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]

投资要点 比-85.4%、环比-15.1%。 2024H1 磷酸铁产品快速增长。报告期内综合毛利率 18.85%，同比降低 11.6pct、 环比降低 0.7pct，净利率 4.38%，同比降低 11.0pct、环比降低 0.2pct。2024H1 锂离子电池材料业务实现营收 47.32 亿元，占营收比重约 86.82%。锂离子电池材 料业务中，核心原材料六氟磷酸锂及 LiFSI 截止报告期末自供比例已超过 97%，在 公司一体化布局加持下，公司电解液产品市占率及盈利水平仍保持行业领先地位； 磷酸铁产品销量同比实现 67%的增长，受产品价格影响，销售收入同比增长 21%， 但由于产品竞争激烈，正极业务盈利能力仍然承压。日化材料及特种化学品实现营 收 5.44 亿元，占比 9.97%，日化材料销量较去年同期增长 7.5%，销售额增长 11.36%。其中，公司新型氨基酸甲牛产品完成前两大客户的导入上量。 系和钠电体系，以及镍锰二元 5V 电解液开发与快充和半固态/固态电解液及配套解 决方案。2）正极材料方面， 2024 年在产品技术上将主要聚焦于二代及三代压实 型磷酸铁锂的稳定量产与销售，并开展长循环型磷酸铁锂、 ...

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 ...

广州天赐高新材料股份有限公司 2024 年半年度报告 公告编号：2024-070 2024 年 8 月 广州天赐高新材料股份有限公司 2024年半年度报告全文 1 第一节重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人徐金富、主管会计工作负责人顾斌及会计机构负责人(会计主 | --- | |---------------------------------------------------------------------------| | | | 管人员 ) 顾斌声明：保证本半年度报告中财务报告的真实、准确、完整。 | | 所有董事均已出席了审议本次半年报的董事会会议。 | | 本报告涉及的未来计划、发展战略等前瞻性描述，不代表公司盈利预测， | | 不构成公司对投资者的实质承诺，投资者及相关人士均应对此保持足够的风险 | | 意识，并且应当理解计划、预测与承诺之间的差异，请投资者注意投资风险。 | | 公司在本报告 " 第三节管理层讨论与分析 " 中 " 十、公司 ...

证券研究报告·公司点评报告·电池 天赐材料（002709） 2024H1 业绩预告点评：电解液盈利触底 2024年 07月 11日 买入（维持） 证券分析师 曾朵红 [Table_EPS] 执业证书：S0600516080001 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 021-60199793 营业总收入（百万元） 22317 15405 14032 17977 22445 zengdh@dwzq.com.cn 同比（%） 101.22 (30.97) (8.91) 28.12 24.85 证券分析师 阮巧燕 归母净利润（百万元） 5,714.44 1,890.62 606.91 1,504.88 2,260.49 执业证书：S0600517120002 同比（%） 158.77 (66.92) (67.90) 147.96 50.21 021-60199793 ruanqy@dwzq.com.cn EPS-最新摊薄（元/股） 2.98 0.99 0.32 0.78 1.18 研究助理 孙瀚博 P/E（现价&最新摊薄） 5.32 16.08 50.08 20.20 13.4 ...

证券研究报告·公司点评报告·电池 天赐材料(002709) 2024H1 业绩预告点评:电解液盈利触底 2024 年 07 月 11 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-最新摊薄(元/股) | 2.98 | 0.99 | 0.32 | 0 ...