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 ...

%% %% 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] 盈利触底企稳，静待稼动率回升&正极减亏 | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 公司发布 2024 年半年报业绩， 2024 年上半年公司实现营业收入 54.50 亿元，同比下降 31.76% ， | | | 归属净利润 2.38 亿元，同比下降 81.56% ，扣非净利润 1.86 亿元，同比下降 85.35% 。拆分至 | | | 2024Q2 ，实现营业收入 29.87 亿元，同比下降 18.67% ，环比增长 21.27% ，归属净利润 1.23 ...

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 ...

业绩符合预期， 静待盈利触底 [Table_Rank] 投资评级：买入（维持） 报告日期： 2024-08-30 [公司价格与沪深 Table_Chart] 300 走势比较 -68% -48% -28% -8% 12% 8/23 11/23 2/24 5/24 天赐材料 沪深300 [Table_BaseData] 收盘价（元） 14.35 近 12 个月最高/最低（元） 33.58/13.31 总股本（百万股） 1,919 流通股本（百万股） 1,385 流通股比例（%） 72.18 总市值（亿元） 275 流通市值（亿元） 199 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzb@hazq.com [Table_CompanyReport] 相关报告 1.主业短期承压韧性依旧，天赐优势 明显释能在即 2024-06-05 主要观点： ⚫[Table_Summary] 事件：公司发布 2024 年半年报。 公司 24 年 H1 实现营收 54.5 亿元，同比-31.76%，主系电池材料产品 的销售价格大幅下降；实现归母净利润 2.375 亿元，同 ...

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 ...

证券研究报告 非金融公司|公司点评|天赐材料（002709） 2024 年半年报点评： 业绩短期承压，一体化布局未来可期 glzqdatemark1 证券研究报告 |报告要点 公司发布 2024 年半年度报告，2024H1 实现营收 54.50 亿元，同比-31.76%；归母净利润 2.38 亿元，同比-81.56%。第二季度实现营收 29.87 亿元，同比-18.67%，环比+21.27%；归母净利 润 1.23 亿元，同比-79.26%，环比+7.64%。 |分析师及联系人 贺朝晖 SAC：S0590521100002 天赐材料(002709) 2024 年半年报点评： 业绩短期承压，一体化布局未来可期 | --- | --- | |-------------------------|-------------------| | 行 业： | 电力设备/电池 | | 投资评级： | | | 当前价格： | 13.58 元 | | 基本数据 | | | 总股本/流通股本(百万股) | 1,918.82/1,385.02 | | 流通 A 股市值(百万元) | 18,808.51 | | 每股净资产(元) | ...

证券研究报告·公司点评报告·电池 天赐材料（002709） 2024 年中报点评：电解液盈利触底，业绩符 合预期 2024 年 08 月 28 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|----------|---------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 22317 | 15405 | 14032 | 17977 | 22445 | | 同比（ % ） | 101.22 | (30.97) | (8.91) | 28.12 | 24.85 | | 归母净利润（百万元） | 5,714.44 | 1,890.62 | 606.91 | 1,504.88 | 2,260.49 | | 同比（ % ） | 158.77 | (66.92) | (67.90) | 147.96 | 50.21 | | EPS ...