天赐材料（002709）：2024年年报点评：电解液盈利承压，一体化布局纵深突破

Investment Rating - The report maintains a "Recommended" rating for the company, considering its integrated layout and cost advantages, currently positioned at the bottom of the cycle [5]. Core Insights - The company reported a revenue of 12.518 billion yuan in 2024, a year-on-year decrease of 18.74%, and a net profit attributable to shareholders of 484 million yuan, down 74.40% year-on-year [1]. - In Q4 2024, the company achieved a revenue of 3.655 billion yuan, an increase of 11.40% year-on-year, and a net profit of 146 million yuan, up 5.04% year-on-year [1]. - The company's lithium electrolyte shipment exceeded 500,000 tons in 2024, representing a year-on-year growth of approximately 26%, although the net profit per ton declined to 0.08 million yuan due to falling prices of domestic electrolytes and lithium carbonate [2]. - The company has significantly increased its self-supply ratio of core raw materials, achieving over 98% for lithium hexafluorophosphate and LiFSI, which is expected to enhance the profitability of its electrolytes as high-pressure fast-charging batteries become more prevalent [2]. - The company’s lithium iron phosphate business delivered over 95,000 tons in 2024, a 109% increase from 2023, placing it in the top tier of the industry [3]. - The company anticipates revenues of 15.095 billion yuan, 19.708 billion yuan, and 24.974 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 902 million yuan, 1.466 billion yuan, and 2.159 billion yuan [4]. Financial Summary - The company’s total revenue for 2024 is projected at 12.518 billion yuan, with a net profit of 484 million yuan [4]. - The forecasted revenue growth rates for 2025, 2026, and 2027 are 20.6%, 30.6%, and 26.7%, respectively [4]. - The projected net profit growth rates for the same years are 86.3%, 62.6%, and 47.2% [4]. - The company’s PE ratios are expected to decrease from 68 in 2024 to 15 by 2027, indicating an improving valuation over time [4].