TINCI(SZ:002709) Xin Lang Cai Jing·2026-01-04 12:25Core Viewpoint - Dongwu Securities expects Tianqi Materials to achieve a net profit attributable to shareholders of 1.1 to 1.6 billion yuan in 2025, representing a year-on-year growth of 127% to 230%, exceeding market expectations [1][3] Business Segments - Electrolyte Business: The shipment volume in Q4 2025 is expected to see significant year-on-year growth, with projections for 2026 to exceed 1 million tons, reflecting a 40% increase [2][4] - Electrolyte Profitability: The net profit per ton is expected to significantly improve in Q4 2025, with the rise in hexafluorophosphate prices having a substantial impact on profitability [2][4] - Cathode Segment: Losses are expected to narrow, with a projected shipment volume of 200,000 tons in 2026 and a recovery in profit per ton to 500 to 1,000 yuan [5] - Daily Chemical Business: An estimated profit contribution of 60 million yuan is expected in Q4 2025, with stable growth anticipated in 2026 [6]