2024 年 08 月 29 日 评级 买入 | --- | --- | |-----------------------|-------------| | 当前价格（元） | 13.65 | | 52 周价格区间（元） | 13.58-33.36 | | 总市值（百万） | 26192.00 | | 流通市值（百万） | 18905.47 | | 总股本（万股） | 191882.40 | | 流通股（万股） | 138501.60 | 涨跌幅比较 天赐材料 电池 -58% -38% -18% 2% 22% 2023-08 2023-11 2024-02 2024-05 % 1M 3M 12M 杨鑫 分析师 执业证书编号:S0530524050001 yangxin13@hnchasing.com 相关报告 天赐材料 -11.59 -30.57 -57.61 电池 -5.80 -15.33 -32.44 1 天赐材料（002709.SZ）公司点评：与电池龙 头签订供货协议，市占率有望进一步提升 2024-06-18 证券研究报告 公司点评 天赐材料(002709.SZ) 电力设备｜ 电池 电解液出货量持续增 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported H1 2024 revenue of 5.45 billion yuan, a year-on-year decrease of 31.76%, primarily due to a significant drop in sales prices of battery materials [4] - The net profit attributable to shareholders for H1 2024 was 237.5 million yuan, down 81.56% year-on-year, with a non-recurring net profit of 186.2 million yuan, down 85.35% [4] - The electrolyte prices remained relatively stable in the first half of the year, and the phosphate iron business is expected to reduce losses in the second half [4] - The company signed a supply agreement with CATL, expecting to supply 58,600 tons of solid lithium hexafluorophosphate for 2024-2025, indicating a concentration of orders and potential for rapid capacity clearance [4] - The company is enhancing its integrated layout to build core cost advantages, including the operation of lithium carbonate production lines and battery recycling processes [4] - The company is expected to have net profits of 614 million yuan, 1.524 billion yuan, and 2.049 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 43x, 17x, and 13x [4][5] Financial Summary - H1 2024 revenue is projected at 5.45 billion yuan, with a year-on-year decline of 31.76% [4] - The net profit attributable to shareholders is expected to be 614 million yuan in 2024, with a significant decrease in 2023 [5] - The gross margin is projected to be 18.1% in 2024, down from 25.9% in 2023 [5] - The company’s total assets are expected to reach 25.87 billion yuan in 2024, with total liabilities of 12.35 billion yuan [7]

Investment Rating - Strong Buy (Maintained) with a target price of 16.95 RMB, compared to the current price of 14.35 RMB [1] Core Views - The company's H1 2024 revenue was 5.45 billion RMB, a year-on-year decrease of 31.76%, with net profit attributable to shareholders of 238 million RMB, a year-on-year decrease of 81.56% [1] - In Q2 2024, revenue was 2.987 billion RMB, a quarter-on-quarter increase of 21.27%, with net profit attributable to shareholders of 123 million RMB, a quarter-on-quarter increase of 7.64% [1] - The company is focusing on cost reduction and efficiency improvement, particularly in lithium-ion battery materials, with a self-supply ratio of core raw materials (LiPF6 and LiFSI) reaching 97% [1] - The company is expanding its overseas business, with projects in North America and Morocco entering the pilot phase, and plans to establish a sample preparation room in North America to enhance service quality [1] - The company's lithium iron phosphate (LFP) product sales increased by 67% year-on-year, with sales revenue growing by 21%, indicating strong growth potential in the cathode materials sector [1] - The company's 2024-2026 net profit attributable to shareholders is forecasted to be 835 million RMB, 1.626 billion RMB, and 2.416 billion RMB, respectively, with corresponding P/E ratios of 33x, 17x, and 11x [1] Financial Performance Summary - H1 2024 revenue: 5.45 billion RMB, down 31.76% YoY [1] - H1 2024 net profit attributable to shareholders: 238 million RMB, down 81.56% YoY [1] - Q2 2024 revenue: 2.987 billion RMB, up 21.27% QoQ [1] - Q2 2024 net profit attributable to shareholders: 123 million RMB, up 7.64% QoQ [1] - Forecasted 2024-2026 revenue: 14.514 billion RMB, 17.961 billion RMB, and 21.386 billion RMB, respectively [2] - Forecasted 2024-2026 net profit attributable to shareholders: 835 million RMB, 1.626 billion RMB, and 2.416 billion RMB, respectively [2] Business Development - The company is enhancing its competitive advantage in lithium-ion battery materials by increasing the self-supply ratio of core raw materials (LiPF6 and LiFSI) to 97% [1] - The company is advancing the commissioning of its 300,000-ton LFP project (Phase I) and improving product competitiveness [1] - The company is actively promoting the commissioning and operation of its lithium carbonate production line in a subsidiary, achieving a battery black powder recovery rate of 98% [1] - The company is expanding its overseas business, with projects in North America and Morocco entering the pilot phase, and plans to establish a sample preparation room in North America [1] - The company's LFP product sales increased by 67% year-on-year, with sales revenue growing by 21%, indicating strong growth potential in the cathode materials sector [1] Valuation and Forecast - The company's 2024-2026 net profit attributable to shareholders is forecasted to be 835 million RMB, 1.626 billion RMB, and 2.416 billion RMB, respectively [1] - The corresponding P/E ratios for 2024-2026 are 33x, 17x, and 11x, respectively [1] - The target price of 16.95 RMB is based on a 2025 P/E ratio of 20x [1]

Investment Rating - The report maintains a "Recommend" rating for Tianci Materials (002709 SZ) [2] Core Views - The company's H1 2024 performance met expectations, with revenue of RMB 5 45 billion (YoY -31 76%) and net profit attributable to shareholders of RMB 238 million (YoY -81 56%) [2] - Electrolyte profitability is under short-term pressure due to raw material price fluctuations and intensified competition, with Q2 2024 electrolyte shipments of 113k tons (YoY +25 56%, QoQ +25 56%) and net profit per ton of RMB 800 (YoY -86 67%, QoQ -27 27%) [2] - The company is advancing its lithium iron phosphate project, with H1 2024 shipments up 67% YoY, and is actively expanding domestic and overseas production capacity [2] - Revenue is expected to reach RMB 12 76 billion, RMB 16 27 billion, and RMB 19 15 billion in 2024-2026, with net profit attributable to shareholders of RMB 726 million, RMB 1 30 billion, and RMB 1 99 billion, respectively [2] Financial Performance - Q2 2024 revenue was RMB 2 99 billion (YoY -18 67%, QoQ +21 27%), with net profit attributable to shareholders of RMB 123 million (YoY -79 26%, QoQ +7 64%) [2] - Gross margin in Q2 2024 was 18 28% (YoY -12 03pcts, QoQ -1 25pcts), and net margin was 4 19% (YoY -10 28pcts, QoQ -0 43pct) [2] - The company's cost control capabilities are industry-leading, with unit investment and production costs for liquid lithium hexafluorophosphate significantly lower than the industry average [2] Capacity Expansion - The company is focusing on the 300k ton lithium iron phosphate project (Phase I), which is currently in the pilot stage [2] - Domestic production bases are located in Guangzhou, Jiujiang, and Tianjin, while overseas expansion includes a German OEM factory and ongoing US electrolyte projects [2] - The company plans to establish a subsidiary in Morocco to further expand overseas production capacity [2] Valuation - The company's PE ratios for 2024-2026 are projected at 36x, 20x, and 13x, respectively [2] - PB ratios for 2024-2026 are expected to be 2 0x, 1 8x, and 1 6x, respectively [3]

Investment Rating - The report maintains a "Buy-B" rating for the company, with a target price of 13.99 CNY [1][3]. Core Views - The company has a solid leading position in the industry and is steadily advancing in overseas markets [1]. - The company reported a significant decline in revenue and net profit for the first half of 2024, with total revenue of 5.45 billion CNY, down 31.8% year-on-year, and a net profit of 238 million CNY, down 81.6% year-on-year [1]. - The growth in the company's lithium-ion battery materials business remains strong, accounting for approximately 86.82% of total revenue, with a notable increase in sales of phosphate iron products [1][3]. Financial Performance - In the first half of 2024, the company achieved a gross margin of 18.85%, a decrease of 11.6 percentage points year-on-year, and a net margin of 4.38%, down 11.0 percentage points year-on-year [1]. - The company’s revenue projections for 2024-2026 have been revised downwards, with expected net profits of 651 million CNY, 1.52 billion CNY, and 2.21 billion CNY respectively, reflecting a significant decrease from previous forecasts [3][4]. - The company’s total assets are projected to increase from 23.98 billion CNY in 2023 to 33.09 billion CNY by 2026, indicating a growth trajectory despite current challenges [5]. Market Position and Strategy - The company maintains a leading market share and profitability in the electrolyte product segment, with over 97% self-supply ratio for key raw materials [1]. - The company is focusing on enhancing its competitive advantage by addressing production line debugging issues and improving production processes to reduce costs [1]. - The overseas revenue showed a slight increase of 13.58% year-on-year, with ongoing efforts to expand international customer certifications and collaborations [1][3]. Research and Development - The company’s R&D expenses in the first half of 2024 were 306 million CNY, a decrease of 5.80% year-on-year, with a focus on lithium battery materials [1]. - Key R&D initiatives include the development of high-energy-density lithium battery systems and new sodium battery materials to meet market demands [1].

证券代码：002709 证券简称：天赐材料 编号：2024-005 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 | --- | --- | --- | |-----------------------------|--------------------------------------------|--------------------------------------------------| | | □特定对象调研 | □分析师会议 | | 投资者关系活动 | □媒体采访 | ■业绩说明会 | | 类别 | □新闻发布会 | □路演活动 | | | □现场参观 | □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 8 月 28 日 | 9:00-10:00 | | 上市公司接待 | 董事长 徐金富；财务总监 | 顾斌； | | 人员姓名 | 董事会秘书 | 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 | | | | 年上半年经营情况做简要介绍；第 ...

证券研究报告 非金融公司|公司点评|天赐材料（002709） 2024 年半年报点评： 业绩短期承压，一体化布局未来可期 glzqdatemark1 证券研究报告 |报告要点 公司发布 2024 年半年度报告，2024H1 实现营收 54.50 亿元，同比-31.76%；归母净利润 2.38 亿元，同比-81.56%。第二季度实现营收 29.87 亿元，同比-18.67%，环比+21.27%；归母净利 润 1.23 亿元，同比-79.26%，环比+7.64%。 |分析师及联系人 贺朝晖 SAC：S0590521100002 天赐材料(002709) 2024 年半年报点评： 业绩短期承压，一体化布局未来可期 | --- | --- | |-------------------------|-------------------| | 行 业： | 电力设备/电池 | | 投资评级： | | | 当前价格： | 13.58 元 | | 基本数据 | | | 总股本/流通股本(百万股) | 1,918.82/1,385.02 | | 流通 A 股市值(百万元) | 18,808.51 | | 每股净资产(元) | ...

证券研究报告·公司点评报告·电池 天赐材料（002709） 2024 年中报点评：电解液盈利触底，业绩符 合预期 2024 年 08 月 28 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|----------|---------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 22317 | 15405 | 14032 | 17977 | 22445 | | 同比（ % ） | 101.22 | (30.97) | (8.91) | 28.12 | 24.85 | | 归母净利润（百万元） | 5,714.44 | 1,890.62 | 606.91 | 1,504.88 | 2,260.49 | | 同比（ % ） | 158.77 | (66.92) | (67.90) | 147.96 | 50.21 | | EPS ...

天赐材料（002709） 广州天赐高新材料股份有限公司 董事、监事和高级管理人员持有和买卖公司股票管理制度 (2024 年 8 月 26 日第六届董事会第二十次会议修订) 第一章 总则 第一条 为进一步加强广州天赐高新材料股份有限公司（以下简称"公 司"或"本公司"）对董事、监事及高级管理人员持有和买卖本公司股票的管 理工作，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司股东减持股份管理暂行办法》《深圳证券交易所上市公司自律监管指引第1 号——主板上市公司规范运作》《上市公司董事、监事和高级管理人员所持本 公司股份及其变动管理规则》《深圳证券交易所上市公司自律监管指引第10号 ——股份变动管理》《深圳证券交易所上市公司自律监管指引第18号——股东 及董事、监事、高级管理人员减持股份》等法律、法规、规范性文件以及《广 州天赐高新材料股份有限公司章程》（以下简称"《公司章程》"），并结合 公司实际情况，制定本制度。 （三）现任董事、监事、高级管理人员在其已申报的个人信息发生变化后的 2个交易日内； 第二条 公司董事、监事、高级管理人员在买卖本公司股份前，应知悉 《中华人民共和国公司法》《中华人民 ...

天赐材料（002709） 广州天赐高新材料股份有限公司 外部信息使用人管理制度 (2024 年 8 月 26 日第六届董事会第二十次会议修订) 第二章 对外信息报送的管理和流程 第五条 公司对外信息报送实行分级、分类管理。公司董事会是信息对外报 送的最高管理机构，公司董事会秘书负责信息对外报送的监管工作，公司证券事 第 1 页 /共 3 页 天赐材料（002709） 务部负责协助董事会秘书做好信息对外报送的日常管理工作，公司各部门或相关 人员应按照本制度规定履行信息对外报送程序。 第一章 总则 第一条 为规范广州天赐高新材料股份有限公司（以下简称"公司"）定期 报告及重大事项在编制、审议和披露期间，公司对外报送相关信息及外部使用人 使用本公司信息的相关行为，依据《中华人民共和国公司法》、《中华人民共和 国证券法》、《上市公司信息披露管理办法》、《深圳证券交易所股票上市规则》 等法律、法规、规章、规范性文件和《公司章程》、《信息披露管理制度》的有 关规定，结合公司实际，制定本制度。 第二条 本制度的适用范围包括公司下设的各部门、分公司、全资或控股子 公司，公司的董事、监事、高级管理人员及其他相关人员，公司对外报 ...