港联合交易所有限公司（以下简称"香港联交 所"）上市（以下简称"本次 H 股上市"），公司董事会同意授权公司管理层启动 本次 H 股上市的前期筹备工作，授权期限为自董事会审议通过之日起 12 个月内。 公司计划与相关中介机构就本次 H 股上市的具体推进工作进行商讨，关于本次 H 股上市的具体细节尚未确定。 证券代码：688234 证券简称：天岳先进 公告编号：2024-073 山东天岳先进科技股份有限公司 关于授权公司管理层启动公司境外发行股份（H 股）并在 香港联合交易所有限公司上市相关筹备工作的公告 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。 2024 年 12 月 27 日，山东天岳先进科技股份有限公司（以下简称"公司"） 召开了第二届董事会第九次会议，审议通过了《关于授权公司管理层启动公司境 外发行股份（H 股）并在香港联合交易所有限公司上市 ...

证券代码：688234 证券简称：天岳先进 公告编号：2024-071 立信 2023 年度为 671 家上市公司提供年报审计服务，主要行业：制造业、 信息传输、软件和信息技术服务业、科学研究和技术服务业、批发和零售业、建 筑业、采矿业、房地产业、交通运输、仓储和邮政业、水利、环境和公共设施管 理业，审计收费 8.32 亿元，同行业（计算机、通信和其他电子设备制造业）上市 公司审计客户 83 家。 山东天岳先进科技股份有限公司 关于续聘公司 2024 年度审计机构的公告 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。 重要内容提示： 拟聘任的会计师事务所名称：立信会计师事务所（特殊普通合伙）（以下简称 "立信"）。 一、拟续聘的会计师事务所基本情况 （一）机构信息 1、基本信息 立信会计师事务所（特殊普通合伙）由我国会计泰斗潘序伦博士于 1927 年 在上海创建，1986 年复办，2010 年成为全国首家完成改制的特殊普通合伙制会 计师事务所，注册地址为上海市，首席合伙人为朱建弟先生。立信是国际会计网 络 BDO 的成员所 ...