Summary of Conference Call Company and Industry Overview - The conference call involved Tian Da Technology, focusing on the telecommunications and battery materials industry, particularly solid-state batteries and conductive materials [1][2]. Key Points and Arguments 1. **Market Outlook for Q4 and Q1**: - The company anticipates a stronger performance in Q4 compared to Q3, with expectations for Q1 to be better than the previous year, despite potential disruptions due to the Spring Festival [2][3]. 2. **Solid-State Battery Development**: - There is a growing interest in solid-state batteries, which require increased amounts of conductive materials to enhance conductivity. The company is focusing on developing new materials to meet these demands [3][4]. - The use of conductive materials is expected to increase significantly, potentially tripling or even quintupled with the adoption of solid-state batteries [5][6]. 3. **Material Composition and Usage**: - The current usage of conductive materials in batteries is around 0.3 to 1% for ternary materials, with expectations for higher ratios in future solid-state applications [6][7]. - The company is transitioning from older generation materials to more advanced fourth-generation and single-layer materials, which are believed to offer better performance and cost-effectiveness [8][9]. 4. **Industry Competition**: - The competitive landscape is influenced by both macroeconomic factors and internal company dynamics. The company has strengthened its intellectual property protections and is focusing on in-house production capabilities [14][15]. - The company acknowledges the rapid technological advancements in the industry and the need to continuously innovate to maintain a competitive edge [15][16]. 5. **Production Capacity and Future Plans**: - The company plans to significantly increase its production capacity, aiming for over 100 tons in the coming year and potentially reaching 500 tons in subsequent years [18][19]. - The anticipated demand for conductive materials is projected to be substantial, with estimates suggesting a need for 130,000 to 150,000 tons of materials to support future battery production [19][20]. 6. **Client Relationships and Market Penetration**: - The company has established relationships with major clients such as LG and Panasonic, with ongoing discussions about increasing the use of their materials in future battery technologies [20][21]. - The company is also exploring opportunities in the international market, particularly in regions moving away from reliance on Russian suppliers [36][38]. Other Important Insights - The transition to solid-state batteries is seen as a critical development in the industry, with the company positioning itself to capitalize on this trend through innovative material solutions [12][17]. - The company is aware of the challenges posed by competitors and is actively working to enhance its product offerings and market presence [14][15]. - The discussion highlighted the importance of customer feedback in product development and the need for continuous improvement in manufacturing processes [37][38]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the company's current position and future outlook in the telecommunications and battery materials industry.

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 ...