Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company specializes in thermal management products and solutions, with a focus on research, production, and sales of thermal management materials and devices. Its products are widely used in consumer electronics, automotive electronics, and communication devices, with significant partnerships with major brands like Samsung, OPPO, and Huawei [4][5]. - In 2024, the company achieved a total revenue of 943 million yuan, representing a year-on-year growth of 1.62%, and a net profit attributable to shareholders of 185 million yuan, which is a 20.26% increase compared to the previous year [4][9]. - The company has developed a strong position in the high-end thermal interface materials market, successfully replacing foreign brands in certain segments due to its proprietary technology and long-term R&D investments [5]. - The growth of the company's graphite film business is supported by the booming consumer electronics market, which has increased the demand for heat dissipation materials [6]. - The company has proactively invested in the development of heat pipes and uniform temperature plates, which have become significant sources of revenue as the demand for high-performance consumer electronics rises [7][8]. Financial Projections - The company is projected to achieve revenues of 1.04 billion yuan in 2025, 1.25 billion yuan in 2026, and 1.50 billion yuan in 2027, with corresponding net profits of 205 million yuan, 247 million yuan, and 304 million yuan respectively [9][12]. - The report indicates that the current stock price corresponds to a price-to-earnings (P/E) ratio of 61 times for 2025, 51 times for 2026, and 41 times for 2027 [9].

Industry Overview - The thermal materials industry in China is experiencing rapid growth, with a market size projected to reach approximately 22.2 billion yuan in 2024, representing a year-on-year increase of 8.18% [1][11] - This growth is primarily driven by the fast development of downstream sectors such as consumer electronics, communications, and automotive industries, which have a growing demand for thermal materials [1][11] - New infrastructure sectors like data centers and energy storage devices are emerging as incremental markets for thermal materials, with high-end thermal materials showing promising application prospects [1][11] Industry Development History - The industry has gone through three main stages: the initial stage from the 1950s to 1980s, the development stage from the 1990s to 2010, and the rapid growth stage from 2010 to the present [4][5] - The initial stage saw the use of metals like aluminum and copper, while the development stage introduced new materials such as silicone and aluminum oxide [4] - The current rapid growth stage is characterized by the emergence of advanced materials like graphene and carbon nanotubes, driven by the demands of AI, 5G, and other emerging technologies [4][5] Industry Value Chain - The upstream of the thermal materials industry includes raw materials and production equipment, such as graphite, PI film, silicone rubber, and various metals [7] - The midstream involves the manufacturing of thermal materials, while the downstream applications span consumer electronics, new energy vehicles, communication devices, home appliances, and healthcare [7] Key Companies and Performance - The industry is characterized by a "three-legged" competitive structure involving international giants, domestic leaders, and emerging companies [13] - Notable companies include Zhongshi Technology, which has developed artificial synthetic graphite with a thermal conductivity of 1200 W/(m·K), and Feirongda, which has seen revenue growth driven by demand from major clients like Huawei and Ningde Times [13][17] - Zhongshi Technology reported a revenue of 1.49 billion yuan in 2024, with a year-on-year growth of 27.54% [13][17] Market Trends - The industry is entering a phase driven by technological innovation, with new materials like graphene and phase change materials gaining traction [19][21] - Key growth engines for thermal materials demand include 5G communications, new energy vehicles, and data centers, with increasing power requirements leading to higher demand for thermal management solutions [21][22] - Domestic companies are enhancing their global presence and competitive edge through technological breakthroughs and vertical integration of the supply chain [22]

若在本次利润分配预案披露之日起至实施权益分派股权登记日期间公司总 股本发生变动的，公司则以未来实施分配预案时股权登记日的总股本为基数，按 照现金分红分配比例不变的原则对现金分红总额进行相应调整。 2、自上述利润分配方案披露至实施期间，公司总股本未发生变化。 3、本次实施的利润分配方案及其调整原则与公司股东大会审议通过的分配 方案及其调整原则一致。 证券代码：301626 证券简称：苏州天脉 公告编号：2025-020 苏州天脉导热科技股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 苏州天脉导热科技股份有限公司（以下简称"公司"）2024 年年度权益分派 方案已获 2025 年 5 月 15 日召开的 2024 年年度股东大会审议通过，现将权益分 派事宜公告如下： 一、股东大会审议通过利润分配方案情况 1、公司 2024 年年度权益分派方案为：以 2024 年 12 月 31 日的公司总股本 115,680,000 股为基数，向全体股东每 10 股派发现金红利 5.60 元（含税），合计 拟派发现金红利 64,78 ...

2、本次股东大会不涉及变更以往股东大会已通过决议的情况。 证券代码：301626 证券简称：苏州天脉 公告编号：2025-019 苏州天脉导热科技股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无否决议案的情形。 一、会议召开和出席情况 （一） 会议召开情况 1、会议召开时间： （1）现场会议时间：2025 年 5 月 15 日（星期四）下午 14:00 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 5 月 15 日上午 9:15-9:25、9:30-11:30，下午 13:00-15:00； 通过深圳证券交易所互联网投票系统进行网络投票的具体时间为 2025 年 5 月 15 日 9:15-15:00 的任意时间。 2、会议召开地点：江苏省苏州市吴中区甪直镇汇凯路 68 号苏州天脉导热科 技股份有限公司 5 号楼 1 号会议室 3、会议召开方式：本次会议采取现场表决与网络投票相结合的方式召开 4、会议召集人：公司第三届董事会 5、会议主持人： ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于苏州天脉导热科技股份有限公司 2024 年年度股东大会的 法律意见书 国枫律股字[2025]A0192 号 致：苏州天脉导热科技股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2024 年年度股东大会（以下简称"本次会议"）。 本所律师根据《公司法》《证券法》《股东大会规则》《证券法律业务管理办法》 《证券法律业务执业规则》等相关法律、行政法规、规章、规范性文件的要求，按照律 师行业公认的业务标准、道德规范和勤勉尽责精神，对贵公司提供的有关文件和有关事 项进行了核查和验证，现出具法律意见如下： 一、本次会议的召集、召开程序 （一）本次会议的召集 本所律师根据《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》"）、《上市公司股东大会规则》（以下简 称"《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称 ...

Core Viewpoint - Suzhou Tianmai has demonstrated steady financial performance in 2024, with a focus on thermal management solutions and ongoing investment in production capacity and R&D projects [1][2][3] Financial Performance - In 2024, the company achieved total revenue of 943 million yuan, a year-on-year increase of 1.62% - The net profit attributable to shareholders reached 185 million yuan, reflecting a significant growth of 20.26% compared to the previous year, primarily due to improved production efficiency and cost control [1] Project Progress - The construction of the thermal product production base has reached an investment progress of 65.83% as of December 31, 2024, with the factory and related facilities completed and ready for use, while production line construction is ongoing [2] - The first phase of the Shengzhou Tianmai thermal base has been completed, and the company is currently undergoing system and customer certification [2] R&D Initiatives - Key R&D projects for 2024 include high heat flow density uniform plates, stainless steel chemical passivation mobile phone uniform plates, titanium chemical passivation mobile phone uniform plates, new composite capillary high-performance uniform plate cooling modules, and embedded liquid cooling systems [2] - These projects aim to enhance the product structure and core competitiveness of the company, catering to diverse customer needs and potentially increasing market share [2] Production Capacity Expansion - The company operates three production bases in Suzhou, Shengzhou, and Bắc Ninh, Vietnam, with good capacity utilization in 2024 [2] - In April 2025, the company plans to invest up to 2 billion yuan to establish an intelligent manufacturing base for thermal products in Wuzhong District, Suzhou, to further expand production capacity [2] Market Focus - The company will continue to focus on core areas such as consumer electronics and automotive electronics while also exploring emerging fields like low-altitude economy and humanoid robots [3] - There will be an increase in investment in R&D resources to align with market demands and company strategy, ensuring competitiveness across product lines [3]

Core Viewpoint - The electronic information industry in China is expected to experience significant growth due to advancements in electronic information technology and the promotion of new infrastructure strategies represented by 5G and data centers [2] Company Performance - In 2024, the company achieved a revenue of 943 million yuan, a year-on-year increase of 1.62%, and a net profit attributable to shareholders of 185 million yuan, a year-on-year increase of 20.26% [2] - The core business focuses on the research, production, and sales of thermal management materials and devices, with revenue from these products reaching 928 million yuan, accounting for 98.37% of total revenue [2] Production Efficiency and Strategy - The company has improved production efficiency through continuous optimization of production processes and increased automation, contributing to the significant growth in net profit for 2024 [3] - Future strategies include further optimizing production processes, enriching product structure, enhancing product added value, and strengthening market development [3] Client Relationships and Market Expansion - The company has established long-term stable partnerships with well-known manufacturers such as vivo and OPPO, and has successfully certified new clients like Google and Dixon in 2024 [3] - The company aims to deepen cooperation with existing major clients and continuously explore high-quality domestic and international customer resources [3] Technological Advancements - The company has developed several core technologies, including powder blending technology and surface modification processes, and is one of the few in the industry capable of mass production of mid-to-high-end thermal interface materials and heat pipes [3][4] - The company’s mass-producible heat pipes and temperature equalization plates have thicknesses as low as 0.3mm and 0.22mm, respectively, with corresponding heat transfer capacities exceeding 5W [4] Research and Development Investment - As of the end of 2024, the company invested 69.59 million yuan in R&D, a year-on-year increase of 25.75% [4] - Ongoing R&D projects include high heat flow density temperature equalization plates and various types of temperature equalization plates for mobile phones [4][5] Market Outlook - The demand for thermal management products is expected to grow due to the rapid development of downstream markets such as consumer electronics and automotive electronics [5] - The smartphone and laptop markets are projected to maintain high shipment volumes, while the automotive electronics sector, particularly in electric vehicles, will also drive demand for thermal management solutions [5] Future Development Strategy - The company plans to leverage its advantages in technology, brand, customer resources, and automated production to drive innovation and enhance its competitive position in the thermal management field [6]

证券代码：301626 证券简称：苏州天脉 公告编码：2025-018 苏州天脉导热科技股份有限公司 关于举行 2024 年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 苏州天脉导热科技股份有限公司（以下简称"公司"）《2024 年年度报告》 及《2024 年年度报告摘要》已于 2025 年 4 月 23 日在中国证券监督管理委员会 指定创业板信息披露网站披露。为使投资者能够进一步了解公司经营情况，公司 定于 2025 年 5 月 8 日（星期四）下午 15:00-17:00 在全景网举行 2024 年度网上 业绩说明会。现将相关情况公告如下： 本次网上业绩说明会将采用网络远程的方式举行，投资者可通过全景网"投 资者关系互动平台"（http://ir.p5w.net）参与本次说明会。 出席本次年度网上业绩说明会的人员有：公司董事长兼总经理谢毅先生；董 事、财务总监兼董事会秘书龚才林先生；独立董事张超先生；保荐代表人孙海旺 先生。如有特殊情况，参会人员将可能进行调整，具体以当天实际参会人员为准。 为充分尊重投资者、提升交流的针对性，现就 ...

苏州天脉导热科技股份有限公司 内部控制审计报告 2024 年度 公证天业会计师事务所（特殊普通合伙） Gongzheng Tianye Certified Public Accountants, SGP | 中国．江苏．无锡 | Wuxi．Jiangsu．China | | --- | --- | | 总机：86（510）68798988 | Tel：86（510）68798988 | | 传真：86（510）68567788 | Fax：86（510）68567788 | | 电子信箱：mail@gztycpa.cn | E-mail：mail@gztycpa.cn | 内部控制审计报告 苏公 W[2025]E1178 号 苏州天脉导热科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了苏州天脉导热科技股份有限公司（以下简称苏州天脉）2024年12月31日 的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是苏州 天脉董 ...

国投证券股份有限公司（ 以下简称"国投证券"或"保荐人"）作为苏州天脉导 热科技股份有限公司（ 以下简称"苏州天脉"或"公司"）首次公开发行股票并上市 及持续督导的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司监管 指引第 2 号——上市公司募集资金管理和使用的监管要求》《深圳证券交易所创 业板股票上市规则》和《深圳证券交易所上市公司自律监管指引第 2 号——创 业板上市公司规范运作》等有关规定，就苏州天脉使用部分闲置募集资金及自有 资金进行现金管理进行了审慎核查，并出具核查意见如下： 一、募集资金基本情况 国投证券股份有限公司 经中国证券监督管理委员会《关于同意苏州天脉导热科技股份有限公司首次 公开发行股票注册的批复》 证监许可[2024]479 号）同意注册，公司首次公开发 行人民币普通股 A股）2,892.00 万股，每股面值为人民币 1.00 元，发行价格为 人民币 21.23 元/股。本次募集资金总额为人民币 61,397.16 万元，扣除发行费用 人民币 6,904.54 万元 不含增值税）后，公司本次实际募集资金净额为人民币 54,492.62 万元。 关于苏州天脉导热科技股份有限公司 ...