关于天能电池集团股份有限公司 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对天能电池集团股份有限公司（以下简称"天能股份""公司""上 市公司"）进行持续督导工作的保荐人，对 2024 年度（以下简称"本持续督导期 间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 中信证券股份有限公司 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 王一真、向晓娟 （三）现场检查人员 王一真、徐旭、郭铖、马希仑、傅宽渠、张晟 （四）现场检查时间 2025 年 3 月 3 日至 2025 年 3 月 4 日、2025 年 3 月 12 日、2025 年 3 月 19 日、2025 年 3 月 26 日、2025 年 4 月 1 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担 ...

中信证券股份有限公司 关于天能电池集团股份有限公司2024年持续督导工作现场检查 结果及提请公司注意事项 天能电池集团股份有限公司： 中信证券股份有限公司（以下简称"本保荐人"）作为对贵公司进行持续督 导的保荐人，按照《上海证券交易所上市公司自律监管指引第 11 号——持续督 导》的有关要求，对贵公司认真履行了持续督导职责。 基于 2024 年度现场检查，本保荐人提请贵公司关注以下事项： 本年度，公司扣非归母净利润较上年度减少虽未达到 50%，但仍有 41.7%。 本保荐人提请公司关注，如若后续原材料价格持续上升，市场竞争进一步加剧， 终端售价进一步下探，公司盈利情况是否存在进一步下滑的风险。同时，公司如 若存在需大额计提减值等重大事项时，亦需充分评估计提充分性并积极履行信息 披露义务。 1 附件：《中信证券股份有限公司关于天能电池集团股份有限公司 2024 年度持 续督导工作现场检查报告》 2 2024 年持续督导工作现场检查结果及提请公司注意事项》之盖章页） 保荐人：中信证券股份有限公司 年 月 日 1、募投项目 截至本持续督导期末，"大锂电研发平台建设"尚未动工。公告原因如下： 2023 年下半年，由于 ...

天能电池集团股份有限公司 2024 年年度股东大会会议资料 天能电池集团股份有限公司 2024 年年度股东大会会议资料 2025 年 4 月 | | | | 年年度股东大会会议须知 1 | 天能电池集团股份有限公司 | | 2024 | | | --- | --- | --- | --- | --- | | 年年度股东大会会议议程 3 | 天能电池集团股份有限公司 | | 2024 | | | 年度董事会工作报告>的议案》 5 | 议案一：《关于<2024 | | | | | 年度监事会工作报告>的议案》 13 | 议案二：《关于<2024 | | | | | 年度财务决算报告>的议案》 18 | 议案三：《关于<2024 | | | | | 年度财务预算报告>的议案》 28 | 议案四：《关于<2025 | | | | | 年年度利润分配方案的议案》 31 | 2024 | | | 议案五：《关于 | | 年年度报告>及其摘要的议案》 32 | 议案六：《关于<2024 | | | | | 年度日常关联交易预计的议案》 33 | 2025 | | | 议案七：《关于 | | 议案八：《关于开展融资租赁业务暨 ...

出品：新浪财经上市公司研究院 这是天能股份近一年内的第三起核心技术人员离职。 研发人员流动性高 研发人员学历水平弱于同业 2020年末，天能股份有郭志刚、方明学、陈飞、邓成智、刘玉、施利勇、孙伟、向德波、曹寅亮9位核心技术人员。 而此次变动之后，何广先生离职，张海源先生被认定为核心技术人员，公司核心技术人员变为曹寅亮、方明学、邓成智、刘玉、郭鑫、周翠芳、张峰博、张 海源8名。约四年时间内，除曹寅亮、方明学、邓成智、刘玉4位仍在任外，其余全部发生变动。 从全部研发人员数目来看，2020年到2024年公司研发人员数量分别为1611人、1790人、1914人、1960人、1846人，总体数目稳中有升。然而，观察半年报数 据可发现，2021年半年报到2024年半年报中，其研发人员数量分别为1788人、1993人、2108人、1723人。 可见，研发人员数目实际上呈现明显的波动状态，研发人员减少最多的2024年上半年至少有237人离职，占期初研发团队总人数的12%。 作者：光心 2025年3月27日，天能股份发布公告称，公司核心技术人员何广先生于近日因个人发展原因申请辞去所任职务，并已办理离职手续。离职后，何广先生不再 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][24][25] Core Viewpoints - The company achieved a net profit of 1.555 billion yuan in 2024, a decrease of 33% year-on-year, with revenue of 45.042 billion yuan, down 6% year-on-year [1][7] - The company's lead-acid battery business revenue was 41.835 billion yuan in 2024, also down 6% year-on-year, with sales volume of 113.6 GWh, a decline of 9% year-on-year [1][16] - The fluctuation in lead prices significantly impacted the company's profitability, with a gross margin of 16.15% for lead-acid batteries, down 1.34 percentage points year-on-year [1][16] - Domestic policies are expected to stimulate demand for lead-acid batteries in 2025, with new standards for electric bicycles and increased subsidies for trade-in programs [2][17] - The company is expanding its overseas operations, with a new factory in Vietnam expected to enhance service capabilities and drive growth in international markets [2][17] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 45.042 billion yuan and a net profit of 1.555 billion yuan, with a gross margin of 15.10% [1][7] - The fourth quarter of 2024 saw a revenue of 12.154 billion yuan, down 4% year-on-year, and a net profit of 90 million yuan, down 85% year-on-year [1][7] - The company’s financial metrics indicate a decline in profitability, with a net profit margin of 3.53% for 2024 [1][7] Business Segments - The lead-acid battery segment faced challenges due to late policy implementation and suppressed downstream demand, leading to a slight decline in shipments [1][16] - The lithium battery business experienced a significant revenue drop of 45% year-on-year, with a gross margin of -30.71% [2][23] - The company is actively pursuing innovation in energy storage and has developed new products for various applications, including home storage and communication [2][23] Future Outlook - The company expects steady growth in the lead-acid battery business in 2025, driven by favorable domestic policies and increased market demand [2][17] - The forecast for net profit from 2025 to 2027 is adjusted to 2.362 billion yuan, 2.859 billion yuan, and 3.175 billion yuan, respectively, reflecting a recovery trend [3][24]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][24]. Core Views - The company achieved a net profit of 1.555 billion yuan in 2024, a year-on-year decrease of 33%. Revenue for the same period was 45.042 billion yuan, down 6% year-on-year. The gross margin was 15.10%, a decline of 1.13 percentage points year-on-year, while the net margin was 3.53%, down 0.93 percentage points year-on-year [1][7]. - The company's lead-acid battery business faced slight shipment declines due to fluctuating lead prices and delayed industry policies, resulting in a revenue of 41.835 billion yuan, also down 6% year-on-year, with a sales volume of 113.6 GWh, a decrease of 9% year-on-year [1][16]. - The company is expected to see steady growth in its lead-acid battery business in 2025, driven by domestic policy support and enhanced overseas operations, including the establishment of a factory in Vietnam [2][17]. Financial Performance Summary - In 2024, the company reported a revenue of 45.042 billion yuan, a decrease of 5.7% from 2023, and a net profit of 1.555 billion yuan, down 32.5% year-on-year. The earnings per share (EPS) for 2024 is projected at 1.60 yuan [4][24]. - The company anticipates a recovery in net profit to 2.362 billion yuan in 2025, representing a year-on-year increase of 51.9%, with EPS expected to rise to 2.43 yuan [3][24]. - The gross margin for the lead-acid battery business in 2024 was 16.15%, down 1.34 percentage points year-on-year, but is expected to improve with more stable lead prices [1][16]. Business Outlook - The company is actively pursuing transformation in its lithium battery business, which faced a revenue decline of 45% in 2024, with a negative gross margin of 30.71%. However, it has made progress in developing new products and expanding its market presence [2][23]. - The company is also exploring advanced technologies such as fuel cells, sodium batteries, and solid-state batteries, aiming to meet diverse market demands [23].

Core Viewpoint - The article discusses the latest developments in energy storage technology, highlighting new patents that indicate significant advancements in core technologies, safety measures, and market applications, which are expected to reshape the energy landscape and enhance operational efficiency. Group 1: Network-type Energy Storage Technology - The State Grid's Gansu Electric Power has developed a digital twin network control algorithm that enables millisecond-level adaptive regulation of the grid, reducing frequency fluctuation suppression time from 500ms to 150ms [2] - The State Grid's Hubei Electric Power has created a multi-scenario collaborative network device with a dual-polar topology structure, achieving frequency stability of ±0.1Hz and voltage fluctuation rate of less than 1.5% in island operation mode [4] - Yiwei Lithium Energy has established a real-time battery health state assessment model using the Kalman filter algorithm, compressing the response time for charge and discharge strategy adjustments to 50ms [5][6] Group 2: Essential Safety Technology - CATL has introduced a high-pressure direct-connected energy storage valve system that improves battery capacity degradation prediction accuracy to less than 2%, tripling the precision of traditional models [7] - Sunwoda has developed a three-level linkage protection system that includes temperature, gas, and smoke sensors, ensuring proactive safety measures in energy storage systems [8] - BYD has optimized solid electrolyte interface technology, achieving a room temperature ionic conductivity of 2.3×10^-4 S/cm and a cycle life exceeding 15,000 cycles [9][10] Group 3: Scene-based Innovation - TBEA has integrated a photovoltaic inverter, energy storage system, and DC charging pile into a unified control device, achieving a power factor of 0.98 and meeting Class A energy quality standards [12][13] - Envision Energy has developed a collaborative control algorithm for offshore wind power and energy storage, reducing the cost of electricity by 0.15 yuan per kilowatt-hour [14][15] - State Grid Tianjin Electric Power has implemented a super-fast charging pile that reduced voltage fluctuation rates from 8.2% to 0.8%, increasing daily charging volume by 42% [16][17] Group 4: Patent Competition and Industry Trends - The energy storage patent landscape is witnessing increased technological route differentiation, with companies like Tianneng introducing rapid charging technology for lead-carbon batteries [19] - Cross-industry integration is becoming common, as seen with Midea's multi-mode switching control patent for energy storage systems [20][21] - Material innovations are emerging, such as the modification of silicon-carbon anode materials by Shanshan, which controls expansion rates to within 15% [22] - The new technologies are projected to yield significant economic benefits, with network-type energy storage technology potentially reducing grid transformation costs by 18% [24]

证券研究报告 天能股份 (688819 CH) 业绩短期承压,两轮车政策落地助增长 海外布局方面，24 年公司越南组装厂完成试生产、进出口物流能力初步建 设完成、自建工厂开工建设，有利于配套东南亚等海外市场需求，稳步推进 全球化进程。同时公司积极打造以铅蓄电池为核心的产业生态圈，拓展应用 场景，看好新产品为公司带来的增长潜力。24 年实现氢燃料电池发动机系 统在装载机和公交车场景的小批量交付；丰富钠电产品矩阵；积极推进固态 电池在无人机（实现订单销售突破）、机器人等领域的商业化进程。 盈利预测与估值 我们下调公司 25-26 年归母净利润至 22.90 亿元/28.61 亿元（分别下调 15.41%/10.24%），预计 27 年归母净利润为 32.98 亿元；对应 EPS 为 2.36/2.94/3.39 元。下调系考虑到原材料价格修复后产品价格调整存在滞后 性以及新建工厂产能爬坡。参考可比公司 25 年 Wind 一致预期 PE 均值为 15.37 倍，给予公司 25 年 15.37 倍 PE，上调目标价为 36.21 元（前值 35.99 元，对应 25 年 12.37 倍 PE）。 | 华泰研究 | ...

证券研究报告 天能股份 (688819 CH) 业绩短期承压,两轮车政策落地助增长 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 28 日│中国内地 | 电源设备 | 公司公布 24 年报业绩：收入 450.42 亿元，同比-5.67%；归母净利润 15.55 亿元，同比-32.54%。其中 Q4 收入 121.54 亿元，同比/环比-4.18%/+7.89%； 归母净利润 9033.13 万元，同比/环比-84.77%/-66.54%。公司年报业绩基本 符合业绩快报。我们看好 25 年两轮车行业双政策背景下公司铅蓄电池出货 增长，同时新兴产品与海外市场加速拓展赋能长期增长。维持"买入"评级。 24 年业绩受到两轮车行业政策与原材料涨价影响 24 年公司收入下滑（同比-5.67%）主要系下游两轮车行业政策未落地抑制 需求，铅蓄电池销量下滑（同比-9.04%）；归母净利下滑幅度大于收入，主 要受毛利率下滑影响。24 年毛利率 15.10%，同比-2.45pct，主要系 1）原 材料大幅涨价；2）将质保金从销售费用移至销售成本，我们估 ...

（一）《中华人民共和国公司法》等关于董事任职资格的规 定； 科创板上市公司独立董事候选人声明与承诺 本人娄祝坤，已充分了解并同意由提名人天能电池集团股份 有限公司董事会提名为天能电池集团股份有限公司第三届董事 会独立董事候选人。本人公开声明，本人具备独立董事任职资格， 保证不存在任何影响本人担任天能电池集团股份有限公司独立 董事独立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门规章及其他规范性文件，具有五年以上法律、经济 会计、财务、管理等履行独立董事职责所必需的工作经验。 二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求： （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》和上海证 券交易所自律监管规则有关独立董事任职资格和条件的相关规 定； （四）中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定（如适用）； （五）中共中央组织部《关于进一步规范党政领导干部在企 业兼职（任职）问题的意见》 ...