| 证券代码：688116 | 证券简称：天奈科技 | 公告编号：2025-037 | | --- | --- | --- | | 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 关于开设募集资金专户并签署募集资金专户存储监管 协议的公告 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。 一、募集资金基本情况 根据中国证券监督管理委员会于 2024 年 9 月 3 日出具的《关于同意江苏天 奈科技股份有限公司向特定对象发行股票注册的批复》（证监许可〔2024〕1237 号），同意公司向特定对象发行 A 股股票（以下简称"本次发行"或"本次向 特定对象发行"）。公司本次向特定对象发行人民币普通股 21,674,342 股，发行 价格为每股人民币 36.91 元，共募集资金人民币 799,999,963.22 元，扣除不含税 发行费用人民币 12,883,655.03 元，实际募集资金净额为人民币 787,116,308.19 元。上述资金到位情况已经天健会计师事务所（特殊普通合伙）审验，并出具 ...

江苏天奈科技股份有限公司 2024 年年度股东大会会议资料 2025 年 5 月 江苏天奈科技股份有限公司 2024 年年度股东大会会议资料 证券代码：688116 简称：天奈科技 江苏天奈科技股份有限公司 2024 年年度股东大会会议资料 2024 年年度股东大会 目录 | 2024 | 年年度股东大会会议须知 | 1 | | --- | --- | --- | | 2024 | 年年度股东大会投票议程 3 | | | | 议案一：关于公司 2024 年年度报告及摘要的议案 | 5 | | | 议案二：关于公司 2024 年度董事会工作报告的议案 | 6 | | | 议案三：关于公司 2024 年度独立董事述职报告的议案 | 16 | | | 议案四：关于公司 2024 年度财务决算报告的议案 | 17 | | | 议案五：关于公司 年度财务预算报告的议案 2025 | 22 | | | 议案六：关于公司 2024 年度利润分配方案的议案 | 24 | | | 议案七：关于公司 年度向银行申请综合授信额度的议案 2025 | 26 | | | 议案八：关于变更注册资本、取消监事会及修改《江苏天奈科技股份有限 ...

Group 1 - The company announced an issuance of A-shares to specific investors, resulting in an increase in total share capital and a dilution of the controlling shareholder's and actual controller's shareholding ratio to 19.57% [1] - Prior to the equity change, the controlling shareholder and actual controller held a total of 71.6988 million shares, accounting for 20.80% of the company's total share capital [1] - The number of shares held by the controlling shareholder and actual controller remains unchanged, but their ownership percentage has decreased [1]

Investment Rating - The investment rating for the company is "Buy-A" (maintained) [1] Core Views - The company achieved a revenue of 1.45 billion yuan in 2024, a year-on-year increase of 3.1%, with a net profit of 250 million yuan, a decrease of 15.8% year-on-year. The non-recurring net profit was 240 million yuan, an increase of 13.6% year-on-year. In Q1 2025, the company reported a revenue of 330 million yuan, a year-on-year increase of 9.0%, and a net profit of 60 million yuan, a year-on-year increase of 8.1% [3][4] - The single-walled carbon nanotube slurry has started to be shipped, which is expected to enhance profitability. The revenue from carbon nanotube conductive slurry in 2024 was 1.44 billion yuan, a year-on-year increase of 5.8%, with a gross margin of 35.1%, up 1.34 percentage points year-on-year [4][5] - The demand for carbon nanotube (CNT) industry is growing rapidly, with the company maintaining a market share of 53.2% in China for carbon nanotube conductive slurry in 2024, an increase of 6.5 percentage points from 2023. The compound annual growth rate (CAGR) for the period from 2024 to 2030 is expected to be 26.7% [5] Financial Performance - The company is projected to achieve net profits of 440 million yuan, 690 million yuan, and 850 million yuan for the years 2025, 2026, and 2027, respectively, corresponding to a dynamic price-to-earnings (P/E) ratio of 36 times in 2025. The main business profitability is stable, and the new single-walled carbon nanotube products are expected to be a significant growth driver [6] - The financial data shows that the company’s revenue is expected to grow from 1.45 billion yuan in 2024 to 2.03 billion yuan in 2025, representing a year-on-year growth of 40.3% [9][10]

2025 年 5 月 13 日 公司研究/公司快报 公司近一年市场表现 事件描述 电子化学品 天奈科技（688116.SH） 买入-A(维持) 单壁碳管开始出货，盈利能力回升 我们预计公司 2025-2027 年归母净利润分别为 4.4 亿元、6.9 亿元、 8.5 亿元，相当于 2025 年 36 倍的动态市盈率。考虑公司主业盈利能力稳 健，新增单壁碳纳米管产品盈利能力较强，应用市场范围宽广，成为公 司新的业绩增长点确定性较高，维持"买入-A"的投资评级。 | 市场数据：2025 | 年 | 月 | 日 | 5 | 12 | 收盘价（元）： | 45.28 | | --- | --- | --- | --- | --- | --- | --- | --- | | 年内最高/最低（元）： | 56.46/18.58 | | | | | | | | 流通A股/总股本（亿）： | 3.45/3.45 | | | | | | | | 流通 | 股市值（亿）： | A | 156.10 | | | | | | 总市值（亿）： | 156.10 | | | | | | | | 基础数据：2025 年 | 3 月 | 3 ...

Core Viewpoint - Single-walled carbon nanotubes (SWCNTs) are experiencing a significant growth phase due to their superior properties compared to multi-walled carbon nanotubes (MWCNTs), particularly in applications such as lithium batteries and solid-state batteries, with the global market for SWCNT slurry expected to reach approximately 1.6 billion yuan in 2024 and 17.8 billion yuan by 2030 [1][13]. Group 1: Overview of Single-Walled Carbon Nanotubes - Carbon nanotubes are tubular nanostructures made of graphite crystals, categorized into single-walled and multi-walled types, with distinct physical properties due to structural differences [2][4]. - SWCNTs have a higher specific surface area, finer diameter, longer length, and better graphitization, leading to superior performance, including conductivity that exceeds MWCNTs by over ten times [4][5]. Group 2: Market Status of Single-Walled Carbon Nanotubes - The production methods for SWCNTs include arc discharge, laser ablation, and chemical vapor deposition (CVD), with CVD being the most common due to its cost-effectiveness and scalability [7][8]. - The SWCNT market is expected to grow significantly, driven by the increasing demand for conductive agents in lithium batteries, with a projected total shipment of conductive agents in China reaching 52,000 tons in 2024, a 13% year-on-year increase [17]. Group 3: Industry Chain of Single-Walled Carbon Nanotubes - The industry chain includes upstream equipment and raw material suppliers, with key materials affecting production costs and quality, and downstream applications primarily in lithium batteries and composite materials [15]. Group 4: Corporate Landscape of Single-Walled Carbon Nanotubes - Major players in the SWCNT market include OCSiAl, Tianai Technology, and Dao's Technology, with OCSiAl being the largest global supplier, while Tianai Technology is noted for its early industrialization efforts in China [22][24]. Group 5: Development Trends of Single-Walled Carbon Nanotubes - The SWCNT industry is expected to see continuous optimization of production processes, expansion of market size driven by the growth of the electric vehicle market, and high industry concentration due to significant technological barriers [25].

Core Viewpoint - Tian Nai Technology (688116) reported a mixed financial performance for 2024 and Q1 2025, with revenue growth but a decline in net profit for the full year, while maintaining confidence in future shipment growth and product demand in the carbon nanotube market [2][3][10]. Financial Performance - For 2024, the company achieved a revenue of 1.448 billion yuan, a year-on-year increase of 3.13%, while the net profit attributable to shareholders was 250 million yuan, a decrease of 15.80%. The net profit excluding non-recurring items was 237 million yuan, an increase of 13.60% [2]. - In Q1 2025, the company reported a revenue of 335 million yuan, up 9% year-on-year, and a net profit of 58.14 million yuan, an increase of 8.1%. The net profit excluding non-recurring items was 51.68 million yuan, a slight increase of 0.06% [2][11]. Shipment and Market Outlook - The company experienced a shipment volume growth of approximately 28% in Q1 2025 compared to the same period last year, and it remains confident about the full-year shipment growth for 2025 [3]. - The company is actively expanding its market for single-walled carbon nanotubes, with major domestic and international lithium battery manufacturers as clients, and has seen rapid sales growth in this product category [5][10]. Product Demand and Competitive Advantage - The demand for the company's products in semi-solid and solid battery solutions is increasing, particularly from clients with higher performance requirements [8]. - The company holds a competitive edge in the market as one of the few capable of large-scale production of single-walled carbon nanotubes, benefiting from significant scale and cost advantages, along with proprietary technology [9]. Production and Development - The construction of the company's production facility in the United States is nearing completion, with production expected to commence in 2026 [6]. - The company is also involved in the development of applications for carbon nanotubes in robotics, collaborating with various domestic and international clients [11]. Investment Sentiment - Over the past 90 days, seven institutions have provided ratings for the stock, with six recommending a buy and one recommending an increase in holdings. The average target price set by institutions is 53.3 yuan [12]. Profit Forecast - Various institutions have projected the company's net profit for 2025 to be between 384 million yuan and 495 million yuan, with expectations for continued growth in subsequent years [14]. Financial Metrics - As of the latest report, the company has a debt ratio of 39.0%, investment income of 761,900 yuan, financial expenses of 6.0923 million yuan, and a gross margin of 33.19% [11].

金融界5月8日消息，上证指数低开高走，上证新能源车产业指数 (上证新能源车，950194)报1365.93 点。 数据统计显示，上证新能源车产业指数近一个月上涨11.46%，近三个月下跌1.54%，年至今上涨 2.81%。 据了解，上证新能源车产业指数从沪市选取主营业务与新能源汽车产业相关的上市公司证券作为指数样 本，反映沪市新能源汽车产业上市公司证券的整体表现。该指数以2014年12月31日为基日，以1000.0点 为基点。 从指数持仓来看，上证新能源车产业指数十大权重分别为：华友钴业（16.97%）、宏发股份 （10.09%）、璞泰来（6.73%）、厦门钨业（6.6%）、广汽集团（6.53%）、均胜电子（5.97%）、天奈 科技（5.53%）、法拉电子（5.22%）、容百科技（3.66%）、孚能科技（3.44%）。 从上证新能源车产业指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证新能源车产业指数持仓样本的行业来看，工业占比56.80%、原材料占比23.56%、可选消费占比 14.42%、信息技术占比5.22%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的 ...

投资建议：25年行业需求25%增长预期，其中国内电动车25%增长、新兴市场和欧洲储 能翻倍以上增长。短期因为美国关税不确定性冲击，美国储能暂停，整体排产环比平稳，估 值已充分反应，且产业价格和盈利已触底，当前15倍PE安全边际足够，增长确定。首推格 局和盈利稳定龙头电池（宁德时代、比亚迪、亿纬锂能）、结构件（科达利）；并看好具备 盈利改善的材料龙头，首推（湖南裕能、富临精工、璞泰来、尚太科技、天奈科技、天赐材 料），关注中科电气，其次看好（新宙邦、容百科技、华友钴业、中伟股份、星源材质、恩 捷股份等）等；同时碳酸锂价格已见底，看好具备优质资源龙头，推荐（中矿资源、永兴材 料、赣锋锂业、雅化集团等；并看好优质零部件（中熔电气、浙江荣泰、威迈斯等）。 东吴证券发布电动车24年及25Q1财报总结：25Q1板块营收7902亿元，同环比 +9%/-26%，归母净利409亿元，同环比+38%/+41%，电池占利润比重38%（同-4pct），整车 37%（同-7pct），中游材料8%（同+0pct），碳酸锂4%（同+10pct），核心零部件9%（同 +0pct）。 上游资源和中游材料24Q4大幅计提减值，拖累板块利润增速， ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [10]. Core Insights - The company, Tianai Technology (688116), is a leading global producer of carbon nanotube conductive agents, with a focus on single-walled carbon nanotubes, which are expected to enhance profitability [4][8]. - In 2024, the company achieved a revenue of 1.448 billion yuan, a year-on-year increase of 3.13%, while the net profit attributable to shareholders decreased by 15.8% to 250 million yuan due to prior year gains from subsidiary equity transfers [8]. - The first quarter of 2025 saw a revenue of 335 million yuan, reflecting a 9% year-on-year growth, and a net profit of 58 million yuan, up 8.1% year-on-year [8]. Summary by Sections Company Overview - Tianai Technology is recognized as the market leader in carbon nanotube conductive paste, holding a 53.2% market share in the domestic market for carbon nanotube conductive pastes [8]. Financial Performance - The company reported a gross margin of 35.18% in 2024, an increase of 1.58 percentage points year-on-year, while the net margin was 17.19%, down 4.14 percentage points [8]. - For Q1 2025, the gross margin was 33.19%, a decrease of 1.26 percentage points year-on-year, with a net margin of 17.25%, down 0.2 percentage points [8]. Product Development and Market Position - The company has developed four generations of carbon nanotube conductive paste products, with significant performance advantages in high-density, fast-charging battery applications [8]. - The demand for single-walled carbon nanotubes and related composite products is expected to grow, particularly in solid-state battery applications, with the company having secured substantial orders from battery manufacturers [8]. Future Outlook - The company completed a private placement raising approximately 800 million yuan, aimed at expanding production capacity for single-walled carbon nanotube conductive materials, which is anticipated to enhance profitability [8]. - Earnings per share (EPS) are projected to be 1.11 yuan and 1.44 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 40 and 31 [8].