TINCI(SZ:002709) Caixin Securities·2024-06-20 09:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has signed a supply agreement with CATL for 58,600 tons of solid lithium hexafluorophosphate, which is expected to enhance its market share and profitability [4][5] - The current profitability in the electrolyte segment is at a low point, but demand is expected to grow, leading to an improvement in the supply-demand balance [5] - The projected net profits for 2024, 2025, and 2026 are estimated at 1.218 billion, 1.787 billion, and 2.086 billion yuan respectively, with corresponding P/E ratios of 32.33, 22.04, and 18.88 [5][6] Financial Summary - Main revenue for 2022 was 22.317 billion yuan, which is projected to decrease to 15.405 billion yuan in 2023 and stabilize around 15.407 billion yuan in 2024 [6] - The net profit attributable to shareholders decreased from 5.714 billion yuan in 2022 to 1.891 billion yuan in 2023, with a further decline to 1.218 billion yuan expected in 2024 [6] - Earnings per share (EPS) are projected to drop from 2.98 yuan in 2022 to 0.99 yuan in 2023, with a forecast of 0.63 yuan in 2024 [6] Market Position - The agreement with CATL is expected to significantly increase the company's supply to the leading battery manufacturer, enhancing its competitive position in the market [4][5] - The company is anticipated to supply approximately 500 GWh of batteries based on the projected electrolyte production from the signed agreement [5]