国泰海通证券股份有限公司(以下简称"保荐机构")作为山东天岳先进科 技股份有限公司（以下简称"公司"）首次公开发行股票并在科创板上市的持续 督导保荐机构,根据《证券发行上市保荐业务管理办法》《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》《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》等有关规定,对公司使用部分超募资金永久补充流动资金事项进行了核查, 具体情况如下: 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），公司首次公开发行 人民币普通股(A 股)42,971,105 股,全部为公开发行新股。每股面值人民币 1.00 元,每股发行价格为人民币 82.79 元,募集资金总额为人民币 355,757.78 万元, 扣除各项发行费用后的实际募集资金净额为人民币 320,347.13 万元。 国泰海通证券股份有限公司 关于山东天岳先进科技股份有限公司 使用部分超募资金永久补充流动资金的核查意见 立信会计师事务所（特殊普 ...

证券代码：688234 证券简称：天岳先进 公告编号：2025-032 公司原保荐代表人为邬凯丞、邬岳阳、蒋勇和王晓洁，本次合并后，国泰海 通指派保荐代表人邬凯丞、邬岳阳继续履行对公司的持续督导职责。 本次持续督导机构名称变更并调整保荐代表人后，公司首次公开发行 A 股股 票的持续督导保荐机构为国泰海通，保荐代表人为邬凯丞、邬岳阳（简历详见附 件），持续督导期至 2025 年 12 月 31 日。 特此公告。 山东天岳先进科技股份有限公司 董 事 会 山东天岳先进科技股份有限公司 关于持续督导机构名称变更并调整保荐代表人的公告 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。 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）以及上海证券交易所 出具的《关于山东天岳先进科技股份有限公司人民币普通股股票科创板上市交易 的通知》（〔2022〕8 号），山东天岳先进科技股份有限公司（以下简称"公司"） 获准首次公开发行股票并于 2022 年 1 月 1 ...

那2025年呢我们测算了一下假如说这个比亚迪他2025年拥有这个800伏和1000伏的这个车的话呃新增这个九十万九十万台那呃20262026年呢这个相关的车型新增180万台按照这个一片六寸的碳化合石秤颈的大概对应六辆车的这个图的这个用量来算的话那分别是增加这个15万片跟这个30万片的一个行业的需求 核心国际然后也建议购物投资呢去重视啊第一个就是我们展开了汇报一下就是第一个主要这块的一个供需格局的变化呃这个天悦呢他目前呢整体大概是在这个80%左右的一个输入啊来自于这个新能源这一块那天悦在新能源这块主要做这个碳化硅的供应器件里面的这个碳化硅的称积啊这个环境碳化硅呢它属于第三代半导体整体的这个 无论从性能的参数还是这个随着表现来看都是非常优异的那以碳化硅为代表的这个第三代半导体呢他这种材料具有这个宽静带以及这个电更饱和的这个电子漂移率以及热导率包括还有这个集穿电场这些都比较强这些优势在新的原车上的话这个碳化硅呢 它这个耐高压的特性呢尤其适合去做这个800伏以上的这个高压快充的这种车型同时呢碳化硅这个方案呢也可以实现这个新能源车的单电的系统的一个降本增效从而去提高这个新能源车的尤其纯电车的这个续航那碳化硅呢可以实现这 ...

国泰君安证券股份有限公司、海通证券股份有限公司 关于山东天岳先进科技股份有限公司 2024 年度持续督导年度跟踪报告 | 保荐机构名称:国泰君安证券股份有限公司 | 被保荐公司简称:天岳先进 | | --- | --- | | 保荐代表人姓名:王晓洁、蒋勇 | | | 保荐机构名称:海通证券股份有限公司 | 被保荐公司代码:688234.SH | | 保荐代表人姓名:邬凯丞、邬岳阳 | | 4 重大事项提示 经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)批复,山东天岳先进科 技股份有限公司(以下简称"上市公司"、"公司"或"发行人")首次公开发行股票 4,297.1105 万股,每股面值人民币 1元,每股发行价格人民币 82.79元,募集资 金总额为人民币 355,757.78 万元,扣除发行费用后,实际募集资金净额为人民币 320,347.13 万元。本次发行证券已于 2022年 1 月 12 日在上海证券交易所上市。 国泰君安证券股份有限公司、海通证券股份有限公司（以下简称"保荐机构"） 担任其持续督导保荐机构,持续督导期间为 ...

国泰君安证券股份有限公司、海通证券股份有限公司 关于山东天岳先进科技股份有限公司 2024 年度持续督导现场检查报告 上海证券交易所: 国泰君安证券股份有限公司、海通证券股份有限公司 (二) 保荐代表人 国泰君安证券股份有限公司:王晓洁、蒋勇 海通证券股份有限公司:邬凯丞、邬岳阳 (三) 现场检查时间 经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)批复,山东天岳先进 科技股份有限公司(以下简称"天岳先进"、"上市公司"、"公司")首次公开发 行股票 42.971,105 股,每股面值人民币 1元,每股发行价格人民币 82.79 元,募 集资金总额为人民币 355,757.78 万元,扣除发行费用后,实际募集资金净额为人 民币 320.347.13 万元。本次发行证券已于 2022年 1 月 12 日在上海证券交易所上 市。国泰君安证券股份有限公司、海通证券股份有限公司(以下简称"保荐机构") 担任其持续督导保荐机构,持续督导期间为 2022年 1 月 12 日至 2025年 12 月 31日。 根据《证券发行上市保荐业务管理办法》 ...

Core Insights - Tianyue Advanced (688234) reported a closing price of 62.0 yuan as of March 31, 2025, with a decline of 3.14% [1] - The company achieved a total revenue of 1.768 billion yuan for the year 2024, reflecting a year-on-year growth of 41.37% [1] - Net profit attributable to shareholders reached 179 million yuan, marking a significant increase of 491.56% year-on-year [1] Financial Performance - The company's operating revenue for 2024 was 1.768 billion yuan, up 41.37% from the previous year [1] - Net profit attributable to shareholders was 179 million yuan, showing a remarkable growth of 491.56% [1] - The company's non-recurring net profit was 156 million yuan, which is an increase of 238.48% year-on-year [1] - Current ratio stands at 2.025, quick ratio at 1.363, and debt-to-asset ratio at 27.78% [1] Investment and Intellectual Property - Tianyue Advanced has made investments in 13 companies and participated in 42 bidding projects [2] - The company holds 16 trademark registrations and 602 patents, along with 55 administrative licenses [2]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [4][10]. Core Views - The company achieved a turnaround in its annual performance, reporting a revenue of 1.768 billion yuan in 2024, a year-on-year increase of 41.37%, and a net profit of 179 million yuan, up 491.56% [5][6]. - The company has a strong focus on its core business, enhancing long-term collaborations with well-known domestic and international clients, which has led to significant revenue growth and improved profit margins [6][7]. - The company is actively expanding its product applications into emerging fields, with notable revenue contributions from international clients [7][8]. Financial Performance - In 2024, the company reported a gross margin of 25.90%, an increase of 10.09 percentage points year-on-year, with a main business gross margin of 32.92%, up 15.39 percentage points [6][12]. - The company’s revenue for Q4 2024 was 487 million yuan, reflecting a 14.32% increase year-on-year, while the net profit for the same quarter was 36 million yuan, up 59.74% [5][6]. - The company’s silicon carbide substrate products generated 1.474 billion yuan in revenue, accounting for 83.35% of total revenue, with international business revenue reaching 840 million yuan, a 104.43% increase [7][9]. Product and Market Position - The company is one of the few globally capable of mass-producing 8-inch silicon carbide substrates and has launched the industry's first 12-inch silicon carbide substrate [10][9]. - The company holds a 22.80% market share in the global conductive silicon carbide substrate market, ranking second worldwide [9][10]. - The company is expanding its product matrix to include larger substrates, with ongoing development in 8-inch and 12-inch products [8][9]. Future Projections - The company is projected to achieve revenues of 2.5 billion yuan, 3.249 billion yuan, and 4.043 billion yuan for the years 2025, 2026, and 2027, respectively [10][12]. - The expected net profits for the same years are 270 million yuan, 353 million yuan, and 443 million yuan, with corresponding EPS of 0.63 yuan, 0.82 yuan, and 1.03 yuan [10][12].

Investment Rating - The report maintains an "Accumulate-A" rating for the company Tianyue Advanced (688234.SH) [1] Core Views - The company achieved a turnaround in its annual performance, reporting a revenue of 1.768 billion yuan in 2024, a year-on-year increase of 41.37%, and a net profit attributable to shareholders of 179 million yuan, up 491.56% [2][3] - The company has a strong focus on its core business, enhancing long-term collaborations with well-known domestic and international clients, which has led to a significant increase in revenue and profitability [2][3] - The company is positioned as the second-largest global manufacturer of conductive silicon carbide substrates, with a market share of 22.80% [6][7] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 1.768 billion yuan, with a net profit of 179 million yuan, marking a significant improvement from a loss in the previous year [2][3] - The gross margin for the year was 25.90%, an increase of 10.09 percentage points year-on-year, driven by cost reduction and efficiency improvements [2][3] Product and Market Development - The main business segment, silicon carbide semiconductor materials, generated revenue of 1.474 billion yuan, accounting for 83.35% of total revenue, with a year-on-year growth of 35.72% [3] - The company has successfully expanded its international business, with overseas revenue reaching 840 million yuan, a 104.43% increase, representing 47.53% of total revenue [3] - The production capacity for silicon carbide substrates reached 410,200 pieces in 2024, a year-on-year increase of 56.56% [3] Future Projections - The company is expected to achieve revenues of 2.5 billion yuan, 3.249 billion yuan, and 4.043 billion yuan in 2025, 2026, and 2027, respectively [7] - The projected net profits for the same years are 270 million yuan, 353 million yuan, and 443 million yuan, with corresponding EPS of 0.63 yuan, 0.82 yuan, and 1.03 yuan [7]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company achieved a revenue of 1.768 billion yuan in 2024, representing a year-on-year growth of 41.37%, and a net profit attributable to shareholders of 179 million yuan, a significant increase of 491.56% year-on-year [4][8]. - The company is positioned as a leader in the production of 8-inch conductive substrates, with a strong focus on high-quality silicon carbide substrates, and has established partnerships with over half of the top ten power semiconductor manufacturers globally [11]. Financial Summary - **Revenue and Profit Forecasts**: - 2024 revenue: 1.768 billion yuan, 2025 estimated revenue: 2.431 billion yuan, 2026 estimated revenue: 3.286 billion yuan, 2027 estimated revenue: 4.124 billion yuan [6][12]. - 2024 net profit: 179 million yuan, 2025 estimated net profit: 266 million yuan, 2026 estimated net profit: 440 million yuan, 2027 estimated net profit: 628 million yuan [6][12]. - **Profitability Ratios**: - Gross margin for 2024 is 25.9%, with a projected increase to 29.9% by 2027 [13]. - Net margin for 2024 is 10.1%, expected to rise to 15.2% by 2027 [13]. - **Earnings Per Share (EPS)**: - EPS for 2024 is projected at 0.42 yuan, increasing to 1.46 yuan by 2027 [12][13]. Market Position and Growth Potential - The company is actively expanding its market presence in the silicon carbide substrate sector, with a production capacity of 410,200 pieces in 2024, marking a 56.56% increase from 2023 [9]. - The introduction of the first 12-inch silicon carbide substrate in November 2024 is expected to enhance production efficiency and reduce costs, further driving market adoption [9].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][13]. Core Views - The company achieved a revenue of 1.768 billion yuan in 2024, representing a year-on-year growth of 41.37%, and a net profit attributable to shareholders of 179 million yuan, a significant increase of 491.56% year-on-year [4][8]. - The company is positioned as a leader in the mass supply of 8-inch conductive substrates, with a focus on high-quality silicon carbide substrates, and is one of the few global players capable of mass-producing 8-inch silicon carbide substrates [9][8]. - The report anticipates continued strong demand for silicon carbide substrates in downstream applications, particularly in the electric vehicle, photovoltaic, energy storage, and AI sectors [8][9]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.768 billion yuan, with a gross margin of 25.9% and a net margin of 10.1% [8][11]. - The projected revenues for 2025, 2026, and 2027 are 2.431 billion yuan, 3.286 billion yuan, and 4.124 billion yuan, respectively, with corresponding net profits of 266 million yuan, 440 million yuan, and 628 million yuan [6][10]. Market Position - The company has established partnerships with over half of the top ten power semiconductor manufacturers globally and is actively expanding its market presence [9][8]. - The production capacity for silicon carbide substrates is expected to increase significantly, with a projected output of 410,200 pieces in 2024, marking a 56.56% increase from 2023 [9][10]. Future Outlook - The report adjusts profit expectations for 2025-2027, forecasting net profits of 266 million yuan, 440 million yuan, and 628 million yuan, respectively, with EPS of 0.62 yuan, 1.02 yuan, and 1.46 yuan [9][10]. - The company is expected to maintain a leading position in the silicon carbide substrate market, driven by ongoing demand and technological advancements [9][8].