THXN(300390)2024-11-15 12:23Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [3]. Core Views - Despite the weak lithium salt prices, the company's profits have shown resilience. In the first three quarters of 2024, the company achieved a revenue of 5.45 billion yuan, a year-on-year decrease of 38.8%. The net profit attributable to the parent company was 0.923 billion yuan, down 49.3% year-on-year [1][4]. - The company is actively enhancing its lithium resource layout through joint investments and exclusive procurement rights, establishing long-term procurement agreements with upstream lithium concentrate producers [2][4]. - The company’s anti-static ultra-clean technology and medical device business continue to develop steadily, maintaining a leading position in the industry [2]. Financial Summary - For 2024, the company is projected to generate revenues of 7.09 billion yuan, 7.70 billion yuan in 2025, and 9.19 billion yuan in 2026, with corresponding net profits of 1.03 billion yuan, 1.14 billion yuan, and 1.46 billion yuan respectively [4][8]. - The earnings per share (EPS) are expected to be 1.24 yuan in 2024, 1.37 yuan in 2025, and 1.75 yuan in 2026, with price-to-earnings ratios (PE) of 24.3, 22.0, and 17.2 respectively [4][8]. - The company’s total market capitalization is approximately 24.98 billion yuan, with a circulating market value of about 20.22 billion yuan [3].