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 ...

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公示情况说明及核查意见 本公司监事会及全体监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。 证券代码：688234 证券简称：天岳先进 公告编号：2024-043 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 召开的第二届董事会第三次会议及第二届监事会第三次会议，审议通过了《关于 <公司 2024 年限制性股票激励计划（草案）>及其摘要的议案》等相关议案。根 据《上市公司股权激励管理办法》（以下简称"《管理办法》"）的相关规定，公司 对 2024 年限制性股票激励计划（以下简称"本次激励计划"）中首次授予部分的 激励对象名单在公司内部进行了公示。公司监事会结合公示情况对拟激励对象进 行了核查，相关公示情况及核查意见如下： 一、公示情况及核查方式 1、公示情况 公示于 2024 年 4 月 29 日至 2024 年 5 月 8 日在公司内部对本次拟激励对象 的姓名和职务进行了公示，公示期间共计 10 天。公示 ...

证 券 2024 年 05 月 07 日 研 究 收入持续增长，基本面拐点进一步明确 报 告 —天岳先进（688234.SH）公司事件点评报告 买入(维持) 事件 分析师：吕卓阳 S1050523060001 天岳先进发布 2023 年年报以及 2024 年一季报：2023 年公司 lvzy@cfsc.com.cn 实现营收 12.51 亿元，同比增长 199.90%；归母净利润亏损 0.46 亿元，亏损幅度同比收窄。2024 年第一季度，公司实现 营收 4.26 亿元，同比增长 120.66%；实现归母净利润 0.46 亿元，同比扭亏。 基本数据 2024-05-07 当前股价（元） 56.91 投资要点 总市值（亿元） 245 总股本（百万股） 430 ▌ 产能释放进度超预期，临港工厂一期产能规划提 流通股本（百万股） 264 前实现 52周价格范围（元） 42.6-82.29 日均成交额（百万元） 173.41 2023 年公司产能持续提升，济南工厂稳步推进，临港工厂顺 利开启交付并加快产能爬坡，已提前实现 2026 年 30 万片导 市场表现 电性衬底的产能规划，将继续推进二期产能建设。受益于电 (% ...