TINCI(002709) 兴业证券·2024-11-24 01:40Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Views - The company reported Q3 2024 revenue of 3.413 billion yuan, a year-on-year decrease of 17.52%, and a net profit attributable to shareholders of 101 million yuan, down 78.25% year-on-year [2]. - The company's gross margin for Q3 2024 was 17.90%, slightly down by 0.38 percentage points, primarily due to the decline in electrolyte prices [3]. - The company is advancing its global layout, with projects in the US and Morocco expected to enhance customer reach and contribute to growth by 2026 [3]. - The company is investing in new technologies, including solid-state electrolyte technology, which is expected to begin pilot production by 2025 [3]. Financial Summary - For 2024-2026, the company is projected to achieve net profits of 451 million, 1.332 billion, and 2.055 billion yuan, respectively, with corresponding P/E ratios of 100.6, 34.0, and 22.1 times based on the closing price on November 13, 2024 [4]. - The company’s total revenue for the first three quarters of 2024 was 8.863 billion yuan, a decrease of 26.90% year-on-year [2]. - The projected revenue for 2024 is 12.214 billion yuan, with a year-on-year decline of 20.7%, followed by a recovery in 2025 with a growth of 37.5% [5].