TINCI(SZ:002709) Zheng Quan Shi Bao Wang·2025-10-31 09:04Core Viewpoint - Tianqi Materials (002709) has demonstrated steady growth in performance due to increased product sales and cost control, achieving a revenue of 10.843 billion yuan, a year-on-year increase of 22.34%, and a net profit of 420 million yuan, a year-on-year increase of 24.33% in the first three quarters of the year [1] Group 1: Financial Performance - The company reported a net profit of 420 million yuan, reflecting a year-on-year growth of 24.33% [1] - The non-deductible net profit reached 373 million yuan, marking a year-on-year increase of 30.13% [1] - Revenue for the first three quarters was 10.843 billion yuan, up 22.34% year-on-year [1] Group 2: Market Dynamics - The core raw material, lithium hexafluorophosphate, has reached a state of tight balance, with market prices showing a certain degree of recovery [1] - The price of lithium hexafluorophosphate has surged over 60% since the National Day holiday, with current spot prices reaching 110,000 yuan per ton [2] - The supply-demand relationship for certain additives is also tight, indicating potential price increases [3] Group 3: Production Capacity and Strategy - Tianqi Materials has a production capacity of approximately 110,000 tons of lithium hexafluorophosphate, with high capacity utilization expected [2] - The company is actively pursuing overseas expansion, with projects in Morocco and the United States planned for construction between 2025 and 2028 [3] - The company is also advancing its solid-state battery initiatives, with a pilot production line for sulfide electrolytes expected to be completed by mid-next year [3] Group 4: Competitive Landscape - The current competitive landscape indicates that most small enterprises lack the confidence and capability to expand production, suggesting that future supply increases will primarily come from leading companies [2] - The industry concentration is expected to further increase as a result of the current high prosperity cycle [2]