(Source: Silver Persimmon Finance).

As of the end of 2024, Tianneng Co., Ltd. has achieved a double increase in total assets and net assets, of which total assets are 44.288 billion yuan, a year-on-year increase of 23.60%; The net assets were 15.889 billion yuan, a year-on-year increase of 3.03%.

On March 28, Tianneng shares (688819. SH) disclosed its 2024 results. According to the financial report, in 2024, Tianneng Co., Ltd. will achieve an operating income of 45.042 billion yuan and a net profit attributable to the parent company of 1.555 billion yuan, continuing to consolidate its leading position in the domestic battery industry.

For Tianneng shares, 2024 is a year of pressure and forge ahead. This year, the company's main lead-acid battery business encountered many challenges, and the lithium battery business faced the "involution" of the industry. However, Tianneng Co., Ltd. continues to increase investment in technology, and its leading edge in the power battery industry has been further consolidated.

As of the end of 2024, Tianneng Co., Ltd. has achieved a double growth in total assets and net assets, of which total assets are 44.288 billion yuan, a year-on-year increase of 23.60%; The net assets were 15.889 billion yuan, a year-on-year increase of 3.03%.

In addition, due to the optimization of operating payment payments, in 2024, Tianneng's net operating cash flow will surge by 159% year-on-year to 6.563 billion yuan.

The basic disk of the lead-acid battery is stable

Tianneng Co., Ltd. has been deeply involved in the battery industry for more than 30 years, and is a leading enterprise in China's new energy power battery industry, ranking among the top 500 new energy enterprises in the world and the top 10 in China's battery industry in terms of comprehensive strength.

Especially in the lead-acid battery market, Tianneng's business has covered a full range of application fields such as green power, energy storage backup, start-stop and smart energy, and occupies a dominant position in the global lead-acid battery market.

In 2024, Tianneng Co., Ltd. will achieve a lead-acid battery sales revenue of 41.835 billion yuan. On the one hand, it benefits from the technical advantages of Tianneng Co., Ltd. for many years; On the other hand, thanks to the strong channel network of Tianneng shares, at present, Tianneng shares have established a marketing and after-sales integration network covering more than 3,000 dealers and more than 400,000 stores in 32 provinces, autonomous regions and municipalities directly under the central government.

For Tianneng shares, in 2024, the lead-acid battery and energy storage business will usher in many favorable policies and markets

In terms of policy, the "trade-in" policy for electric bicycles has been implemented, and consumers are encouraged to return old lithium-ion battery electric bicycles and exchange them for lead-acid battery electric bicycles by increasing subsidies;

The draft of the

"Safety Technical Specifications for Electric Bicycles" (hereinafter referred to as the "New National Standard") will also be implemented in 2024, which puts forward a series of requirements for improving the safety performance of electric bicycles and standardizing the development of the industry. The industry believes that this will drive the replacement of existing electric two-wheelers and batteries, and the industry will usher in new market growth.

What's even more exciting is that the energy storage business has appeared in the government work report for two consecutive times. In 2024, the government work report will clearly propose for the first time to "develop new energy storage"; In 2025, the government work report further proposes to "cultivate a number of new national-level advanced manufacturing clusters, and develop rapidly in emerging industries such as commercial aerospace, Beidou applications, and new energy storage." ”

The energy storage business is one of the strengths of Tianneng shares. According to reports, by providing "lead carbon + lithium battery" dual technical route solutions, Tianneng has successfully built a number of high-quality projects such as Datang Lubei Energy Storage Project, "Peaceful Co-storage" Integrated Smart Energy Sharing Energy Storage Project, Southern Power Grid Chengbei Station Energy Storage Project, Huzhou Changxing Jinling Substation Energy Storage Project, Jiangsu Shuyang Energy Storage Project, etc.

In addition, in recent years, lead-acid batteries have shown great potential in emerging markets, and many regions or countries in Southeast Asia, Europe and the United States have launched relevant subsidy policies for electric two-wheeled vehicles to support two-wheeled vehicles to "oil to electricity", creating a good market environment for China's electric two-wheeled vehicles to go overseas, which will also boost Tianneng shares to further expand the fundamentals.

Continue to increase R&D investment

In addition to expanding and strengthening the basic disk of lead-acid batteries, in recent years, Tianneng shares have also diversified the layout of the battery industry, lithium battery, hydrogen battery, sodium-ion battery, solid-state battery and other business fields, and the second growth curve has begun to take shape.

In order to accelerate the emergence in new business areas, Tianneng attaches great importance to technology research and development, and has continued to increase R&D investment in recent years, and has formed a three-level R&D structure of "headquarters research institute + business department technology center + production base technology department".

Flush iFinD shows that since 2016, Tianneng's investment in R&D has increased year by year, and in 2024, R&D expenses have reached 1.875 billion yuan, an increase of 4.75% year-on-year, and the proportion of total R&D investment in operating income will reach 4.16%, an increase of 0.41 percentage points over 2023.

The continuous research and development has made Tianneng Co., Ltd.'s new technological achievements frequent, and put them into application and recognized by the market.

Taking the lithium battery business as an example, in 2024, Tianneng Co., Ltd. will develop a series of 100Ah/150Ah home storage and communication products, enter the ZTE supply chain, and independently develop a lightweight power battery 24Ah full-size pouch battery and module, which has obtained the industry's first batch of GB43854 strong standard certification;

Tianneng Co., Ltd. also undertook the first rail transit "new traction power supply" energy storage demonstration project, and the self-developed EMS (energy management system) and BMS (battery management system) successfully applied energy storage systems and power battery pack products. This breakthrough has laid a solid foundation for the company's layout in the field of lithium batteries;

In terms of hydrogen power business, Tianneng Co., Ltd. has realized the small-batch delivery of self-developed hydrogen fuel cell engine systems in loader and bus application scenarios, and the technology covers all scene applications;

In the field of sodium-ion batteries, for the small power and energy storage market, Tianneng Co., Ltd. has developed a high-performance layered oxide sodium electric pouch cell with an energy density of 160Wh/kg; And developed the first polyanion sodium electric energy storage cell with an energy density of 95Wh/kg;

In the field of solid-state batteries, Tianneng Co., Ltd. has developed a prototype battery with an energy density of 300-400Wh/kg, which is applied to the field of drones and achieved a breakthrough in orders.

It is reported that Tianneng has accumulated a wealth of core patents in the field of new battery technologies such as lead-acid batteries, lithium-ion batteries, hydrogen fuel cells, and sodium-ion batteries. By the end of 2024, Tianneng has obtained 3,592 patents (including 907 invention patents), of which 16 patents have won national and provincial patent awards, and 9 invention patents have won the China Patent Excellence Award. Tianneng Co., Ltd. has also undertaken 2 national key R&D projects, 1 national science and technology support plan, 4 special projects for local science and technology development guided by the central government, and 26 provincial key R&D projects.

Overseas business is steadily promoted

In 2024, Tianneng Co., Ltd. will also adhere to the "globalization" development strategy, lay out the Southeast Asian and African markets, and achieve a bumper harvest in overseas business, with a direct export overseas business income of 296 million yuan throughout the year, a year-on-year increase of 12.51%.

This year, Tianneng's overseas business has been reported frequently: in July, the Vietnamese assembly plant successfully completed trial production, marking an important step in Tianneng's overseas production layout. At the same time, the initial construction of the import and export logistics capacity of the Vietnam base has been completed, which provides strong support for the subsequent production and operation;

In December, Tianneng Co., Ltd.'s self-built factory in Vietnam officially started construction, which will provide more solid production capacity support for the company's business development in Southeast Asia. In the future, with the gradual implementation of production capacity, it will better meet the needs of the Southeast Asian market.

This year, Tianneng shares continue to emerge in internationally renowned exhibitions: including South Korea EV Exhibition, Germany ESS Exhibition and Saudi Arabia Energy Storage Exhibition and other international exhibitions, you can see the shadow of Tianneng shares.

Innovation rewards investors

At the same time as disclosing the results of the annual report, Tianneng announced a cash red envelope distribution plan, which intends to distribute a cash dividend of 4.10 yuan (tax included) to all shareholders for every 10 shares, with a total cash dividend of 398 million yuan.

In addition, Tianneng Co., Ltd. will repurchase a total of 1,313,200 shares in 2024 through centralized bidding transactions, paying a total of 29,885,900 yuan (excluding transaction costs). According to the relevant regulations, if a listed company uses cash as consideration to repurchase shares by way of offer or centralized bidding, it shall be regarded as a cash dividend of the listed company and shall be included in the calculation of the relevant proportion of cash dividends.

In other words, the total cash dividend of Tianneng in 2024 will be 428 million yuan (including tax), accounting for 27.50% of the net profit attributable to the parent company.

Tianneng Co., Ltd. also stated in the "2025 Action Plan for Improving Quality and Efficiency and Emphasizing Returns" that in 2025, it will continue to improve the diversified shareholder return mechanism, maintain a stable cash dividend policy, and explore the implementation of innovative return methods including extending the lock-up period, and dynamically optimize the shareholder return plan in combination with operating performance and capital status, and strive to create greater value for investors.