Investment Rating - The report maintains a "Buy" rating for Tiannai Technology (688116 SH) [5] Core Views - Tiannai Technology achieved revenue of 394 million yuan in Q3 2024, a year-on-year decrease of 5 64% but a quarter-on-quarter increase of 15 97% [2][6] - Net profit attributable to the parent company was 67 million yuan in Q3 2024, a year-on-year decrease of 6 34% but a quarter-on-quarter increase of 8 72% [6] - The company's sales volume in Q3 2024 increased both year-on-year and quarter-on-quarter, with the cumulative shipment volume in the first three quarters of 2024 increasing by more than 40% compared to the same period last year [6] - The company's net profit margin in Q3 2024 was 16 94% [6] - The company's operating cash flow in Q3 2024 was 18 million yuan, turning positive quarter-on-quarter [7] - Capital expenditure in Q3 2024 was approximately 23 million yuan, showing a significant year-on-year and quarter-on-quarter decline [7] - The company is steadily advancing overseas capacity construction and has successfully supplied products to major clients in Japan and South Korea [7] - The company is expected to achieve a net profit attributable to the parent company of approximately 260 million yuan in 2024, with a corresponding valuation of about 53 times [7] Financial Data Summary - The company's current stock price is 40 07 yuan, with a total share capital of 344 56 million shares [9] - The company's revenue in 2023 was 1 404 billion yuan, and it is expected to reach 1 685 billion yuan in 2024, 2 19 billion yuan in 2025, and 2 694 billion yuan in 2026 [18] - The company's net profit attributable to the parent company in 2023 was 297 million yuan, and it is expected to be 263 million yuan in 2024, 361 million yuan in 2025, and 465 million yuan in 2026 [18] - The company's EPS in 2023 was 0 87 yuan, and it is expected to be 0 76 yuan in 2024, 1 05 yuan in 2025, and 1 35 yuan in 2026 [18] - The company's net profit margin in 2023 was 21 2%, and it is expected to be 15 6% in 2024, 16 5% in 2025, and 17 3% in 2026 [18] Industry and Market Performance - Tiannai Technology is a global leader in carbon nanotube conductive agents and is expected to continue to grow rapidly with the lithium battery industry [7] - The company's stock price has shown significant volatility over the past 12 months, with a high of 47 00 yuan and a low of 15 45 yuan [9] - The company's stock performance has underperformed the CSI 300 index over the past 12 months, with a decline of 47% compared to the index's decline of 14% [11]

公司股价短期波动幅度较大，敬请广大投资者注意投资风险，理性决策， 审慎投资。 | 证券代码：688116 | 证券简称：天奈科技 公告编号：2024-066 | | --- | --- | | 转债代码：118005 | 债券简称：天奈转债 | 江苏天奈科技股份有限公司 关于股票交易异常波动的公告 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： 江苏天奈科技股份有限公司（以下简称"公司"）股票交易连续 3 个交 易日内（2024 年 11 月 11 日、2024 年 11 月 12 日、2024 年 11 月 13 日）收盘价 格涨幅偏离值累计超过 30%。根据《上海证券交易所交易规则》《上海证券交易 所科创板股票异常交易实时监控细则》的有关规定，属于股票交易异常波动情形。 经公司自查并向公司控股股东及实际控制人发函询证，截至本公告披露 日，不存在应披露而未披露的重大信息。公司目前生产经营正常，生产经营未发 生重大变化。 一、股票交易异常波动的具体情况 公司股票交易连续 3 个交易日内（2024 年 11 ...

《关于江苏天奈科技股份有限公司股票交易异常波动的 询证函》的回函 江苏天奈科技股份有限公司： 贵公司《关于江苏天奈科技股份有限公司股票交易异常波动的询 证函》已收悉，经认真自查核实，现将有关问题回复如下： 一、截至本函回复日,除在指定媒体上已公开披露的信息外,本 人不存在涉及贵公司的应披露而未披露的重大信息,包括但不限于正 在筹划重大资产重组、股份发行、债务重组、业务重组、资产剥离和 资产注入等重大事项: 二、在本次股票交易异常波动期间,本人不存在买卖贵公司股票 的情形。 特此函复。 控股股东、实际控制人(签字): (郑 涛) 2024 年 11 月 13 日 《关于江苏天奈科技股份有限公司股票交易异常波动的 询证函》的回函 江苏天奈科技股份有限公司: 贵公司《关于江苏天奈科技股份有限公司股票交易异常波动的询 证函》已收悉，经认真自查核实，现将有关问题回复如下: 一、截至本函回复日,除在指定媒体上已公开披露的信息外,本 人不存在涉及贵公司的应披露而未披露的重大信息,包括但不限于正 在筹划重大资产重组、股份发行、债务重组、业务重组、资产剥离和 资产注入等重大事项; 二、在本次股票交易异常波动期间,本人不存在买卖 ...

江苏天奈科技股份有限公司 投资者关系活动记录表 证券简称：天奈科技 证券代码：688116 编号：2024-011 | --- | --- | --- | |------------------------|------------------------------|---------------------------------------------------------------------------------------------------------------------------------| | | | | | | □ 特定对象调研 | □ 分析师会议 | | | □ 媒体采访 □ | 业绩说明会 | | 投资者关系活动类别 | □ 新闻发布会 | □ 路演活动 | | | √ 现场参观 | | | | √ 其他：电话调研 | | | | | 上海龙全投资管理、上海复胜资产管理、兴业基金、中国人保资产管理、 | | | | 嘉实基金、上海海通证券、循远资产管理、大家资产管理、恒泰证券、 | | | | 国联安基金、天风证券、上海笃诚私募基金、上海泾溪投资管理、中加 | | | ...

江苏天奈科技股份有限公司 证券简称：天奈科技 证券代码：688116 编号：2024-010 投资者关系活动记录表 | --- | --- | --- | |------------------------|------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | □ 特定对象调研 □ | 分析师会议 | | | □ 媒体采访 √ | 业绩说明会 | | 投资者关系活动类别 | □ 新闻发布会 □ | 路演活动 | | | □ 现场参观 | | | | □ 其他： ...

江苏天奈科技股份有限公司 证券简称：天奈科技 证券代码：688116 编号：2024-009 投资者关系活动记录表 | --- | --- | --- | |------------------------|---------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | □ 特定对象调研 | □ 分析师会议 | | | □ 媒体采访 | □ 业绩说明会 | | 投资者关系活动类别 | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | √ 其他：电话调研 | | | | | 华夏基金、新华资产管理、长盛基金、北京枫瑞资产管理、中信证券、 | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance met expectations, with total revenue of 390 million yuan, a year-on-year decrease of 5.6% but an increase of 16% compared to the previous quarter. The net profit attributable to the parent company was 67 million yuan, a year-on-year increase of 9% [2] - The company expects a 40%+ year-on-year increase in shipments for the entire year, with Q3 shipments reaching approximately 23,000 tons, reflecting a nearly 10% quarter-on-quarter increase [2] - The average price per ton in Q3 was around 19,000 yuan, with a quarter-on-quarter increase of about 5%. The net profit per ton is expected to remain stable at around 3,000 yuan for the entire year [2] - Operating cash flow turned positive in Q3, with capital expenditures slowing down. The company reported a capital expenditure of 290 million yuan for the first three quarters, a year-on-year decrease of 44% [2] - Due to increased competition in the industry, the company's profit forecasts for 2024-2026 have been adjusted downwards, with expected net profits of 271 million yuan, 357 million yuan, and 464 million yuan respectively [2] Financial Summary - Total revenue for 2024E is projected to be 1,520 million yuan, with a year-on-year growth of 8.24% [1] - The net profit attributable to the parent company for 2024E is expected to be 271 million yuan, reflecting a year-on-year decrease of 8.72% [1] - The earnings per share (EPS) for 2024E is projected to be 0.79 yuan, with a price-to-earnings (P/E) ratio of 38.62 [1]

Investment Rating - Buy (Maintained) [1] Core Views - Q3 performance met expectations with revenue of 390 million yuan, down 5.6% YoY but up 16% QoQ, and net profit attributable to the parent company of 67 million yuan, down 6% YoY but up 9% QoQ [2] - Q3 shipments increased by nearly 10% QoQ, with full-year shipments expected to grow by over 40% YoY, reaching 80,000+ tons [2] - Q3 single-ton profit remained stable QoQ, with full-year single-ton net profit expected to maintain at 0.3 million yuan+ [2] - Q3 operating cash flow turned positive, and capital expenditures slowed down [2] - Profit forecasts for 2024-2026 have been revised downward due to intensified industry competition, with expected net profits of 270, 360, and 460 million yuan, respectively [2] Financial Performance - 2024 Q1-3 revenue was 1 billion yuan, down 1.7% YoY, with net profit attributable to the parent company of 180 million yuan, up 13% YoY [2] - 2024 Q3 revenue was 390 million yuan, down 5.6% YoY but up 16% QoQ, with net profit attributable to the parent company of 67 million yuan, down 6% YoY but up 9% QoQ [2] - 2024 Q1-3 operating cash flow was 70 million yuan, down 62% YoY, with Q3 operating cash flow of 20 million yuan, down 81% YoY but up 248% QoQ [2] - 2024 Q1-3 capital expenditures were 290 million yuan, down 44% YoY, with Q3 capital expenditures of 20 million yuan, down 79% YoY and 78% QoQ [2] Profit Forecasts and Valuation - 2024-2026 revenue forecasts are 1.52, 1.862, and 2.339 billion yuan, respectively, with YoY growth rates of 8.24%, 22.53%, and 25.59% [1] - 2024-2026 net profit attributable to the parent company forecasts are 271.24, 357.46, and 464.38 million yuan, respectively, with YoY growth rates of -8.72%, 31.79%, and 29.91% [1] - 2024-2026 EPS forecasts are 0.79, 1.04, and 1.35 yuan per share, respectively [1] - 2024-2026 P/E ratios are 38.62x, 29.30x, and 22.56x, respectively [1] Market Data - Closing price: 30.40 yuan [4] - 52-week low/high: 15.45/34.28 yuan [4] - P/B ratio: 3.83x [4] - Market cap: 10.475 billion yuan [4] Financial Ratios - 2024-2026 ROE forecasts are 9.12%, 10.84%, and 12.48%, respectively [9] - 2024-2026 ROIC forecasts are 6.60%, 7.92%, and 9.40%, respectively [9] - 2024-2026 P/B ratios are 3.61x, 3.25x, and 2.87x, respectively [9] Industry and Company Outlook - The company is a leader in carbon nanotubes, with product structure improvements expected to gradually restore profitability [2] - Single-wall carbon nanotubes are expected to contribute to profits starting in 2025 [2]

| 证券代码：688116 | 证券简称：天奈科技 | 公告编号：2024-061 | | --- | --- | --- | | 转债代码：118005 | 债券简称：天奈转债 | | 江苏天奈科技股份有限公司 关于调整 2020 年、2022 年限制性股票激励计划 限制性股票授予价格的公告 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。 江苏天奈科技股份有限公司（以下简称"公司"或"天奈科技"）于2024年10月 25日召开第三届董事会第十二次会议、第三届监事会第九次会议，审议通过了《关于 调整2020年、2022年限制性股票激励计划限制性股票授予价格的议案》，同意根据公 司《2020年限制性股票激励计划》（以下简称"《2020年激励计划》"）、《2022年限 制性股票激励计划》（以下简称"《2022年激励计划》"）的有关规定，公司对限制 性股票授予价格（含预留授予，下同）做相应调整。2020年激励计划限制性股票授予 价格由10.65元/股调整为10.35元/股。2022年激励计划限制性股票授予价格由23.54元/ 股 ...

| 证券代码：688116 | 证券简称：天奈科技 | 公告编号：2024-063 | | --- | --- | --- | | 转债代码：118005 | 债券简称：天奈转债 | | 江苏天奈科技股份有限公司 2022 年限制性股票激励计划首次授予部分第二个归属期及 预留授予部分第二个归属期符合归属条件的公告 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： 限制性股票拟归属数量：91,531 股（其中首次授予部分为 77,545 股，预 留部分为 13,986 股） 归属股票来源：公司向激励对象定向发行公司 A 股普通股股票 一、本次股权激励计划批准及实施情况 （一）本次股权激励计划主要内容 1、股权激励方式：第二类限制性股票。 独立董事、监事。 5、具体的归属安排如下： 本次激励计划授予的限制性股票（含预留）的归属期限和归属安排具体如下： | 归属安排 | 归属时间 | | 归属权益数量占授 予权益总量的比例 | | --- | --- | --- | --- | | 第一个归属期 | 自相应授予之日 ...