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 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥393,743,426.55, a decrease of 5.64% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥67,103,981.71, down 6.34% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥64,801,425.84, a slight decrease of 1.01% compared to the previous year[2]. - Total operating revenue for the first three quarters of 2024 was CNY 1,040,352,431.83, a decrease of 1.8% compared to CNY 1,058,245,860.72 in the same period of 2023[15]. - Net profit for the first three quarters of 2024 was CNY 181,627,948.59, an increase of 10.6% compared to CNY 164,259,838.13 in 2023[16]. - The comprehensive income total for the first three quarters of 2024 was CNY 176,345,845.17, compared to CNY 167,332,976.59 in the same period of 2023, reflecting an increase of 5.4%[16]. - Total comprehensive income attributable to the parent company reached ¥177,332,516.55, an increase from ¥164,597,841.03 in the previous year, reflecting a growth of approximately 10.5%[18]. - Basic and diluted earnings per share increased to ¥0.53 from ¥0.47, representing a growth of 12.77%[18]. Research and Development - R&D investment totaled ¥29,610,227.70 in Q3 2024, representing 7.52% of operating revenue, an increase of 1.80 percentage points year-on-year[3]. - Research and development expenses increased to CNY 80,047,703.93, up 14.5% from CNY 69,909,712.03 in the previous year[15]. - Research and development expenses increased to CNY 65,835,157.61 in 2024 from CNY 59,602,597.48 in 2023, marking an increase of 10.4%[22]. Assets and Liabilities - The total assets at the end of the reporting period were ¥5,064,915,822.80, reflecting a 2.62% increase from the end of the previous year[3]. - The company's total assets reached CNY 5,064,915,822.80, compared to CNY 4,935,437,278.30 in the previous year, indicating a growth of 2.6%[13]. - The total assets as of the end of Q3 2024 amounted to CNY 4,365,553,510.81, slightly down from CNY 4,390,198,919.10 at the end of Q3 2023[22]. - The company's total liabilities increased to CNY 2,184,766,634.90, compared to CNY 2,160,335,411.69 in the previous year, reflecting a growth of 1.1%[13]. - Total liabilities decreased to CNY 1,633,689,339.42 from CNY 1,772,692,473.17 year-over-year, indicating a reduction of approximately 7.8%[22]. Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥73,945,500.93, down 61.69% year-on-year[6]. - Net cash flow from operating activities was ¥73,945,500.93, down from ¥193,043,129.98, indicating a decline of approximately 61.7%[19]. - Cash inflow from operating activities totaled ¥933,924,485.76, compared to ¥713,863,572.01 in the previous year, marking an increase of about 30.8%[19]. - Cash flow from operating activities for the first three quarters of 2024 was CNY 869,360,970.63, significantly higher than CNY 617,847,037.02 in the same period of 2023, representing an increase of 40.7%[23]. - The net cash flow from investment activities was negative at -¥826,836,924.56, contrasting with a positive cash flow of ¥265,459,060.86 in the same quarter last year[24]. - The net cash flow from financing activities was -¥248,213,601.02, compared to a positive cash flow of ¥21,921,279.76 in Q3 2023[24]. Shareholder Information - The company reported a total of 17,330 common shareholders at the end of the reporting period[8]. - The largest shareholder, Tao Zheng, holds 31,829,562 shares, representing 9.24% of the total shares[8]. Government Subsidies - The company received government subsidies amounting to ¥1,457,087.81 during the reporting period[4]. Financial Ratios - The weighted average return on equity was 2.29%, a decrease of 0.54 percentage points compared to the same period last year[3].

首次授予部分本次拟归属的 62 名激励对象及预留授予部分本次拟归属的 4 名激励对象符合《公司法》、《证券法》等法律、法规和规范性文件以及《公司章 程》规定的任职资格，符合《管理办法》、《上市规则》等法律、法规和规范性文 件以及激励计划规定的激励对象条件，符合激励计划规定的激励对象范围，其作 为公司本次激励计划激励对象的主体资格合法、有效，激励对象获授限制性股票 的归属条件已成就。监事会同意本次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归属名单。 江苏天奈科技股份有限公司监事会 2024 年 10 月 25 日 江苏天奈科技股份有限公司 监事会关于 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归属名单的核 查意见 江苏天奈科技股份有限公司（以下简称"公司"）监事会依据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《上海证券 交易所科创板股票上市规则》（以下简称"《上市规则》"）、《科创板上市公司自律 监管指南第 4 号——股权 ...

证券简称：天奈科技 证券代码：688116 债券简称：天奈转债 转债代码：118005 上海荣正企业咨询服务（集团）股份有限公司 关于 江苏天奈科技股份有限公司 2020 年限制性股票激励计划 预留授予部分第三个归属期 归属条件成就相关事项 之 独立财务顾问报告 2024 年 10 月 | 一、释义 | 3 | | --- | --- | | 二、声明 | 4 | | 三、基本假设 | 5 | | 四、独立财务顾问意见 | 6 | | 五、备查文件及咨询方式 | 12 | 一、释义 | 天奈科技、本公司、 | 指 | 江苏天奈科技股份有限公司 | | --- | --- | --- | | 公司、上市公司 | | | | 本激励计划、本计划 | 指 | 江苏天奈科技股份有限公司 年限制性股票激励计划 2020 | | 限制性股票、第二类 | 指 | 符合本激励计划授予条件的激励对象，在满足相应归属条件后 | | 限制性股票 | | 分次获得并登记的本公司股票 | | 激励对象 | 指 | 按照本激励计划规定，获得限制性股票的公司董事、高级管理 人员、核心技术人员、核心管理骨干、核心技术骨干、核心业 | | | ...

| 证券代码：688116 | 证券简称：天奈科技 公告编号：2024-065 | | --- | --- | | 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 关于召开 2024 年第三季度业绩说明会的公告 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： 会议召开时间：2024 年 11 月 05 日（星期二）上午 09:00-10:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.ssein fo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 29 日（星期二）至 11 月 04 日（星期一）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 stock@cna notechnology.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 江苏天奈科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 26 日发 布公司 2024 年第三季度报告， ...

江苏天奈科技股份有限公司监事会 2024 年 10 月 25 日 江苏天奈科技股份有限公司 监事会关于 2020 年限制性股票激励计划 预留授予部分第三个归属期归属名单的核查意见 江苏天奈科技股份有限公司（以下简称"公司"）监事会依据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《上海证券 交易所科创板股票上市规则》（以下简称"《上市规则》"）、《科创板上市公司自律 监管指南第 4 号——股权激励信息披露》等相关法律、法规及规范性文件和《江 苏天奈科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定，对公司 《江苏天奈科技股份有限公司 2020 年限制性股票激励计划》（以下简称"激励计 划"）预留授予部分第三个归属期符合归属条件的激励对象名单进行了核查，发 表核查意见如下： 预留授予部分本次拟归属的 18 名激励对象符合《公司法》、《证券法》等法 律、法规和规范性文件以及《公司章程》规定的任职资格，符合《管理办法》、 《上市规则》等法律、法规和规范性文件以及激励计划规定的激励对象条件 ...