Investment Rating - The report maintains a "Buy" rating for the company with a target price of 45.76 CNY, based on a projected 32 times price-to-earnings ratio for 2025 [3][6]. Core Insights - The company's revenue is expected to rebound due to stable prices of traditional carbon nanotube conductive pastes and strong growth in sales of new products, particularly single-walled carbon nanotubes [2][10]. - The demand for carbon nanotubes in the lithium battery market is increasing, with a penetration rate projected to reach 18.4% in 2024, up 8 percentage points year-on-year [10]. - The company is a leader in the carbon nanotube industry, holding nearly 50% market share in China, and is advancing its product development with a focus on high-performance materials [10]. Financial Summary - The company's projected revenue for 2024 is 1.449 billion CNY, with a slight increase of 3.2% year-on-year, followed by significant growth of 59.6% in 2025 [5][12]. - The net profit attributable to the parent company is forecasted to be 253 million CNY in 2024, down 14.8% from the previous year, but expected to rise to 495 million CNY in 2025 [5][12]. - The gross margin is projected to improve from 33.6% in 2023 to 38.0% in 2025, indicating a positive trend in profitability [5][12].

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。 | 证券代码：688116 | 证券简称：天奈科技 公告编号：2025-022 | | --- | --- | | 转债代码：118005 | 转债简称：天奈转债 | 江苏天奈科技股份有限公司 关于实际控制人之一、高级管理人员增持公司股份的自 愿性披露公告 4、本次增持股份的资金来源：自有资金 5、本次增持的具体情况 江苏天奈科技股份有限公司（以下简称"公司"）于 2025 年 4 月 7 日收到公司 实际控制人之一、董事、副总经理、董事会秘书、财务负责人蔡永略先生的通知， 基于对公司投资价值的认可及对公司未来持续稳定发展的信心，上述人员于 2025 年 4 月 7 日通过上海证券交易所证券交易系统以集中竞价交易方式增持公司股份 合计 5,000 股，合计增持金额 173,185 元。现将本次增持股份情况公告如下： 一、本次增持主体的基本情况 （一）增持主体：实际控制人之一、董事、副总经理、董事会秘书、财务负 责人蔡永略先生。 （二）增持前持股数量及比例： 本次增持前，蔡永略 ...

Group 1 - The company has approved a share repurchase plan using its own and/or raised funds to buy back part of its issued A-shares, with a maximum repurchase price of RMB 63.47 per share and a total repurchase amount between RMB 50 million and RMB 100 million, within a 12-month period [2][3] - As of March 31, 2025, the company has not yet started the share repurchase implementation [3] - The company will adhere to relevant regulations and make repurchase decisions based on market conditions during the repurchase period [4] Group 2 - The company issued convertible bonds "Tian Nai Convertible Bonds" totaling RMB 830 million, with a maturity of six years from January 27, 2022, to January 26, 2028 [8] - From January 1, 2025, to March 31, 2025, RMB 1,000 of the convertible bonds were converted into 9 shares, representing 0.000004% of the total shares before conversion [12] - As of March 31, 2025, the unconverted amount of the convertible bonds is RMB 829,940,000, accounting for 99.9928% of the total issuance [12]

式回购公司股份方案的公告》（公告编号：2025-004）及《江苏天奈科技股份有限 公司关于以集中竞价交易方式回购公司股份的回购报告书》（公告编号：2025-013）。 二、 回购股份的进展情况 证券代码：688116 证券简称：天奈科技 公告编号：2025-021 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 关于股份回购进展的公告 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/1/11，由公司控股股东、实际控制人、董事 | | --- | --- | | | 长兼总经理郑涛先生提议 | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 万元~10,000 万元 5,000 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 万股 0 | | 累计已回购股数占总股本比例 | 0% | | 累计已回购 ...

| 证券代码：688116 | 证券简称：天奈科技 | 公告编号：2025-020 | | --- | --- | --- | | 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 经中国证券监督管理委员会证监许可〔2021〕3679 号文同意注册，公司 于 2022 年 1 月 27 日向不特定对象发行了 830 万张可转换公司债券，每张面 值 100 元，发行总额 83,000.00 万元。本次发行的可转换公司债券的期限为自 发行之日起六年，即自 2022 年 1 月 27 日至 2028 年 1 月 26 日。 经上海证券交易所自律监管决定书〔2022〕48 号文同意，公司 83,000.00 万元可转换公司债券于 2022 年 3 月 1 日起在上海证券交易所挂牌交易，债券 本季度转股情况：江苏天奈科技股份有限公司（以下简称"公司"或"天奈 科技"）向不特定对象发 ...

2024年基本面营收回归正增长，毛利水平明显改善 风险提示： 1）锂电池产量不及预期、2）公司产能释放不及预期、3）原材料价格波动风险、4）新进玩家布局。 固态电池受制于固态电解质离子电导率和界面阻抗，对碳纳米管导电剂需求强烈。电解质仅需少量添加 即可大幅提升电化学性能。同时硅碳负极可依赖碳纳米管超高力学刚性，缓解硅基材料体积膨胀问题。 新材料产品持续开发，第四代产品已完成认证公司已形成三代性能不断提高的产品，第四代产品完成客 户认证，加入测试阶段，即将放量。同时公司完成单壁碳纳米管的研发，单壁碳纳米管具有更大的长径 比，具备更好电化学/力学性能。第四代产品及单壁碳纳米管预计运用领域为快充、硅碳负极。 盈利预测： 考虑公司市场地位，以及碳纳米管导电浆料市场需求的进一步扩大，同时未来固态电池有望加速量产， 叠加第四代产品及单壁碳纳米管新产品的落地应用，预计24/25/26 年归母净利润2.58/3.90/6.25 亿元，对 应PE 为57.61X/38.16X /23.79X，首次覆盖，给予"买入"评级。 2024 年全年营收14.49 亿元，同增3.22%，归母净利2.53 亿元，同减14.76%，扣非后归母 ...

Summary of Tian Nai Technology Conference Call Industry and Company Overview - **Company**: Tian Nai Technology - **Industry**: Carbon Nanotubes (CNT) applications in lithium batteries and robotics, particularly in electronic skin and artificial muscles Key Points and Arguments Carbon Nanotubes Applications - Carbon nanotubes (CNT) exhibit high strength, excellent thermal conductivity, and flexibility, making them suitable for applications in lithium batteries and robotics, especially in human-robot collaboration electronic skin [2][3] - CNTs are utilized in various robotic systems, including neural, sensory, energy, power, and skin systems, enhancing interaction capabilities through advanced sensing technologies [2][4] - In electronic skin, CNTs can form adjustable conductive networks that accurately sense pressure changes, maintaining flexibility even when stretched over 40% [2][10] Market Potential and Cost Structure - The value of CNTs in electronic skin materials exceeds 60%, indicating their core importance in the product's cost structure [2][12] - The global sensor market is projected to reach $508.6 billion by 2030, with industrial robots being a significant growth driver [11] Technological Advantages - CNT sensors can simultaneously detect multiple stimuli (pressure, temperature, and gas) due to their unique properties, which include high sensitivity and rapid electrical response [9][20] - The piezoresistive sensors based on CNTs provide comprehensive and precise data feedback, enhancing robotic interaction with the environment [7][8] Collaborations and Product Development - Tian Nai Technology collaborates with various universities and companies, with a new electronic skin product expected to launch in April [17][19] - The company is focused on optimizing material properties rather than producing end products directly, positioning itself as a key supplier of materials for electronic skin [22] Future Prospects - The potential for CNTs in artificial muscles and ligaments is significant, with ongoing research showing promising results in mimicking human muscle contractions [13][14] - The company anticipates a shift in the lithium battery market, driven by the integration of CNTs to enhance performance, particularly in fast-charging applications [32][37] Challenges and Market Dynamics - The transition to using artificial muscles in robotics may take time due to the need to change traditional mechanical practices [18] - The company faces challenges in differentiating sensor responses to various stimuli, which relies on advanced algorithms and sensor design [21] Additional Important Information - The cost of CNTs is a significant factor in the pricing of electronic skin, with current estimates placing CNTs at approximately 10,000 yuan per kilogram [24] - The company is exploring opportunities in the European market but has not disclosed specific client information [31] This summary encapsulates the critical insights from the conference call, highlighting the strategic direction and technological advancements of Tian Nai Technology in the carbon nanotube sector.

天奈科技 20250323 摘要 Q&A 碳纳米管在机器人产业中的应用情况如何？ 机器人产业在 2025 年是一个非常火爆的话题，而碳纳米管（CNT）作为一种新 材料，具有广泛的应用前景。碳纳米管主要分为多壁和单壁两大类，其直径一 般在 20 到 50 纳米之间。其强度可达钢铁的 20 倍，具有极好的柔韧性和导电性 能，电流密度可达到 10^10 至 10^13 安培每平方米。此外，碳纳米管还具有优 异的导热性和耐高温性能。 在人形机器人的各大系统中，包括神经系统、感知 系统、能源系统、动力系统以及电子皮肤等，碳纳米管都能发挥重要作用。例 如，在神经系统中，可用于制造碳基芯片、存储器件及电子浆料；在感知系统 • 碳纳米管因其高强度、柔韧性、导电性和导热性，在人形机器人的神经、 感知、能源和动力系统中具有广泛应用，尤其在电子皮肤领域，可作为半 导体或有机感知材料捕捉和传输数据。 • 天奈科技在机器人关键材料和器件方面已有早期布局，如利用碳纳米管在 柔性基材上实现对外界刺激的感知，并提高润滑油的耐摩擦性能，展示了 其在推动机器人技术发展中的作用。 • 单壁碳纳米管在压缩传感器中具有显著优势，其形成的导电网络能够感 ...

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 关于股份回购进展的公告 证券代码：688116 证券简称：天奈科技 公告编号：2025-019 一、 回购股份的基本情况 江苏天奈科技股份有限公司（以下简称"公司"）已于 2025 年 1 月 10 日召 开第三届董事会第十六次会议审议通过了《关于以集中竞价交易方式回购公司股 份方案的议案》，同意公司使用自有资金和/或自筹资金以集中竞价交易方式回购 公司已发行的部分人民币普通股（A 股）股票，并将回购股份在未来适宜时机用 于员工持股计划和/或股权激励。公司本次回购价格不超过人民币 63.47 元/股（含）， 回购资金总额不低于人民币 5,000 万元（含），不超过人民币 10,000 万元（含）， 本次回购期限为自董事会审议通过本次回购股份方案之日起 12 个月内。本事项具 体内容详见公司分别于 2025 年 1 月 11 日、2025 年 2 月 13 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以集中竞价交易方 式回购公司股份方案的公告》（公告编号：2025-004）及《江苏天奈科技股份有 ...