天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2024-089 | | --- | --- | --- | | 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 关于回购公司股份的进展公告 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。 广州天赐高新材料股份有限公司（以下简称"公司"）于 2024 年 11 月 14 日 召开的第六届董事会第二十三次会议、第六届监事会第十八次会议审议通过了 《关于回购公司股份方案的议案》，同意公司以自有资金和自筹资金（含商业银 行回购专项贷款等）通过集中竞价交易方式回购部分公司股票，并将该回购股票 用于后期公司管理层和核心骨干员工实施股权激励或员工持股计划。回购总金额 不低于人民币 1.20 亿元（含）且不超过人民币 1.60 亿元（含），回购价格不超过 人民币 25 元/股（含）,实施期限为董事会审议通过回购股份方案之日起 12 个月 内。具体内容详见公司于 2024 年 11 月 15 日在巨潮资讯网披露的《关于回购公 司股份方案的公告》（公 ...

Group 1: Market Trends and Pricing - Recent price adjustments for lithium hexafluorophosphate (LiPF6) have been observed, attributed to increased demand during peak seasons, with major manufacturers operating at high capacity [1] - The company anticipates a rational price recovery for LiPF6, avoiding extreme fluctuations [1] - The overall industry is experiencing low operating rates and profitability, with new entrants facing slow construction and operational plans [4] Group 2: Production and Demand Outlook - The company expects strong downstream demand for electrolyte production in Q4 2024, maintaining a high production level [1] - The addition ratio of lithium bis(fluorosulfonyl)imide (LiFSI) is currently around 2%, projected to increase with the growing popularity of fast-charging batteries [4] - The company plans to establish a pilot production line for solid-state electrolytes by 2025, focusing on cost advantages and material technology validation [3] Group 3: Strategic Developments - The company is enhancing its competitive edge in cathode materials, particularly with its iron phosphate products, which benefit from a cost-effective recycling system [3] - Ongoing projects in North America and Morocco are on schedule, with a projected annual production capacity of 200,000 tons of electrolyte in the U.S. by 2026 [3] - The company is actively working on optimizing its production processes, especially in recycling iron phosphate technology [3]

Summary of Conference Call for Tianqi Materials Industry Overview - The lithium hexafluorophosphate (LiPF6) production is currently at 6,000-6,500 tons per month, with high capacity utilization. New capacity release is limited, and supply is expected to remain tight in 2024, keeping prices high [2][3][4]. - The electrolyte market demand is robust, projected to reach 1.8-1.9 million tons in 2024, with leading companies operating at full capacity. The overall growth rate is expected to be between 25%-30% [2][3][4]. - Downstream customer expectations for electrolyte demand in the coming months are positive, with production stabilizing above 50,000 tons in Q4 2023 and further growth anticipated in Q1 2024 [2][5]. Key Points on Lithium Hexafluorophosphate and Electrolyte - The current production capacity for LiPF6 is approximately 200,000 tons, with a total capacity of 110,000 tons. The top three companies are expected to operate at full capacity, leading to tight supply conditions [3][4]. - The price of LiPF6 is projected to rise to 62,000-65,000 CNY per ton in the short term, driven by processing fees rather than lithium carbonate prices [13][30]. FSI (Fluoroethylene Sulfonamide) Insights - FSI penetration is increasing, with 60% of sales formulations containing FSI. The expected usage in 2024 is around 18,000 tons [6][7]. - FSI prices are expected to fluctuate in line with LiPF6 prices, but the increase will be relatively smaller [2][6]. Solid-State Electrolyte Development - The company is actively developing solid-state electrolytes using a liquid-phase method to synthesize aluminum sulfide, aiming to reduce costs to 200,000-250,000 CNY per ton [2][8]. - The company has established a scalable production process and aims to commercialize the sulfide route for solid-state batteries [8][11]. Circular Economy and Recycling Initiatives - The company is building a circular industry chain, including lithium iron phosphate battery recycling and waste battery processing, to enhance profitability and competitiveness [2][18][19]. - A demonstration line for lithium iron phosphate batteries has been established, with a recycling capacity of 50,000 tons of waste batteries, achieving over 60% recovery rate for lithium carbonate [19][21]. Phosphate Iron Business Outlook - The company plans to sell 200,000 tons of lithium iron phosphate in 2024, with ongoing technical improvements to enhance production efficiency and reduce costs [2][20]. - The company has achieved cash flow break-even and aims to balance production and sales, with a focus on improving the compression density of lithium iron phosphate [20][22]. Market Dynamics and Future Projections - The European market is expected to perform better than anticipated, potentially impacting overall demand positively [26]. - The implementation of trade-in policies may lead to upward price risks, as initial expectations of a downturn may not materialize [27]. - The company anticipates that prices will not exceed 100,000 CNY per ton, as excessively high prices could disrupt market stability [28][30]. Conclusion - The company is well-positioned in the lithium and electrolyte markets, with strategic initiatives in solid-state technology and recycling that could enhance its competitive edge. The outlook for 2024 remains optimistic, with strong demand and pricing trends expected to support growth.

Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Views - The company reported Q3 2024 revenue of 3.413 billion yuan, a year-on-year decrease of 17.52%, and a net profit attributable to shareholders of 101 million yuan, down 78.25% year-on-year [2]. - The company's gross margin for Q3 2024 was 17.90%, slightly down by 0.38 percentage points, primarily due to the decline in electrolyte prices [3]. - The company is advancing its global layout, with projects in the US and Morocco expected to enhance customer reach and contribute to growth by 2026 [3]. - The company is investing in new technologies, including solid-state electrolyte technology, which is expected to begin pilot production by 2025 [3]. Financial Summary - For 2024-2026, the company is projected to achieve net profits of 451 million, 1.332 billion, and 2.055 billion yuan, respectively, with corresponding P/E ratios of 100.6, 34.0, and 22.1 times based on the closing price on November 13, 2024 [4]. - The company’s total revenue for the first three quarters of 2024 was 8.863 billion yuan, a decrease of 26.90% year-on-year [2]. - The projected revenue for 2024 is 12.214 billion yuan, with a year-on-year decline of 20.7%, followed by a recovery in 2025 with a growth of 37.5% [5].

天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2024-087 | | --- | --- | --- | | 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 关于首次回购公司股份的公告 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。 广州天赐高新材料股份有限公司（以下简称"公司"）于 2024 年 11 月 14 日 召开的第六届董事会第二十三次会议、第六届监事会第十八次会议审议通过了 《关于回购公司股份方案的议案》，同意公司以自有资金和自筹资金（含商业银 行回购专项贷款等）通过集中竞价交易方式回购部分公司股票，并将该回购股票 用于后期公司管理层和核心骨干员工实施股权激励或员工持股计划。回购总金额 不低于人民币 1.20 亿元（含）且不超过人民币 1.60 亿元（含），回购价格不超过 人民币 25 元/股（含）,实施期限为董事会审议通过回购股份方案之日起 12 个月 内。具体内容详见公司于 2024 年 11 月 15 日在巨潮资讯网披露的《关于回购公 司股份方案的公告》（公 ...

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。 重要内容提示： ●广州天赐高新材料股份有限公司（以下简称"公司"） 拟以自有资金 和自筹资金（含商业银行回购专项贷款等）通过集中竞价交易方式回购部分 公司股票。实施回购方案的主要内容：本次回购股份将全部用于实施股权激 励计划或员工持股计划，法定期间未使用部分公司将履行相关程序予以注销 并减少注册资本。本次回购使用资金不超过人民币1.60亿元（含），不低于 人民币1.20亿元（含），回购股份的价格不超过25元/股（含），若按回购金 额上限人民币1.60亿元测算，预计回购股份数量不超过640万股，约占公司目 前已发行总股本的0.3335%；按回购金额下限人民币1.20亿元测算，预计回购 股份数量不低于480万股，约占公司目前已发行总股本的0.2502%，具体回购 股份的数量以回购期满时实际回购的股份数量为准。本次回购的实施期限为 自董事会审议通过回购股份方案之日起12个月内。 ●本次回购事项已经公司第六届董事会第二十三次会议和第六届监事会 第十八次会议审议通过，且出席本次董事会董事人数超过董事会成员的三分 之二，根据 ...

天赐材料（002709） | 序号 | 股东名称 | 持股数量（股） | 占股份总数的比 例（%） | | --- | --- | --- | --- | | 9 | 招商银行股份有限公司－泉果旭源三年持有期 | 19,863,388 | 1.04 | | | 混合型证券投资基金 | | | | 10 | 中国建设银行股份有限公司－易方达沪深 300 | 14,124,700 | 0.74 | | | 交易型开放式指数发起式证券投资基金 | | | 二、前十名无限售条件股东持股情况 | 序号 | 股东名称 | 持股数量（股） | 占无限售条件股 份总数的比例 | | --- | --- | --- | --- | | | | | （%） | | 1 | 徐金富 | 174,667,023 | 12.61 | | 2 | 香港中央结算有限公司 | 60,254,763 | 4.35 | | 3 | 林飞 | 32,786,972 | 2.37 | | 4 | 万向一二三股份公司 | 30,500,097 | 2.20 | | 5 | 李兴华 | 26,893,120 | 1.94 | | 6 | 徐金林 | 2 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨天赐材料（002709.SZ） [Table_Title] 出货环比稳增，盈利底部企稳 | --- | --- | |----------|-------| | | | | 报告要点 | | 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 请阅读最后评级说明和重要声明 天赐材料（002709.SZ） cjzqdt11111 2024-11-16 相关研究 2024-09-04 05-21 [Table_Title2] 出货环比稳增，盈利底部企稳公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 天赐材料发布 2024 年三季报，2024Q3 实现收入 34.13 亿元，同比下滑 17.52%，环比增长 14.26%。归母净利润 1.01 亿元，同比下滑 78.25%，环比下滑 18.15%。扣非净利润为 1.01 亿 元，同比下降 77.06%，环 ...

天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2024-083 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 2024 年 11 月 14 日，广州天赐高新材料股份有限公司（以下称"公司"）第六 届监事会第十八次会议以通讯方式召开。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《关于回购公司股份方案的议案》 经核查，监事会认为，公司本次回购股份方案符合《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司股份回购规则》《深圳证券交易所上市公司 自律监管指引第 9 号——回购股份》及《公司章程》等相关规定。根据公司实际 经营及未来发展情况考虑，回购股份不会对公司的经营、盈利能力、财务、研发、 债务履行能力、未来发展产生重大影响。回购股份后不会导致公司控制权发生变 化，不会改变公司的上市公司地位，股权分布情况仍符合上市的条件。公司回购 股份有 ...