| 证券代码：688116 | 证券简称：天奈科技 | 公告编号：2024-060 | | --- | --- | --- | | 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 第三届监事会第九次会议决议公告 本公司监事会及全体监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。 一、监事会的召开情况 江苏天奈科技股份有限公司（以下简称"公司"或"天奈科技"）第三届监 事会第九次会议（以下简称"本次会议"）于 2024 年 10 月 25 日在公司会议室 以现场方式召开，本次会议通知及相关材料已于 2024 年 10 月 22 日以电子邮件 方式送达公司全体监事。本次会议应参与表决监事 3 人，实际参与表决监事 3 人。本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等法律法 规、规范性文件和《江苏天奈科技股份有限公司章程》《江苏天奈科技股份有限 公司监事会议事规则》的有关规定。 二、监事会会议审议情况 经与会监事表决，审议通过如下议案： 1、《关于调整 2020 年、2022 年限制性股票激励计划限 ...

证券代码：688116 证券简称：天奈科技 公告编号：2024-057 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 关于使用暂时闲置募集资金进行现金管理的公告 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。 经中国证券监督管理委员会出具《关于同意江苏天奈科技股份有限公司首次公 开发行股票注册的批复》（证监许可[2019]1581 号），公司首次向社会公开发行人民 币普通股（A 股）57,964,529 股，每股面值 1.00 元，每股发行价格 16 元，募集资金 总额 92,743.2464 万元，扣除发行费用 9,843.1724 万元（不含增值税）后，募集资 金净额为 82,900.074 万元。上述募集资金已全部到位，由天健会计师事务所（特殊 普通合伙）进行审验并出具了《验资报告》（天健验[2019]320 号）。 1 公司对募集资金采用专户存储制度，上述募集资金到账后，全部存放在经董事 会批准设立的募集资金专项账户中，公司及子公司已与保荐人、存放募集资金的商 业银行签订《募集资金专户存储三 ...

| 证券代码：688116 | 证券简称：天奈科技 公告编号：2024-058 | | --- | --- | | 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 第三届监事会第八次会议决议公告 监事会认为：根据公司募集资金投资项目建设的进展情况，在确保不影响募 集资金投资项目正常进行的前提下，公司使用不超过人民币 0.3 亿元（含 0.3 亿 元）的暂时闲置募集资金进行现金管理，购买安全性高、流动性好的保本投资产 品，有利于提高募集资金的使用效率，符合公司和股东利益最大化原则，不存在 变相改变募集资金用途以及损害公司和股东利益的情形。监事会同意公司使用部 分暂时闲置募集资金进行现金管理。 表决结果：3 票赞成、0 票反对、0 票弃权。 1 具体内容详见公司同日刊登在上海证券交易所网站（www.sse.com.cn）的《天 奈科技关于使用暂时闲置募集资金进行现金管理的公告》（公告编号：2024-057）。 本公司监事会及全体监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。 一、监事会的召开情况 江苏天奈科技股份有 ...

关于江苏天奈科技股份有限公司 中信证券股份有限公司 使用暂时闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为江苏天 奈科技股份有限公司（以下简称"天奈科技"或"公司"）2022 年度向特定对象 发行 A 股股票项目的保荐人，根据《证券发行上市保荐业务管理办法》、《上海 证券交易所科创板股票上市规则》、《上海证券交易所科创板上市公司自律监管指 引第 1 号——规范运作》及《上市公司监管指引第 2 号——上市公司募集资金管 理和使用的监管要求》等有关规定，就天奈科技使用部分闲置募集资金进行现金 管理的事项进行了专项核查，核查情况及核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意江苏天奈科技股份有限公司首次公 开发行股票注册的批复》（证监许可[2019]1581 号），首次向社会公开发行人民币 普通股（A 股）57,964,529 股，每股面值 1.00 元，每股发行价格 16 元，募集资 金总额 92,743.2464 万元，扣除发行费用 9,843.1724 万元（不含增值税）后，募 集资金净额为 82,900.074 万元。上述募集资金 ...

| 证券代码：688116 | 证券简称：天奈科技 | 公告编号：2024-056 | | --- | --- | --- | | 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 关于可转债转股结果暨股份变动公告 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： 一、可转债发行上市情况 因公司 2020 年限制性股票激励计划首次授予部分第二个归属期第二次归属 的股份登记，自 2023 年 9 月 28 日起转股价格由 103.80 元/股调整为 103.75 元/ 股。具体内容详见公司于 2023 年 9 月 27 日在上海证券交易所网站 （www.sse.com.cn）披露的《江苏天奈科技股份有限公司关于可转换公司债券"天 奈转债"转股价格调整公告》（公告编号：2023-080）。 因公司 2020 年限制性股票激励计划首次授予部分第三个归属期及预留授予 部分第二个归属期以及 2022 年激励计划首次授予部分第一个归属期及预留授予 部分第一个归属期的股份登记，自 2024 ...

Summary of Tian Nai Technology Conference Call Industry and Company Overview - The conference call focuses on Tian Nai Technology, a company involved in the production of carbon tube materials for battery applications, particularly in collaboration with major clients such as LG, Samsung, and Panasonic [1][2][3]. Key Points and Arguments Collaboration with LG - Tian Nai Technology has made significant progress in its collaboration with LG, with products like 3D tubes, multi-wall tubes, and slurries certified and beginning to ramp up production. LG processes batteries for Tesla, which mandates the use of Tian Nai's slurries, ensuring consistent demand [1][2]. - From October 2023 to October 2026, LG is expected to have a stable monthly demand, with a projected total supply volume of around 10,000 tons by 2026, although this estimate carries uncertainty due to a lack of detailed data [1][7]. Collaboration with Samsung and Panasonic - The partnership with Samsung is progressing more slowly, currently in the final stages of product introduction and certification [1][3]. - Tian Nai has been supplying Panasonic for consumer electronics, but the volume is small. A significant increase in demand from Panasonic is anticipated by 2026, contingent on the decision to mass-produce the 4680 battery model [1][3][4]. Production Capacity and Infrastructure - The new factory in the U.S. has completed infrastructure construction but is yet to install equipment, which is currently being validated in Changzhou. Once validated, installation will proceed rapidly [5]. - Tian Nai can fulfill urgent small-batch orders from U.S. clients by shipping products from China until local production capacity is scaled up [5]. Government Subsidies - The U.S. government offers two types of subsidies: production-related subsidies, which do not currently apply to Tian Nai, and construction subsidies, which provide a 10% investment subsidy. This subsidy will be amortized over the asset's depreciation period, aiding in cost reduction and profitability [6]. Market Dynamics and Competition - The competitive landscape includes LG as a primary competitor, but Tian Nai's cost, performance, and supply stability provide a competitive edge. The company has successfully passed lengthy certification processes, enhancing customer confidence [26]. - The European market is strategically important, but Tian Nai has no plans to establish a factory there due to high production costs, opting instead to optimize its supply chain [28]. Future Product Development - The introduction of the fourth-generation products is expected to begin with two to three clients in the fourth quarter, with a conservative sales estimate of over 10,000 tons next year [14][15]. - The pricing and profitability of new products are expected to improve compared to previous generations, driven by high market demand [15]. Financial Outlook - The company anticipates that overseas markets will contribute approximately 20% to sales next year, equating to about 15,000 to 20,000 tons [24]. - Capital expenditures for the upcoming year are projected at around 300 million yuan, with significant investments in both the Baotou and U.S. projects [25]. Other Important Insights - The decision by Panasonic regarding the 4680 battery model is expected by the end of the year, which will significantly impact Tian Nai's demand for carbon tube materials [4]. - The company is also exploring the potential impact of solid-state batteries, which could increase carbon tube usage if mass production is achieved by 2028-2029 [27]. - The construction of battery factories in Europe faces challenges, including strict environmental regulations and lengthy approval processes, which could delay production timelines [29].

Investment Rating - The report gives a "Recommended" rating for the company, which is a global leader in carbon nanotubes, with continuous product technology iterations and a clear growth potential for the future [2][4]. Core Viewpoints - The company has achieved stable revenue growth and significant improvement in profitability in the first half of 2024, with a revenue of 647 million and a net profit of 156 million, representing year-on-year increases of 0.88% and 28.52% respectively [1][11]. - The company is actively expanding its global integrated layout and promoting the research and development of new materials, with a market share of 46.7% in carbon nanotube conductive slurry products in 2023, an increase of 6.4 percentage points from the previous year [1][30]. - The company has established strong relationships with key customers, including major domestic players like CATL and BYD, and is also expanding its customer base internationally, entering the supply chains of renowned Japanese and Korean battery manufacturers [1][30]. Summary by Sections 1. Company Management and Performance - The company has a stable internal management structure and has been continuously growing its performance, focusing on the research, production, and sales of carbon nanotube materials [6][11]. - The company has a strong executive team with significant technical expertise, having been a pioneer in the carbon nanotube industry since its establishment in 2007 [6][8]. 2. Advantages of Carbon Nanotubes and Product Iteration - Carbon nanotubes are highlighted as a new type of conductive agent with superior electrical performance compared to traditional conductive agents [16][18]. - The company has been increasing its R&D investment, with a total R&D expenditure of 50 million in the first half of 2024, reflecting a year-on-year growth of 9.6% [21][23]. 3. Customer Expansion and Integrated Layout - The company has built a robust customer structure by focusing on major clients and developing high-quality secondary customers, ensuring a strong market position [30]. - The company is actively developing its production capacity both domestically and internationally, with plans for new production bases in the U.S. and Europe [1][30]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 1.369 billion, 1.898 billion, and 2.423 billion from 2024 to 2026, with corresponding growth rates of -2.5%, 38.6%, and 27.7% [2][3]. - The projected net profits for the same period are 266 million, 368 million, and 471 million, with growth rates of 10.3%, 38.2%, and 27.9% respectively [2][3].

中信证券股份有限公司 关于江苏天奈科技股份有限公司 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2024 年 8 月 19 日至 23 日对公司进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度； （3）查阅公司与控股股东、实际控制人及其关联方的资金往来明细及相关 内部审议文件、信息披露文件，查阅公司出具的 2024 年半年度报告； 1 2024 年半年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为江苏天 奈科技股份有限公司（以下简称"天奈科技"或"公司"或"上市公司"）2022 年度向特定对象发行 A 股股票项目的保荐人，于 2023 年 1 月 ...

Group 1: Company Performance - The company achieved revenue of approximately 647 million, a year-on-year increase of 0.88% [5] - Net profit reached approximately 116 million, reflecting a year-on-year growth of 28.52% [5] - The net profit after excluding non-operating gains and losses was about 111 million, showing a year-on-year increase of 45.84% [5] Group 2: Research and Development - The company invested a total of 50.44 million in R&D during the reporting period, representing a year-on-year increase of 9.56% [4] - The R&D team consists of 236 personnel, including 19 PhDs, with the R&D department accounting for 30.33% of the total workforce [4] Group 3: Market Expansion - The company is actively expanding into overseas markets, having begun supply to leading customers in Japan and progressing with major clients in South Korea [2] - The demand for carbon nanotube conductive paste is expected to grow significantly, with shipments projected to reach 31,000 tons by 2027 [1] Group 4: Product Development - The company is developing a new type of carbon nanotube cathode material, aiming for an annual production capacity of 100,000 tons, with an initial target of 20,000 tons [4] - Single-walled carbon nanotube products are being introduced to key domestic and international battery manufacturers, focusing on high-performance requirements [2] Group 5: Financial Strategy - The company plans to maintain the current convertible bond terms until November 22, 2024, without considering adjustments due to market conditions [4] - The stock price has decreased by nearly 30% this year, and the company is exploring strategies to restore its market value [3]

Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Views - The company holds a leading position in the industry with long-term stable cooperation with high-quality domestic and international enterprises [1] - The company's carbon nanotube conductive paste accounts for 46.7% of the Chinese market share, and it is expected to exceed 50% in the next two years [1] - The company is advancing cooperation with Panasonic, planning to supply Panasonic's overseas factories starting from Q4 2025, and is in the process of onboarding more overseas customers [1] - The company's Q2 shipments increased by 40% quarter-over-quarter, with H1 carbon nanotube shipments reaching 36,000 tons [2] - The company's profitability is expected to improve in Q3 due to an increase in high-margin product orders [2] Financial Performance - In 2023, the company's ROE was 4.08% [1] - The company achieved revenue of 650 million yuan in H1 2024, a year-over-year increase of 0.88%, with net profit attributable to the parent company of 120 million yuan, a year-over-year increase of 28.5% [1] - Q2 revenue was 340 million yuan, a year-over-year decrease of 6.3%, with net profit attributable to the parent company of 62 million yuan, a year-over-year increase of 23.1% [1] - The company's carbon nanotube conductive paste achieved revenue of 640 million yuan in H1 2024, with a gross margin of 36.6% [2] - The average price of carbon nanotubes in H1 2024 was approximately 18,000 yuan/ton, with a gross profit of 7,000 yuan/ton and a net profit of 3,000 yuan/ton [2] - In Q2, the average price of carbon nanotubes decreased by 21.7% quarter-over-quarter to 16,000 yuan/ton, with a gross profit of 6,000 yuan/ton and a net profit of 3,000 yuan/ton [2] Capacity Expansion - The company's US facility, with an annual production capacity of 10,000 tons of carbon nanotube conductive paste, is expected to be operational in Q4 2025, with capacity release in H2 2026 [2] - The Meishan production base in Sichuan is expected to be operational within the next year, gradually increasing capacity [2] Financial Forecasts - The company's EPS for 2024-2026 is forecasted to be 0.92, 1.22, and 1.49 yuan, respectively [1] - Net profit attributable to the parent company for 2024-2026 is expected to be 320, 420, and 520 million yuan, respectively [1] - The company's PE ratio for 2024-2026 is estimated to be 22.5, 16.9, and 13.8, respectively [1] - Revenue for 2024-2026 is projected to be 1,647, 2,046, and 2,446 million yuan, with year-over-year growth rates of 17.3%, 24.3%, and 19.6%, respectively [3] - Net profit for 2024-2026 is expected to be 316, 420, and 515 million yuan, with year-over-year growth rates of 6.4%, 32.7%, and 22.6%, respectively [3] - Gross margin for 2024-2026 is forecasted to be 34.2%, 35.1%, and 35.1%, respectively [3] Valuation Metrics - The company's P/E ratio for 2024-2026 is estimated to be 22.5, 16.9, and 13.8, respectively [3] - The company's P/B ratio for 2024-2026 is projected to be 2.5, 2.2, and 1.9, respectively [3] - ROE for 2024-2026 is expected to be 10.6%, 12.6%, and 13.6%, respectively [3]