天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2024-084 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 广州天赐高新材料股份有限公司 关于回购公司股份方案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 一、回购方案基本情况 1、拟回购金额：不低于人民币1.20亿元（含），不超过人民币1.60亿元 （含）。 2、回购价格：不超过人民币25元/股。 8、资金来源：自有资金和自筹资金（含商业银行回购专项贷款等）。 二、相关风险提示 天赐材料（002709） 1、若回购期限内公司股票价格持续超出回购方案披露的价格上限，将导致 回购方案无法实施或只能部分实施的风险； 2、若发生对公司股票交易价格产生重大影响的重大事项或公司董事会决定 终止本次回购方案等事项，则存在回购方案无法顺利实施的风险； 3、回购数量：在回购股份价格不超过人民币25元/股的条件下，按回购金 额上限人民币1.60亿元测算，预计回购股份数量不超过640万股，约占公司目 前 ...

证券时报网讯，统计显示，11月13日有75只个股获机构买入型评级。 其中，天赐材料关注度最高，获2次机构买入型评级；一心堂、木林森、东方财富、迈瑞医疗、重庆啤 酒、均胜电子等股均获1次机构买入型评级。 校对：赵燕 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Views - The company reported a significant increase in electrolyte shipment volume, with a quarter-on-quarter growth of approximately 20%, leading to an estimated shipment of 136,000 tons in Q3 2024 [2]. - The company's Q3 revenue was 3.413 billion yuan, a year-on-year decrease of 17.52%, while the net profit attributable to shareholders was 101 million yuan, down 78.25% year-on-year [2]. - The report anticipates that the company's Q4 electrolyte and lithium salt shipment volumes will remain stable, with profitability expected to be maintained [2]. - The report highlights a substantial increase in phosphate iron sales, with a projected 40% quarter-on-quarter growth in Q3, driven by ongoing capacity ramp-up [2]. - The company is expected to significantly reduce losses in its positive electrode business by 2025 due to continuous capacity ramp-up and improved yield rates [2]. Financial Summary - The projected revenues for 2024, 2025, and 2026 are 12.363 billion yuan, 14.535 billion yuan, and 24.990 billion yuan, respectively, reflecting a year-on-year growth of -19.75%, +17.57%, and +71.94% [2][3]. - The net profit attributable to shareholders is forecasted to be 478.55 million yuan, 1.275 billion yuan, and 2.311 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 74.69%, 166.51%, and 81.21% [2][3]. - The earnings per share (EPS) are expected to be 0.25 yuan, 0.66 yuan, and 1.20 yuan for the respective years [2][3]. - The current price-to-earnings (PE) ratios are projected at 88.25, 33.11, and 18.27 for 2024, 2025, and 2026 [2][3].

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The report indicates that the company's revenue in Q3 2024 was 3.413 billion yuan, a year-on-year decrease of 17.52% but a quarter-on-quarter increase of 14.26%. The net profit attributable to the parent company was 101 million yuan, down 78.25% year-on-year and 18.15% quarter-on-quarter, with a gross margin of 17.90%, down 6.42 percentage points year-on-year and 0.38 percentage points quarter-on-quarter. The profitability is under pressure due to fluctuations in upstream raw material prices and electrolyte prices [4] - The company is advancing its integration strategy, achieving significant cost advantages. It has leading technology in liquid lithium hexafluorophosphate production, with both unit capacity investment costs and production costs significantly lower than the industry average. As of H1 2024, the self-supply ratio of key raw materials, lithium hexafluorophosphate and LiFSI, exceeded 97%, further reducing costs [4] - The company is actively expanding its overseas market and accelerating global capacity layout. Several designated projects are in the pilot testing stage, with orderly progress in factory construction. The North America and Morocco projects are on schedule, with the U.S. project of 200,000 tons in the design and environmental assessment stages, and the Morocco project in the design phase, expected to be completed by the end of 2026 [5] - The company is focusing on research and development innovation, particularly in the electrolyte and cathode material sectors, with plans to develop high-energy density systems and new materials to meet market demands [5] Financial Summary - The company's revenue for 2024 is projected to be 12.702 billion yuan, a year-on-year decrease of 17.5%, with a net profit of 488 million yuan, down 74.2% year-on-year. The revenue is expected to recover in 2025 and 2026, with projections of 16.199 billion yuan and 20.722 billion yuan respectively [7][9] - The gross margin is expected to improve from 15.7% in 2024 to 20.7% in 2026, while the net profit margin is projected to increase from 3.8% in 2024 to 9.6% in 2026 [11] - The report estimates that the company's net profit attributable to the parent company will be 4.88 billion yuan in 2024, 12.88 billion yuan in 2025, and 19.85 billion yuan in 2026, reflecting a significant recovery in profitability [6][9]

天赐材料（ [Table_StockNameRptType] 002709） 公司点评 业绩符合预期，盈利有望触底 [Table_Rank] 投资评级：买入（维持） 报告日期： 2024-10-31 | --- | --- | |---------------------------------|-------------| | | | | [Table_BaseData] 收盘价（元） | 17.97 | | 近 12 个月最高 / 最低（元） | 28.98/12.86 | | 总股本（百万股） | 1,919 | | 流通股本（百万股） | 1,385 | | 流通股比例（ % ） | 72.18 | | 总市值（亿元） | 345 | | 流通市值（亿元） | 249 | [公司价格与沪深 Table_Chart] 300 走势比较 -63% -40% -17% 6% 29% 10/23 1/24 4/24 7/24 天赐材料 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzb@hazq.com [Table_CompanyRepo ...

证券研究报告：电力设备 | 公司点评报告 2024 年 10 月 30 日 公司基本情况 最新收盘价（元） 18.07 总股本/流通股本（亿股）19.19 / 13.85 总市值/流通市值（亿元）347 / 250 52 周内最高/最低价 28.58 / 12.96 资产负债率(%) 43.4% 市盈率 18.25 第一大股东 徐金富 股票投资评级 买入|首次覆盖 个股表现 -54% -48% -42% -36% -30% -24% -18% -12% -6% 0% 6% 2023-10 2024-01 2024-03 2024-06 2024-08 2024-10 天赐材料 电力设备 资料来源：聚源，中邮证券研究所 研究所 分析师:侯若雪 SAC 登记编号:S1340524100002 Email:houruoxue@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 天赐材料(002709) 电解液龙 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 8.863 billion yuan for the first three quarters of 2024, a decrease of 26.90% year-on-year, and a net profit attributable to shareholders of 338 million yuan, down 80.69% year-on-year [4][5] - The company is focusing on integrating its supply chain for battery materials and has achieved over 97% self-supply ratio for key raw materials as of H1 2024 [4] - The company is accelerating its international expansion, with several overseas projects in the pilot stage and plans for a factory in North America and Morocco [5] - The company is expected to achieve net profits of 511 million yuan, 1.3 billion yuan, and 1.797 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 70.47, 27.67, and 20.02 [5] Financial Summary - The company's revenue is projected to decline from 22.317 billion yuan in 2022 to 12.402 billion yuan in 2024, before recovering to 16.385 billion yuan in 2025 and 20.227 billion yuan in 2026 [6] - The net profit attributable to shareholders is forecasted to drop from 5.714 billion yuan in 2022 to 511 million yuan in 2024, with a gradual increase to 1.797 billion yuan by 2026 [6] - The earnings per share (EPS) is expected to decrease from 2.98 yuan in 2022 to 0.27 yuan in 2024, then rise to 0.94 yuan in 2026 [6] - The company's total assets are projected to increase from 255.31 billion yuan in 2022 to 294.66 billion yuan in 2026 [6]

证券时报e公司讯，天赐材料10月28日在业绩说明会上表示，电解液行业经过前两年的大规模扩产，正 处于供需格局变化周期，行业产能较为充裕，目前除了行业头部企业外，普遍都处于开工率较低的状 态；由于持续的低盈利水平，新进入者的建设及开工计划也进展缓慢，公司认为目前维持在底部的价格 区间，往下压价的空间十分有限，待行业头部厂商产能消化后，行业的竞争格局会有良性的改善。 ...

证券代码：002709 证券简称：天赐材料 编号：2024-008 转债代码：127073 转债简称：天赐转债 广州天赐高新材料股份有限公司投资者关系活动记录表 | --- | --- | --- | |-------------------------------|-----------------------------------------------------------|-----------------------------------------------------------| | 投资者关系活动 \n类别 | □特定对象调研 \n□媒体采访 \n□新闻发布会 \n□现场参观 | □分析师会议 \n■业绩说明会 \n□路演活动 \n□其他 | | | 参与单位名称 详细参与人员名单见后续附表 | | | 时间 | 2024 年 10 月 28 日 | 10:00-11:00 | | 上市公司接待 人员姓名 | 董事长 徐金富；财务总监 董事会秘书 | 顾斌； 韩恒；投资者关系经理 杨凌杰 | | | | 本次交流会议分为两个部分，第一部分是公司对 2024 | | | | 年三季度经 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a significant decline in performance, with a 26.90% year-on-year decrease in revenue for the first three quarters of 2024, totaling 8.863 billion yuan, and an 80.69% drop in net profit to 338 million yuan [2][6] - The company's integrated layout is expected to enhance cost advantages, with a focus on lithium salt and iron phosphate as core product lines, and a self-supply ratio of over 97% for key materials [8] Financial Performance Summary - For Q3 2024, the company achieved revenue of 3.413 billion yuan, down 17.52% year-on-year but up 14.26% quarter-on-quarter; net profit was 101 million yuan, down 78.25% year-on-year and down 18.15% quarter-on-quarter [2][6] - The gross margin for Q3 2024 was 17.90%, a decrease of 6.42 percentage points year-on-year, while the net margin was 2.87%, down 8.69 percentage points year-on-year [7] Earnings Forecast and Investment Recommendations - Revenue projections for 2024-2026 are 12.608 billion yuan, 17.379 billion yuan, and 22.531 billion yuan, reflecting year-on-year changes of -18.2%, +37.8%, and +29.6% respectively; net profit forecasts are 518 million yuan, 1.208 billion yuan, and 2.027 billion yuan, with year-on-year changes of -72.6%, +133.2%, and +67.8% respectively [9][10] - The company is expected to have significant profit elasticity as it recovers from the current downturn, maintaining the "Buy" rating [9]