TINCI(002709) 太平洋·2025-02-14 14:23Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a global leader in electrolyte production, with a market share of approximately 36% in 2023, and is expected to further increase its market share through lithium salt sales and overseas market expansion [3][6] - The integrated business model effectively reduces costs and positions the company for long-term growth, with advancements in new technologies such as LiFSI and solid-state electrolytes [4][5] - The company is anticipated to navigate through the industry cycle, leveraging its capacity and cost advantages to achieve a recovery from the cyclical low [5][6] Summary by Sections Company Overview - The company has established itself as a leader in the electrolyte industry, with a strong focus on integrating upstream and downstream operations to enhance competitiveness [3][4] - The company has a stable shareholding structure, with the actual controller holding 36.41% of the shares, ensuring a solid management team with a strong technical background [17][22] Market Demand - The demand for electric vehicles is expected to continue growing, with a projected increase in global electric vehicle sales of 24% and 27% in 2025 and 2026, respectively [34] - The energy storage market is also anticipated to grow rapidly, driven by increased installations of wind and solar power, as well as supportive policies in various countries [35] Business Strategy - The company has implemented an integrated layout that enhances cost advantages and binds high-quality customers, which is expected to further increase its market share [39][40] - The company is actively expanding its overseas operations, with production facilities in Germany and the U.S., and plans for additional capacity in Morocco [49] - The company is focusing on new lithium salts like LiFSI, which are expected to become a significant part of the electrolyte market due to their superior properties [49] Financial Projections - The company’s revenue is projected to recover from a decline, with expected revenues of 128.63 billion, 164.29 billion, and 260.39 billion yuan for 2024, 2025, and 2026, respectively [6][7] - The net profit is forecasted to rebound significantly, with estimates of 4.82 billion, 21.13 billion, and 44.36 billion yuan for the same years [6][7]