TINCI(SZ:002709) INDUSTRIAL SECURITIES·2024-09-16 02:12Investment Rating - The report maintains an "Accumulate" rating for the company [2][5]. Core Insights - 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 [4]. - The company's gross margin for H1 2024 was 18.85%, a decline of 11.58 percentage points, primarily due to price reductions in lithium battery materials, especially electrolyte products [4]. - A supply agreement with CATL has been signed, securing the supply of 58,600 tons of solid lithium hexafluorophosphate, which is expected to stabilize the company's profitability in electrolyte products [4]. - The company has achieved over 97% self-sufficiency in core raw materials, ensuring a cost advantage and maintaining industry-leading profitability levels [4]. Financial Summary - For 2024-2026, the company is expected to achieve net profits of 601 million yuan, 1.505 billion yuan, and 2.134 billion yuan respectively, with corresponding P/E ratios of 45.8, 18.3, and 12.9 based on the closing price on September 12, 2024 [5][6]. - The company's revenue is projected to decline by 21.6% in 2024, followed by a growth of 38.3% in 2025 and 26.3% in 2026 [6]. - The gross margin is expected to be 16.3% in 2024, improving to 20.7% in 2025 and 21.8% in 2026 [6].