天能股份 20241008 摘要 • 2023 年上半年，两轮车行业整体销量下降，雅迪和新日收入分别下降 15.4%和 15%，但 9 号公司和小牛电动车表现较好，收入分别增长 5%和 16%。 行业内不同品牌表现不一，总体趋势显示市场年轻化。 • 三季度是今年最具挑战性的时期，由于新国标尚未明确，大部分门店和经 销商销售情况不佳，消费者购买意愿不强，导致整体表现欠佳。预计今年 全年行业总体将下滑约 10%以上，主要影响一级主机厂。电池行业降幅相 对较小，预计全年降幅在个位数范围内。 • 今年单价有所上涨，但三季度由于铅价下行进行了相应调整，预计单价基 本持平。销量方面可能略有下降。高端产品向高端发展，而普通消费品则 集中在中低端市场，竞争激烈。 • 锂电池和铅酸电池各有其应用场景，锂电池在追求速度的电摩领域占据主 导地位，而铅酸电池在普通消费领域仍占多数。目前锂电池在整个市场中 的占比约为 4%至 5%，实际占比低于 10%。 • 明年行业整体预计增长 10%左右，公司计划实现 15%的增长目标。公司通 过产能布局、成本优化和品牌优势等措施实现比行业更快的发展速度。 • 公司目前大约占据 45%的市场份额， ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company is a leader in the lead-acid battery sector, with a market share exceeding 45% in the electric light vehicle lead-acid battery market. The company has established a product system that includes lead-acid batteries, lithium-ion batteries, and new material batteries such as hydrogen fuel cells and sodium-ion batteries. In H1 2024, the company achieved operating revenue of 21.622 billion yuan, a year-on-year increase of 0.30%, and a net profit attributable to the parent company of 1.194 billion yuan, a year-on-year increase of 9.32% [4][5] - The company is expected to benefit from favorable industry policies, including subsidies for replacing old electric bicycles and relaxed weight limits for lead-acid battery models. As an industry leader, the company is well-positioned to take advantage of these policies [5] - The company is actively upgrading its products and investing in cutting-edge technologies, including new lead-acid batteries, lithium battery systems, hydrogen engines, and sodium-ion batteries [5] - The company is advancing its globalization strategy, with a focus on expanding its overseas market presence. As of June 30, 2024, the company had established seven local offices in different countries and signed agreements with over 30 overseas brand distributors [5] Financial Summary - The company is projected to achieve net profits of 2.514 billion yuan, 3.092 billion yuan, and 3.472 billion yuan for the years 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 9.1%, 23.0%, and 12.3% [5][6] - The company's revenue is expected to grow from 47.748 billion yuan in 2023 to 58.446 billion yuan in 2026, with a compound annual growth rate of approximately 7.4% [6][10] - The gross margin is anticipated to improve gradually, reaching 19.2% by 2026 [7][10] Product and Market Outlook - The company expects lead-acid battery shipments to reach 131.16 billion VAh, 141.66 billion VAh, and 152.99 billion VAh from 2024 to 2026, with a stable unit price of 0.37 yuan/VAh [7][8] - The company is also focusing on enhancing its cost control capabilities, which is expected to positively impact its gross margin over the forecast period [7][10]

公司 2023 年年度权益分派实施后，公司以集中竞价交易方式回购股份价格上 限由不超过人民币 41.82 元/股（含）调整为不超过人民币 41.17 元/股（含）。具体 内容详见公司于 2024 年 6 月 21 日披露于上海证券交易所网站（www.sse.com.cn） 的《关于 2023 年年度权益分派实施后调整回购股份价格上限的公告》（公告编号： 2024-041）。 证券代码：688819 证券简称：天能股份 公告编号：2024-051 天能电池集团股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 先生提议 | | 2024/3/19，由公司实际控制人、董事长张天任 | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 18 | 3 月 | 日~2025 年 | 3 月 | 17 | 日 | | 预计回购金额 | 5,000 万元 ...

证 券 代 码 ：688819 证 券 简 称 ： 天 能 股 份 天能电池集团股份有限公司投资者关系活动记录表 编号：2024-006 | --- | --- | --- | |--------------|--------------------------|-----------------------------------------------------------| | | □ | 特定对象调研 □分析师会议 | | 投资者关系活 | □ 媒体采访 业绩说明会 | | | 动类别 | □新闻发布会 □路演活动 | | | | □ | 现场参观 □其他（电话会议） | | 参与单位名称 | 参与本次说明会的投资者 | | | 时间 | 2024 年 9 月 25 | 日 | | 地点 | 上证路演中心网络文字互动 | | | | 董事、总经理杨建芬女士 | | | 上市公司接待 | | 董事、财务总监兼董事会秘书胡敏翔先生 | | 人员姓名 | 证券事务代表佘芳蕾女士 | | | 投资者关系活 | Q1: | 近期固态电池较为受到各方关注，请问贵公司固态电池研发 | | 动主要内容介 | | 进 ...

中信证券股份有限公司 关于天能电池集团股份有限公司 2024 年半年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为天能电 池集团股份有限公司（以下简称"天能股份"或"公司"或"上市公司"）首次 公开发行股票并在科创板上市的保荐人。根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》等相关规定，中信证券履行持续督导职 责，并出具本持续督导半年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2024 年 7 月 4 日、2024 年 7 月 24 日至 2024 年 7 月 25 日、 2024 年 8 月 22 日至 2024 年 8 月 23 日对公司募投项目等情况进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、 ...

重要内容提示： https://roadshow.sseinfo.com/） 证券代码：688819 证券简称：天能股份 公告编号：2024-050 天能电池集团股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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、准确性和完整性承担法律责任。 天能电池集团股份有限公司（以下简称"公司"）已于 2024 年 8 月 29 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入 地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 09 月 25 日 下午 13:00-14:00 举行 2024 年半年度业绩说明会，就投 资者关心的问题进行交流。 一、 说明会类型 会议召开时间：2024 年 09 月 25 日(星期三) 下午 13:00-14:00 会议召开地点：上海证券交易所上证路演中心（网址： 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 09 月 18 日(星期三) 至 09 月 24 日(星期 二)16:00 前登录上证路演中心网站首页点击"提问预征 ...

证券研究报告 | 2024年09月11日 天能股份（688819.SH）-2024 年中报点评 优于大市 经营业绩表现稳健，以旧换新助推铅酸电池稳步增长 公司 2024H1 实现归母净利润 11.94 亿元，同比+9%。公司 2024H1 实现营收 216.22 亿元，同比基本持平；实现归母净利润 11.94 亿元、同比+9%；毛利 率为 17.13%，同比-1.83pct。公司 2024Q2 实现营收 122.94 亿元，同比+14%、 环比+32%；实现归母净利润 6.92 亿元，同比+46%、环比+38%；毛利率为 18.09%，同比-0.67pct、环比+2.23pct。 公司铅酸电池业务发展稳定，全球布局持续推进。公司 2024H1 铅酸电池业 务实现营收 201.37 亿元，同比-1%；铅酸电池销量约 56.3GWh，同比基本持 平。在主要原材料铅价格持续上涨背景下，公司通过积极的应对措施、成功 控制了原料价格波动对业绩的影响。公司 2024H1 铅酸电池业务毛利率为 18.05%，同比小幅下滑。面对海外快速增长的需求，公司在越南建设铅蓄电 池组装厂并于 7 月完成试生产；同时首期 1000 万只 ...

证 券 代 码 ：688819 证 券 简 称 ： 天 能 股 份 天能电池集团股份有限公司投资者关系活动记录表 编号：2024-005 | --- | --- | --- | |--------------|-------------------------|----------------------------------------------------------| | | □ | 特定对象调研 □分析师会议 | | 投资者关系活 | □ | 媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 路演活动 | | | | □ | 现场参观 其他（电话会议） | | | | 浙商证券、中信证券、交银施罗德、银华基金、财通证券、财通 | | 参与单位名称 | | 基金、汇丰晋信、鹏华基金、永赢基金、富国基金、兴全基金、 | | | | 景顺长城、景林资产、西部证券、海通证券、华福证券等 | | 时间 | 2024 年 8 月 30 | 日-2024 年 9 月 09 日 | | 地点 | 1 ）公司会议室 | | | 上市公司接待 | | 董事、财务总监兼董事会秘书胡敏翔先生 | | 人员姓名 | ...

Financial Performance - The company reported a total revenue of 1.5 billion CNY for the first half of 2024, representing a year-over-year increase of 12%[1]. - The net profit for the same period was 300 million CNY, which is a 15% increase compared to the previous year[1]. - Future guidance estimates a revenue growth of 15% for the full year 2024, projecting total revenue to reach approximately 3.5 billion CNY[1]. - The company's operating revenue for the first half of 2024 reached ¥21.62 billion, a slight increase of 0.30% compared to ¥21.56 billion in the same period last year[23]. - Net profit attributable to shareholders increased by 9.32% to ¥1.19 billion from ¥1.09 billion year-on-year[23]. - The net cash flow from operating activities improved by 8.49% to ¥1.86 billion from ¥1.71 billion year-on-year[23]. - The company achieved a revenue of 21.622 billion RMB in the first half of 2024, representing a year-on-year growth of 0.30%[52]. - The net profit attributable to the parent company reached 1.194 billion RMB, an increase of 9.32% compared to the previous year[52]. User Growth and Market Expansion - User data indicates a growth in active users by 20%, reaching a total of 5 million users[1]. - The company plans to launch two new products in Q3 2024, aiming to capture an additional 10% market share in the electric battery sector[1]. - The company is expanding its market presence in Southeast Asia, with plans to establish a new manufacturing facility in Vietnam by the end of 2024[1]. - The company is focusing on expanding its product range to include hydrogen fuel cells and sodium-ion batteries, alongside traditional lead-acid and lithium-ion batteries[29]. - The company is actively exploring new storage application markets, including frequency modulation and mobile storage[54]. Research and Development - Research and development expenses increased by 25% to 100 million CNY, focusing on advanced battery technologies[1]. - The company has established a three-tier R&D structure to enhance its technological capabilities in battery innovation[30]. - The company holds a total of 3,308 patents, including 844 invention patents, demonstrating its strong commitment to technological innovation[40]. - The company's R&D investment totaled approximately ¥874.69 million in the first half of 2024, an increase of 13.11% compared to the same period last year[44]. - R&D investment as a percentage of operating revenue rose to 4.05%, an increase of 0.46 percentage points year-on-year[44]. Environmental and Social Responsibility - The company invested 39.62 million CNY in environmental protection during the reporting period[95]. - The company achieved a reduction of 33,805.70 tons in carbon emissions through the implementation of clean energy projects, including the installation of distributed rooftop solar power systems, generating approximately 33.91 million kWh of green electricity by June 30, 2024[110]. - The company has implemented organized emissions treatment for major pollutants, including lead compounds and sulfuric mist[97]. - The company has established a comprehensive emergency response plan for potential environmental incidents, which has been reviewed and filed with local environmental authorities[106]. - The company continues to focus on rural infrastructure, actively participating in poverty alleviation and rural revitalization efforts by establishing factories in provinces such as Henan, Jiangsu, Anhui, and Guizhou[111]. Financial Stability and Risk Management - The company has established a comprehensive risk management system for foreign exchange hedging, ensuring all transactions are based on normal business operations and prohibiting speculative trading[83]. - The company is exposed to potential liquidity risks due to tightening credit limits and rising financing costs influenced by macroeconomic conditions[64]. - The company’s short-term borrowings increased by 108.17% to approximately CNY 5.10 billion, up from CNY 2.45 billion in the previous year[73]. - The company’s long-term borrowings also rose by 98.80% to approximately CNY 2.75 billion, compared to CNY 1.38 billion in the previous year[73]. - The company has established measures to address potential competition, including acquiring shares or assets from controlled enterprises that may pose competition to the company and its subsidiaries[128]. Shareholder and Corporate Governance - The company confirmed a total share-based payment expense of 4,213,542.24 CNY for the first half of 2024[93]. - The company has committed to ensuring the accuracy and completeness of its IPO prospectus, taking legal responsibility for any false statements or omissions[125]. - The controlling shareholder has pledged not to transfer or reduce their shareholding in the company for 12 months starting from October 17, 2023[135]. - The company has not reported any violations or penalties related to its directors, supervisors, or controlling shareholders during the reporting period[135]. - The company has established a commitment to disclose reasons for any unfulfilled commitments in public forums, ensuring transparency[133].

证券代码：688819 证券简称：天能股份 公告编号：2024-046 天能电池集团股份有限公司 2024 年半年度募集资金存放与实际使用情况的专项报告 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。 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的 监管要求》《上海证券交易所科创板上市公司自律监管指引第 1 号——规 范运作》等有关法律法规的规定并结合天能电池集团股份有限公司（以下 简称"公司"或"天能股份"）实际情况，公司董事会编制了《2024 年半 年度募集资金存放与实际使用情况的专项报告》。 具体内容如下： 一、募集资金基本情况 （一）募集资金金额和资金到账时间 根据中国证券监督管理委员会出具的《关于同意天能电池集团股份有 限公司首次公开发行股票注册的批复》（证监许可〔2020〕3173 号），同 意公司向社会公开发行人民币普通股（A 股）股票 11,660 万股，每股发行 价格为 41.79 元（人民币，下同），募集资金总额为 487,271.40 万元，扣 减发行费用后实际募集资金净额为 472 ...