TINCI(002709) 太平洋·2024-11-13 03:43Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Views - The company reported a significant increase in electrolyte shipment volume, with a quarter-on-quarter growth of approximately 20%, leading to an estimated shipment of 136,000 tons in Q3 2024 [2]. - The company's Q3 revenue was 3.413 billion yuan, a year-on-year decrease of 17.52%, while the net profit attributable to shareholders was 101 million yuan, down 78.25% year-on-year [2]. - The report anticipates that the company's Q4 electrolyte and lithium salt shipment volumes will remain stable, with profitability expected to be maintained [2]. - The report highlights a substantial increase in phosphate iron sales, with a projected 40% quarter-on-quarter growth in Q3, driven by ongoing capacity ramp-up [2]. - The company is expected to significantly reduce losses in its positive electrode business by 2025 due to continuous capacity ramp-up and improved yield rates [2]. Financial Summary - The projected revenues for 2024, 2025, and 2026 are 12.363 billion yuan, 14.535 billion yuan, and 24.990 billion yuan, respectively, reflecting a year-on-year growth of -19.75%, +17.57%, and +71.94% [2][3]. - The net profit attributable to shareholders is forecasted to be 478.55 million yuan, 1.275 billion yuan, and 2.311 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 74.69%, 166.51%, and 81.21% [2][3]. - The earnings per share (EPS) are expected to be 0.25 yuan, 0.66 yuan, and 1.20 yuan for the respective years [2][3]. - The current price-to-earnings (PE) ratios are projected at 88.25, 33.11, and 18.27 for 2024, 2025, and 2026 [2][3].