投资要点 Q2 业绩符合预期。公司25H1 营收6.5 亿元，同+1.1%，归母净利润1.2亿元，同+1.1%，毛利率35%， 同-1.7pct；其中25Q2 营收3.2 亿元，同环比-6.1％/-4.7％，归母净利润0.6 亿元，同环比-5.1%/+0.8％， 毛利率37%，同环比-1.8/+3.8pct。 Q2 减少一代低价产品出货，单壁放量可期。25H1 碳管浆料出货约3.7万吨，同比略增，其中Q2 出货1.8 万吨，环减5%+，主要由于产品升级，减少一代产品订单出货。产品结构看，25H1 一代、二代、三代 产品出货占比各30%、30%、40%，一代产品出货占比较24Q4 下降近20pct。 我们预计全年一二三代出货量预计8-9 万吨，同比持平。单壁方面，25H1单壁浆料出货约1000 吨，其 中Q2 出货约800 吨；公司25 年产能40 吨粉体（对应1 万吨浆料），年底将扩产至100 吨粉体，Q3 单壁 浆料有望达到1500-2000 吨，我们预计全年单壁浆料达7000 吨，26 年将翻倍以上增长至近2 万吨。 Q2 单吨盈利提升，25H2 单壁贡献利润弹性。25Q2 高价产品占比提升，我们测算公司 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 performance met expectations, with a revenue of 650 million yuan and a net profit of 120 million yuan, both showing a year-on-year increase of 1.1% [8] - The company is reducing the shipment of low-priced first-generation products, with significant growth expected in single-wall carbon tubes [8] - The average selling price of products increased by 3% in Q2, with a projected single-ton profit of approximately 3,000 yuan, reflecting a 10%+ increase [8] - The single-wall carbon tubes are anticipated to be applied in new fields such as solid-state batteries, sodium batteries, robotics, and electronic devices, with a potential market size reaching billions of dollars in the next five years [8] - The company has turned positive in operating cash flow, with a significant increase in cash flow in Q2 [8] - The profit forecast for 2025-2027 has been adjusted downwards, but the company maintains a strong growth outlook with a projected net profit growth of 40%/61%/34% for these years [8] Financial Summary - Total revenue for 2023 is projected at 1,404 million yuan, with a year-on-year decrease of 23.75% [1] - The net profit attributable to the parent company for 2023 is estimated at 297.16 million yuan, reflecting a year-on-year decrease of 29.96% [1] - The earnings per share (EPS) for 2023 is expected to be 0.81 yuan [1] - The company’s total assets are projected to reach 5,139 million yuan by 2024, with total liabilities of 2,175 million yuan [9] - The operating cash flow for 2024 is estimated at 276 million yuan [9]

证券研究报告·公司点评报告·电池 天奈科技（688116） 2024 年报及 2025 一季报点评：业绩符合预 期，单壁碳管放量在即 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,404 | 1,448 | 2,174 | 2,902 | 3,867 | | 同比（%） | (23.75) | 3.13 | 50.15 | 33.45 | 33.27 | | 归母净利润（百万元） | 297.16 | 250.20 | 450.04 | 652.68 | 912.76 | | 同比（%） | (29.96) | (15.80) | 79.88 | 45.03 | 39.85 | | EPS-最新摊薄（元/股） | 0.86 | 0.73 | 1.31 | 1.89 | 2.65 | | P/E（现价&最新摊薄） | 47.22 | 56.08 | 31.18 | 21.50 | 15.37 | [Table ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, with a revenue of 1.448 billion yuan, a year-on-year increase of 3.13%, and a net profit attributable to shareholders of 250.2 million yuan, a year-on-year decrease of 15.80% [8] - The company is expected to see significant growth in single-wall carbon tube production in 2025, with an estimated output of 10-11 million tons of carbon tube slurry, representing a 20% increase [8] - The gross profit margin for carbon tube slurry is projected to be stable, with a recovery in single-ton profitability anticipated in the second half of 2025 [8] Financial Forecasts - Total revenue forecast for 2024 is 1.448 billion yuan, with a projected increase to 2.174 billion yuan in 2025, and further growth to 2.902 billion yuan in 2026 [9] - The net profit attributable to shareholders is expected to be 250.2 million yuan in 2024, increasing to 450.04 million yuan in 2025, and reaching 652.68 million yuan in 2026 [9] - The earnings per share (EPS) is forecasted to be 0.73 yuan in 2024, increasing to 1.31 yuan in 2025, and further to 1.89 yuan in 2026 [9] Market Data - The closing price of the company's stock is 40.70 yuan, with a market capitalization of approximately 14.03 billion yuan [5] - The price-to-earnings (P/E) ratio is projected to be 56.08 for 2024, decreasing to 31.18 in 2025, and further to 21.50 in 2026 [9] Operational Insights - The company has seen a significant increase in carbon tube slurry shipment volume, with a total of 85,000 tons shipped in 2024, a year-on-year increase of 56% [8] - The company’s operating cash flow for 2024 is projected to be 276 million yuan, with a decrease in capital expenditure expected [9]