2024 年 09 月 04 日 公司点评 买入/维持 天赐材料(002709) 目标价: 昨收盘:14.32 天赐材料 2024 半年报点评：锂盐外售提升市占率，一体化能力 持续提升 ◼ 走势比较 (60%) (48%) (36%) (24%) (12%) 0% 23/9/4 23/11/1624/1/2824/4/1024/6/2224/9/3 天赐材料 沪深300 ◼ 股票数据 总股本/流通(亿股) 19.19/19.19 总市值/流通(亿元) 274.78/274.78 12 个月内最高/最低价 (元) 33.58/13.31 相关研究报告 <<天赐材料点评：电解液龙头有望率 先见底，看好后续量利齐升带来的弹 性机会>>--2024-03-14 <<【太平洋新能源】天赐材料 2023 年 中报点评报告—一体化布局优势明 显，海外布局、新技术增强穿越周期 的成长能力>>--2023-08-17 <<【太平洋新能源】天赐材料 2022 年 年报点评报告：一体化布局穿越周 期，新技术、新产品引领长期成长>>- -2023-04-12 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.co ...

24H1 磷酸铁销量同比高增，电解液海外项目进展顺利 天赐材料(002709.SZ)/电力 设备 证券研究报告/公司点评 2024 年 8 月 31 日 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|---------------------------------------------|------------------------|--------|--------|--------------------------|--------| | [Table_Industry] [Table_Title] 评级：买入（维持） \n市场价格： 14.35 元 | [Table_Finance] 公司盈利预测及估值 \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 153.08 分析师：曾彪 | 营业收入（百万元） | 22,317 | 15,405 | 13 ...

2024 年 08 月 29 日 评级 买入 | --- | --- | |-----------------------|-------------| | 当前价格（元） | 13.65 | | 52 周价格区间（元） | 13.58-33.36 | | 总市值（百万） | 26192.00 | | 流通市值（百万） | 18905.47 | | 总股本（万股） | 191882.40 | | 流通股（万股） | 138501.60 | 涨跌幅比较 天赐材料 电池 -58% -38% -18% 2% 22% 2023-08 2023-11 2024-02 2024-05 % 1M 3M 12M 杨鑫 分析师 执业证书编号:S0530524050001 yangxin13@hnchasing.com 相关报告 天赐材料 -11.59 -30.57 -57.61 电池 -5.80 -15.33 -32.44 1 天赐材料（002709.SZ）公司点评：与电池龙 头签订供货协议，市占率有望进一步提升 2024-06-18 证券研究报告 公司点评 天赐材料(002709.SZ) 电力设备｜ 电池 电解液出货量持续增 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported H1 2024 revenue of 5.45 billion yuan, a year-on-year decrease of 31.76%, primarily due to a significant drop in sales prices of battery materials [4] - The net profit attributable to shareholders for H1 2024 was 237.5 million yuan, down 81.56% year-on-year, with a non-recurring net profit of 186.2 million yuan, down 85.35% [4] - The electrolyte prices remained relatively stable in the first half of the year, and the phosphate iron business is expected to reduce losses in the second half [4] - The company signed a supply agreement with CATL, expecting to supply 58,600 tons of solid lithium hexafluorophosphate for 2024-2025, indicating a concentration of orders and potential for rapid capacity clearance [4] - The company is enhancing its integrated layout to build core cost advantages, including the operation of lithium carbonate production lines and battery recycling processes [4] - The company is expected to have net profits of 614 million yuan, 1.524 billion yuan, and 2.049 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 43x, 17x, and 13x [4][5] Financial Summary - H1 2024 revenue is projected at 5.45 billion yuan, with a year-on-year decline of 31.76% [4] - The net profit attributable to shareholders is expected to be 614 million yuan in 2024, with a significant decrease in 2023 [5] - The gross margin is projected to be 18.1% in 2024, down from 25.9% in 2023 [5] - The company’s total assets are expected to reach 25.87 billion yuan in 2024, with total liabilities of 12.35 billion yuan [7]

Investment Rating - Strong Buy (Maintained) with a target price of 16.95 RMB, compared to the current price of 14.35 RMB [1] Core Views - The company's H1 2024 revenue was 5.45 billion RMB, a year-on-year decrease of 31.76%, with net profit attributable to shareholders of 238 million RMB, a year-on-year decrease of 81.56% [1] - In Q2 2024, revenue was 2.987 billion RMB, a quarter-on-quarter increase of 21.27%, with net profit attributable to shareholders of 123 million RMB, a quarter-on-quarter increase of 7.64% [1] - The company is focusing on cost reduction and efficiency improvement, particularly in lithium-ion battery materials, with a self-supply ratio of core raw materials (LiPF6 and LiFSI) reaching 97% [1] - The company is expanding its overseas business, with projects in North America and Morocco entering the pilot phase, and plans to establish a sample preparation room in North America to enhance service quality [1] - The company's lithium iron phosphate (LFP) product sales increased by 67% year-on-year, with sales revenue growing by 21%, indicating strong growth potential in the cathode materials sector [1] - The company's 2024-2026 net profit attributable to shareholders is forecasted to be 835 million RMB, 1.626 billion RMB, and 2.416 billion RMB, respectively, with corresponding P/E ratios of 33x, 17x, and 11x [1] Financial Performance Summary - H1 2024 revenue: 5.45 billion RMB, down 31.76% YoY [1] - H1 2024 net profit attributable to shareholders: 238 million RMB, down 81.56% YoY [1] - Q2 2024 revenue: 2.987 billion RMB, up 21.27% QoQ [1] - Q2 2024 net profit attributable to shareholders: 123 million RMB, up 7.64% QoQ [1] - Forecasted 2024-2026 revenue: 14.514 billion RMB, 17.961 billion RMB, and 21.386 billion RMB, respectively [2] - Forecasted 2024-2026 net profit attributable to shareholders: 835 million RMB, 1.626 billion RMB, and 2.416 billion RMB, respectively [2] Business Development - The company is enhancing its competitive advantage in lithium-ion battery materials by increasing the self-supply ratio of core raw materials (LiPF6 and LiFSI) to 97% [1] - The company is advancing the commissioning of its 300,000-ton LFP project (Phase I) and improving product competitiveness [1] - The company is actively promoting the commissioning and operation of its lithium carbonate production line in a subsidiary, achieving a battery black powder recovery rate of 98% [1] - The company is expanding its overseas business, with projects in North America and Morocco entering the pilot phase, and plans to establish a sample preparation room in North America [1] - The company's LFP product sales increased by 67% year-on-year, with sales revenue growing by 21%, indicating strong growth potential in the cathode materials sector [1] Valuation and Forecast - The company's 2024-2026 net profit attributable to shareholders is forecasted to be 835 million RMB, 1.626 billion RMB, and 2.416 billion RMB, respectively [1] - The corresponding P/E ratios for 2024-2026 are 33x, 17x, and 11x, respectively [1] - The target price of 16.95 RMB is based on a 2025 P/E ratio of 20x [1]

Investment Rating - The report maintains a "Recommend" rating for Tianci Materials (002709 SZ) [2] Core Views - The company's H1 2024 performance met expectations, with revenue of RMB 5 45 billion (YoY -31 76%) and net profit attributable to shareholders of RMB 238 million (YoY -81 56%) [2] - Electrolyte profitability is under short-term pressure due to raw material price fluctuations and intensified competition, with Q2 2024 electrolyte shipments of 113k tons (YoY +25 56%, QoQ +25 56%) and net profit per ton of RMB 800 (YoY -86 67%, QoQ -27 27%) [2] - The company is advancing its lithium iron phosphate project, with H1 2024 shipments up 67% YoY, and is actively expanding domestic and overseas production capacity [2] - Revenue is expected to reach RMB 12 76 billion, RMB 16 27 billion, and RMB 19 15 billion in 2024-2026, with net profit attributable to shareholders of RMB 726 million, RMB 1 30 billion, and RMB 1 99 billion, respectively [2] Financial Performance - Q2 2024 revenue was RMB 2 99 billion (YoY -18 67%, QoQ +21 27%), with net profit attributable to shareholders of RMB 123 million (YoY -79 26%, QoQ +7 64%) [2] - Gross margin in Q2 2024 was 18 28% (YoY -12 03pcts, QoQ -1 25pcts), and net margin was 4 19% (YoY -10 28pcts, QoQ -0 43pct) [2] - The company's cost control capabilities are industry-leading, with unit investment and production costs for liquid lithium hexafluorophosphate significantly lower than the industry average [2] Capacity Expansion - The company is focusing on the 300k ton lithium iron phosphate project (Phase I), which is currently in the pilot stage [2] - Domestic production bases are located in Guangzhou, Jiujiang, and Tianjin, while overseas expansion includes a German OEM factory and ongoing US electrolyte projects [2] - The company plans to establish a subsidiary in Morocco to further expand overseas production capacity [2] Valuation - The company's PE ratios for 2024-2026 are projected at 36x, 20x, and 13x, respectively [2] - PB ratios for 2024-2026 are expected to be 2 0x, 1 8x, and 1 6x, respectively [3]

Investment Rating - The report maintains a "Buy-B" rating for the company, with a target price of 13.99 CNY [1][3]. Core Views - The company has a solid leading position in the industry and is steadily advancing in overseas markets [1]. - The company reported a significant decline in revenue and net profit for the first half of 2024, with total revenue of 5.45 billion CNY, down 31.8% year-on-year, and a net profit of 238 million CNY, down 81.6% year-on-year [1]. - The growth in the company's lithium-ion battery materials business remains strong, accounting for approximately 86.82% of total revenue, with a notable increase in sales of phosphate iron products [1][3]. Financial Performance - In the first half of 2024, the company achieved a gross margin of 18.85%, a decrease of 11.6 percentage points year-on-year, and a net margin of 4.38%, down 11.0 percentage points year-on-year [1]. - The company’s revenue projections for 2024-2026 have been revised downwards, with expected net profits of 651 million CNY, 1.52 billion CNY, and 2.21 billion CNY respectively, reflecting a significant decrease from previous forecasts [3][4]. - The company’s total assets are projected to increase from 23.98 billion CNY in 2023 to 33.09 billion CNY by 2026, indicating a growth trajectory despite current challenges [5]. Market Position and Strategy - The company maintains a leading market share and profitability in the electrolyte product segment, with over 97% self-supply ratio for key raw materials [1]. - The company is focusing on enhancing its competitive advantage by addressing production line debugging issues and improving production processes to reduce costs [1]. - The overseas revenue showed a slight increase of 13.58% year-on-year, with ongoing efforts to expand international customer certifications and collaborations [1][3]. Research and Development - The company’s R&D expenses in the first half of 2024 were 306 million CNY, a decrease of 5.80% year-on-year, with a focus on lithium battery materials [1]. - Key R&D initiatives include the development of high-energy-density lithium battery systems and new sodium battery materials to meet market demands [1].

证券代码：002709 证券简称：天赐材料 编号：2024-005 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 | --- | --- | --- | |-----------------------------|--------------------------------------------|--------------------------------------------------| | | □特定对象调研 | □分析师会议 | | 投资者关系活动 | □媒体采访 | ■业绩说明会 | | 类别 | □新闻发布会 | □路演活动 | | | □现场参观 | □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 8 月 28 日 | 9:00-10:00 | | 上市公司接待 | 董事长 徐金富；财务总监 | 顾斌； | | 人员姓名 | 董事会秘书 | 韩恒；投资者关系经理 杨凌杰 | | | 本次交流会议分为两个部分，第一部分是公司对 | 2024 | | | | 年上半年经营情况做简要介绍；第 ...

Investment Rating - The investment rating for the company is "Hold" [20] Core Views - 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 [11][12] - The second quarter revenue was 2.99 billion yuan, a year-on-year decrease of 18.67% but a quarter-on-quarter increase of 21.27%, with a net profit of 123 million yuan, down 79.26% year-on-year but up 7.64% quarter-on-quarter [11][12] - The decline in profits is attributed to falling lithium carbonate prices and low operating rates due to insufficient downstream demand [12] - The company signed a supply agreement with CATL to supply 58,600 tons of solid lithium hexafluorophosphate by December 31, 2025, which is expected to improve operating rates in H2 2024 [12] - The self-supply ratio of lithium hexafluorophosphate and LiFSI exceeded 97% in H1 2024, enhancing cost advantages [13] - The company is expanding its overseas production, with a factory in Germany starting mass production and a project in Texas expected to contribute to new growth [14] Financial Summary - For 2024-2026, the projected revenues are 14.36 billion yuan, 18.81 billion yuan, and 22.53 billion yuan, with year-on-year changes of -6.8%, +30.9%, and +19.8% respectively [15] - The projected net profits for the same period are 585 million yuan, 1.33 billion yuan, and 2.03 billion yuan, with year-on-year changes of -69.1%, +127.9%, and +52.0% respectively [15] - The earnings per share (EPS) are expected to be 0.30 yuan, 0.69 yuan, and 1.06 yuan, with price-to-earnings (P/E) ratios of 45, 20, and 13 respectively [15][16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's mid-year performance for 2024 met expectations, with revenue of 5.45 billion yuan, down 32% year-on-year, and a net profit of 238 million yuan, down 82% year-on-year, with a gross margin of 19%, down 11 percentage points [3] - The company continues to increase its market share in the electrolyte segment, with Q2 2024 shipments exceeding 110,000 tons, and total shipments for the year expected to reach nearly 500,000 tons, representing a year-on-year growth of over 20% [3] - The profitability of the electrolyte segment has reached a bottom, with Q2 2024 profits estimated at 100 million yuan, and unit profits expected to stabilize in Q3 2024 [3] Summary by Sections Financial Performance - For H1 2024, the company reported a revenue of 5.45 billion yuan, a decrease of 32% year-on-year, and a net profit of 238 million yuan, a decrease of 82% year-on-year, with a gross margin of 19% [3] - Q2 2024 revenue was 3 billion yuan, with a year-on-year decrease of 19% and a quarter-on-quarter increase of 21% [3] - The company expects to achieve a total shipment of 500,000 tons of electrolytes in 2024, with a year-on-year growth of over 20% [3] Profitability and Market Position - The company’s Q2 2024 electrolyte profit was approximately 100 million yuan, with unit profit per ton around 800 yuan, indicating a slight decline [3] - The company’s market share in the electrolyte segment continues to rise, with Q2 2024 shipments expected to be around 110,000 tons, a quarter-on-quarter increase of over 20% [3] Cost Control and Cash Flow - The company maintained good cost control, with H1 2024 expenses at 750 million yuan, a decrease of 5% year-on-year, and a Q2 expense rate of 12% [4] - Operating cash flow for H1 2024 was 360 million yuan, a decrease of 45% year-on-year, with Q2 cash flow showing a significant increase of 1455% [4] Earnings Forecast and Valuation - The company’s net profit forecasts for 2024-2026 are 610 million yuan, 1.5 billion yuan, and 2.26 billion yuan respectively, with corresponding P/E ratios of 43, 17, and 12 times [4] - Given the company is at the bottom of the cycle, future price recovery could lead to significant profit elasticity, thus maintaining a "Buy" rating [4]