证券代码：688234 证券简称：天岳先进 公告编号：2024-068 山东天岳先进科技股份有限公司 关于持股 5%以上股东权益变动达到 1%的提示性公告 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。 本次权益变动后，山东天岳先进科技股份有限公司（以下简称"公司"）股东 辽宁中德产业股权投资基金合伙企业（有限合伙）（以下简称"辽宁中德"）持有 公司 27,435,401 股，占公司总股本的 6.3846%；辽宁海通新能源低碳产业股权投 资基金有限公司（以下简称"海通新能源"）持有公司 8,493,591 股，占公司总股 本的 1.9766%；海通创新证券投资有限公司（以下简称"海通创新"）持有公司 3,123,378 股，占公司总股本的 0.7269%。上述股东构成一致行动关系，合计持有 公司股份从 43,349,537 股减少至 39,052,370 股，占公司总股本的比例从 10.0881% 减少至 9.0881%。 3、本次权益变动不会导致公司控股股东、实际控制人发生变化。 公司于 2024 年 12 月 18 日 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of 66.78 RMB per share based on a 90x PE for 2025 [1]. Core Views - The company specializes in the research, production, and sales of silicon carbide (SiC) substrates, which are widely used in communications, new energy vehicles, and photovoltaic energy storage. With the early ramp-up of its Lingang factory and the mass shipment of conductive substrates, the company is expected to see continuous revenue growth, with a projected revenue and net profit growth of 55% and 310% year-on-year for the first three quarters of 2024, respectively [1]. - The report highlights two main concerns regarding the SiC substrate market: the significant short-term price decline due to rapid capacity release and the potential for market saturation, and the long-term growth potential of SiC substrates as their price gap with traditional silicon substrates narrows, facilitating deeper penetration into downstream applications [1]. Summary by Sections Investment Logic - The company focuses on SiC single crystal substrate development, production, and sales, with applications in various fields including new energy vehicles and communication [1]. - The report notes that the global 6-inch SiC substrate capacity is rapidly increasing, leading to downward price pressure, while the company is positioned to achieve cost optimization through large-size substrate technology breakthroughs [1]. - The long-term outlook for SiC substrates is positive, with predictions indicating that the automotive sector's share of SiC will increase from 65% in 2023 to 86% by 2028 [1]. Profit Forecast, Valuation, and Rating - The company is projected to achieve revenues of 1.681 billion, 2.3 billion, and 3.099 billion RMB for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 34%, 37%, and 35% [1]. - The net profit forecast for the same period is 190 million, 319 million, and 448 million RMB, with growth rates of 537%, 68%, and 40% [1]. - The report emphasizes the company's potential to leverage its capacity and technological advantages to enhance efficiency and expand market share [1].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [11]. Core Insights - The company achieved a record high revenue of 1.281 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 55.34%. The net profit attributable to shareholders reached 143 million yuan, marking a significant turnaround from losses in the previous year [1]. - In Q3 2024, the company reported a revenue of 369 million yuan, a year-on-year decrease of 4.60% and a quarter-on-quarter decrease of 24.10%. However, the net profit for Q3 was 41 million yuan, showing a remarkable year-on-year increase of 982.08% despite a quarter-on-quarter decline of 26.25% [1]. - The gross margin for Q3 2024 was 32.63%, an increase of 13.94 percentage points year-on-year and 8.39 percentage points quarter-on-quarter, indicating a clear upward trend in profitability [1]. Financial Performance Summary - For the first three quarters of 2024, the company incurred operating expenses of 226 million yuan, with an expense ratio of 17.61%, down by 10.32 percentage points year-on-year. R&D expenses amounted to 95 million yuan, with a R&D expense ratio of 7.42%, also down by 7.52 percentage points year-on-year [1]. - The company is projected to achieve revenues of 1.690 billion yuan, 2.358 billion yuan, and 3.059 billion yuan for the years 2024, 2025, and 2026, respectively. The corresponding net profits are expected to be 204 million yuan, 358 million yuan, and 533 million yuan [4][7]. - The report highlights a significant increase in the company's international sales of high-quality conductive silicon carbide substrates, with over 50% of the world's top ten power semiconductor companies now being clients [1][4]. Industry Outlook - The report emphasizes the growth potential of the third-generation semiconductor industry, driven by trends in global energy electrification and decarbonization. The electric vehicle sector remains the largest application area for silicon carbide [1]. - The company is noted for being one of the most comprehensive and internationally advanced silicon carbide substrate manufacturers in China, with a strong competitive edge due to its high-quality products [1].

Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for investment [1][6]. Core Insights - The company is a leading player in the mass supply of automotive-grade conductive silicon carbide substrates, with a significant increase in production capacity enhancing profitability [1][4]. - The demand for silicon carbide power devices is accelerating, particularly in the electric vehicle sector, with the market expected to reach nearly $10 billion by 2029 [3][4]. - The company has established stable partnerships with renowned international clients, with current orders exceeding 2 billion yuan [3][4]. Summary by Sections 1. Focus on Silicon Carbide Substrate Products - The company specializes in the research, production, and sales of silicon carbide substrates, which are widely used in microwave and power electronics [12]. - The revenue from silicon carbide substrates has shown significant growth, with a CAGR of 59.14% from 2021 to 2023, driven by increased production capacity and order fulfillment [14][15]. 2. Supply: Opportunities for Domestic Substitution - The transition from 6-inch to 8-inch silicon carbide substrates is a mainstream trend in the industry, with the company ranking second globally in market share for conductive substrates [4][21]. - The global market for conductive silicon carbide substrates is projected to grow to $2.16 billion by 2027, with the company positioned to benefit from this expansion [4][21]. 3. Demand: Accelerating Penetration of Silicon Carbide in Automotive Applications - The penetration rate of silicon carbide power devices in electric vehicles is increasing, with over 70% of the market expected to be in this sector [3][4]. - The company has a strong order backlog and is well-positioned to meet the growing demand for high-quality conductive silicon carbide substrates from major international manufacturers [3][4]. 4. Profit Forecast and Valuation - The company is expected to achieve revenues of 1.726 billion yuan in 2024, with a net profit of 192 million yuan, reflecting a significant turnaround from previous losses [6][15]. - The projected earnings per share (EPS) for 2024 is 0.45 yuan, with a price-to-earnings (P/E) ratio of 145.9x based on the closing price of 66.0 yuan on November 7, 2024 [6][15].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the industry index within the next six months [15]. Core Insights - The company has significantly improved its profitability, achieving a net profit of 143 million yuan in the first three quarters of 2024, a substantial turnaround from a loss of 46 million yuan in 2023 [2][3]. - Revenue for the first three quarters of 2024 reached 1.281 billion yuan, reflecting a year-on-year growth of 55.34% [2][3]. - The company has successfully expanded its international customer base, securing long-term contracts with major global players such as Infineon and Bosch, which enhances its market position [4][5]. Financial Performance - Revenue growth rates are projected at 45.1% for 2024, 70.3% for 2025, and 35.6% for 2026, with expected revenues of 1.815 billion yuan, 3.09 billion yuan, and 4.19 billion yuan respectively [2][10]. - The gross margin for the first three quarters of 2024 was 25.78%, an increase of 11.01 percentage points year-on-year, indicating improved profitability [3]. - The company’s net profit margin reached 11.16%, up by 19.44 percentage points year-on-year, showcasing enhanced operational efficiency [3]. Market Position and Growth Potential - The global market for electric vehicles is projected to grow from approximately 65.57 billion USD in 2024 to 117.43 billion USD by 2031, with a CAGR of about 8.5% from 2024 to 2031, indicating a robust demand for the company's products [4]. - The company has achieved a leading position in the global market for conductive silicon carbide substrates, ranking among the top three suppliers [5]. - The company is actively increasing its production capacity, particularly for 8-inch products, which are expected to see a growing share in sales as demand from major semiconductor manufacturers rises [6][7].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company has shown a significant improvement in gross margin, with a quarter-on-quarter increase of 8.66 percentage points in Q3 2024. The main product is silicon carbide substrates, achieving a revenue of 1.28 billion yuan in the first three quarters, representing a year-on-year growth of 55.3%. The net profit attributable to the parent company reached 135 million yuan, up 219% year-on-year, with a gross margin of 25.78%, an increase of 11.01 percentage points year-on-year [2][4]. - The company has established a strong customer base, covering over half of the top ten global power semiconductor companies, including Infineon and Bosch. New long-term cooperation agreements have been signed with these companies, indicating a solid customer barrier [3]. - The company's production capacity at the Shanghai Lingang factory is continuously improving, leading to a positive cycle of customer acquisition and technology enhancement. The company has begun bulk shipments of 8-inch substrates to international clients, positioning itself advantageously in the market [3][4]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 369 million yuan, a decrease of 4.6% year-on-year and 24.1% quarter-on-quarter, primarily due to unrecognized shipments. However, the revenue still increased year-on-year. The net profit attributable to the parent company for the quarter was 39 million yuan, marking a turnaround from losses, although it decreased by 25.5% quarter-on-quarter. The gross margin for this quarter was 32.63%, reflecting a year-on-year increase of 13.94 percentage points and a quarter-on-quarter increase of 8.66 percentage points [2][4]. - The company forecasts net profits of 194 million yuan, 463 million yuan, and 658 million yuan for 2024, 2025, and 2026, respectively, with adjustments made due to lower-than-expected revenue in 2024 [4][11]. Market Position and Strategy - The company has a leading position in silicon carbide substrates, with a focus on enhancing its production capabilities and expanding its customer base. The ongoing expansion of the 8-inch substrate production line is expected to further improve the company's average selling price (ASP) and gross margin [3][4]. - The company has established a positive feedback loop between high-quality product supply and customer demand, which is expected to drive growth in the coming years [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][11] Core Views - The company reported a revenue of 1.281 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 55.34%. The net profit attributable to shareholders for the same period was 143 million yuan, with a significant increase of 982.08% in Q3 alone [3] - The company is positioned in the third-generation semiconductor industry, which is gaining international attention due to trends in energy electrification and low-carbon development. The demand for high-quality conductive silicon carbide substrates is increasing, with over 50% of the top ten global power semiconductor companies becoming clients [3] - The company has established a leading position in the 8-inch silicon carbide substrate market, with a production capacity of 300,000 pieces per year at its Shanghai factory as of H1 2024. The company is also expanding its production capabilities to meet growing international demand [3] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 1.281 billion yuan, with a year-over-year growth of 55.34%. The net profit attributable to shareholders was 143 million yuan, with Q3 showing a remarkable year-over-year increase of 982.08% [3] - The company has adjusted its net profit forecasts for 2024-2026 to 196 million, 393 million, and 512 million yuan, respectively, with corresponding EPS of 0.46, 0.92, and 1.19 yuan [3][4] Market Position and Strategy - The company is leveraging its core competencies in technology, production capacity, and customer relationships to enhance its competitive edge in the silicon carbide substrate market. It has formed partnerships with leading firms like Infineon and Bosch to support their transition to 8-inch products [3] - The global market for silicon carbide devices is projected to reach 8.906 billion USD by 2028, indicating a strong growth trajectory for the industry [3] Future Outlook - The company is expected to benefit from the increasing demand for 8-inch silicon carbide substrates, with a focus on cost reduction and production efficiency. The ongoing expansion of its production facilities is anticipated to further solidify its market position [3] - The company is also exploring new applications for silicon carbide materials, which could lead to additional growth opportunities in various sectors [3]

天岳先进（688234.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 前三季度收入创新高，8 寸衬底率先量产 2024 年 10 月 30 日 ➢ 事件：10 月 29 日，天岳先进发布 2024 年三季报，公司前三季度实现营业 收入 12.81 亿元，同比增长 55.34%；实现归母净利润 1.43 亿元，同比扭亏为 盈，双创新高。 ➢ 前三季度收入创新高，盈利能力持续改善。公司第三季度实现营业收入 3.69 亿元，环比下滑 24.07%，同比下滑 4.60%；实现归母净利润 0.41 亿元，环比下 滑 26.78%，同比增长 982.08%。公司第三季度毛利率为 32.63%，环比增长 13.94pcts，同比增长 8.66pcts。从前三季度来看，公司业绩的增长，一方面得 益于下游应用市场持续扩大，终端场景对高品质、车规级的产品需求旺盛；另一 方面，公司与国内外一线大厂具有良好的合作基础，公司导电型产能产量持续提 升，交付能力继续增强。 ➢ 临港扩产持续推进，8 寸衬底率先实现批量销售。2024 年上半年，公司上 海临港工厂已经能够达到年产 30 万片导电型衬底的大规 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥368,987,821.83, a decrease of 4.60% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥41,143,733.21, an increase of 982.08% year-on-year[2]. - Basic earnings per share for Q3 2024 was ¥0.10, reflecting a 900.00% increase compared to the same period last year[2]. - The net profit for Q3 2024 was CNY 143,032,051.19, a significant recovery from a net loss of CNY 68,253,393.11 in Q3 2023, marking a turnaround of over 309%[21]. - The total profit for Q3 2024 reached CNY 143,754,194.85, compared to a total loss of CNY 78,030,894.75 in the same period last year[21]. - The company's operating profit for Q3 2024 was CNY 143,289,976.92, a recovery from an operating loss of CNY 78,440,880.05 in Q3 2023[21]. - The total comprehensive income for Q3 2024 was CNY 143,473,727.79, compared to a total comprehensive loss of CNY -70,727,829.41 in Q3 2023[22]. - Basic and diluted earnings per share for Q3 2024 were both CNY 0.33, a recovery from a loss of CNY -0.16 per share in Q3 2023[22]. Assets and Liabilities - Total assets at the end of Q3 2024 reached ¥7,140,049,170.24, representing a 3.31% increase from the end of the previous year[3]. - The company's total assets increased to CNY 7,140,049,170.24, compared to CNY 6,911,352,711.87, marking a growth of 3.3%[17]. - Total liabilities rose to CNY 1,859,801,481.19 from CNY 1,684,840,023.14, an increase of 10.4%[17]. - The equity attributable to shareholders reached CNY 5,280,247,689.05, up from CNY 5,226,512,688.73, reflecting a growth of 1.0%[17]. Cash Flow - The net cash flow from operating activities for the year-to-date period was -¥52,201,248.91, indicating a cash outflow[2]. - Cash flow from operating activities for the first three quarters of 2024 was CNY 1,376,638,710.24, up from CNY 918,727,128.20 in the same period of 2023, representing a year-over-year increase of approximately 50%[23]. - The company reported a net cash outflow from operating activities of CNY -52,201,248.91 for Q3 2024, compared to a net outflow of CNY -23,678,981.12 in Q3 2023[24]. - The cash and cash equivalents at the end of Q3 2024 amounted to CNY 928,792,788.80, an increase from CNY 822,058,840.91 at the end of Q3 2023[24]. - The company recorded cash inflows from financing activities of CNY 500,000,000.00 in Q3 2024, indicating active capital raising efforts[24]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 13,836, with the largest shareholder, Zong Yanmin, holding 30.09% of shares[11]. - The top ten shareholders collectively hold a significant portion of shares, with the second-largest shareholder holding 9.00%[11]. - The company has a diverse shareholder base, including various private equity funds and financial institutions[12]. - The total number of shares held by the top ten unrestricted shareholders includes significant stakes from institutional investors[12]. - The company has not reported any significant changes in the participation of major shareholders in margin trading or securities lending activities[14]. Research and Development - R&D investment for Q3 2024 totaled ¥38,825,145.46, an increase of 16.19% year-on-year, accounting for 10.52% of operating revenue[2]. - Research and development expenses decreased to CNY 95,034,934.76 from CNY 123,223,644.27, a reduction of 22.9%[19]. Operational Insights - The decrease in operating revenue for Q3 2024 was primarily due to an increase in goods shipped that have not yet been recognized as revenue[7]. - The company is focusing on market expansion and new product development strategies to enhance future growth prospects[20]. - There are no notable reminders or additional important information regarding the company's operational status during the reporting period[15]. Revenue and Costs - Total operating revenue for the first three quarters of 2024 reached CNY 1,281,219,949.92, a significant increase of 55.2% compared to CNY 824,780,609.12 in the same period of 2023[19]. - Total operating costs amounted to CNY 1,185,481,448.81, up from CNY 938,486,337.65, reflecting a rise of 26.3%[19]. - The company reported a government subsidy of ¥30,558,453.49, which is closely related to its normal business operations[6].

证券代码：688234 证券简称：天岳先进 公告编号：2024-067 山东天岳先进科技股份有限公司 持股 5%以上股东及一致行动人减持股份计划公告 本公司董事会、全体董事及相关股东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： 大股东持股的基本情况：本次减持计划实施前，山东天岳先进科技股份 有限公司（以下简称"公司"）股东辽宁中德产业股权投资基金合伙企业（有限 合伙）（以下简称"辽宁中德"）持有公司 29,554,368 股，占公司总股本的 6.8777%； 辽宁海通新能源低碳产业股权投资基金有限公司（以下简称"海通新能源"）持 有公司 9,173,891 股，占公司总股本的 2.1349%。 上述股东与海通创新证券投资有限公司（以下简称"海通创新"）构成一致 行动关系，海通创新持有公司 3,123,378 股，占公司总股本的 0.7269%。辽宁中 德、海通新能源和海通创新合计持有公司 41,851,637 股，占公司总股本的 9.7395%。 上述股份来源为公司首次公开发行前以及首次公开发行战略配售取得的股 份，首次公开 ...