Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 18.72 CNY [1]. Core Views - The company is showing signs of a profit turning point, with an accelerated pace of internationalization. The third quarter report indicates a revenue of 3.38 billion CNY, down 26.90% year-on-year, and a net profit attributable to shareholders of 287 million CNY, down 83.23% year-on-year [1]. - The electrolyte segment is expected to see a bottoming out in profitability, with a shipment volume of approximately 136,000 tons, remaining stable quarter-on-quarter. The company is focusing on cost reduction and product structure optimization to enhance competitiveness [1]. - The company is advancing its overseas capacity construction, with projects in the U.S. and Morocco aimed at strengthening its global reach and better meeting customer demands [1]. Financial Performance Summary - For 2023, the total revenue is projected at 15,405 million CNY, with a significant decline of 30.97% year-on-year. The net profit attributable to shareholders is expected to be 1,891 million CNY, reflecting a decrease of 66.92% [2]. - The company anticipates a recovery in revenue growth starting in 2024, with expected revenues of 12,536 million CNY, representing a year-on-year decline of 18.62%, followed by a rebound of 28.01% in 2025 [2]. - The gross profit margin is projected to decrease to 25.92% in 2023, with a gradual recovery to 22.13% by 2026 [2]. Operational Insights - The company is implementing various cost reduction measures and improving production processes to enhance product competitiveness. The focus is on optimizing the production of lithium battery materials [1]. - The company has a leading position in the industry with its liquid lithium hexafluorophosphate technology, which has significantly lower unit production costs compared to industry averages [1]. - The report highlights the importance of the company's integrated layout and cost reduction strategies in improving profitability levels in the future [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company's Q3 2024 performance is generally in line with expectations, with revenue of 8.86 billion yuan, a year-on-year decrease of 26.9%, and a net profit attributable to shareholders of 340 million yuan, down 80.7% year-on-year [2] - The gross margin for Q3 2024 is 18.5%, down 9.9 percentage points year-on-year, while the net profit margin is 3.8%, down 10.6 percentage points year-on-year [2] - The company expects a 20%-25% growth in electrolyte shipments for the full year 2024, with an estimated total shipment of nearly 500,000 tons, representing a year-on-year increase of approximately 40% [2] - The profitability of the electrolyte segment is projected to improve, with a net profit of approximately 110 million yuan in Q3 2024, and the unit profit is expected to stabilize [2][3] - The company has adjusted its net profit forecasts for 2024 downwards while raising the forecasts for 2025 and 2026, with expected net profits of 560 million yuan, 1.55 billion yuan, and 2.36 billion yuan respectively [3] Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported total revenue of 8.86 billion yuan, a decrease of 26.9% year-on-year, and a net profit of 340 million yuan, down 80.7% year-on-year [2] - Q3 2024 revenue was 3.41 billion yuan, with a quarter-on-quarter increase of 17.5% and a year-on-year increase of 14.3% [2] - The gross margin for Q3 2024 was 17.9%, with a quarter-on-quarter decrease of 6.4% and a year-on-year decrease of 0.4 percentage points [2] Production and Sales - The company expects to ship approximately 136,000 tons of electrolytes in Q3 2024, with a quarter-on-quarter increase of over 20% [2] - The total expected shipments for 2024 are around 550,000 tons, with a market share increase anticipated [2] Cost and Expenses - Total expenses for Q1-Q3 2024 were 1.16 billion yuan, a decrease of 4.3% year-on-year, with a cost rate of 13.1%, an increase of 3.1 percentage points [3] - Capital expenditures for Q1-Q3 2024 were 630 million yuan, a significant decrease of 76.8% year-on-year [3] Profitability Forecast - The company has adjusted its 2024 net profit forecast to 560 million yuan, reflecting a year-on-year decrease of 70% [3] - The expected P/E ratios for 2024, 2025, and 2026 are 64, 23, and 15 respectively [3]

天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2024-079 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 广州天赐高新材料股份有限公司 第六届董事会第二十二次会议决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特此公告。 广州天赐高新材料股份有限公司董事会 2024 年 10 月 26 日 2024 年 10 月 25 日，广州天赐高新材料股份有限公司（以下简称"公司"）第 六届董事会第二十二次会议以通讯方式召开。会议通知已于 2024 年 10 月 18 日 送达各位董事、监事及高级管理人员。应参加本次会议表决的董事 9 人，实际参 加本次会议表决的董事 9 人。本次会议的召集、召开程序均符合《中华人民共和 国公司法》和《公司章程》的规定。 本次董事会审议并通过了相关议案，形成决议如下： 审议通过了《关于审议 2024 年第三季度报告的议案》 公司董事、监事、高级管理人员对 2024 年第三季度报告签署了书面确认意 见，公司监事会提出了无异 ...

Revenue and Profit - Revenue for Q3 2024 was CNY 3,412,787,690.98, a decrease of 17.52% compared to the same period last year[3] - Net profit attributable to shareholders was CNY 100,779,903.87, down 78.25% year-on-year[3] - Basic earnings per share decreased by 79.17% to CNY 0.05, while diluted earnings per share fell by 76.00% to CNY 0.06[3] - Total operating revenue for the period reached ¥8,862,814,897.33[20] - Net profit for the period was CNY 336,682,458.79, a significant decline from CNY 1,709,516,466.16, indicating a decrease of about 80.3%[22] - The company's basic earnings per share (EPS) dropped to CNY 0.18 from CNY 0.92, reflecting a decline of approximately 80.4%[23] - The total comprehensive income for the period was CNY 341,642,675.79, compared to CNY 1,695,693,584.85, indicating a decrease of about 79.9%[23] Cash Flow - Cash flow from operating activities for the year-to-date period was CNY 647,514,013.99, a decline of 54.31% compared to the previous year[3] - The net cash flow from operating activities for the first nine months of 2024 was ¥647,514,013.99, a decrease of 54.31% compared to ¥1,417,316,922.40 in the same period of 2023, primarily due to a decline in sales revenue and reduced cash collection[12] - The net cash flow from investing activities improved to -¥903,858,493.73, a decrease of 75.14% from -¥3,636,340,047.09 in the previous year, mainly due to reduced expenditures on long-term asset purchases[12] - The net cash flow from financing activities was -¥504,373,996.78, showing a slight decrease of 4.38% compared to -¥527,472,212.25 in the same period last year[12] - The cash and cash equivalents at the end of the period stood at ¥1,490,314,027.34, down from ¥1,917,332,731.51 year-over-year[25] - The company’s cash and cash equivalents decreased by ¥765,786,802.98 during the period, compared to a decrease of ¥2,740,286,422.27 in the previous period[25] Assets and Liabilities - Total assets at the end of Q3 2024 were CNY 23,979,149,499.57, reflecting a slight increase of 0.01% from the end of the previous year[3] - Shareholders' equity decreased by 1.52% to CNY 13,151,752,813.03 compared to the end of the previous year[3] - Total current assets increased from ¥9,936,209,168.79 to ¥10,414,622,518.13, a rise of about 4.8%[18] - Total non-current assets decreased from ¥14,040,660,743.09 to ¥13,564,526,981.44, a decline of approximately 3.4%[18] - Total liabilities increased from ¥10,397,214,803.90 to ¥10,600,272,480.23, an increase of about 1.9%[19] - Total equity attributable to shareholders decreased from ¥13,354,543,856.49 to ¥13,151,752,813.03, a decline of approximately 1.5%[19] - The company reported a total asset value of ¥23,979,149,499.57, remaining stable compared to the previous period[19] Shareholder Information - The total number of common shareholders at the end of the reporting period was 190,330, with the top ten shareholders holding significant stakes[13] - Xu Jinfeng, a natural person, held 36.41% of the shares, amounting to 698,668,092 shares, making him the largest shareholder[13] - The second-largest shareholder, Hong Kong Central Clearing Limited, held 4.27% of the shares, totaling 81,964,649 shares[13] Other Financial Metrics - Financial expenses increased by 56.66% to CNY 158,392,097.52, primarily due to increased borrowing costs[11] - The company received government subsidies amounting to CNY 39,407,055.67, contributing to a 64.94% increase in other income[6] - Other income increased to CNY 86,441,428.82 from CNY 52,409,342.37, marking an increase of approximately 64.9%[22] - The income tax expense was CNY 157,043,288.02, significantly lower than CNY 438,409,659.52, reflecting a decrease of about 64.1%[22] Operational Metrics - The total operating costs decreased to CNY 8,440,516,987.21 from CNY 9,991,144,956.48, representing a reduction of approximately 15.6%[22] - The company reported a total revenue from sales of goods and services of CNY 3,847,077,917.33, down from CNY 5,988,687,380.54, a decline of about 35.8%[24] - Research and development expenses were CNY 483,310,635.97, slightly lower than CNY 510,093,949.50, showing a decrease of approximately 5.2%[22] Strategic Developments - The company has not reported any new product or technology developments in the current period[16] - There are no significant mergers or acquisitions reported during this period[16] - The company has not disclosed any new strategic initiatives in the current financial report[16]

天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2024-080 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 广州天赐高新材料股份有限公司 2024 年 10 月 25 日，广州天赐高新材料股份有限公司（以下称"公司"）第 六届监事会第十七次会议以通讯方式召开。会议通知已于 2024 年 10 月 18 日送 达各位监事。应参加本次会议表决的监事 3 人，实际参加本次会议表决的监事 3 人。本次会议的召集、召开程序均符合《中华人民共和国公司法》和《公司章程》 的规定。 本次监事会审议并通过了相关议案，并形成决议如下： 审议通过了《关于审议 2024 年第三季度报告的议案》 经核查，公司监事会成员一致认为，公司董事会编制和审核公司《2024 年 第三季度报告》的程序符合法律、行政法规和中国证券监督管理委员会、深圳证 券交易所的有关规定，报告内容真实、准确、完整地反映了公司的实际情况，不 存在虚假记载、误导性陈述或者重大遗漏。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 《2024 年第三季度报告》与 ...

天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2024-078 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 广州天赐高新材料股份有限公司 关于为子公司提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 广州天赐高新材料股份有限公司（以下简称"公司"）于 2024 年 3 月 22 日召 开第六届董事会第十五次会议、2024 年 4 月 16 日召开 2023 年度股东大会审议 通过了《关于 2024 年度向子公司提供担保额度的议案》。根据子公司的生产经营 和资金需求情况，公司为子公司的银行融资及项下债务、供应商申请信用账期等 业务提供担保，该等形式提供担保的总额不超过人民币 60 亿元，其中对资产负 债率小于等于 70%的子公司总担保额额度不超人民币 40 亿元，对资产负债率超 70%的子公司担保额度为不超人民币 20 亿元，财务部可根据各公司资金需求情 况及各银行业务特点做适当调整。 2024 年 10 月 17 日，公司与 ...

天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2024-077 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 广州天赐高新材料股份有限公司 关于2024年第三季度可转换公司债券转股情况公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 根据《深圳证券交易所股票上市规则》《深圳证券交易所可转换公司债券业务 实施细则》的有关规定，广州天赐高新材料股份有限公司（以下简称：公司）就 2024 年第三季度可转换公司债券转股情况及公司股本变动情况公告如下： 一、可转换公司债券发行上市情况 （一）可转换公司债券发行情况 经中国证监会《关于核准广州天赐高新材料股份有限公司公开发行可转换公 司债券的批复》（证监许可[2022]1883 号文）核准，广州天赐高新材料股份有限公 司（以下简称：公司）于 2022 年 9 月 23 日公开发行了 34,105,000 张可转换公司 债券，每张面值 100 元，发行总额 34.1050 亿元。扣除各项发行费用后，实际募集 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][5]. Core Insights - The company reported a revenue of 5.45 billion yuan for H1 2024, a year-on-year decrease of 31.76%, and a net profit attributable to shareholders of 238 million yuan, down 81.56% year-on-year [4]. - The company's gross margin for H1 2024 was 18.85%, a decline of 11.58 percentage points, primarily due to price reductions in lithium battery materials, especially electrolyte products [4]. - A supply agreement with CATL has been signed, securing the supply of 58,600 tons of solid lithium hexafluorophosphate, which is expected to stabilize the company's profitability in electrolyte products [4]. - The company has achieved over 97% self-sufficiency in core raw materials, ensuring a cost advantage and maintaining industry-leading profitability levels [4]. Financial Summary - For 2024-2026, the company is expected to achieve net profits of 601 million yuan, 1.505 billion yuan, and 2.134 billion yuan respectively, with corresponding P/E ratios of 45.8, 18.3, and 12.9 based on the closing price on September 12, 2024 [5][6]. - The company's revenue is projected to decline by 21.6% in 2024, followed by a growth of 38.3% in 2025 and 26.3% in 2026 [6]. - The gross margin is expected to be 16.3% in 2024, improving to 20.7% in 2025 and 21.8% in 2026 [6].

投资者关系活动记录表 证券代码：002709 证券简称：天赐材料 编号：2024-007 转债代码：127073 转债简称：天赐转债 广州天赐高新材料股份有限公司投资者关系活动记录表 | --- | --- | --- | |-----------------------|---------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动 \n类别 | ■ 特定对象调研 \n□ 媒体采访 \n□ 新闻发布会 \n□ 现场参观 | □ 分析师会议 \n□ 业绩说明会 \n□ 路演活动 \n□ 其他 | | 参与单位名称 | 详细参与人员名单见后续附表 | | | 时间 | 2024 年 9 月 12 日 | 14:00-15:00 | | 上市公司 ...

投资者关系活动记录表 转债代码：127073 转债简称：天赐转债 证券代码：002709 证券简称：天赐材料 编号：2024-006 广州天赐高新材料股份有限公司投资者关系活动记录表 | --- | --- | --- | |-------------------------------|-----------------------------------------------|--------------------------------------------------| | | | | | | □ 特定对象调研 | □ 分析师会议 | | | □ 媒体采访 | □ 业绩说明会 | | 投资者关系活动 | □ 新闻发布会 | □ 路演活动 | | 类别 | □ 现场参观 | | | | ■ 其他（参加广东辖区 活动） | 2024 年投资者网上集体接待日 | | | 参与单位名称 参与集体接待日活动的投资者 | | | 时间 | 2024 年 9 月 12 日 | 15:30-16:30 | | 上市公司接待 人员姓名 | 董事长 徐金富；财务总监 董事会秘书 韩恒； | 顾斌； | | | | ...