Core Viewpoint - TianNai Technology (688116) faces a significant setback as the National Intellectual Property Administration declared its "Cnano and logo" trademark invalid, reversing a previous court ruling in its favor [2][9]. Group 1: Trademark Dispute - The trademark dispute between TianNai Technology and Shandong Dazhan Nano Materials Co., Ltd. has been ongoing for several years, with a previous court ruling in 2023 favoring TianNai Technology [2][6]. - The National Intellectual Property Administration's recent ruling has prompted TianNai Technology to prepare for an appeal to the Beijing Intellectual Property Court [4][5]. - TianNai Technology claims that the trademark "Cnano" has established a strong association with its brand and has significant recognition in the industry [7][8]. Group 2: Market Position and Product Offerings - TianNai Technology specializes in the research, production, and application of carbon nanotubes and graphene, with products including carbon nanotube powder and conductive pastes [3]. - According to GGII statistics, TianNai Technology holds the leading market share in carbon nanotube conductive pastes, with shares of 40.3%, 46.7%, and 53.2% from 2022 to 2024, respectively [3]. Group 3: Company Strategy and Impact - The company has established a comprehensive intellectual property defense system and has registered alternative trademarks to mitigate potential impacts from the current dispute [5]. - TianNai Technology asserts that the trademark dispute will not significantly affect its core competitiveness or operational capabilities, regardless of the court's final decision [5].

Group 1: Overview of Convertible Bonds - Jiangsu Cnano Technology Co., Ltd. issued convertible bonds totaling RMB 830 million, approved by the China Securities Regulatory Commission [1][2][3] - The bonds have a maturity of six years, with an annual interest rate of 0.30% for the first year, 0.50% for the second year, and 1.00% for the third year [2][16] - The initial conversion price is set at RMB 153.67 per share, subject to adjustments based on specific corporate actions [3][4] Group 2: Financial Performance - The company's net profit for 2024 is reported at RMB 250.20 million, a decrease of 15.80% compared to the previous year [11] - Total revenue for 2024 is RMB 1.45 billion, showing an increase from RMB 1.40 billion in 2023 but a decline from RMB 1.84 billion in 2022 [11][12] - As of December 31, 2024, total assets amount to RMB 5.14 billion, with net assets of RMB 2.96 billion [13] Group 3: Use of Proceeds from Bonds - The company has utilized RMB 308.95 million from the convertible bond proceeds, with RMB 50.30 million used in the current year [14][15] - The remaining balance of the bond proceeds as of December 31, 2024, is RMB 554.28 million, including interest income [14][15] - The company has established a dedicated account for managing the proceeds, adhering to regulatory requirements [14] Group 4: Debt Servicing Capability - The company has maintained a normal debt repayment willingness, with no delays in interest payments reported [17] - Key financial ratios indicate a debt-to-asset ratio of 42.33% and a current ratio of 2.61 as of December 31, 2024, reflecting a stable financial position [18] - The company has not implemented any credit enhancement measures for the bonds [18] Group 5: Credit Rating - The company's credit rating has been consistently rated at AA- with a stable outlook by Zhongjian Pengyuan Credit Rating Co., Ltd. [18]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [6][14]. Core Insights - The company achieved a revenue of 1.448 billion yuan in 2024, a year-on-year increase of 3.13%, while the net profit attributable to shareholders decreased by 15.80% to 250 million yuan. The adjusted net profit, however, grew by 13.60% to 237 million yuan [1]. - In Q1 2025, the company reported a revenue of 335 million yuan, reflecting a 9.00% year-on-year growth, and a net profit of 58 million yuan, up 8.10% year-on-year [1]. - The company is a leader in carbon nanotubes, with significant growth in product sales, particularly in conductive paste, which saw a 55.97% increase to 85,000 tons in 2024 [1][2]. - The company is advancing in the industrialization of new products, particularly single-walled carbon nanotubes, which are in high demand and have begun to be shipped in bulk [2]. - The company emphasizes shareholder returns, proposing a cash dividend of 1.46 yuan per 10 shares, amounting to approximately 50.33 million yuan, which is 20.12% of the net profit for 2024 [3]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 1.939 billion yuan, 2.691 billion yuan, and 3.619 billion yuan, representing year-on-year growth rates of 33.9%, 38.8%, and 34.5% respectively [5][10]. - The net profit attributable to shareholders is expected to reach 402 million yuan in 2025, 564 million yuan in 2026, and 767 million yuan in 2027, with growth rates of 60.8%, 40.3%, and 35.8% respectively [5][10]. - The projected earnings per share for the same years are 1.17 yuan, 1.64 yuan, and 2.22 yuan, with corresponding price-to-earnings ratios of 38, 27, and 20 [5][10].

Company Overview - Jiangsu Tiannai Technology Co., Ltd. primarily engages in the research, production, and sales of nano-scale carbon materials, with key products including carbon nanotube powder, conductive paste, and graphene composite conductive paste [6][12] - The company has established a strong R&D team and focuses on technological innovation to enhance product quality and performance [12][18] Financial Highlights - For the fiscal year 2024, the company plans to distribute a cash dividend of RMB 1.46 per 10 shares, totaling approximately RMB 50.33 million, which represents 20.12% of the net profit attributable to shareholders [4] Industry Position - The company holds a leading position in the carbon nanotube conductive paste market, with a market share of 53.2% in China, driven by demand from major battery manufacturers [18] - The carbon nanotube industry is supported by national policies favoring new materials and renewable energy, indicating a favorable growth environment [13][19] Market Trends - The global demand for lithium-ion batteries is expected to grow significantly, with projections indicating a 25% increase in global battery shipments in 2024 [22] - The electric vehicle market is anticipated to expand, with global sales expected to reach approximately 18.51 million units in 2024, reflecting a 23% year-on-year growth [20][21] Technological Developments - The production of high-purity carbon nanotubes requires advanced technology and experience, creating significant barriers to entry for new competitors [17] - The company is actively exploring high-generation carbon nanotubes and related products to meet the evolving demands of the industry [17][19]