TINCI(SZ:002709) 第一财经网·2025-11-13 09:25Core Viewpoint - The recent surge in the stock price of Tianqi Materials is raising questions about whether there is a bubble, especially as the company approaches a price-to-earnings ratio of 163 times, with concerns about its ability to return to previous high performance levels [1][2] Group 1: Company Performance - In Q3, Tianqi Materials reported revenue of 3.814 billion yuan, a year-on-year increase of 11.8%, and a net profit of 153 million yuan, up 51.5% year-on-year [2] - The company's non-recurring net profit for Q3 was 139 million yuan, reflecting a year-on-year growth of 37.8% [2] - Despite recent growth, the company's non-recurring net profit has only increased by about 10% compared to three years ago, indicating that it has not fully recovered from previous performance declines [2] Group 2: Market Dynamics - The demand for lithium battery electrolyte products is expected to rise, with Tianqi Materials signing contracts for significant supply agreements, including 870,000 tons with Guoxuan High-Tech and 725,000 tons with Zhongchuang Xinhang for the years 2026-2028 [1] - The price of lithium hexafluorophosphate (6F) and electrolytes has recently increased, which industry insiders believe could lead to improved performance for Tianqi Materials [1][2] - The market for electric vehicles is projected to grow until 2025, but growth rates may slow starting in 2026, as the impact of past consumer subsidies and tax incentives on market demand needs to be considered [2]