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) | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's mid-year performance for 2024 met expectations, with revenue of 5.45 billion yuan, down 32% year-on-year, and a net profit of 238 million yuan, down 82% year-on-year, with a gross margin of 19%, down 11 percentage points [3] - The company continues to increase its market share in the electrolyte segment, with Q2 2024 shipments exceeding 110,000 tons, and total shipments for the year expected to reach nearly 500,000 tons, representing a year-on-year growth of over 20% [3] - The profitability of the electrolyte segment has reached a bottom, with Q2 2024 profits estimated at 100 million yuan, and unit profits expected to stabilize in Q3 2024 [3] Summary by Sections Financial Performance - For H1 2024, the company reported a revenue of 5.45 billion yuan, a decrease of 32% year-on-year, and a net profit of 238 million yuan, a decrease of 82% year-on-year, with a gross margin of 19% [3] - Q2 2024 revenue was 3 billion yuan, with a year-on-year decrease of 19% and a quarter-on-quarter increase of 21% [3] - The company expects to achieve a total shipment of 500,000 tons of electrolytes in 2024, with a year-on-year growth of over 20% [3] Profitability and Market Position - The company’s Q2 2024 electrolyte profit was approximately 100 million yuan, with unit profit per ton around 800 yuan, indicating a slight decline [3] - The company’s market share in the electrolyte segment continues to rise, with Q2 2024 shipments expected to be around 110,000 tons, a quarter-on-quarter increase of over 20% [3] Cost Control and Cash Flow - The company maintained good cost control, with H1 2024 expenses at 750 million yuan, a decrease of 5% year-on-year, and a Q2 expense rate of 12% [4] - Operating cash flow for H1 2024 was 360 million yuan, a decrease of 45% year-on-year, with Q2 cash flow showing a significant increase of 1455% [4] Earnings Forecast and Valuation - The company’s net profit forecasts for 2024-2026 are 610 million yuan, 1.5 billion yuan, and 2.26 billion yuan respectively, with corresponding P/E ratios of 43, 17, and 12 times [4] - Given the company is at the bottom of the cycle, future price recovery could lead to significant profit elasticity, thus maintaining a "Buy" rating [4]

天赐材料（002709） 广州天赐高新材料股份有限公司 董事、监事和高级管理人员持有和买卖公司股票管理制度 (2024 年 8 月 26 日第六届董事会第二十次会议修订) 第一章 总则 第一条 为进一步加强广州天赐高新材料股份有限公司（以下简称"公 司"或"本公司"）对董事、监事及高级管理人员持有和买卖本公司股票的管 理工作，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司股东减持股份管理暂行办法》《深圳证券交易所上市公司自律监管指引第1 号——主板上市公司规范运作》《上市公司董事、监事和高级管理人员所持本 公司股份及其变动管理规则》《深圳证券交易所上市公司自律监管指引第10号 ——股份变动管理》《深圳证券交易所上市公司自律监管指引第18号——股东 及董事、监事、高级管理人员减持股份》等法律、法规、规范性文件以及《广 州天赐高新材料股份有限公司章程》（以下简称"《公司章程》"），并结合 公司实际情况，制定本制度。 （三）现任董事、监事、高级管理人员在其已申报的个人信息发生变化后的 2个交易日内； 第二条 公司董事、监事、高级管理人员在买卖本公司股份前，应知悉 《中华人民共和国公司法》《中华人民 ...

天赐材料（002709） 广州天赐高新材料股份有限公司 外部信息使用人管理制度 (2024 年 8 月 26 日第六届董事会第二十次会议修订) 第二章 对外信息报送的管理和流程 第五条 公司对外信息报送实行分级、分类管理。公司董事会是信息对外报 送的最高管理机构，公司董事会秘书负责信息对外报送的监管工作，公司证券事 第 1 页 /共 3 页 天赐材料（002709） 务部负责协助董事会秘书做好信息对外报送的日常管理工作，公司各部门或相关 人员应按照本制度规定履行信息对外报送程序。 第一章 总则 第一条 为规范广州天赐高新材料股份有限公司（以下简称"公司"）定期 报告及重大事项在编制、审议和披露期间，公司对外报送相关信息及外部使用人 使用本公司信息的相关行为，依据《中华人民共和国公司法》、《中华人民共和 国证券法》、《上市公司信息披露管理办法》、《深圳证券交易所股票上市规则》 等法律、法规、规章、规范性文件和《公司章程》、《信息披露管理制度》的有 关规定，结合公司实际，制定本制度。 第二条 本制度的适用范围包括公司下设的各部门、分公司、全资或控股子 公司，公司的董事、监事、高级管理人员及其他相关人员，公司对外报 ...

2024 年 8 月 26 日，广州天赐高新材料股份有限公司（以下称"公司"）第 六届监事会第十五次会议在广州市黄埔区云埔工业区东诚片康达路公司办公大 楼一楼大会议室通过现场与通讯相结合的方式召开。会议通知已于 2024 年 8 月 16 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。监事会主席郭守彬先生以通讯形式出席本次会议，经半数以上监事 推举，现场会议由监事何桂兰女士主持。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。 天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2024-069 | | --- | --- | --- | | 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 第六届监事会第十五次会议决议的公告 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。 二、审议通过了《关于审议<2024 年半年度募集资金存放与实际使用情况的 专项报告>的议案》 表决结果：同意 3 票，反对 0 票，弃权 0 ...

| | 广州市天赐三和环 | 相同的控股股东 | 其他非流动资 | 8,253.40 | - | - | 8,253.40 | - | 工程及设备 | 经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 保工程有限公司 | | 产 | | | | | | 款 | | | | 宜春天赐高新材料 有限公司 | 控股子公司 | 其他应收款 | 12,785.60 | - | 192.64 | 32.96 | 12,945.27 | 资金往来 | 非经营性往来 | | | 中天鸿锂清源股份 | 控股子公司 | 其他应收款 | 28.15 | - | - | 28.15 | - | 资金往来 | 非经营性往来 | | | 有限公司 | | | | | | | | | | | | 天赐材料（台州） | 全资子公司 | 其他应收款 | 24,691.84 | 2,850.49 | 402.56 | - | 27,944.88 | 资金往来 | 非经营性往来 | | | 有限公司 | | | | | | | | | | ...

天赐材料（002709） 广州天赐高新材料股份有限公司 定期报告编制和披露管理制度 （2024 年 8 月 26 日第六届董事会第二十次会议修订） 第一章 总 则 第一条 为规范广州天赐高新材料股份有限公司（以下简称"公司"）定期 报告的编制和披露流程，确保公司信息披露的真实、准确、完整、及时和公平， 认真履行上市公司信息披露义务，维护投资者和公司的合法权益。根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）、中国证监会发布的《上市公司信息披露管理办法》、深圳证券 交易所发布的《深圳证券交易所股票上市规则》（以下简称"《股票上市规则》"） 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等 法律、法规和规范性文件以及公司制定的《信息披露管理制度》《独立董事议事 规则》《审计委员会工作细则》《年报信息披露重大差错责任追究制度》等相关规 定的要求，特制定本制度。 第二条 公司定期报告包括年度报告、半年度报告和季度报告。年度报告中 的财务会计报告应当经会计师事务所审计。在会计年度、半年度、季度报告期结 束后，公司应当及时根据中国证监 ...