天奈科技（688116）：单壁管产品快速放量，盈利能力持续改善

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][13] Core Views - The company is demonstrating confidence in its long-term growth by continuing its share repurchase program, with a total repurchase amount exceeding 55.69 million yuan as of November 30, 2025 [3] - The multi-wall carbon nanotube business is performing steadily, maintaining a leading market position, with estimated shipments exceeding 53,000 tons in the first three quarters of 2025 [3][5] - The single-wall carbon nanotube products are entering a rapid growth phase, significantly enhancing the company's profitability, with estimated shipments of over 2,600 tons in the first three quarters of 2025 [4][5] - The company is expected to achieve net profits of 306 million, 663 million, and 894 million yuan for the years 2025 to 2027, representing year-on-year growth of 22%, 117%, and 35% respectively [12][13] Summary by Sections Share Repurchase and Market Confidence - The company has repurchased 1.1424 million shares, with a total expenditure exceeding 55.69 million yuan, reflecting its confidence in rapid long-term development [3] Product Performance - The multi-wall carbon nanotube shipments are estimated to exceed 53,000 tons in the first three quarters of 2025, with a stable shipment of approximately 17,000 tons in Q3 [3][5] - The single-wall carbon nanotube products have started mass shipments, with Q3 shipments around 1,600 tons, doubling from the previous quarter, indicating a significant profit increase [4][5] Financial Projections - The company is projected to achieve revenues of 14.52 billion, 26.88 billion, and 34.91 billion yuan from carbon nanotube slurry and powder from 2025 to 2027, with corresponding gross margins of 38.3%, 40.5%, and 41.0% [7][12] - The new composite cathode materials are expected to start shipments in 2026, contributing to revenue growth, with projected revenues of 0.01 billion, 1.15 billion, and 3.81 billion yuan from 2025 to 2027 [8][12]