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：2024-002 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 □媒体采访 ■业绩说明会 投资者关系活动 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 3月26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2023 年年度经营情况做简要介绍；第二部分为问答环节。 一、公司 2023 年年度经营情况介绍 根据公司2023年年度报告，2023 年公司实现营业 收入 154.05 亿元，归属于上市公司股东的净利润 18.91 亿元，同比下降 66.92%，实现归属于上市公司 股东的扣除非经常性损益后的净利润 18.23 亿元，基 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company's performance in 2023 was significantly impacted by a 31% year-on-year decline in revenue to 15.405 billion yuan and a 66.9% drop in net profit to 1.891 billion yuan, primarily due to falling prices in the lithium battery materials sector [2]. - Despite the challenges, the company continues to expand its production capacity and increase the self-supply ratio of core raw materials, with a current capacity of 905,600 tons for lithium-ion battery materials [2]. - The company is accelerating its overseas capacity layout, with successful production at its German OEM factory and ongoing projects in the U.S. and Morocco, aiming to meet the demand from international clients like Tesla and LGES [2]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 15.405 billion yuan, down 31% from the previous year, and a net profit of 1.891 billion yuan, down 66.9% [2]. - The fourth quarter saw a revenue of 3.281 billion yuan, a 44.3% year-on-year decline, and a net profit of 139 million yuan, down 89.7% year-on-year [2]. - The average selling price of lithium battery materials fell to 23,000 yuan per ton, a decrease of 52.3% year-on-year, contributing to a gross margin of 25.9%, down 12.1 percentage points [2]. Production Capacity and Expansion - The company is actively enhancing its lithium battery materials production capacity, with ongoing projects that include a 41,000 tons per annum lithium-ion battery materials project and a 200,000 tons lithium battery materials project [2]. - The self-supply ratio for liquid lithium hexafluorophosphate and LiFSI reached over 93%, with some core additives achieving an 80% self-supply ratio [2]. Market Strategy - The company is deepening its partnerships with major domestic and international clients in the daily chemical materials sector, achieving significant breakthroughs in supply chains with brands like Estée Lauder and expanding its market share with multinational corporations [2]. - The focus for 2024 includes expanding into the European, American, and Korean markets for lithium battery electrolytes and cathode materials [2]. Profit Forecast and Valuation - The profit forecasts for 2024, 2025, and 2026 are adjusted to 1.408 billion yuan (down 68.8%), 2.123 billion yuan (down 62.8%), and 2.606 billion yuan, respectively [2]. - The company is positioned as a leader in the electrolyte industry, with significant advantages in capacity planning and supply chain layout [2].

Investment Rating - The investment rating for the company is "Buy" with a previous rating also being "Buy" [2]. Core Views - The company maintains its position as the global leader in electrolyte market share, achieving a sales volume of 396,000 tons in 2023, a year-on-year increase of 24%, and has held the top market share for eight consecutive years, with a domestic market share rising to 36.4% [2]. - The company has significantly increased its self-supply ratio of core materials, with the self-supply ratio of liquid lithium hexafluorophosphate and LiFSI exceeding 93%, and some core additives exceeding 80% [2]. - The company is expanding its overseas market presence, successfully launching its OEM factory in Germany and progressing with its electrolyte project in the United States, while also planning to establish a subsidiary in Morocco to enhance overseas integrated capacity [2]. - Profit forecasts for the company indicate a projected net profit attributable to shareholders of 1.17 billion, 2.08 billion, and 3.45 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of -38%, 78%, and 66% [2]. Financial Summary - In 2023, the company reported total revenue of 15.405 billion yuan, a decrease of 30.97% year-on-year, and a net profit attributable to shareholders of 1.891 billion yuan, down 66.92% year-on-year [2][3]. - The gross profit margin for 2023 was 25.9%, down from 38.0% in 2022, with a projected gross profit margin of 20.4% for 2024 [3]. - The company's return on equity (ROE) for 2023 was 14.2%, significantly lower than 45.5% in 2022, with projections of 8.2% for 2024 [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 15.405 billion yuan in 2023, a decrease of 30.97% year-on-year, with a net profit attributable to shareholders of 1.891 billion yuan, down 66.92% year-on-year. The gross margin for 2023 was 26%, a decrease of 12 percentage points [3][4] - In Q4 2023, the company achieved a revenue of 3.3 billion yuan, a quarter-on-quarter decrease of 21%, and a net profit of 140 million yuan, down 70% quarter-on-quarter. The gross margin for Q4 2023 was 17%, a decrease of 7.3 percentage points [3] - The decline in hexafluorophosphate prices has put pressure on the profitability of electrolyte products, with expected unit profitability in 2024 dropping to approximately 0.2 thousand yuan [3] - The company’s electrolyte shipments in 2023 reached 396,000 tons, an increase of 24% year-on-year, with a domestic market share of 36.4%. For Q4 2023, shipments are estimated at 110,000 tons, a quarter-on-quarter decrease of about 5% [3] - The company anticipates a significant increase in production starting from March 2024, with expected shipments of over 500,000 tons in 2024, maintaining a growth rate of 25% [3] Financial Summary - The total revenue forecast for 2024 is 14.69 billion yuan, with a year-on-year decrease of 4.64%. The net profit attributable to shareholders is projected at 1.213 billion yuan, down 35.82% year-on-year [2][4] - The company’s capital expenditure in 2023 was 3.1 billion yuan, a decrease of 16% year-on-year, and inventory at the end of 2023 was 1.2 billion yuan, down 51% from the beginning of the year [4][10] - The company’s operating cash flow for 2023 was 2.274 billion yuan, a decrease of 45% year-on-year, while the net cash flow decreased by 2.402 billion yuan [10]

Investment Rating - The investment rating for the company is maintained at "OUTPERFORM" [2][5]. Core Views - In 2023, the company reported a net profit decrease of 66.92% year-on-year, with revenue of RMB 15.405 billion, down 30.97% from the previous year [5]. - The company is deepening its integration and internationalization strategies, enhancing the self-supply ratio of core raw materials and progressing in overseas capacity construction [5]. - Despite challenges such as raw material price fluctuations and intensified competition, the company has maintained a competitive edge, with electrolyte sales reaching 396,000 tons, a year-on-year increase of approximately 24% [5]. - The self-supply ratio for key raw materials like liquid lithium hexafluorophosphate and LiFSI has exceeded 93%, while some core additives have reached over 80% [5]. - The domestic market share of the company's electrolyte products increased to 36.4% in 2023 [5]. - The daily chemical materials segment saw steady growth in sales volume, with a gross profit increase of 7.6% year-on-year, despite a decrease in sales revenue due to market price fluctuations [5]. - The company is focusing on optimizing capital expenditure to ensure the progress of core projects, including new production capacities in various locations [5]. Financial Forecasts - The company expects net profits of RMB 2.074 billion in 2024 (-47%), RMB 2.611 billion in 2025 (-49%), and RMB 2.388 billion in 2026 [5]. - The target price for the company is set at RMB 24.96, based on a 23x PE for 2024, reflecting a significant adjustment from the previous target price of RMB 39.00 [5].

天赐材料（002709.SZ）2023年年报点评 电解液盈利承压，市场占有率稳步提升 2024年03月26日 ➢ 事件。2023年3月25日，公司全年实现营收154.05亿元，同比-30.97%， 推荐 维持评级 实现归母净利润18.91亿元，同比-66.92%，扣非后归母净利润18.24亿元，同 当前价格： 20.02元 比-67.08%，业绩整体符合快报预期。 ➢ Q4业绩拆分。营收和净利：公司2023Q4营收32.81亿元,同比-44.29%， [Table_Author] 环比-20.71%，归母净利润为1.39亿元，同比-89.74%，环比-70.02%，扣非后 归母净利润为1.14亿元，同比-91.10%，环比-73.93%。毛利率：2023Q4毛利 率为16.96%，同增-13.94pct，环增-7.36pct。净利率：2023Q4净利率为4.05%， 同比-19.56pcts，环比-7.52pcts。费用率：公司2023Q4期间费用率为9.72%， 同比-4.62pct，其中销售、管理、研发、财务费用率分别为0.51%、3.62%、4.13%、 1.46%。 分析师 邓永康 ➢ 电解液盈利承压 ...

Profit Distribution and Financial Performance - The profit distribution plan for 2023 proposes a cash dividend of 3 RMB per 10 shares (including tax) to all shareholders, with no bonus shares issued[3]. - The company reported a total revenue of ¥15,404,639,485.24 in 2023, a decrease of 30.97% year-on-year[49]. - Net profit attributable to shareholders was ¥1,890,621,314.16, down 66.92% compared to the previous year[49]. - The net cash flow from operating activities decreased by 45.38% to ¥2,274,216,054.11 in 2023 from ¥4,163,859,812.88 in 2022, primarily due to reduced sales collections[73][74]. - The company reported a cash dividend of 3 CNY per 10 shares, totaling 576,504,282 CNY, which represents 100% of the profit distribution amount[179]. - The distributable profit for the company was 3,232,315,018.78 CNY, indicating a positive profit available for distribution to shareholders[179]. Revenue and Growth Targets - The company aims for a revenue guidance of RMB 1.8 billion for 2024, reflecting a growth target of 20%[10]. - The company reported a revenue of RMB 1.5 billion for the year 2023, representing a year-on-year growth of 20%[10]. - User data showed an increase in active customers by 15%, reaching a total of 1.2 million users[11]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in sales from this region by 2024[10]. Research and Development Initiatives - The company has allocated RMB 100 million for R&D in new materials and technologies in 2024, focusing on sustainable solutions[11]. - The company is actively developing products in the fields of sodium-ion batteries, 5V cathodes, lithium-rich manganese, and solid-state batteries[33]. - The company is focusing on the development of lithium battery electrolytes, including high energy density systems and new additives to improve battery performance and safety[108]. - The company is developing a new electrolyte for large cylindrical batteries, aiming to meet the demand for high-performance solutions in the growing market[69]. Market and Industry Trends - The lithium-ion battery materials industry experienced over 20% year-on-year growth in demand in 2023, driven by the booming applications in new energy vehicles and energy storage[23]. - The lithium battery materials market is driven by the growth of the electric vehicle industry and the increasing demand in the energy storage sector, particularly with advancements in solar energy and 5G technology[30]. - The domestic personal care market is expected to expand, driven by increasing disposable income and consumer demand for safety and environmental sustainability[24]. Operational Efficiency and Cost Management - The gross profit margin improved to 35%, up from 30% in the previous year, indicating better cost management and pricing strategies[11]. - The net profit margin for 2023 was reported at 15%, an increase from 12% in 2022, showcasing improved operational efficiency[11]. - Energy procurement accounts for over 30% of the total production costs, indicating a significant impact on overall profitability[32]. - Direct materials cost amounted to ¥8,830,431,278.11, accounting for 77.38% of operating costs, a decrease of 23.93% year-on-year[61]. Corporate Governance and Shareholder Engagement - The company emphasizes transparent information disclosure and has established multiple communication channels with investors, including performance briefings and an interactive platform[127]. - The company held 8 shareholder meetings during the reporting period, ensuring equal rights for all shareholders to exercise their voting rights[130]. - The board of directors consists of 9 members, including 4 independent directors, and held 18 meetings during the reporting period[131]. - The company is committed to enhancing corporate governance and internal control systems to protect shareholders' rights and interests[129]. Strategic Acquisitions and Partnerships - A strategic acquisition of a local competitor is anticipated to enhance market share by 10% in the next fiscal year[10]. - The company is exploring partnerships with international firms to enhance its product offerings and expand its global footprint[10]. - The company has completed the acquisition of Dongguan Tengwei Electronic Materials Technology Co., Ltd., becoming its controlling shareholder, achieving a non-same control merger[199]. Risk Management and Challenges - The company emphasizes the importance of risk awareness regarding future plans and development strategies, indicating potential operational risks and corresponding countermeasures[2]. - The company faces significant risks from raw material price fluctuations, which constitute a large portion of production costs, potentially impacting profitability[116]. - The company is closely monitoring foreign exchange risks as its overseas business expands, utilizing hedging tools to mitigate potential impacts on financial performance[118]. Production Capacity and Investment Projects - The company has a designed capacity of 905,598 tons for lithium-ion battery materials, with a utilization rate between 39%-63%[35]. - The company is currently constructing projects that will add approximately 1,200,000 tons of lithium-ion battery materials capacity, including a 41,000 tons/year project and a 200,000 tons/year lithium battery material project[35]. - The company has established several chemical parks focused on battery materials, enhancing its production capabilities[36]. Employee Management and Development - The total number of employees at the end of the reporting period is 6,857, with 655 in the parent company and 6,202 in major subsidiaries[169]. - The company aims to enhance employee skills through various training programs, including mixed learning projects and mentorship initiatives, to support career development[171]. - The company emphasizes that remuneration is determined based on operational scale, industry standards, and individual performance in achieving annual goals[158].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 15.405 billion yuan in 2023, a decrease of 30.97% year-on-year, with a net profit attributable to shareholders of 1.891 billion yuan, down 66.92% year-on-year [3][4] - The fourth quarter of 2023 saw a revenue of 3.3 billion yuan, a quarter-on-quarter decrease of 21%, and a net profit of 140 million yuan, down 70% quarter-on-quarter [3] - The report anticipates that the profitability of the electrolyte business will bottom out in 2024, with unit profitability expected to decline to approximately 0.2 thousand yuan [3] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 15.405 billion yuan, a 30.97% decrease from the previous year, and a net profit of 1.891 billion yuan, down 66.92% [2][3] - The gross profit margin for 2023 was 26%, a decrease of 12 percentage points year-on-year [3] - The company’s electrolyte shipments reached 396,000 tons in 2023, an increase of 24% year-on-year, with a domestic market share of 36.4% [3] Profitability Outlook - The report projects that the unit profit for electrolytes will decline to about 0.2 thousand yuan in 2024, with a significant drop in profitability attributed to the price reduction of hexafluorophosphate [3] - The company expects to ship over 500,000 tons of electrolytes in 2024, maintaining a growth rate of 25% [3] Capital Expenditure and Cash Flow - Capital expenditure in 2023 was 3.1 billion yuan, a decrease of 16% year-on-year, with a significant reduction in inventory by 51% compared to the beginning of the year [4] - The net cash flow from operating activities was 2.3 billion yuan, down 45% year-on-year [4] Future Earnings Forecast - The forecast for net profit attributable to shareholders for 2024 is adjusted to 1.213 billion yuan, a decrease of 36% year-on-year, with subsequent years showing recovery [4] - The report maintains a "Buy" rating, citing potential for profit recovery as the company is at the bottom of the cycle [4]

目录 CONTENTS 关于本报告 02 关于天赐材料 07 02 高层致辞 04 01 | 03 | | | --- | --- | | 3.1 天赐简介 | 08 | | 3.2 公司治理 | 14 | | 3.3 公司运营 | 19 | | 04 | | 05 | 06 | | --- | --- | --- | --- | | 可持续发展管理 23 | | 产品责任 | 31 | | 4.1 联合国可持续发展目标的响应 24 | | 5.1 创新管理 | 32 | | 4.2 利益相关方参与 | 26 | 5.2 知识产权保护 | 35 | | 4.3 实质性议题确定 | 28 | 5.3 匠心品质 | 37 | | 环保天赐 | 65 | | --- | --- | | 7.1 水资源保护 | 68 | | 7.2 大气环境保护及治理 71 | | | 7.3 固废减量及资源化 | 72 | | 7.4 积极应对气候变化 | 74 | 08 | 08 | | | | --- | --- | --- | | 可持续采购 79 | 关爱员工 | 83 | | | 9.1 公平与尊重 | 84 | | | ...

2023 年度业绩承诺实现情况的说明 审核报告 致同会计师事务所（特殊普通合伙） 目 录 审核报告 广州天赐高新材料股份有限公司关于 交易对手方 对浙江天硕氟硅新材料科技有限公司 公司关于交易对手方对浙江天硕氟硅新材料科技有限公司 2023年 度业绩承诺实现情况的说明 1-2 致同会计师事务所（特殊普通合伙） 中国北京 朝阳区建国门外大街 22 号 赛特广场 5 层 邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 广州天赐高新材料股份有限公司 关于交易对手方 对浙江天硕氟硅新材料科技有限公司 2023 年度业绩承诺实现情况的说明 审核报告 致同专字（2024）第 110A003498 号 广州天赐高新材料股份有限公司全体股东： 本审核报告仅供天赐材料公司披露年度报告时使用，不得用作任何其他 用途。 致同会计师事务所 （特殊普通合伙） 中国注册会计师 中国注册会计师 我们接受委托，对后附的广州天赐高新材料股份有限公司（以下简称 "天赐材料公司"）管理层编制的《关于交易对手方对浙江天硕氟硅新材料 科技有限公司 2023 ...