证券日报网讯 1月7日，天奈科技在互动平台回答投资者提问时表示，股东与管理层减持是基于个人资 金需求，其减持计划均按相关法律法规规定提前公告，减持价格按市场化价格确定。公司严格按照相关 法律法规和监管要求进行信息披露。近年来公司致力于单壁碳纳米管产品的研发、产能建设及下游客户 导入与销售，努力提升整体经营业绩提高股东回报。公司股价受到多种因素的综合影响，包括宏观经济 环境、市场供需关系、二级市场波动等诸多因素的综合影响，并非公司意愿所能影响。未来，公司将继 续努力提升业绩，优化公司治理，以实现公司良性发展与长期价值增长。 （文章来源：证券日报） ...

Core Viewpoint - Tianai Technology announced the establishment of Changzhou Tianai Robot Technology Co., Ltd. to expand the application of carbon nanotubes, particularly single-walled products, in the robotics field [1] Group 1: Company Developments - The new company aims to focus on material research and market development for carbon nanotubes in various applications, including enhanced composite materials, electromagnetic shielding materials, antistatic materials, artificial muscles, and flexible sensors [1] - The company is collaborating with multiple manufacturers, but specific details of these partnerships are restricted due to confidentiality agreements and commercial contracts [1]

Investment Rating - The investment rating for the company is "Buy-A" (maintained) [1][6] Core Views - The company has started shipping single-walled carbon nanotubes, leading to a recovery in profitability. The revenue from carbon nanotube conductive paste reached 1.44 billion yuan in 2024, a year-on-year increase of 5.8%, with a gross margin of 35.1% [4][6] - The demand for carbon nanotubes is growing rapidly, with the company maintaining a market share of 53.2% in China for carbon nanotube conductive paste in 2024, an increase of 6.5 percentage points from 2023 [5][6] Financial Performance - In 2024, the company achieved operating revenue of 1.45 billion yuan, a year-on-year growth of 3.1%, and a net profit attributable to shareholders of 250 million yuan, a decrease of 15.8% [3][9] - For Q1 2025, the company reported operating revenue of 330 million yuan, a year-on-year increase of 9.0%, and a net profit of 60 million yuan, up 8.1% [3][9] - The estimated revenue for 2025 is projected to be 2.03 billion yuan, reflecting a year-on-year growth of 40.3% [9] Market Outlook - The compound annual growth rate (CAGR) for carbon nanotube conductive agents is expected to be 26.7% from 2024 to 2030, driven by advancements in fast-charging technologies and new battery technologies [5][6] - The company is expected to ship 90,000 to 100,000 tons of multi-walled carbon nanotube paste and over 10,000 tons of single-walled and mixed paste in 2025, indicating a positive outlook for profitability [4][6]