Zheng Quan Zhi Xing·2025-04-25 04:33Core Viewpoint - The performance of Tianqi Materials (002709) aligns with expectations, with a significant drop in 2024 earnings but a recovery in Q1 2025, supported by steady overseas expansion and a maintained buy rating [1][2]. Financial Performance - In 2024, the company reported a revenue of 12.518 billion yuan, a year-on-year decline of 18.74%, and a net profit of 484 million yuan, down 74.40% year-on-year, which was within the previously forecasted range of 440-520 million yuan [3][4]. - For Q1 2025, the company achieved a revenue of 3.489 billion yuan, representing a year-on-year growth of 41.64%, and a net profit of 150 million yuan, up 30.80% year-on-year [3][4]. Business Segments - The lithium-ion battery materials segment faced profitability pressure, with revenues of 10.974 billion yuan in 2024, down 22.19%, and a gross margin of 17.45%, a decrease of 7.81 percentage points [4]. - The electrolyte product sales exceeded 500,000 tons, growing approximately 26% year-on-year, while the cathode materials, particularly iron phosphate, saw deliveries of over 95,000 tons, a 109% increase, placing the company in the leading tier of the industry [4]. - The daily chemical materials segment remained stable, with sales surpassing 110,000 tons, a 6% increase, and revenue of 1.161 billion yuan, up 14.14%, despite a slight decline in gross margin to 30.04% [4]. International Expansion - The company is actively pursuing international customer certifications and collaborations, with successful production at its German OEM factory and ongoing construction of its U.S. electrolyte project. Additionally, a subsidiary in Morocco is being established to enhance overseas integrated production capacity [4]. Valuation - The earnings per share forecasts for 2025-2027 have been adjusted to 0.55, 0.75, and 1.07 yuan, respectively, with corresponding price-to-earnings ratios of 31.2, 22.6, and 16.0 times, maintaining a buy rating [5].