广州天赐高新材料股份有限公司 天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2024-072 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 同意公司及子公司开展最高保证金额度不超过人民币 1.5 亿元或等值其他外 币金额的商品期货套期保值业务，预计任一交易日持有的最高合约价值不超过人 民币 15 亿元或等值其他外币金额，商品期货套期保值品种限于与公司及子公司 的生产经营所需的碳酸锂、棕榈油、铜原材料相关的期货品种。授权期限自董事 会审议通过之日起十二个月内有效。额度在审批有效期内可循环滚动使用。如单 笔交易的存续期超过了授权期限，则授权期限自动顺延至该笔交易终止时止。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 第六届董事会第二十一次会议决议的公告 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。 2024 年 9 月 9 日，广州天赐高新材料股份有限公司（以下简称"公司"）第六 届董事会第二十一次会议以通讯方式召开。会议通知已于 2024 年 9 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][7]. Core Views - The company achieved a revenue of 54.50 billion yuan in the first half of 2024, a year-on-year decrease of 31.76%. The net profit attributable to shareholders was 2.37 billion yuan, down 81.56% year-on-year, while the net profit excluding non-recurring items was 1.86 billion yuan, a decrease of 85.35% year-on-year [2][3]. - The company is enhancing its market share through the external sale of lithium salts and is improving its integrated capabilities. Strategic cooperation agreements with key clients are expected to stabilize market share, while adjustments in sales strategies for lithium-ion battery materials are actively being pursued [2][3]. - The company is expanding its overseas business, with several international projects entering the pilot stage, thereby enhancing its global competitiveness [2][3]. Financial Summary - The company forecasts revenues of 123 billion yuan, 152 billion yuan, and 250 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -20%, +24%, and +65% [3][5]. - The net profit attributable to shareholders is projected to be 6 billion yuan, 14 billion yuan, and 23 billion yuan for the same years, with corresponding year-on-year growth rates of -70%, +148%, and +65% [3][5]. - The earnings per share (EPS) are expected to be 0.3 yuan, 0.7 yuan, and 1.2 yuan for 2024, 2025, and 2026 respectively, with a current price-to-earnings (PE) ratio of 47, 19, and 12 for those years [3][5].

2024 年 09 月 04 日 公司点评 买入/维持 天赐材料(002709) 目标价: 昨收盘:14.32 天赐材料 2024 半年报点评：锂盐外售提升市占率，一体化能力 持续提升 ◼ 走势比较 (60%) (48%) (36%) (24%) (12%) 0% 23/9/4 23/11/1624/1/2824/4/1024/6/2224/9/3 天赐材料 沪深300 ◼ 股票数据 总股本/流通(亿股) 19.19/19.19 总市值/流通(亿元) 274.78/274.78 12 个月内最高/最低价 (元) 33.58/13.31 相关研究报告 <<天赐材料点评：电解液龙头有望率 先见底，看好后续量利齐升带来的弹 性机会>>--2024-03-14 <<【太平洋新能源】天赐材料 2023 年 中报点评报告—一体化布局优势明 显，海外布局、新技术增强穿越周期 的成长能力>>--2023-08-17 <<【太平洋新能源】天赐材料 2022 年 年报点评报告：一体化布局穿越周 期，新技术、新产品引领长期成长>>- -2023-04-12 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.co ...

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported H1 2024 revenue of 5.45 billion yuan, a year-on-year decrease of 31.76%, primarily due to a significant drop in sales prices of battery materials [4] - The net profit attributable to shareholders for H1 2024 was 237.5 million yuan, down 81.56% year-on-year, with a non-recurring net profit of 186.2 million yuan, down 85.35% [4] - The electrolyte prices remained relatively stable in the first half of the year, and the phosphate iron business is expected to reduce losses in the second half [4] - The company signed a supply agreement with CATL, expecting to supply 58,600 tons of solid lithium hexafluorophosphate for 2024-2025, indicating a concentration of orders and potential for rapid capacity clearance [4] - The company is enhancing its integrated layout to build core cost advantages, including the operation of lithium carbonate production lines and battery recycling processes [4] - The company is expected to have net profits of 614 million yuan, 1.524 billion yuan, and 2.049 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 43x, 17x, and 13x [4][5] Financial Summary - H1 2024 revenue is projected at 5.45 billion yuan, with a year-on-year decline of 31.76% [4] - The net profit attributable to shareholders is expected to be 614 million yuan in 2024, with a significant decrease in 2023 [5] - The gross margin is projected to be 18.1% in 2024, down from 25.9% in 2023 [5] - The company’s total assets are expected to reach 25.87 billion yuan in 2024, with total liabilities of 12.35 billion yuan [7]

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]