研报掘金丨国信证券：维持天奈科技“优于大市”评级，各项业务持续向好

Core Viewpoint - The report from Guosen Securities highlights that Tianwei Technology's carbon nanotube slurry is primarily used in lithium batteries and conductive plastics, with a positive outlook for revenue growth driven by increasing demand for high energy density and fast-charging capabilities in lithium batteries [1] Group 1: Industry Outlook - The demand for carbon nanotubes is expected to steadily improve due to the rising requirements in the lithium battery sector [1] - The revenue forecast for carbon nanotube conductive slurries and powders is projected to be 1.452 billion, 2.688 billion, and 3.491 billion yuan for the years 2025, 2026, and 2027 respectively [1] Group 2: Company Performance - The company has begun mass shipments of single-walled carbon nanotube products, leading to a rapid increase in revenue [1] - The gross margin is expected to improve as the product mix of multi-walled carbon nanotube slurries continues to optimize, with a higher proportion of second and third-generation products being shipped [1] - The company maintains a steady growth in multi-walled carbon business while experiencing rapid profit gains from single-walled carbon nanotube products [1] - The overall performance of various business segments is showing positive trends, leading to an "outperform the market" rating [1]