CNANO(SH:688116) NORTHEAST SECURITIES·2025-10-20 09:31Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Insights - The solid-state battery significantly enhances the market potential for carbon nanotubes, with demand for conductive agents in semi-solid batteries expected to increase 2.5 times compared to liquid batteries. The demand for carbon nanotube conductive agents in solid-state batteries is projected to exceed that of semi-solid batteries [1]. - The company is expected to see a rebound in carbon nanotube prices starting in 2024, following a significant decline in previous years. The price of carbon nanotube powder has dropped nearly 70% from 364,300 CNY/ton to 110,200 CNY/ton, with a forecasted increase to approximately 137,700 CNY/ton in Q1 2025 [2][35]. - The company is actively constructing a 450-ton annual production capacity for single-walled carbon nanotubes, with expected shipments of 80-100 tons in 2025 [2][53]. Financial Summary - The company's projected revenues for 2025, 2026, and 2027 are 1.882 billion CNY, 2.541 billion CNY, and 3.050 billion CNY, respectively. The net profit attributable to the parent company is expected to be 352 million CNY, 527 million CNY, and 713 million CNY for the same years [3][4]. - The company experienced a revenue decline of 23.75% in 2023, with a slight recovery of 3.13% in 2024. The net profit attributable to the parent company also saw a decline of 29.96% in 2023, with a forecasted increase of 40.63% in 2025 [4][25]. Company Overview - Jiangsu Tiannai Technology Co., Ltd. was established in 2007 and has become a leading enterprise in carbon nanotube conductive materials, with products widely used in high-end fields such as new energy vehicles and energy storage systems [16]. - The company has a clear strategic layout, with production capacity for carbon nanotube powder increasing from 605.57 tons in 2020 to 3,619.08 tons in 2024, supporting the continuous growth of its main products [28][48]. Industry Analysis - The carbon nanotube industry is experiencing rapid growth, driven by the increasing demand for new energy vehicles and advancements in battery technology. The global market for lithium batteries is expected to reach 1,545.1 GWh in 2024, with a year-on-year growth of 28.5% [56]. - The penetration rate of carbon nanotube conductive agents in lithium batteries has exceeded 70% in China, with a projected market for carbon nanotube slurry expected to reach 680,000 tons by 2030 [66].