中金公司研报指出，厦钨新能为正极材料龙头，新型正极和固态材料放量可期。伴随政策端拉动国内消 费电子需求，技术端AI 手机放量等驱动更新换代以及带电量提升，该行预计消费电池需求稳步增长、 同时高电压需求提升。公司为钴酸锂全球龙头、市场份额超过50%。公司积极布局前沿技术，新型正极 和固态材料放量可期。首次覆盖厦钨新能，给予"跑赢大市"评级，目标价85.00元、对应18%上行空间。 ...

中金公司研报指出，厦钨新能为正极材料龙头，新型正极和固态材料放量可期。伴随政策端拉动国内消 费电子需求，技术端AI 手机放量等驱动更新换代以及带电量提升，该行预计消费电池需求稳步增长、 同时高电压需求提升。公司为钴酸锂全球龙头、市场份额超过50%。公司积极布局前沿技术，新型正极 和固态材料放量可期。首次覆盖厦钨新能，给予"跑赢行业"评级，目标价85.00元、对应18%上行空间。 ...

格隆汇11月20日｜有投资者在互动平台向天奈科技提问：请问公司回复投资者天奈锦城项目一期26年一 季度建成，客户在验证阶段，那么客户具体验证需要多久，具体有无时间节点，在什么时候能够验证完 成，如果客户在26年不能完成验证，天奈锦城项目26年即便建成也无法供货，只能荒废。 天奈科技回 复称，目前公司天奈锦城正在建设中，规划分两期建设10万吨新型正极材料生产线，预计2026年一季度 一期建设完工。相关客户前期已送样测试，目前正在验证中，预计2026年将形成投产并出货。 ...

Core Viewpoint - TianNai Technology is nearing the completion of the TianNai Jincheng project, which is expected to commence production next year, focusing on advanced carbon nanotube preparation technology and cathode materials to enhance battery conductivity and achieve high-rate charging and discharging [2] Summary by Relevant Sections Project Development - The TianNai Jincheng project aims to produce new cathode materials with a planned annual output of 100,000 tons, with an initial target of 20,000 tons [2] Production Capacity - For Q3 of this year, the company anticipates a shipment volume of 1,500 to 2,000 tons for single-walled related slurry products, with single-walled powder production capacity expected to reach 130 to 140 tons in the first half of next year, and an estimated shipment volume of 80 to 100 tons for single-walled powder [2] - The company is actively constructing a project with an annual production capacity of 450 tons for single-walled carbon nanotubes [2] Market Supply - From January to August, the company supplied nearly 1,500 tons to solid-state and semi-solid-state related customers, with single-walled products accounting for approximately 70% of the total supply [2] - Emerging fields such as robotics, electronic devices, and composite materials are expected to become significant growth areas for the company in the future [2]

Summary of TianNai Technology Conference Call Industry Overview - Solid-state battery technology primarily includes three routes: sulfide, oxide, and polymer. Sulfide systems have high ionic conductivity but are costly and pose safety risks. Oxide and polymer systems offer advantages in cost and mechanical performance, with domestic commercialization favoring oxide systems. [2][3][4] Key Points - **Market Forecast**: It is expected that all-solid-state batteries will achieve large-scale commercial application by 2030, with oxide and polymer processes likely becoming mainstream due to safety and cost factors in the next five years. Sulfide systems may face challenges. [2][4] - **Technological Advancements**: TianNai Technology enhances the electronic conductivity of liquid lithium-ion batteries using carbon nanotubes and is developing dry processing techniques and composite current collectors. These innovations are significant for the development of solid or semi-solid lithium-ion power systems. [2][3][5] - **Composite Current Collectors**: The introduction of carbon nanotubes as fiber reinforcements in polymer membranes significantly improves strength and conductivity, achieving electronic conduction levels comparable to pure metal current collectors. [6] - **Demand for Single-Walled Carbon Nanotubes**: The demand for single-walled carbon nanotubes is expected to increase significantly in 2026 due to the poor intrinsic electronic conductivity of high-nickel cathode materials and the need for more conductive additives in dry processing. [8] Financial and Operational Insights - **Production Facilities**: TianNai Technology's U.S. factory is expected to commence operations by the end of 2025, while the German factory will start in three months. The U.S. investment tax policy is anticipated to accelerate equipment production. [3][18] - **Collaborations**: The company collaborates with major battery firms like Panasonic and LG, with plans for significant orders from LG in the future, particularly for lithium iron phosphate batteries. [20] Challenges and Risks - **Safety and Cost Issues**: Solid-state battery technology faces challenges related to safety and cost, particularly with sulfide systems. The commercial viability of solid-state systems requires breakthroughs in key materials and processes. [10][16] - **Market Dynamics**: The introduction of porous copper foil and composite current collectors is limited by cost factors, which may hinder widespread adoption until prices become acceptable. [9] Future Outlook - **Growth Projections**: Significant growth in shipment volumes is expected in 2025 and 2026, particularly for high-end products driven by fast-charging technology. Current monthly production capacity is about four tons, with projections of 30,000 tons for single-walled and multi-walled carbon nanotubes by 2026. [22] - **New Cathode Materials**: Progress in new cathode materials is promising, with fast-charging certifications underway. These materials outperform existing products in low-temperature conditions. [23] Competitive Landscape - **Technological Edge**: TianNai Technology possesses a strong technological advantage in fast-charging technology and focuses on continuous R&D to maintain its competitive edge. [25][26] - **Talent Importance**: The company emphasizes the significance of talent in driving technological advancements and achieving a leading position in the industry. [27]