天铁股份：Q3同比扭亏，锂电项目试生产，持续加强新能源业务布局

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [14]. Core Views - The company has turned profitable year-on-year in Q3, with a significant revenue increase of 148.63% compared to the same period last year, achieving a revenue of 761 million yuan [1]. - The company is actively expanding its new energy business, with the lithium battery project in Anhui entering trial production, which is expected to enhance its growth potential [2][6]. - The company plans to invest in a modified graphite anode material project, which aims to improve the product structure of the lithium battery industry chain [2][6]. Financial Summary - The company's revenue for 2023 is projected to be 1.507 billion yuan, with a year-on-year decrease of 12.4%, but is expected to rebound to 2.038 billion yuan in 2024, reflecting a growth rate of 35.2% [1][9]. - The net profit attributable to the parent company is forecasted to recover from a loss of 654 million yuan in 2023 to a profit of 151 million yuan in 2024, representing a year-on-year growth of 123.1% [1][9]. - The company's operating cash flow is expected to improve significantly, with a projected net cash flow from operating activities of 140 million yuan in 2024 [7][9]. Project Developments - The Anhui Tian Tie lithium battery project has a total investment of 1.2 billion yuan and aims to produce various lithium products, including 30,000 tons of anhydrous lithium chloride and 10,000 tons of battery-grade lithium carbonate annually [2]. - The planned investment in the modified graphite anode material project is approximately 1.45 billion yuan, with an expected annual output value of 2.5 billion yuan upon completion [2]. Industry Context - The graphite anode material is a crucial component in lithium-ion batteries, with a growing market due to its applications in mobile electronics, electric vehicles, and energy storage systems [3]. - The industry is experiencing rapid growth, driven by advancements in battery technology and increasing demand for sustainable energy solutions [3].