China Securities Intelligent Financial News Tiannai Technology (688116) disclosed its 2024 semi-annual report on August 31. In the first half of 2024, the company achieved operating income of 647 million yuan, a year-on-year increase of 0.88%; net profit attributable to the parent company was 116 million yuan, a year-on-year increase of 28.52%; deducted non-net profit of 111 million yuan, a year-on-year increase of 45.84%; the net cash flow from operating activities was 55.8682 million yuan, a year-on-year decrease of 42.92%; During the reporting period, Tiannai Technology's basic earnings per share was 0.34 yuan, and the weighted average return on equity was 4.24%.

Based on the closing price on August 30, Tiannai Technology's current price-to-earnings ratio (TTM) is about 21.41 times, the price-to-book ratio (LF) is about 2.52 times, and the price-to-sales ratio (TTM) is about 4.9 times.

The historical quantile charts of the company's price-to-earnings ratio (TTM), price-to-book ratio (LF) and price-to-sales ratio (TTM) in recent years are as follows:

According to the semi-annual report, the company's total operating income in the second quarter was 340 million yuan, a year-on-year decrease of 6.29% and a month-on-month increase of 10.56%; the net profit attributable to the parent company was 61.7239 million yuan, an increase of 23.08% year-on-year and 14.76% month-on-month; The non-net profit was 59.7495 million yuan, an increase of 35.87% year-on-year and 15.68% month-on-month.

According to the data, the company is mainly engaged in the research and development, production and sales of nano-scale carbon materials, the main products are carbon nanotube powder, carbon nanotube conductive paste and carbon nanotube conductive masterbatch, mainly used in lithium batteries, conductive plastics and other fields, and ultimately used in new energy vehicles, 3C products, energy storage batteries and other products, the company is in the industry for the national industrial policy to focus on the development and support of new materials, new energy industry.

In terms of products, in the first half of 2024, the company's main business revenue from carbon nanotube conductive paste was 643 million yuan, accounting for 99.44% of the operating income; The revenue of carbon nanotube powder was 3.3608 million yuan, accounting for 0.52% of the operating income.

In the first half of 2024, the company's gross profit margin was 36.74%, up 5.08 percentage points year-on-year, and its net profit margin was 17.78%, up 3.40 percentage points year-on-year. In terms of single-quarter indicators, the company's gross profit margin in the second quarter of 2024 was 38.80%, up 6.68 percentage points year-on-year and 4.35 percentage points quarter-on-quarter, and the net profit margin was 18.07%, up 4.05 percentage points year-on-year and 0.62 percentage points quarter-on-quarter.

In terms of products, the gross profit margins of carbon nanotube conductive paste and carbon nanotube powder in the first half of 2024 will be 36.64% and 52.83% respectively.

According to the data, the company's weighted average return on equity in the first half of 2024 was 4.24%, an increase of 0.62 percentage points over the same period of last year, and the company's return on invested capital in the first half of 2024 was 3.00%, an increase of 0.07 percentage points over the same period of last year.

In the first half of 2024, the company's net cash flow from operating activities was 55.8682 million yuan, a year-on-year decrease of 42.92%; The net cash flow from financing activities was -76.4327 million yuan, a decrease of 243 million yuan from the same period last year, and the net cash flow from investment activities was -683 million yuan, compared with -297 million yuan in the same period last year.

Further statistics found that the company's free cash flow in the first half of 2024 was -717 million yuan, compared with -13 million yuan in the same period last year.

In the first half of 2024, the company's operating income to cash ratio was 86.45%, and the net cash ratio was 48.37%.

In terms of operating capacity, in the first half of 2024, the company's total asset turnover ratio was 0.13 times, compared to 0.15 times in the same period last year (the industry average in the first half of 2023 was 0.26 times, and the company ranked 39/45 in the same industry); The fixed asset turnover ratio was 0.52 times, compared to 0.65 times in the same period last year (the industry average in the first half of 2023 was 1.34 times, and the company ranked 38/45 in the same industry); The company's accounts receivable turnover and inventory turnover were 1.55 times and 1.87 times, respectively.

In the first half of 2024, the company's expenses for the period were 107 million yuan, an increase of 3.9185 million yuan over the same period of last year, and the expense ratio for the period was 16.58%, an increase of 0.46 percentage points over the same period of last year. Among them, sales expenses decreased by 5.99% year-on-year, administrative expenses increased by 21.23% year-on-year, R&D expenses increased by 9.56% year-on-year, and financial expenses decreased by 43.35% year-on-year.

According to the data, the change in selling expenses was mainly due to the decrease in share-based payment expenses during the reporting period; The change in administrative expenses was mainly attributable to the increase in professional and managerial personnel and the increase in depreciation expenses during the reporting period. The change in finance expenses was mainly due to the increase in interest income during the reporting period; The change in R&D expenses was mainly due to the increase in R&D efforts and the increase in R&D investment during the reporting period.

In terms of major changes in assets, as of the end of the first half of 2024, the company's monetary funds decreased by 57.95% from the end of the previous year, accounting for 15.31 percentage points of the company's total assets, trading financial assets increased by 621.67% from the end of the previous year, accounting for 8.88 percentage points of the company's total assets, fixed assets increased by 28.31% from the end of the previous year, accounting for 6.12 percentage points of the company's total assets, and projects under construction decreased by 13.14% from the end of the previous year. The proportion of the company's total assets decreased by 2.47 percentage points.

In terms of major changes in liabilities, as of the end of the first half of 2024, the company's long-term borrowings increased by 57.84% from the end of the previous year, accounting for 2.44 percentage points of the company's total assets, mainly due to the increase in long-term bank borrowings, short-term borrowings decreased by 68.46% from the end of the previous year, accounting for 1.81 percentage points of the company's total assets, mainly due to the decrease in short-term bank borrowings, and notes payable decreased by 63.15% from the end of the previous year. The proportion of the company's total assets decreased by 0.72 percentage points, and the tax payable decreased by 49.15% compared with the end of the previous year, and the proportion of the company's total assets decreased by 0.51 percentage points.

From the perspective of inventory changes, as of the end of the first half of 2024, the book value of the company's inventory was 242 million yuan, accounting for 8.81% of net assets. According to the financial report, the company did not make any provision for inventory decline in the current period.

In terms of solvency, the company's asset-liability ratio at the end of the first half of 2024 was 43.23%, a decrease of 0.54 percentage points from the end of the previous year, and the interest-bearing asset-liability ratio was 25.05%, an increase of 0.66 percentage points from the end of the previous year.

For the first half of 2024, the company has a current ratio of 2.65 and a quick ratio of 2.38.

According to the semi-annual report, among the top ten circulating shareholders of the company at the end of the first half of 2024, the new shareholder is Hong Kong Securities Clearing Co., Ltd., replacing the Harvest Intelligent Vehicle Equity Securities Investment Fund at the end of the first quarter. In terms of specific shareholding ratios, the holdings of Harvest New Energy New Materials Equity Securities Investment Fund, Invesco Great Wall New Energy Industry Equity Securities Investment Fund, and Jiangxi Yurun Lida Equity Investment Management Co., Ltd. - Jiangxi Lida New Material Industry Venture Capital Center (Limited Partnership) have declined.

In terms of chip concentration, as of the end of the first half of 2024, the total number of shareholders of the company was 19,400, an increase of 3,293 or 20.47% from the end of the first quarter; The average market value of shares held by households decreased from 463,200 yuan at the end of the first quarter to 410,300 yuan, a decrease of 11.42%.

indicator annotation:

P/E ratio

= Total Market Capitalization / Net Profit. When the company loses money, the P/E ratio is negative, and it is not practical to use the P/E ratio for valuation, and the P/B ratio or P/B ratio is often used as a reference.

Price-to-book ratio

= Total Market Capitalization / Net Assets. The price-to-book ratio valuation method is mostly used for companies with large fluctuations in earnings and relatively stable net assets.

Price-to-sales ratio

= Total Market Capitalization / Operating Income. The price-to-sales ratio method is often used for growing companies that are losing money or making small profits.

The price-to-earnings ratio and price-to-sales ratio in this article are calculated using the TTM method, that is, the data for the 12 months up to the latest financial report (including forecast). The price-to-book ratio is calculated using the LF method, that is, based on the latest financial report data.

When the P/E ratio is negative, the current quantile is not displayed, which will cause the line chart to break.