TINCI(SZ:002709) Guolian Securities·2024-08-28 12:32Investment Rating - The investment rating for the company is "Hold" [20] Core Views - The company reported a revenue of 5.45 billion yuan for H1 2024, a year-on-year decrease of 31.76%, and a net profit attributable to shareholders of 238 million yuan, down 81.56% year-on-year [11][12] - The second quarter revenue was 2.99 billion yuan, a year-on-year decrease of 18.67% but a quarter-on-quarter increase of 21.27%, with a net profit of 123 million yuan, down 79.26% year-on-year but up 7.64% quarter-on-quarter [11][12] - The decline in profits is attributed to falling lithium carbonate prices and low operating rates due to insufficient downstream demand [12] - The company signed a supply agreement with CATL to supply 58,600 tons of solid lithium hexafluorophosphate by December 31, 2025, which is expected to improve operating rates in H2 2024 [12] - The self-supply ratio of lithium hexafluorophosphate and LiFSI exceeded 97% in H1 2024, enhancing cost advantages [13] - The company is expanding its overseas production, with a factory in Germany starting mass production and a project in Texas expected to contribute to new growth [14] Financial Summary - For 2024-2026, the projected revenues are 14.36 billion yuan, 18.81 billion yuan, and 22.53 billion yuan, with year-on-year changes of -6.8%, +30.9%, and +19.8% respectively [15] - The projected net profits for the same period are 585 million yuan, 1.33 billion yuan, and 2.03 billion yuan, with year-on-year changes of -69.1%, +127.9%, and +52.0% respectively [15] - The earnings per share (EPS) are expected to be 0.30 yuan, 0.69 yuan, and 1.06 yuan, with price-to-earnings (P/E) ratios of 45, 20, and 13 respectively [15][16]