TINCI(SZ:002709) EBSCN·2024-06-19 08:02Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company signed a supply agreement with CATL, which is expected to positively impact its operating performance in 2024-2025 [2]. - The agreement involves supplying 58,600 tons of solid lithium hexafluorophosphate, which can produce approximately 48.83 million tons of electrolyte, corresponding to about 574.5 GWh of battery demand [2]. - The current market for lithium hexafluorophosphate is experiencing oversupply, with a concentration of supply towards leading enterprises [2]. - The company is continuously enhancing its production capacity for lithium battery materials, with a self-supply ratio of core raw materials exceeding 93% [2]. - The company has several projects under construction, including a lithium-ion battery materials project with a capacity of 41,000 tons per annum [2]. Financial Forecasts and Valuation - The company’s projected net profits for 2024-2026 are 1.103 billion, 1.931 billion, and 2.443 billion yuan, respectively, reflecting a downward adjustment of 21.6%, 9.0%, and 6.3% [2][3]. - The company’s revenue for 2024 is expected to be 14.288 billion yuan, with a revenue growth rate of -7.25% [3]. - The earnings per share (EPS) for 2024 is projected to be 0.58 yuan, with a price-to-earnings (P/E) ratio of 35 [3]. - The return on equity (ROE) is expected to be 7.95% in 2024, increasing to 12.38% in 2025 [3].