ҁ ⌋ᗁᝅ㿷Ҝ к⎧ᐲेӜ㾯䐟 968 ਧహൠѝᗳ 23-25,27 ቲ 䛞㕆˖200041 23-25,27th Floor, Garden Square, No. 968 West Beijing Road, Shanghai 200041, China ⭥䈍/Tel: +86 21 5234 1668 Րⵏ/Fax: +86 21 5243 3320 㖁൰/Website: http://www.grandall.com.cn ީ ӄ ࡈ䇗ࣧ◶車ᙝ㛗ᒪ䲆 2024 俌⅗ᦾҾީӁ亯 ള⎟ᗁᐾδр⎭εӁࣗᡶ ኧђཟዩݾ䘑〇ᢶ㛗Գᴿ䲆ޢਮ ӂɂӂᒪйᴾ ഭ⎙ᖻᐸ˄к⎧˅һ࣑ᡰ⌅ᖻ㿱Җ ഭ⎙ᖻᐸ˄к⎧˅һ࣑ᡰ ޣҾኡьཙዣݸ䘋、ᢰ㛑ԭᴹ䲀ޜਨ 2024 ᒤ䲀ࡦᙗ㛑⾘◰࣡䇑ࡂ俆⅑ᦸҸޣһ亩ѻ ⌅ᖻ㿱Җ 㠤˖ኡьཙዣݸ䘋、ᢰ㛑ԭᴹ䲀ޜਨ ഭ⎙ᖻᐸ˄к⎧˅һ࣑ᡰ˄ԕлㆰ〠Āᵜᡰā˅᧕ਇኡьཙዣݸ䘋、ᢰ㛑ԭ ᴹ䲀ޜਨ˄ԕлㆰ〠Āཙዣݸ䘋āᡆĀޜਨā˅Ⲵငᢈˈᣵԫޜਨ 2024 ᒤ䲀ࡦ ᙗ㛑⾘◰࣡䇑ࡂ˄ԕлㆰ〠Āᵜ⅑◰࣡䇑ࡂā˅Ⲵ⢩㚈у亩⌅ᖻ亮䰞DŽ ᵜᡰᖻᐸṩᦞljѝॾӪ≁ޡ઼ഭޜਨ⌅NJ˄ԕлㆰ〠Āljޜਨ⌅NJā˅ ...

山东天岳先进科技股份有限公司监事会 关于公司 2024 年限制性股票激励计划首次授予激励对象名单的 核查意见（授予日） 山东天岳先进科技股份有限公司（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《山东天岳先进科技股份有限公司 章程》（以下简称"《公司章程》"）的有关规定，对公司 2024 年限制性股票 激励计划（以下简称"本激励计划"）首次授予激励对象进行了核查，发表核 查意见如下： 1、本激励计划首次授予激励对象均不存在《管理办法》第八条规定的不得 成为激励对象的情形： （1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政 处罚或者采取市场禁入措施； （4）具有 ...

4、上表中部分合计数与各明细数直接相加之和在尾数上如有差异，是由于四舍五入所 造成。 山东天岳先进科技股份有限公司 | 姓名 | 国籍 | 职务 | 获授限制性股票 | 占授予限制性股 | 占授予时股本总 | | --- | --- | --- | --- | --- | --- | | | | | 数量(万股) | 票总数比例 | 额比例 | | 技术和业务骨干人员（80 | | 人） | 408 | 80.31% | 0.95% | | 预留部分 | | | 100 | 19.69% | 0.23% | | 合计 | | | 508 | 100.00% | 1.18% | 注：1、上述任何一名激励对象通过全部在有效期内的股权激励计划获授的本公司股票 数量累计未超过本激励计划草案公告时公司总股本的 1%。公司全部有效期内的激励计划 所涉及的标的股票总数累计未超过本激励计划草案公告时公司总股本的 20%。 2、本激励计划激励对象不包括独立董事、监事。本激励计划首次授予对象不包括单独 或合计持有上市公司 5%以上股份的股东、上市公司实际控制人及其配偶、父母、子女。 3、预留部分的激励对象由本激励计划经股东大会审 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6][7]. Core Insights - The company is positioned at a critical node in the silicon carbide (SiC) industry chain, leveraging its core competencies to achieve significant growth. SiC is recognized as a third-generation semiconductor material, with applications in electric vehicles, photovoltaics, and power grids, among others. The company has successfully transitioned to the production of conductive SiC substrates, achieving a year-on-year sales increase of 254.70% in 2023, with total sales reaching approximately 230,000 pieces [6][19][24]. - The company has established long-term partnerships with leading power manufacturers, enhancing its market presence. It is projected that the global market for SiC power devices will reach $7.741 billion by 2028, with a compound annual growth rate of 33.25% from 2022 to 2028 [6][19][30]. Summary by Sections 1. Company Overview - The company has been focusing on technology upgrades and capacity expansion, becoming a globally influential player in the SiC substrate market. It has successfully completed the certification of both semi-insulating and conductive SiC substrates [15][19]. - The company has a stable shareholding structure, with the actual controller holding 30.09% of the shares, ensuring a concentrated and stable ownership [17]. 2. Market Position and Performance - The company achieved a revenue of 1.251 billion yuan in 2023, representing a year-on-year growth of 199.90%. The core business of SiC substrates contributed approximately 1.086 billion yuan, with a year-on-year growth of 233.05% [19][22]. - The gross margin improved to 15.81% in 2023, reflecting a year-on-year increase of 21.56 percentage points [19][22]. 3. Industry Dynamics - The SiC industry is experiencing rapid growth, driven by the increasing demand for high-quality conductive SiC substrates. The company has positioned itself to capitalize on this trend, achieving a global market share of 2nd in conductive SiC substrates in 2023 [30][49]. - The report highlights the importance of substrate preparation as a core aspect of the SiC industry, with the company focusing on enhancing its production capabilities and technological advancements [37][42]. 4. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 156 million yuan, 344 million yuan, and 556 million yuan for 2024, 2025, and 2026, respectively [8][9]. - The ongoing expansion of production capacity and the focus on cost reduction are seen as key drivers for the company's future success in the SiC market [44][49].

Investment Rating - The report maintains a "Buy" rating for Tianyue Advanced (688234) [4][6] Core Views - Tianyue Advanced's performance has reached an inflection point, driven by accelerated overseas validation and economies of scale [1] - The company achieved a significant turnaround in 2023, with revenue growth of 199.90% YoY and a narrowing net loss of 73.91% YoY [2] - In Q1 2024, the company continued its strong performance with a 120.66% YoY revenue increase and a return to profitability [2] - The company has maintained revenue growth for 8 consecutive quarters, with improving gross margins and profitability since Q3 2023 [2] Financial Performance - 2023 revenue reached 1.251 billion yuan, with a net loss of 46 million yuan [2] - Q4 2023 revenue was 426 million yuan, with a gross margin of 17.84% and net profit of 23 million yuan [2] - Q1 2024 revenue was 426 million yuan, with a gross margin of 21.92% and net profit of 46 million yuan [2] - The company forecasts 2024-2026 revenue of 2.134 billion, 3.032 billion, and 4.144 billion yuan respectively, with net profits of 173 million, 230 million, and 423 million yuan [6][7] Operational Highlights - The company has established three major SiC semiconductor material production bases in Jinan, Jining, and Shanghai [2] - Shanghai Lingang factory achieved 300,000 wafer capacity by end-2023, with plans for 960,000 wafer capacity in phase two [2] - 2023 substrate sales reached 226,300 wafers, a 255% YoY increase, making the company a top-three global player in conductive SiC substrates [2] - The company has secured long-term agreements with major international players like Infineon and Bosch, with over 10% share in Infineon's 6-inch conductive substrate procurement [2] Technological Advantages - The company leads in automotive-grade conductive SiC substrates [2] - It has a leading position in 8-inch conductive substrate product layout, quality, and mass supply capabilities [2] - The company has pioneered the use of liquid-phase methods to produce low-defect 8-inch crystals, overcoming key challenges in SiC crystal growth [2] International Expansion - Overseas revenue reached 411 million yuan in 2023, an 822.26% YoY increase [2] - International business gross margin reached 28.95%, significantly higher than domestic operations [2] - The company has successfully entered the supply chains of leading overseas customers with high-quality conductive SiC substrates [2] Market Position - The company has a total market capitalization of 22.736 billion yuan and a circulating market cap of 13.988 billion yuan [3] - It has established cooperation with over 50% of the world's top 10 power semiconductor manufacturers [2] - The company is actively supporting the industry transition to 8-inch products [2]

证券代码：688234 证券简称：天岳先进 公告编号：2024-046 山东天岳先进科技股份有限公司 关于股份回购实施结果暨股份变动的公告 | 回购方案首次披露日 | 2023/11/28 | | | | ，由公司实际控制人、控股股东、董 | | | --- | --- | --- | --- | --- | --- | --- | | | 事长、总经理提议 | | | | | | | 回购方案实施期限 | 2023 年 11 月 5 | 27 | 日~2024 | 年 | 月 26 | 日 | | 预计回购金额 | 10,000 万元~20,000 万元 | | | | | | | 回购价格上限 | 86 元/股 | | | | | | | 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 | | | | | | | 实际回购股数 | 2,005,884 股 | | | | | | | 实际回购股数占总股本比例 | 0.4668% | | | | | | | 实际回购金额 | 10,021.85 万元 | | | | ...

Investment Rating - The report upgrades the investment rating to "Buy" based on the expected growth in the company's performance and market position [5][12]. Core Views - The company achieved significant revenue growth in 2023, with a revenue of 1.251 billion yuan, representing a year-on-year increase of 199.9%. The net profit attributable to shareholders was -46 million yuan, improving by 74% year-on-year [1][2]. - In Q1 2024, the company reported a revenue of 426 million yuan, a year-on-year increase of 120.66%, and a net profit of 46 million yuan, marking a substantial turnaround from losses [1][2]. - The company is expanding its production capacity for conductive substrates, having achieved its 300,000-piece capacity target ahead of schedule, and is actively pursuing new customer contracts with major global semiconductor firms [5][2]. Financial Performance Summary - **2023 Financials**: Revenue reached 1,251 million yuan, with a gross margin of 15.81%, an increase of 21.56 percentage points year-on-year. The net profit margin improved significantly, reflecting a reduction in operating expenses [2][5]. - **2024 Projections**: Expected revenue for 2024 is projected at 2.3 billion yuan, with a net profit of 136 million yuan, indicating a growth rate of 397.7% compared to 2023 [1][5]. - **Earnings Per Share (EPS)**: The EPS is expected to improve from -0.11 yuan in 2023 to 0.32 yuan in 2024, reflecting the company's recovery and growth trajectory [1][8]. Capacity and Market Position - The company has successfully ramped up production capacity for conductive substrates, with significant contracts signed with leading firms in the power semiconductor sector, enhancing its market share to one of the top three globally [5][2]. - The company is implementing a stock incentive plan to attract and retain talent, which is expected to further support its growth objectives and operational stability [2][5].

证券代码：688234 证券简称：天岳先进 公告编号：2024-044 根据《上市公司信息披露管理办法》、公司《信息披露管理制度》及相关内部 保密制度的规定，公司对 2024 年限制性股票激励计划（以下简称"激励计划"） 采取了充分必要的保密措施，同时对本次激励计划的内幕信息知情人进行了必要 登记。根据《上市公司股权激励管理办法》《上海证券交易所科创板股票上市规 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》等规范性文 件的要求，公司对本次激励计划内幕信息知情人买卖公司股票的情况进行自查， 具体情况如下： 一、核查的范围与程序 1、核查对象为激励计划的内幕信息知情人。 山东天岳先进科技股份有限公司 关于 2024 年限制性股票激励计划内幕信息知情人 买卖公司股票情况的自查报告 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。 山东天岳先进科技股份有限公司（以下简称"公司"）于 2024 年 4 月 26 日 召开第二届董事会第三次会议，审议通过了《关于<公司 2024 年限制性股票激励 计划（草案）>及其摘 ...

证券代码：688234 证券简称：天岳先进 公告编号：2024-045 山东天岳先进科技股份有限公司 2023 年年度股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 5 月 17 日 （二） 股东大会召开的地点：山东省济南市槐荫区天岳南路 99 号天岳先进公司 会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 23 | | --- | --- | | 普通股股东人数 | 23 | | 2、出席会议的股东所持有的表决权数量 | 276,250,814 | | 普通股股东所持有表决权数量 | 276,250,814 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 64.5891 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 64.5891 | （四） 表决 ...

关于 山东天岳先进科技股份有限公司 2023 年年度股东大会 之 法律意见书 国浩律师（上海）事务所 中国 上海 北京西路 968 号嘉地中心 23-25 层 邮编：200041 电话: （8621） 5234-1668 传真: （8621） 5243-3320 网址：http://www.grandall.com.cn 国浩律师（上海）事务所 股东大会法律意见书 国浩律师（上海）事务所 公司发布的上述公告载明了会议的召集人、时间、地点、会议审议的事项， 1 关于山东天岳先进科技股份有限公司 2023 年年度股东大会之法律意见书 致：山东天岳先进科技股份有限公司 山东天岳先进科技股份有限公司（以下简称"公司"）2023 年年度股东大 会（以下简称"本次股东大会"）现场会议于 2024 年 5 月 17 日（星期五）下午 14:30 在山东省济南市槐荫区天岳南路 99 号天岳先进公司会议室召开。国浩律师 （上海）事务所（以下简称"本所"）接受公司的委托，指派陈杰律师、李晗律 师（以下简称"本所律师"）出席本次股东大会现场会议并见证。现依据《中华 人民共和国公司法》《中华人民共和国证券法》和《山东天岳先进科技股份 ...