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 ...

证券代码：688234 证券简称：天岳先进 公告编号：2024-072 山东天岳先进科技股份有限公司 关于公司变更会计政策的公告 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： 2023 年 10 月 25 日，财政部公布了《企业会计准则解释第 17 号》（财会〔2023〕 21 号，以下简称"准则解释第 17 号"），对"关于流动负债与非流动负债的划分"、 "关于供应商融资安排的披露"等会计处理进行了规定。该规定自 2024 年 1 月 1 日起施行。 2024 年 3 月，财政部发布了《企业会计准则应用指南汇编（2024）》，对保证 类质保费用会计处理进行了规定。 同时，为进一步提升公司管理水平，优化成本核算，精确反映公司经营业绩， 公司于 2024 年 10 月 1 日上线实施 SAP ERP 系统，并将公司原材料发出的计价 方法由"月末一次加权平均法"变更为"移动加权平均法"。本次会计政策变更 自 2024 年 10 月 1 日起执行。 （二）变更前公司采用的会计政策 本次变更会计政策变更，不涉及对 ...

一、关于以简易程序向特定对象发行股票事项概述 2024 年 4 月 11 日，公司召开了第二届董事会第二次会议，审议通过了《关 于提请股东大会授权董事会以简易程序向特定对象发行股票的议案》，同意董事 会提请股东大会授权董事会及董事会授权人士向特定对象发行融资总额不超过 人民币 3 亿元且不超过最近一年末净资产 20%的股票，授权期限为自 2023 年 年度股东大会通过之日起至 2024 年年度股东大会召开之日止。 2024 年 5 月 17 日，公司召开了 2023 年年度股东大会，审议通过了《关于提 请股东大会授权董事会以简易程序向特定对象发行股票的议案》。 证券代码：688234 证券简称：天岳先进 公告编号：2024-074 山东天岳先进科技股份有限公司 关于终止以简易程序向特定对象发行股票的公告 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。 山东天岳先进科技股份有限公司（以下简称"公司"）于 2024 年 12 月 27 日 召开第二届董事会第九次会议和第二届监事会第八次会议，审议通过了《关于终 止以简易程序向特 ...

特此公告。 山东天岳先进科技股份有限公司 董事会 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"）于 2024 年 12 月 27 日 召开第二届董事会第九次会议、第二届监事会第八次会议，审议通过了《关于续 聘公司 2024 年度审计机构的议案》，内容详见公司同日披露的《关于续聘公司 2024 年度审计机构的公告》（公告编号：2024-071）。 基于公司总体工作安排，公司决定暂不召开股东大会审议上述续聘审计机构 相关事项。公司将根据总体工作安排另行发布召开股东大会的通知，将上述续聘 审计机构相关事项提交股东大会审议。 证券代码：688234 证券简称：天岳先进 公告编号：2024-075 山东天岳先进科技股份有限公司 关于暂不召开股东大会的公告 2024 年 12 月 28 日 ...

证券代码：688234 证券简称：天岳先进 公告编号：2024-068 山东天岳先进科技股份有限公司 关于持股 5%以上股东权益变动达到 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。 本次权益变动后，山东天岳先进科技股份有限公司（以下简称"公司"）股东 辽宁中德产业股权投资基金合伙企业（有限合伙）（以下简称"辽宁中德"）持有 公司 27,435,401 股，占公司总股本的 6.3846%；辽宁海通新能源低碳产业股权投 资基金有限公司（以下简称"海通新能源"）持有公司 8,493,591 股，占公司总股 本的 1.9766%；海通创新证券投资有限公司（以下简称"海通创新"）持有公司 3,123,378 股，占公司总股本的 0.7269%。上述股东构成一致行动关系，合计持有 公司股份从 43,349,537 股减少至 39,052,370 股，占公司总股本的比例从 10.0881% 减少至 9.0881%。 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 2024 年 12 月 18 日 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of 66.78 RMB per share based on a 90x PE for 2025 [1]. Core Views - The company specializes in the research, production, and sales of silicon carbide (SiC) substrates, which are widely used in communications, new energy vehicles, and photovoltaic energy storage. With the early ramp-up of its Lingang factory and the mass shipment of conductive substrates, the company is expected to see continuous revenue growth, with a projected revenue and net profit growth of 55% and 310% year-on-year for the first three quarters of 2024, respectively [1]. - The report highlights two main concerns regarding the SiC substrate market: the significant short-term price decline due to rapid capacity release and the potential for market saturation, and the long-term growth potential of SiC substrates as their price gap with traditional silicon substrates narrows, facilitating deeper penetration into downstream applications [1]. Summary by Sections Investment Logic - The company focuses on SiC single crystal substrate development, production, and sales, with applications in various fields including new energy vehicles and communication [1]. - The report notes that the global 6-inch SiC substrate capacity is rapidly increasing, leading to downward price pressure, while the company is positioned to achieve cost optimization through large-size substrate technology breakthroughs [1]. - The long-term outlook for SiC substrates is positive, with predictions indicating that the automotive sector's share of SiC will increase from 65% in 2023 to 86% by 2028 [1]. Profit Forecast, Valuation, and Rating - The company is projected to achieve revenues of 1.681 billion, 2.3 billion, and 3.099 billion RMB for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 34%, 37%, and 35% [1]. - The net profit forecast for the same period is 190 million, 319 million, and 448 million RMB, with growth rates of 537%, 68%, and 40% [1]. - The report emphasizes the company's potential to leverage its capacity and technological advantages to enhance efficiency and expand market share [1].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [11]. Core Insights - The company achieved a record high revenue of 1.281 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 55.34%. The net profit attributable to shareholders reached 143 million yuan, marking a significant turnaround from losses in the previous year [1]. - In Q3 2024, the company reported a revenue of 369 million yuan, a year-on-year decrease of 4.60% and a quarter-on-quarter decrease of 24.10%. However, the net profit for Q3 was 41 million yuan, showing a remarkable year-on-year increase of 982.08% despite a quarter-on-quarter decline of 26.25% [1]. - The gross margin for Q3 2024 was 32.63%, an increase of 13.94 percentage points year-on-year and 8.39 percentage points quarter-on-quarter, indicating a clear upward trend in profitability [1]. Financial Performance Summary - For the first three quarters of 2024, the company incurred operating expenses of 226 million yuan, with an expense ratio of 17.61%, down by 10.32 percentage points year-on-year. R&D expenses amounted to 95 million yuan, with a R&D expense ratio of 7.42%, also down by 7.52 percentage points year-on-year [1]. - The company is projected to achieve revenues of 1.690 billion yuan, 2.358 billion yuan, and 3.059 billion yuan for the years 2024, 2025, and 2026, respectively. The corresponding net profits are expected to be 204 million yuan, 358 million yuan, and 533 million yuan [4][7]. - The report highlights a significant increase in the company's international sales of high-quality conductive silicon carbide substrates, with over 50% of the world's top ten power semiconductor companies now being clients [1][4]. Industry Outlook - The report emphasizes the growth potential of the third-generation semiconductor industry, driven by trends in global energy electrification and decarbonization. The electric vehicle sector remains the largest application area for silicon carbide [1]. - The company is noted for being one of the most comprehensive and internationally advanced silicon carbide substrate manufacturers in China, with a strong competitive edge due to its high-quality products [1].

Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for investment [1][6]. Core Insights - The company is a leading player in the mass supply of automotive-grade conductive silicon carbide substrates, with a significant increase in production capacity enhancing profitability [1][4]. - The demand for silicon carbide power devices is accelerating, particularly in the electric vehicle sector, with the market expected to reach nearly $10 billion by 2029 [3][4]. - The company has established stable partnerships with renowned international clients, with current orders exceeding 2 billion yuan [3][4]. Summary by Sections 1. Focus on Silicon Carbide Substrate Products - The company specializes in the research, production, and sales of silicon carbide substrates, which are widely used in microwave and power electronics [12]. - The revenue from silicon carbide substrates has shown significant growth, with a CAGR of 59.14% from 2021 to 2023, driven by increased production capacity and order fulfillment [14][15]. 2. Supply: Opportunities for Domestic Substitution - The transition from 6-inch to 8-inch silicon carbide substrates is a mainstream trend in the industry, with the company ranking second globally in market share for conductive substrates [4][21]. - The global market for conductive silicon carbide substrates is projected to grow to $2.16 billion by 2027, with the company positioned to benefit from this expansion [4][21]. 3. Demand: Accelerating Penetration of Silicon Carbide in Automotive Applications - The penetration rate of silicon carbide power devices in electric vehicles is increasing, with over 70% of the market expected to be in this sector [3][4]. - The company has a strong order backlog and is well-positioned to meet the growing demand for high-quality conductive silicon carbide substrates from major international manufacturers [3][4]. 4. Profit Forecast and Valuation - The company is expected to achieve revenues of 1.726 billion yuan in 2024, with a net profit of 192 million yuan, reflecting a significant turnaround from previous losses [6][15]. - The projected earnings per share (EPS) for 2024 is 0.45 yuan, with a price-to-earnings (P/E) ratio of 145.9x based on the closing price of 66.0 yuan on November 7, 2024 [6][15].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the industry index within the next six months [15]. Core Insights - The company has significantly improved its profitability, achieving a net profit of 143 million yuan in the first three quarters of 2024, a substantial turnaround from a loss of 46 million yuan in 2023 [2][3]. - Revenue for the first three quarters of 2024 reached 1.281 billion yuan, reflecting a year-on-year growth of 55.34% [2][3]. - The company has successfully expanded its international customer base, securing long-term contracts with major global players such as Infineon and Bosch, which enhances its market position [4][5]. Financial Performance - Revenue growth rates are projected at 45.1% for 2024, 70.3% for 2025, and 35.6% for 2026, with expected revenues of 1.815 billion yuan, 3.09 billion yuan, and 4.19 billion yuan respectively [2][10]. - The gross margin for the first three quarters of 2024 was 25.78%, an increase of 11.01 percentage points year-on-year, indicating improved profitability [3]. - The company’s net profit margin reached 11.16%, up by 19.44 percentage points year-on-year, showcasing enhanced operational efficiency [3]. Market Position and Growth Potential - The global market for electric vehicles is projected to grow from approximately 65.57 billion USD in 2024 to 117.43 billion USD by 2031, with a CAGR of about 8.5% from 2024 to 2031, indicating a robust demand for the company's products [4]. - The company has achieved a leading position in the global market for conductive silicon carbide substrates, ranking among the top three suppliers [5]. - The company is actively increasing its production capacity, particularly for 8-inch products, which are expected to see a growing share in sales as demand from major semiconductor manufacturers rises [6][7].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company has shown a significant improvement in gross margin, with a quarter-on-quarter increase of 8.66 percentage points in Q3 2024. The main product is silicon carbide substrates, achieving a revenue of 1.28 billion yuan in the first three quarters, representing a year-on-year growth of 55.3%. The net profit attributable to the parent company reached 135 million yuan, up 219% year-on-year, with a gross margin of 25.78%, an increase of 11.01 percentage points year-on-year [2][4]. - The company has established a strong customer base, covering over half of the top ten global power semiconductor companies, including Infineon and Bosch. New long-term cooperation agreements have been signed with these companies, indicating a solid customer barrier [3]. - The company's production capacity at the Shanghai Lingang factory is continuously improving, leading to a positive cycle of customer acquisition and technology enhancement. The company has begun bulk shipments of 8-inch substrates to international clients, positioning itself advantageously in the market [3][4]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 369 million yuan, a decrease of 4.6% year-on-year and 24.1% quarter-on-quarter, primarily due to unrecognized shipments. However, the revenue still increased year-on-year. The net profit attributable to the parent company for the quarter was 39 million yuan, marking a turnaround from losses, although it decreased by 25.5% quarter-on-quarter. The gross margin for this quarter was 32.63%, reflecting a year-on-year increase of 13.94 percentage points and a quarter-on-quarter increase of 8.66 percentage points [2][4]. - The company forecasts net profits of 194 million yuan, 463 million yuan, and 658 million yuan for 2024, 2025, and 2026, respectively, with adjustments made due to lower-than-expected revenue in 2024 [4][11]. Market Position and Strategy - The company has a leading position in silicon carbide substrates, with a focus on enhancing its production capabilities and expanding its customer base. The ongoing expansion of the 8-inch substrate production line is expected to further improve the company's average selling price (ASP) and gross margin [3][4]. - The company has established a positive feedback loop between high-quality product supply and customer demand, which is expected to drive growth in the coming years [3].