Investment Rating - The report maintains an "Accumulate" 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, up 491.56% year-on-year [5] - The introduction of the 12-inch silicon carbide substrate marks a significant technological advancement, with a 2.5 times increase in single wafer chip output [5] - The company is exploring new applications for silicon carbide materials in AI products, which could enhance user experience and reduce manufacturing costs [5] - Revenue projections for 2025-2027 are estimated at 2.538 billion yuan, 3.268 billion yuan, and 4.112 billion yuan, with corresponding net profits of 313 million yuan, 521 million yuan, and 817 million yuan [5] Financial Performance Summary - Revenue growth rates are projected at 199.90% for 2023, 41.37% for 2024, and 43.52% for 2025 [4] - The company is expected to achieve a net profit margin of 12.3% by 2025, with an EPS of 0.73 yuan [7] - The company's return on equity (ROE) is projected to improve from -0.87% in 2023 to 5.57% in 2025 [4][7] Market Position and Trends - The company is positioned to benefit from the growing demand for silicon carbide materials in various applications, particularly in the AI sector [5] - The report highlights the company's proactive approach in exploring downstream applications, which could lead to significant market opportunities [5]

Core Viewpoint - Shandong Tianyue Advanced Technology Co., Ltd. (Tianyue Advanced) is preparing for an IPO on the Hong Kong Stock Exchange, focusing on its capabilities in silicon carbide substrate manufacturing, which is essential for various high-tech applications [2]. Group 1: Company Overview - Tianyue Advanced is a manufacturer of silicon carbide substrates, which are widely used in electric vehicles, AI data centers, photovoltaic systems, AI glasses, rail transportation, power grids, home appliances, and advanced communication base stations [2]. - The company is one of the few globally capable of mass-producing 8-inch silicon carbide substrates and has pioneered the commercialization of 2-inch to 8-inch substrates, as well as the introduction of 12-inch substrates [2]. Group 2: Sales and Revenue - Tianyue Advanced ranks among the top three silicon carbide substrate manufacturers globally based on sales revenue in 2023 [3]. - The sales volume of silicon carbide substrates from 2022 to the first nine months of 2024 was 63,800 pieces, 226,300 pieces, and 251,500 pieces, with average selling prices of RMB 5,110.0, RMB 4,798.1, and RMB 4,185.0 per piece respectively [3]. - Despite a decline in product prices, the significant increase in sales volume has led to continuous revenue growth, with revenues of RMB 417 million, RMB 1.251 billion, and RMB 1.281 billion for the respective periods [4]. Group 3: Revenue Composition - Revenue from silicon carbide substrate sales accounted for 78.2%, 86.8%, and 82.2% of total revenue in 2022, 2023, and the first nine months of 2024 respectively [4]. - Sales outside mainland China have been increasing, contributing RMB 52.4 million, RMB 414.4 million, and RMB 518 million, representing 12.6%, 33.1%, and 40.4% of total revenue [6]. Group 4: Customer and Procurement Insights - The top five customers contributed 65.0%, 51.3%, and 53.2% of revenue from 2022 to the first nine months of 2024, with the largest customer accounting for 26.0%, 17.1%, and 14.4% respectively [8]. - Tianyue Advanced has engaged in related-party transactions, purchasing from companies controlled by family members of its management, with total procurement from these companies amounting to RMB 94.6 million over the specified periods [8][9].

Core Viewpoint - The company Tianyue Advanced reported a significant increase in revenue and profit for the year 2024, driven by the growing demand for silicon carbide substrates in the electric vehicle, photovoltaic, and AI sectors [1][4]. Financial Performance - The company achieved total revenue of 1.768 billion yuan in 2024, a year-on-year increase of 41.37% [1]. - Net profit reached 179 million yuan, with a non-deductible net profit of 156 million yuan, marking a turnaround from previous losses [1]. Business Segmentation - **By Product**: The revenue from silicon carbide substrates increased significantly, with a gross margin improvement of 10.40 percentage points [3]. - **By Region**: Overseas revenue doubled to 840 million yuan, a 104.43% increase year-on-year, surpassing domestic revenue for the first time [7][8]. Market Trends and Developments - The growth in revenue is attributed to the accelerated penetration of silicon carbide semiconductors in key applications such as new energy vehicles and AI [4][6]. - The company has made advancements in product quality and production capacity, including the introduction of 8-inch conductive substrates and plans for a 12-inch substrate [4]. Production Capacity and R&D - The company reported a production capacity of 410,200 silicon carbide substrates in 2024, a 56.56% increase from 2023 [4]. - R&D expenses amounted to 142 million yuan, reflecting a 3.38% increase, indicating ongoing investment in technology and capacity expansion [5]. Strategic Initiatives - The company is pursuing an internationalization strategy, including plans to establish production bases overseas to enhance responsiveness to global customer demands [8]. - Tianyue Advanced has submitted an application for listing on the Hong Kong Stock Exchange, aiming for an "A+H" market presence [8].

Investment Rating - The report maintains a "Buy" rating for the company, with expected significant profit growth in the coming years [4]. Core Insights - The company reported a revenue of 1.768 billion RMB for 2024, representing a year-on-year increase of 41.37%, and a net profit attributable to shareholders of 179 million RMB, a substantial increase of 491.56% year-on-year [1]. - The company has significantly enhanced its production capacity and efficiency, achieving a record high production of 410,200 SiC substrates in 2024, up 56.56% year-on-year [2][3]. - The company is recognized as the second-largest global manufacturer of conductive SiC substrates, holding a market share of 22.8% [3]. Summary by Sections Performance Review - In Q4 2024, the company achieved a revenue of 487 million RMB, a year-on-year increase of 4.32%, and a net profit of 36 million RMB, up 59.74% year-on-year [1]. Operational Analysis - The company has improved its core product capacity, with the Jinan plant steadily increasing output and the Shanghai plant achieving its annual production target ahead of schedule [2]. - The gross profit margin for 2024 was reported at 25.9%, showing a significant improvement compared to previous years [2]. Research and Development - The company has made advancements in R&D, being the first in the industry to produce 8-inch substrates without macro defects, and has a total of 194 invention patents and 308 utility model patents [3]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 318 million RMB, 549 million RMB, and 814 million RMB respectively, with corresponding EPS of 0.74, 1.28, and 1.89 RMB [4].

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 0.74, 1.28, and 1.89 RMB for the years 2025 to 2027, respectively [4]. Core Insights - The company reported a revenue of 1.768 billion RMB for 2024, representing a year-on-year growth of 41.37%, and a net profit of 179 million RMB, a significant increase of 491.56% compared to the previous year [1][4]. - The company has significantly enhanced its production capacity and efficiency, achieving a record production of 410,200 SiC substrates in 2024, which is a 56.56% increase year-on-year [2][3]. - The company is recognized as the second-largest manufacturer of conductive SiC substrates globally, holding a market share of 22.8% [3]. Summary by Sections Performance Review - In Q4 2024, the company achieved a revenue of 487 million RMB, with a year-on-year growth of 4.32%, and a net profit of 36 million RMB, up 59.74% year-on-year [1]. Operational Analysis - The company has improved its core product capacity, with the Jinan plant steadily increasing output and the Shanghai plant achieving its annual production target ahead of schedule [2]. - The gross profit margin for 2024 was reported at 25.9%, indicating a significant improvement [2]. Research and Development - The company has made advancements in R&D, being the first in the industry to produce defect-free 8-inch substrates using a liquid-phase method, and has a total of 194 invention patents and 308 utility model patents [3]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 318 million RMB, 549 million RMB, and 814 million RMB, respectively, with corresponding growth rates of 78%, 73%, and 48% [4].

Group 1 - The company reported a revenue of 1.768 billion yuan in 2024, an increase of 41.37% year-on-year, and a net profit of 179 million yuan, marking a return to profitability [1] - The company's stock price has increased nearly 30% year-to-date, reflecting strong market interest in its semiconductor materials [1] - The company specializes in high-quality silicon carbide substrates and has been a pioneer in the commercialization of 2-inch to 8-inch silicon carbide substrates, as well as the introduction of 12-inch substrates [1] Group 2 - In 2024, the company plans to enhance its core product capacity, with the Jinan factory steadily increasing production and the Shanghai factory achieving an annual capacity of 300,000 conductive substrates ahead of schedule [2] - The production of silicon carbide substrates is expected to reach 410,200 pieces in 2024, a growth of 56.56% compared to 2023, with gross margin improving to 32.92%, an increase of 15.39 percentage points year-on-year [2] - The company is preparing for an overseas public offering of H-shares and plans to use the funds for expanding production capacity and enhancing R&D capabilities [2] Group 3 - The company has established business relationships with over half of the top ten power semiconductor manufacturers globally, and its market share is projected to reach 22.8% in 2024, placing it among the international leaders [3] - The company aims to leverage its advantages in capacity layout, technological accumulation, and industry positioning to continuously improve product quality and scale, thereby enhancing overall profitability [3]

山东天岳先进科技股份有限公司 关于公司 2025 年度日常关联交易预计的公告 证券代码：688234 证券简称：天岳先进 公告编号：2025-023 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、是否需提交股东大会审议：否 2、日常关联交易对上市公司的影响：本次预计关联交易事项为日常经营所必 需，遵循公平公允的市场原则和交易条件，不存在损害公司利益和中小股东利益 的情形，不会对关联方形成较大依赖，不会影响公司独立性。 现将具体情况公告如下： 一、日常关联交易基本情况 （一）日常关联交易需履行的程序 2025 年 3 月 27 日，山东天岳先进科技股份有限公司（以下简称"公司"） 召开第二届董事会第十一次会议，审议通过了《关于公司 2025 年度日常关联交 易预计的议案》，关联董事回避表决，出席会议的非关联董事一致同意该议案。 表决程序符合《公司法》《证券法》等法律法规以及《公司章程》的有关规定。 2025 年 3 月 27 日，公司召开第二届监事会第十次会议，审议通过了《关于 公司 2025 年度日常关 ...

本公司董事会及全体董事保证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、 召开会议的基本情况 （一） 股东大会类型和届次 证券代码：688234 证券简称：天岳先进 公告编号：2025-031 山东天岳先进科技股份有限公司 关于召开2024年年度股东大会的通知 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 2024年年度股东大会 召开日期时间：2025 年 5 月 16 日 14 点 30 分 召开地点：山东省济南市槐荫区天岳南路 99 号天岳先进公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 16 日 至2025 年 5 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 股东大会召开日期：2025年5月 ...

证券代码：688234 证券简称：天岳先进 公告编号：2025-018 山东天岳先进科技股份有限公司 第二届董事会第十一次会议决议公告 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"）第二届董事会第十一次 会议于 2025 年 3 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： （一）审议通过《关于公司 2024 年度董事会工作报告的议案》 同意公司 2024 年度董事会工作报告。 表决结果：9 票同意，0 票反对，0 票弃权。 本议案已经战略委员会审议通过，尚需提交公司股东大会审议。 （二）审议通过《关于公司 2024 年度总经理工作报告的议案》 同意公司 2024 年度总经理工作报告。 表决结果：9 票同意，0 票反对， ...

证券代码：688234 证券简称：天岳先进 公告编号：2025-022 山东天岳先进科技股份有限公司 关于公司 2024 年度利润分配方案的公告 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： 1、山东天岳先进科技股份有限公司（以下简称"公司"）2024 年度不派发现 金红利，不进行公积金转增股本、不送红股。 2、公司 2024 年度不分配利润，是基于行业发展情况、公司发展阶段、公司 实际经营情况等各方面因素综合考虑。 3、公司 2024 年年度利润分配方案已经公司第二届董事会第十一次会议和第 二届监事会第十次会议审议通过，尚需提交公司 2024 年年度股东大会审议。 4、本次利润分配方案不会触及《上海证券交易所科创板股票上市规则（2024 年 4 月修订）》（以下简称《科创板股票上市规则》）第 12.9.1 条第一款第（八） 项规定的可能被实施其他风险警示的情形。 一、利润分配方案内容 （一）利润分配方案的具体内容 | 项目 | 本年度 | 上年度 | 上上年度 | | --- | --- | --- | ...