天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2024-065 | | --- | --- | --- | | 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 关于不向下修正"天赐转债"转股价格公告 经公司第六届董事会第十九次会议审议通过，公司董事会决定本次不向下 修正"天赐转债"的转股价格，且未来六个月（即 2024 年 7 月 11 日至 2025 年 1 月 10 日）内，如再次触发转股价格向下修正条款的，亦不提出向下修正方案。从 2025 年 1 月 11 日起重新起算，若再次触发转股价格的向下修正条款，届时公司董 事会将再次召开会议决定是否行使"天赐转债"转股价格的向下修正权利。 公司于 2024 年 7 月 10 日召开了第六届董事会第十九次会议，审议通过了《关 于不向下修正"天赐转债"转股价格的议案》，董事徐金富、顾斌、徐三善作为"天 赐转债"持有人，回避表决。具体情况如下： 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 ...

Financial Performance Forecast - The estimated net profit attributable to shareholders for the first half of 2024 is projected to be between 210 million and 260 million yuan, representing a decline of 79.82% to 83.70% compared to the same period last year[3]. - The net profit after deducting non-recurring gains and losses is expected to be between 170 million and 210 million yuan, reflecting a decrease of 83.48% to 86.62% year-on-year[3]. - Basic earnings per share are anticipated to be between 0.11 yuan and 0.14 yuan, down from 0.68 yuan per share in the same period last year[3]. Factors Affecting Profit - The decline in profit is primarily attributed to intensified competition in the energy sector and lower-than-expected demand growth, despite an increase in sales volume of lithium-ion electrolyte products[6]. Communication and Disclosure - The company has communicated with its accounting firm regarding the performance forecast, and there are no significant discrepancies[4]. - The financial data provided in the performance forecast is preliminary and may differ from the final figures disclosed in the 2024 semi-annual report[7]. - The company emphasizes the importance of investors being aware of investment risks related to the forecasted performance[7].

天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2024-064 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 具体内容详见《关于不向下修正"天赐转债"转股价格公告》，与本决议同 日在公司指定信息披露媒体《证券时报》《中国证券报》《上海证券报》《证券 日报》和巨潮资讯网（http://www.cninfo.com.cn）公告。 审议通过了《关于不向下修正"天赐转债"转股价格的议案》 截至 2024 年 7 月 10 日，公司股票已出现在任意连续 30 个交易日中至少有 15 个交易日的收盘价低于当期转股价格的 85%（即 24.30 元/股）的情形，已触 发"天赐转债"转股价格向下修正的条款。 鉴于公司股价受宏观经济、市场等因素影响，波动较大，未能正确体现公司 长期发展的内在价值，综合考虑公司的基本情况、股价走势、市场环境等多重因 素，以及对公司长期稳健发展与内在价值的信心，为维护全体投资者的利益，公 司决定本次不行使"天赐转债"的转股价格向下修正的权利，且自本次董事会会 议决议公告之日起未来六个月内（即 2 ...

接下来我们分四个部分来进行详细的一个分享首先是公司的发展历程 在这个电解液的布局的话其实最早是从2000年成立之初开始是布局日化的业务然后从04年开始涉足锂电池材料这个领域07年开始形成了电解液原材料为主体立体化布局战略然后从15年开始公司的锂电池电解液销量就来就是实现了全球的领天并一直保持至今 21年开始呢公司又布局电池材料再生业务并加开了海外拓展所以看到公司在过去二十多年化随着锂电行业的发展呢取得了长度进步业务也得到了非常广的一个开拓而公司呢现在拥有电池材料呢主要包括五大产品序列然后电解液电解质以及天下技是公司电池业务的核心 然后我们看到公司核心产品的包括锂电子电池电解液电解质及添加剂正极相关材料各种化学品及钠电钠离子电池电解液所以公司的话呢其实他的这个产品呢是进行了一个丰富的配套电解液的这个上下游一体化呢其实已经具备非常强的产品布局能力而公司的产品呢也广泛布局 应用于大型轮机车数码分布式储能等多个领域然后公司整体的一个经营情况的话19到23年公司电池材料业务取得了一个快速的发展销量的实现了稳步的增长23年公司锂电材料业务占预营收的比例是91%个人护理品材料占7%然后呢 受市场波动影响的话呢其实各种互利品 ...

天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2024-063 | | --- | --- | --- | | 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 "天赐转债"预计触发转股价格向下修正条件的提示性公告 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： 截至 2024 年 7 月 3 日，公司股票在连续 30 个交易日中已有连续 10 个交 易日的收盘价低于当期转股价格的 85%，预计将有可能触发转股价格向下修正条 件。若触发转股价格修正条件，公司将于触发条件当日召开董事会审议决定是否 修正转股价格，并及时履行信息披露义务。敬请广大投资者注意投资风险。 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 （二）可转换公司债券上市情况 经深圳证券交易所"深证上[2022]999 号"文同意，公司本次发行的 34,105,000 证券代码：002709 证券简称：天赐材料 债券代码：127073 债券简称：天赐转债 转股价格：28.59元/股 转股 ...

天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2024-062 | | --- | --- | --- | | 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年第二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 年第二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 a "Buy" rating for Tianci Materials (002709) with a current price of 17.72 yuan [1] Core Views - Tianci Materials dominates the global electrolyte market with a leading market share and benefits from its integrated industrial chain, which provides significant cost advantages [2] - The company is expected to benefit from the increasing demand for power and energy storage batteries, with its new energy structural adhesive business accelerating and enhancing profitability [2] - The global lithium-ion battery (LIB) market is projected to grow significantly, with LIB shipments expected to reach 2387 GWh by 2026, a CAGR of 27% [3] - The global electrolyte market is forecasted to grow to 2.92 million tons by 2026, with a CAGR of 31%, driven by the demand for power and energy storage batteries [3] - The company's integrated electrolyte industrial chain, with over 95% self-supply of lithium salts and over 80% self-supply of key additives, provides a strong cost advantage [4] - Tianci Materials' lithium salt sales and structural adhesive business are expected to contribute new profit growth points, with orders from major clients like BYD, Guoxuan High-Tech, and CATL [5] Financial Projections - Revenue for 2024-2026 is projected to be 16.12 billion yuan, 19.87 billion yuan, and 22.91 billion yuan, with year-on-year growth rates of 4.6%, 23.3%, and 15.3% respectively [6] - Net profit attributable to shareholders is expected to be 1.28 billion yuan, 1.96 billion yuan, and 2.71 billion yuan for 2024-2026, with a three-year CAGR of 12.7% [6] Industry Analysis - The global electrolyte market is expected to grow significantly, with demand driven by the increasing adoption of electric vehicles and energy storage systems [3] - The company's market share in the domestic electrolyte market is 36.4%, and its global market share is 31.2%, both ranking first [4] - The global lithium-ion battery market is projected to reach 2387 GWh by 2026, with a CAGR of 27%, driven by the growth in electric vehicles and energy storage systems [3] - The global electrolyte market is expected to grow to 2.92 million tons by 2026, with a CAGR of 31%, driven by the demand for power and energy storage batteries [3] Company Strategy - Tianci Materials has a strong focus on R&D, with 472 authorized patents as of the end of 2023, including 280 invention patents [19] - The company has a highly concentrated equity structure, with the controlling shareholder holding 36.31% of the shares, ensuring stable operations [21] - The company's management team is highly experienced, with many members having over 14 years of experience in the industry, contributing to the company's long-term growth [22] Market Position - Tianci Materials is the global leader in the electrolyte market, with a 36.4% market share in China and a 31.2% global market share [4] - The company has a strong customer base, including major players like CATL, LG Energy Solution, and Tesla, ensuring stable orders and sales [41] - The company's electrolyte capacity expansion is slowing, which is expected to improve capacity utilization and further consolidate its market position [42]

Investment Rating - The report gives a "Buy" rating for the company for the first time, with a target price of 20.16 CNY based on a 2025 PE of 18 times, leading to a total market value of 38.52 billion CNY [1][3]. Core Views - The profitability of the electrolyte is expected to stabilize at the bottom, with the industry capacity accelerating to clear out excess supply. The current price decline cycle has lasted over two years, with major electrolyte companies experiencing historical low gross margins. The price of lithium hexafluorophosphate, a key cost component, has reached historical lows, leading to significant losses and even shutdowns in production for some companies. Factors such as rigid costs of lithium carbonate, substantial reductions in effective industry capacity, and a recovery in downstream demand are expected to support a trend reversal in electrolyte and lithium hexafluorophosphate prices, entering a new phase of stable development [1][18][21]. - The company has built core competitiveness through deep vertical integration. As a leading domestic electrolyte producer, the company continuously enhances its self-supply ratio of core raw materials like liquid lithium hexafluorophosphate and lithium bis(fluorosulfonyl)imide, while also leveraging unique liquid lithium salt technology to maintain significant cost advantages and strong profitability resilience amid industry challenges. The company occupies a dominant market share [1][26]. - The company is diversifying horizontally to create sustainable development capabilities. The new lithium salt and additive layouts in the electrolyte segment are entering a harvest phase, contributing new growth momentum to the main business. The company has also expanded into other battery materials, creating strong platform synergies across various business segments [1][31]. Summary by Sections Financial Performance - The company's revenue in 2023 was 15.405 billion CNY, a decrease of 31.0% year-on-year. The operating profit was 2.343 billion CNY, down 65.9% year-on-year. The net profit attributable to the parent company was 1.891 billion CNY, a decline of 66.9% year-on-year. The earnings per share for 2023 was 0.99 CNY, with a gross margin of 25.9% and a net margin of 12.3% [2][15]. - The forecast for earnings per share from 2024 to 2026 is 0.63 CNY, 1.12 CNY, and 1.60 CNY, respectively, indicating a recovery trend in profitability [1][2]. Industry Overview - The electrolyte industry is characterized by significant cyclical attributes, with historical volatility in profitability. The current downturn has been exacerbated by rapid declines in lithium carbonate prices and slowing demand growth. The report anticipates a recovery in the industry as supply-side adjustments take place [1][18]. - The price of lithium hexafluorophosphate, which constitutes a significant portion of electrolyte costs, is expected to stabilize and potentially rebound due to cost rigidity and a reduction in effective production capacity [1][21][23]. Company Strategy - The company has implemented a strategy of vertical integration, achieving high self-supply ratios for key raw materials, which enhances supply stability and cost competitiveness. The self-supply ratios for lithium hexafluorophosphate and lithium bis(fluorosulfonyl)imide exceeded 93% in 2023 [1][26]. - The company is also focusing on creating a circular economy model, utilizing by-products from one process as raw materials for another, significantly reducing costs associated with raw material procurement and hazardous waste treatment [1][27].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has signed a supply agreement with CATL for 58,600 tons of solid lithium hexafluorophosphate, which is expected to enhance its market share and profitability [4][5] - The current profitability in the electrolyte segment is at a low point, but demand is expected to grow, leading to an improvement in the supply-demand balance [5] - The projected net profits for 2024, 2025, and 2026 are estimated at 1.218 billion, 1.787 billion, and 2.086 billion yuan respectively, with corresponding P/E ratios of 32.33, 22.04, and 18.88 [5][6] Financial Summary - Main revenue for 2022 was 22.317 billion yuan, which is projected to decrease to 15.405 billion yuan in 2023 and stabilize around 15.407 billion yuan in 2024 [6] - The net profit attributable to shareholders decreased from 5.714 billion yuan in 2022 to 1.891 billion yuan in 2023, with a further decline to 1.218 billion yuan expected in 2024 [6] - Earnings per share (EPS) are projected to drop from 2.98 yuan in 2022 to 0.99 yuan in 2023, with a forecast of 0.63 yuan in 2024 [6] Market Position - The agreement with CATL is expected to significantly increase the company's supply to the leading battery manufacturer, enhancing its competitive position in the market [4][5] - The company is anticipated to supply approximately 500 GWh of batteries based on the projected electrolyte production from the signed agreement [5]

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company signed a supply agreement with CATL, which is expected to positively impact its operating performance in 2024-2025 [2]. - The agreement involves supplying 58,600 tons of solid lithium hexafluorophosphate, which can produce approximately 48.83 million tons of electrolyte, corresponding to about 574.5 GWh of battery demand [2]. - The current market for lithium hexafluorophosphate is experiencing oversupply, with a concentration of supply towards leading enterprises [2]. - The company is continuously enhancing its production capacity for lithium battery materials, with a self-supply ratio of core raw materials exceeding 93% [2]. - The company has several projects under construction, including a lithium-ion battery materials project with a capacity of 41,000 tons per annum [2]. Financial Forecasts and Valuation - The company’s projected net profits for 2024-2026 are 1.103 billion, 1.931 billion, and 2.443 billion yuan, respectively, reflecting a downward adjustment of 21.6%, 9.0%, and 6.3% [2][3]. - The company’s revenue for 2024 is expected to be 14.288 billion yuan, with a revenue growth rate of -7.25% [3]. - The earnings per share (EPS) for 2024 is projected to be 0.58 yuan, with a price-to-earnings (P/E) ratio of 35 [3]. - The return on equity (ROE) is expected to be 7.95% in 2024, increasing to 12.38% in 2025 [3].