TINCI(SZ:002709) Soochow Securities·2024-07-11 11:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company has released its H1 2024 earnings forecast, projecting a net profit attributable to shareholders of 210-260 million yuan, a year-on-year decline of 80%-84% [2]. - In Q2 2024, the company expects to ship over 110,000 tons of electrolyte, with an annual growth forecast of 25% [2]. - The profitability of the electrolyte segment is expected to reach over 100 million yuan in Q2 2024, with unit profits having bottomed out [2]. - The company has adjusted its net profit forecasts for 2024-2026 to 610 million, 1.5 billion, and 2.26 billion yuan, respectively, reflecting a significant decrease in 2024 due to product price declines [3]. Summary by Relevant Sections Earnings Forecast and Valuation - Total revenue for 2024 is estimated at 14.032 billion yuan, a year-on-year decrease of 8.91% [1]. - Net profit attributable to shareholders for 2024 is forecasted at 606.91 million yuan, a year-on-year decline of 67.90% [1]. - The latest diluted EPS is projected to be 0.32 yuan per share for 2024, with a P/E ratio of 50.08 [1]. Market Data - The closing price of the stock is 15.84 yuan, with a market capitalization of approximately 30.39 billion yuan [5]. - The stock has a price-to-book ratio of 2.30 [5]. Financial Data - The company’s total assets are projected to reach 25.321 billion yuan in 2024, with a debt-to-asset ratio of 45.37% [6][9]. - The net asset per share is estimated at 5.80 yuan for 2024 [9]. Cash Flow - Operating cash flow for 2024 is expected to be 3.47 billion yuan, while investment cash flow is projected to be -1.163 billion yuan [9].