Financial Performance - In 2024, the company achieved a revenue of CNY 12.518 billion, with a net profit of CNY 484 million, representing a year-on-year decline of 74.40% [2] - For Q1 2025, the company reported a revenue of CNY 3.489 billion, with a net profit of CNY 149 million, showing a year-on-year growth of 30.8% [2] - The core product, electrolyte sales, exceeded 500,000 tons in 2024, marking a year-on-year increase of approximately 26% compared to 2023 [2] Market and Competitive Landscape - The company maintains a competitive advantage despite challenges such as declining product prices and unit profitability due to raw material price fluctuations and intensified competition [3] - The demand from downstream industries is expected to increase in 2025, leading to improved supply-demand balance and a healthier competitive landscape [3] Strategic Initiatives - The impact of U.S. tariffs on the company is minimal, with only about 1% of total revenue derived from direct sales to the U.S. [3] - The company is actively pursuing local production capacity in the U.S. in collaboration with Honeywell, with plans for a 200,000-ton annual production facility for electrolytes in Texas [3] Product Development and Innovations - The LIFSI additive in electrolytes is projected to increase from 1.9% in 2024, driven by its superior performance in fast-charging battery formulations [3] - The company is advancing its PEEK materials, currently in trial production, with applications in robotics and chemical industries [4] - A new 5V electrolyte system was launched in March, targeting applications in power batteries and energy storage systems [4] - Development of solid and semi-solid electrolytes is ongoing, with a focus on lithium sulfide routes [4] Cost Management and Production Capacity - The company has a production capacity of 330,000 tons for iron phosphate, benefiting from an integrated layout and scale effects to reduce costs [4] - Future capital expenditures will be controlled, with a focus on international market expansion as domestic capacity growth slows [5]

Investment Rating - The report maintains a "Buy" rating for the company [7][5] Core Views - The company's Q1 2025 revenue reached 3.489 billion RMB, showing a year-on-year increase of 41.64% and a quarter-on-quarter decrease of 4.56%. The net profit attributable to the parent company was 150 million RMB, up 30.80% year-on-year and 2.74% quarter-on-quarter, exceeding the previous expectation of 130 million RMB due to stronger-than-expected demand in the lithium battery downstream market [1][2] - The report anticipates that the company's profitability will improve quarter by quarter in 2025, driven by a stable growth in electrolyte demand following the lithium battery demand and potential price increases as supply and demand tighten [1][5] Summary by Sections Financial Performance - The company is expected to achieve a Q1 2025 electrolyte shipment volume of 140,000 to 150,000 tons, representing a year-on-year increase of over 60% and a quarter-on-quarter decrease of less than 8%. The estimated profit per ton is over 800 RMB, remaining stable quarter-on-quarter [2] - The company's Q1 2025 profit from daily chemicals is projected to be between 50 to 60 million RMB, while the cathode materials segment is expected to incur a loss of 50 to 70 million RMB, which may gradually decrease with the release of new production capacity [2] Global Expansion - The company is deepening its global industrial layout, having signed a processing agreement with Duksan Electera in January 2025 for a total processing volume of no less than 10,000 tons from 2025 to 2027, facilitating local supply of electrolyte products to key customers in the U.S. [3] - The transfer of 49% equity in Texas Tianqi to Honeywell is expected to enhance local supply capabilities for liquid 6F raw materials and improve the recycling of by-products [3] Business Development - The company is advancing its cathode materials business, with a current production capacity of 330,000 tons for iron phosphate. As the second phase of the Yichang project stabilizes, cost advantages are expected to improve, potentially turning the cathode business profitable [4] - The report maintains profit assumptions, projecting net profits attributable to the parent company for 2025-2027 to be 1.082 billion, 1.551 billion, and 2.069 billion RMB respectively [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance met expectations, with revenue of 3.5 billion yuan and a net profit of 150 million yuan, reflecting a year-on-year growth of 31% [8] - The company is expected to achieve a 40% increase in electrolyte shipments in 2025, with total shipments projected at 700,000 tons [8] - The profitability of the electrolyte segment is expected to improve gradually throughout 2025, with net profit per ton remaining stable [8] - The company has effectively controlled expenses, with a slight increase in inventory [8] - The forecasted net profit for 2025 is 1.12 billion yuan, corresponding to a P/E ratio of 29 times [8] Financial Projections - Total revenue is projected to grow from 12.52 billion yuan in 2024 to 25.97 billion yuan in 2027, with a compound annual growth rate (CAGR) of 21.20% [9] - The net profit attributable to the parent company is expected to increase from 483.93 million yuan in 2024 to 2.38 billion yuan in 2027, reflecting a CAGR of 41.42% [9] - The earnings per share (EPS) is forecasted to rise from 0.25 yuan in 2024 to 1.24 yuan in 2027 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance met expectations, with revenue of 3.5 billion yuan and a net profit of 150 million yuan, reflecting a year-on-year growth of 31% [8] - The company is expected to achieve a 40% increase in electrolyte shipments in 2025, with a total shipment forecast of 700,000 tons [8] - The profitability of the electrolyte segment is projected to improve gradually throughout 2025, with net profit per ton expected to stabilize [8] - The company has effectively controlled expenses, with a 25% year-on-year increase in operating expenses, while inventory saw a slight increase of 3.5% [8] - The forecasted net profit for 2025 is 1.12 billion yuan, representing a year-on-year growth of 131% [8] Financial Summary - Total revenue is projected to increase from 12.52 billion yuan in 2024 to 17.25 billion yuan in 2025, reflecting a growth rate of 37.82% [9] - The net profit attributable to the parent company is expected to rise from 483.93 million yuan in 2024 to 1.12 billion yuan in 2025, with a growth rate of 131.21% [9] - The earnings per share (EPS) is forecasted to increase from 0.25 yuan in 2024 to 0.58 yuan in 2025 [9] - The price-to-earnings (P/E) ratio is projected to decrease from 67.37 in 2024 to 29.14 in 2025 [9]

天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2025-060 | | --- | --- | --- | | 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 表决结果：同意 3 票，反对 0 票，弃权 0 票。 第六届监事会第二十五次会议决议的公告 《2025 年第一季度报告》与本决议同日在公司指定信息披露媒体巨潮资讯 网（http://www.cninfo.com.cn）公告。 本公司及监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。 2025 年 4 月 22 日，广州天赐高新材料股份有限公司（以下称"公司"）第六 届监事会第二十五次会议以通讯方式召开。会议通知已于 2025 年 4 月 17 日送达 各位监事。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。 备查文件： 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《关于审议 2025 年第一季度报告的议案》 经核查 ...

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。 2025 年 4 月 22 日，广州天赐高新材料股份有限公司（以下简称"公司"）第 六届董事会第三十二次会议以通讯方式召开。会议通知已于 2025 年 4 月 17 日送 达各位董事、监事及高级管理人员。应参加本次会议表决的董事 9 人，实际参加 本次会议表决的董事 9 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。 本次董事会审议并通过了相关议案，形成决议如下： 审议通过了《关于审议 2025 年第一季度报告的议案》 天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2025-059 | | --- | --- | --- | | 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 第六届董事会第三十二次会议决议的公告 《广州天赐高新材料股份有限公司第六届董事会第三十二次会议决议》。 特此公告。 广州天赐高新材料股份有限公司董事会 2025 年 4 月 23 日 公司董事、监事、高级管理人员对 202 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥3,488,655,637.67, representing a 41.64% increase compared to ¥2,463,055,780.57 in the same period last year[4] - Net profit attributable to shareholders was ¥149,618,189.51, up 30.80% from ¥114,391,149.88 year-on-year[4] - Basic earnings per share increased to ¥0.08, reflecting a growth of 33.33% from ¥0.06 in the previous year[11] - Net profit for the current period was ¥147,370,070.79, compared to ¥113,652,481.20 in the previous period, marking an increase of approximately 29.6%[20] - The company reported a comprehensive income total of ¥152,926,744.42, up from ¥116,732,812.44, marking an increase of about 30.9%[20] Cash Flow - The net cash flow from operating activities was -¥122,383,425.18, a significant decline of 656.58% compared to ¥21,988,431.67 in Q1 2024[13] - Operating cash flow for the current period is -122,383,425.18 CNY, a decrease from 21,988,431.67 CNY in the previous period[22] - Total cash inflow from operating activities is 1,309,174,800.15 CNY, down from 1,405,855,277.46 CNY year-over-year[22] - Cash outflow from operating activities increased to 1,431,558,225.33 CNY from 1,383,866,845.79 CNY in the previous period[22] - Investment activities generated a net cash flow of -433,077,031.38 CNY, an improvement from -485,044,947.67 CNY last year[22] - Cash inflow from financing activities totaled 804,375,386.67 CNY, compared to 989,910,000.00 CNY in the previous period[23] - Net cash flow from financing activities decreased to 293,684,605.30 CNY from 456,201,856.24 CNY year-over-year[23] - The ending cash and cash equivalents balance is 1,336,843,057.94 CNY, down from 2,280,653,536.98 CNY in the previous period[23] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥24,262,053,677.00, a 1.29% increase from ¥23,953,389,261.08 at the end of the previous year[4] - Current liabilities totaled ¥6,011,371,243.74, compared to ¥5,875,862,501.50 in the previous period, reflecting an increase of about 2.3%[18] - Non-current liabilities increased to ¥4,878,984,691.48 from ¥4,752,956,136.30, representing a growth of approximately 2.7%[18] - The total equity attributable to shareholders of the parent company was ¥13,153,708,291.42, slightly up from ¥13,103,593,054.20, indicating a growth of about 0.4%[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 188,890[14] - The largest shareholder, Xu Jinfu, holds 36.50% of the shares, totaling 698,668,092 shares[14] - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest shareholder alone holding over one-third[14] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending[15] - There are no significant changes in the number of preferred shareholders or their holdings reported[15] Research and Development - Research and development expenses surged by 66.55% to ¥228,030,530.98, driven by new R&D projects[11] - Research and development expenses rose to ¥228,030,530.98 from ¥136,917,425.02, indicating a growth of about 66.5%[19] Financial Expenses and Income - The company reported a 300.57% increase in contract liabilities, reaching ¥130,148,131.33, due to a rise in customer prepayments[8] - The company's financial expenses rose by 34.09% to ¥58,321,269.14, attributed to decreased interest income and increased foreign exchange losses[11] - The company experienced an 86.14% decline in investment income, totaling ¥1,585,605.33, due to reduced returns from associates[11] Other Financial Metrics - Total operating revenue for the current period reached ¥3,488,655,637.67, a significant increase from ¥2,463,055,780.57 in the previous period, representing a growth of approximately 41.5%[19] - Total operating costs increased to ¥3,303,840,860.89 from ¥2,372,105,957.38, reflecting a rise of about 39.2%[19] - The company did not undergo an audit for the first quarter report[24] - The company has not disclosed any new strategies or developments in product or technology during this reporting period[15]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 12.518 billion yuan for 2024, a year-on-year decrease of 18.74%, with a net profit attributable to shareholders of 484 million yuan, down 74.4% year-on-year [2][4]. - In Q4, the company achieved a revenue of 3.655 billion yuan, representing a year-on-year increase of 11.43% and a quarter-on-quarter increase of 7.11%. The net profit attributable to shareholders for Q4 was 146 million yuan, up 4.84% year-on-year and 44.5% quarter-on-quarter [2][4]. - The company’s electrolyte sales exceeded 500,000 tons for the year, a year-on-year increase of approximately 26%. The gross margin for lithium battery materials was 17.45%, down 7.8 percentage points year-on-year due to significant pressure on processing fees [10]. Summary by Sections Financial Performance - For the full year 2024, the company’s total revenue was 12.518 billion yuan, with a gross profit of 2.364 billion yuan, resulting in a gross margin of 19% [15]. - The company incurred asset impairment losses of 184 million yuan and credit impairment losses of 123 million yuan during the year [10]. - The operating cash flow for Q4 was 234 million yuan, indicating strong cash flow quality [10]. Market Outlook - The company is expected to benefit from strong terminal demand and a gradual release of supply, leading to improved capacity utilization rates [10]. - The anticipated price increases for 6F are expected to enhance profitability, with market-based adjustments likely to reflect in 2025 [10]. - The company has adequately provisioned for impairment losses in Q4, suggesting a clean slate for future growth [10]. Future Projections - The company is projected to achieve a net profit attributable to shareholders of 1.13 billion yuan in 2025 [10].

投资者关系活动记录表 2、美国项目配套的客户有哪些？ 答：公司的海外产能布局基本围绕客户周边建设， 公司客户包括美国当地车企以及国内电池厂商在当地设 厂的企业。 3、核心材料六氟磷酸锂的价格趋势？ 答：随着电动车行业下游需求的稳定增长，目前行 业头部公司的开工率都到了较高水平，同时行业公司的 扩产节奏都放缓，在供需关系趋向平衡的背景下，材料 价格基本维持在底部区间，预期后续价格下探的空间也 十分有限。 | 证券代码：002709 | 证券简称：天赐材料 | 编号：2025-001 | | --- | --- | --- | | 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 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ■其他（参加深交所"踔厉奋发新征程 投教服务再出 发"走进上市公司活动） 参与单位名称 参与走进上市公司活动的 15 名投资者 时间 2025 年 4 月 16 日 15:00-16:30 上市公司接待 人员姓名 高级投关经理 杨凌杰 投资者关系活动 主要内容介绍 本 ...

证券研究报告-年报点评 增持(首次) 市场数据(2025-04-15) 其他化学制品Ⅱ 分析师：牟国洪 登记编码：S0730513030002 | 收盘价(元) | 17.21 | | --- | --- | | 一年内最高/最低(元) | 25.01/12.96 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 2.56 | | 流通市值(亿元) | 238.34 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 6.72 | | 每股经营现金流(元) | 0.46 | | 毛利率(%) | 18.89 | | 净资产收益率_摊薄(%) | 3.69 | | 资产负债率(%) | 44.37 | | 总股本/流通股(万股) | 191,434.41/138,490.4 | | | 5 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -41% -32% -23% -15% -6% 3% 12% 21% 2024.04 2024.08 2024.12 2025.04 天赐材料 沪深300 资料来源：中原证券研究所 相 ...