TINCI(SZ:002709) Xin Lang Cai Jing·2025-09-02 06:43Core Viewpoint - The company reported strong revenue and profit growth in H1 2025, driven by its lithium battery segment and strategic investments in raw material production [1][2] Financial Performance - In H1 2025, the company achieved revenue of 7.029 billion yuan, a year-on-year increase of 28.97% - The net profit attributable to shareholders was 268 million yuan, up 12.79% year-on-year - The net profit excluding non-recurring items was 235 million yuan, reflecting a growth of 26.01% year-on-year - The lithium battery segment generated revenue of 6.302 billion yuan, with a growth of 33.18% and a gross margin of 17.05%, down 0.06 percentage points - The daily chemical materials and specialty cosmetics segment reported revenue of 614 million yuan, a 12.93% increase, with a gross margin of 30.27%, down 0.51 percentage points [1] Strategic Initiatives - The company is enhancing its cost advantages through an integrated layout and increasing production capacity of key raw materials such as lithium hexafluorophosphate and LiFSI - It has established a high-purity lithium carbonate refining production line and is planning capacity for ore smelting to improve product cost competitiveness - Systematic hedging of lithium carbonate futures and resource acquisition in Nigeria and Zimbabwe are being pursued to ensure supply chain stability - The company is building a circular industrial chain through the recycling of tailings, securing a sustainable cost advantage [1] Technological Development - The company is developing solid-state electrolytes to address future technological advancements, leveraging its existing liquid lithium salt production platform - It has successfully completed kilogram-level production of lithium sulfide-based solid-state electrolytes, forming initial patents and products - This development creates a dual-driven business model of "liquid + solid-state," providing a competitive edge [2] Business Expansion - The company is horizontally expanding into positive electrode materials, battery recycling, and battery adhesives - It possesses industry-leading liquid lithium hexafluorophosphate process technology, with costs below the industry average, gaining recognition from major international clients - In battery recycling, the company has scaled its channel network and collaborated with strategic partners to achieve a closed-loop ecosystem of "resources - materials - recycling" - The specialty chemicals segment, including positive and negative electrode binders and battery adhesives, is experiencing rapid growth and has completed a closed-loop system [2] Investment Outlook - The company is projected to achieve revenues of 16.22 billion yuan, 20.83 billion yuan, and 25.03 billion yuan for the years 2025, 2026, and 2027, respectively - Expected net profits attributable to shareholders are 830 million yuan, 1.32 billion yuan, and 1.98 billion yuan for the same years - Earnings per share (EPS) are forecasted to be 0.44 yuan, 0.69 yuan, and 1.03 yuan, with price-to-earnings (PE) ratios of 50, 32, and 21 times [2]