天赐材料（ [Table_StockNameRptType] 002709） 公司点评 业绩符合预期，盈利有望触底 [Table_Rank] 投资评级：买入（维持） 报告日期： 2024-10-31 | --- | --- | |---------------------------------|-------------| | | | | [Table_BaseData] 收盘价（元） | 17.97 | | 近 12 个月最高 / 最低（元） | 28.98/12.86 | | 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） | 345 | | 流通市值（亿元） | 249 | [公司价格与沪深 Table_Chart] 300 走势比较 -63% -40% -17% 6% 29% 10/23 1/24 4/24 7/24 天赐材料 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzb@hazq.com [Table_CompanyRepo ...

证券研究报告：电力设备 | 公司点评报告 2024 年 10 月 30 日 公司基本情况 最新收盘价（元） 18.07 总股本/流通股本（亿股）19.19 / 13.85 总市值/流通市值（亿元）347 / 250 52 周内最高/最低价 28.58 / 12.96 资产负债率(%) 43.4% 市盈率 18.25 第一大股东 徐金富 股票投资评级 买入|首次覆盖 个股表现 -54% -48% -42% -36% -30% -24% -18% -12% -6% 0% 6% 2023-10 2024-01 2024-03 2024-06 2024-08 2024-10 天赐材料 电力设备 资料来源：聚源，中邮证券研究所 研究所 分析师:侯若雪 SAC 登记编号:S1340524100002 Email:houruoxue@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 天赐材料(002709) 电解液龙 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 8.863 billion yuan for the first three quarters of 2024, a decrease of 26.90% year-on-year, and a net profit attributable to shareholders of 338 million yuan, down 80.69% year-on-year [4][5] - The company is focusing on integrating its supply chain for battery materials and has achieved over 97% self-supply ratio for key raw materials as of H1 2024 [4] - The company is accelerating its international expansion, with several overseas projects in the pilot stage and plans for a factory in North America and Morocco [5] - The company is expected to achieve net profits of 511 million yuan, 1.3 billion yuan, and 1.797 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 70.47, 27.67, and 20.02 [5] Financial Summary - The company's revenue is projected to decline from 22.317 billion yuan in 2022 to 12.402 billion yuan in 2024, before recovering to 16.385 billion yuan in 2025 and 20.227 billion yuan in 2026 [6] - The net profit attributable to shareholders is forecasted to drop from 5.714 billion yuan in 2022 to 511 million yuan in 2024, with a gradual increase to 1.797 billion yuan by 2026 [6] - The earnings per share (EPS) is expected to decrease from 2.98 yuan in 2022 to 0.27 yuan in 2024, then rise to 0.94 yuan in 2026 [6] - The company's total assets are projected to increase from 255.31 billion yuan in 2022 to 294.66 billion yuan in 2026 [6]

证券时报e公司讯，天赐材料10月28日在业绩说明会上表示，电解液行业经过前两年的大规模扩产，正 处于供需格局变化周期，行业产能较为充裕，目前除了行业头部企业外，普遍都处于开工率较低的状 态；由于持续的低盈利水平，新进入者的建设及开工计划也进展缓慢，公司认为目前维持在底部的价格 区间，往下压价的空间十分有限，待行业头部厂商产能消化后，行业的竞争格局会有良性的改善。 ...

证券代码：002709 证券简称：天赐材料 编号：2024-008 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 \n类别 | □特定对象调研 \n□媒体采访 \n□新闻发布会 \n□现场参观 | □分析师会议 \n■业绩说明会 \n□路演活动 \n□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 10 月 28 日 | 10:00-11:00 | | 上市公司接待 人员姓名 | 董事长 徐金富；财务总监 董事会秘书 | 顾斌； 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 | | | | 年三季度经 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a significant decline in performance, with a 26.90% year-on-year decrease in revenue for the first three quarters of 2024, totaling 8.863 billion yuan, and an 80.69% drop in net profit to 338 million yuan [2][6] - The company's integrated layout is expected to enhance cost advantages, with a focus on lithium salt and iron phosphate as core product lines, and a self-supply ratio of over 97% for key materials [8] Financial Performance Summary - For Q3 2024, the company achieved revenue of 3.413 billion yuan, down 17.52% year-on-year but up 14.26% quarter-on-quarter; net profit was 101 million yuan, down 78.25% year-on-year and down 18.15% quarter-on-quarter [2][6] - The gross margin for Q3 2024 was 17.90%, a decrease of 6.42 percentage points year-on-year, while the net margin was 2.87%, down 8.69 percentage points year-on-year [7] Earnings Forecast and Investment Recommendations - Revenue projections for 2024-2026 are 12.608 billion yuan, 17.379 billion yuan, and 22.531 billion yuan, reflecting year-on-year changes of -18.2%, +37.8%, and +29.6% respectively; net profit forecasts are 518 million yuan, 1.208 billion yuan, and 2.027 billion yuan, with year-on-year changes of -72.6%, +133.2%, and +67.8% respectively [9][10] - The company is expected to have significant profit elasticity as it recovers from the current downturn, maintaining the "Buy" rating [9]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 18.72 CNY [1]. Core Views - The company is showing signs of a profit turning point, with an accelerated pace of internationalization. The third quarter report indicates a revenue of 3.38 billion CNY, down 26.90% year-on-year, and a net profit attributable to shareholders of 287 million CNY, down 83.23% year-on-year [1]. - The electrolyte segment is expected to see a bottoming out in profitability, with a shipment volume of approximately 136,000 tons, remaining stable quarter-on-quarter. The company is focusing on cost reduction and product structure optimization to enhance competitiveness [1]. - The company is advancing its overseas capacity construction, with projects in the U.S. and Morocco aimed at strengthening its global reach and better meeting customer demands [1]. Financial Performance Summary - For 2023, the total revenue is projected at 15,405 million CNY, with a significant decline of 30.97% year-on-year. The net profit attributable to shareholders is expected to be 1,891 million CNY, reflecting a decrease of 66.92% [2]. - The company anticipates a recovery in revenue growth starting in 2024, with expected revenues of 12,536 million CNY, representing a year-on-year decline of 18.62%, followed by a rebound of 28.01% in 2025 [2]. - The gross profit margin is projected to decrease to 25.92% in 2023, with a gradual recovery to 22.13% by 2026 [2]. Operational Insights - The company is implementing various cost reduction measures and improving production processes to enhance product competitiveness. The focus is on optimizing the production of lithium battery materials [1]. - The company has a leading position in the industry with its liquid lithium hexafluorophosphate technology, which has significantly lower unit production costs compared to industry averages [1]. - The report highlights the importance of the company's integrated layout and cost reduction strategies in improving profitability levels in the future [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company's Q3 2024 performance is generally in line with expectations, with revenue of 8.86 billion yuan, a year-on-year decrease of 26.9%, and a net profit attributable to shareholders of 340 million yuan, down 80.7% year-on-year [2] - The gross margin for Q3 2024 is 18.5%, down 9.9 percentage points year-on-year, while the net profit margin is 3.8%, down 10.6 percentage points year-on-year [2] - The company expects a 20%-25% growth in electrolyte shipments for the full year 2024, with an estimated total shipment of nearly 500,000 tons, representing a year-on-year increase of approximately 40% [2] - The profitability of the electrolyte segment is projected to improve, with a net profit of approximately 110 million yuan in Q3 2024, and the unit profit is expected to stabilize [2][3] - The company has adjusted its net profit forecasts for 2024 downwards while raising the forecasts for 2025 and 2026, with expected net profits of 560 million yuan, 1.55 billion yuan, and 2.36 billion yuan respectively [3] Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported total revenue of 8.86 billion yuan, a decrease of 26.9% year-on-year, and a net profit of 340 million yuan, down 80.7% year-on-year [2] - Q3 2024 revenue was 3.41 billion yuan, with a quarter-on-quarter increase of 17.5% and a year-on-year increase of 14.3% [2] - The gross margin for Q3 2024 was 17.9%, with a quarter-on-quarter decrease of 6.4% and a year-on-year decrease of 0.4 percentage points [2] Production and Sales - The company expects to ship approximately 136,000 tons of electrolytes in Q3 2024, with a quarter-on-quarter increase of over 20% [2] - The total expected shipments for 2024 are around 550,000 tons, with a market share increase anticipated [2] Cost and Expenses - Total expenses for Q1-Q3 2024 were 1.16 billion yuan, a decrease of 4.3% year-on-year, with a cost rate of 13.1%, an increase of 3.1 percentage points [3] - Capital expenditures for Q1-Q3 2024 were 630 million yuan, a significant decrease of 76.8% year-on-year [3] Profitability Forecast - The company has adjusted its 2024 net profit forecast to 560 million yuan, reflecting a year-on-year decrease of 70% [3] - The expected P/E ratios for 2024, 2025, and 2026 are 64, 23, and 15 respectively [3]

天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2024-079 | | --- | --- | --- | | 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 第六届董事会第二十二次会议决议的公告 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。 特此公告。 广州天赐高新材料股份有限公司董事会 2024 年 10 月 26 日 2024 年 10 月 25 日，广州天赐高新材料股份有限公司（以下简称"公司"）第 六届董事会第二十二次会议以通讯方式召开。会议通知已于 2024 年 10 月 18 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 2024 年第三季度报告的议案》 公司董事、监事、高级管理人员对 2024 年第三季度报告签署了书面确认意 见，公司监事会提出了无异 ...

Revenue and Profit - Revenue for Q3 2024 was CNY 3,412,787,690.98, a decrease of 17.52% compared to the same period last year[3] - Net profit attributable to shareholders was CNY 100,779,903.87, down 78.25% year-on-year[3] - Basic earnings per share decreased by 79.17% to CNY 0.05, while diluted earnings per share fell by 76.00% to CNY 0.06[3] - Total operating revenue for the period reached ¥8,862,814,897.33[20] - Net profit for the period was CNY 336,682,458.79, a significant decline from CNY 1,709,516,466.16, indicating a decrease of about 80.3%[22] - The company's basic earnings per share (EPS) dropped to CNY 0.18 from CNY 0.92, reflecting a decline of approximately 80.4%[23] - The total comprehensive income for the period was CNY 341,642,675.79, compared to CNY 1,695,693,584.85, indicating a decrease of about 79.9%[23] Cash Flow - Cash flow from operating activities for the year-to-date period was CNY 647,514,013.99, a decline of 54.31% compared to the previous year[3] - The net cash flow from operating activities for the first nine months of 2024 was ¥647,514,013.99, a decrease of 54.31% compared to ¥1,417,316,922.40 in the same period of 2023, primarily due to a decline in sales revenue and reduced cash collection[12] - The net cash flow from investing activities improved to -¥903,858,493.73, a decrease of 75.14% from -¥3,636,340,047.09 in the previous year, mainly due to reduced expenditures on long-term asset purchases[12] - The net cash flow from financing activities was -¥504,373,996.78, showing a slight decrease of 4.38% compared to -¥527,472,212.25 in the same period last year[12] - The cash and cash equivalents at the end of the period stood at ¥1,490,314,027.34, down from ¥1,917,332,731.51 year-over-year[25] - The company’s cash and cash equivalents decreased by ¥765,786,802.98 during the period, compared to a decrease of ¥2,740,286,422.27 in the previous period[25] Assets and Liabilities - Total assets at the end of Q3 2024 were CNY 23,979,149,499.57, reflecting a slight increase of 0.01% from the end of the previous year[3] - Shareholders' equity decreased by 1.52% to CNY 13,151,752,813.03 compared to the end of the previous year[3] - Total current assets increased from ¥9,936,209,168.79 to ¥10,414,622,518.13, a rise of about 4.8%[18] - Total non-current assets decreased from ¥14,040,660,743.09 to ¥13,564,526,981.44, a decline of approximately 3.4%[18] - Total liabilities increased from ¥10,397,214,803.90 to ¥10,600,272,480.23, an increase of about 1.9%[19] - Total equity attributable to shareholders decreased from ¥13,354,543,856.49 to ¥13,151,752,813.03, a decline of approximately 1.5%[19] - The company reported a total asset value of ¥23,979,149,499.57, remaining stable compared to the previous period[19] Shareholder Information - The total number of common shareholders at the end of the reporting period was 190,330, with the top ten shareholders holding significant stakes[13] - Xu Jinfeng, a natural person, held 36.41% of the shares, amounting to 698,668,092 shares, making him the largest shareholder[13] - The second-largest shareholder, Hong Kong Central Clearing Limited, held 4.27% of the shares, totaling 81,964,649 shares[13] Other Financial Metrics - Financial expenses increased by 56.66% to CNY 158,392,097.52, primarily due to increased borrowing costs[11] - The company received government subsidies amounting to CNY 39,407,055.67, contributing to a 64.94% increase in other income[6] - Other income increased to CNY 86,441,428.82 from CNY 52,409,342.37, marking an increase of approximately 64.9%[22] - The income tax expense was CNY 157,043,288.02, significantly lower than CNY 438,409,659.52, reflecting a decrease of about 64.1%[22] Operational Metrics - The total operating costs decreased to CNY 8,440,516,987.21 from CNY 9,991,144,956.48, representing a reduction of approximately 15.6%[22] - The company reported a total revenue from sales of goods and services of CNY 3,847,077,917.33, down from CNY 5,988,687,380.54, a decline of about 35.8%[24] - Research and development expenses were CNY 483,310,635.97, slightly lower than CNY 510,093,949.50, showing a decrease of approximately 5.2%[22] Strategic Developments - The company has not reported any new product or technology developments in the current period[16] - There are no significant mergers or acquisitions reported during this period[16] - The company has not disclosed any new strategic initiatives in the current financial report[16]