TINCI(002709) 太平洋·2024-09-05 08:08Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][7]. Core Views - The company achieved a revenue of 54.50 billion yuan in the first half of 2024, a year-on-year decrease of 31.76%. The net profit attributable to shareholders was 2.37 billion yuan, down 81.56% year-on-year, while the net profit excluding non-recurring items was 1.86 billion yuan, a decrease of 85.35% year-on-year [2][3]. - The company is enhancing its market share through the external sale of lithium salts and is improving its integrated capabilities. Strategic cooperation agreements with key clients are expected to stabilize market share, while adjustments in sales strategies for lithium-ion battery materials are actively being pursued [2][3]. - The company is expanding its overseas business, with several international projects entering the pilot stage, thereby enhancing its global competitiveness [2][3]. Financial Summary - The company forecasts revenues of 123 billion yuan, 152 billion yuan, and 250 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -20%, +24%, and +65% [3][5]. - The net profit attributable to shareholders is projected to be 6 billion yuan, 14 billion yuan, and 23 billion yuan for the same years, with corresponding year-on-year growth rates of -70%, +148%, and +65% [3][5]. - The earnings per share (EPS) are expected to be 0.3 yuan, 0.7 yuan, and 1.2 yuan for 2024, 2025, and 2026 respectively, with a current price-to-earnings (PE) ratio of 47, 19, and 12 for those years [3][5].