TINCI(SZ:002709) Minsheng Securities·2025-04-16 05:23Investment Rating - The report maintains a "Recommended" rating for the company, considering its integrated layout and significant cost advantages, especially as it is currently at the bottom of the cycle [5]. Core Insights - The company reported a revenue of 12.518 billion yuan for 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, representing a year-on-year increase of 11.40% and a quarter-on-quarter increase of 7.09% [1]. - The company's lithium battery electrolyte shipment exceeded 500,000 tons in 2024, marking a year-on-year growth of approximately 26% [2]. - The company’s self-supply ratio for key raw materials, such as lithium hexafluorophosphate and LiFSI, has reached over 98%, which is expected to enhance the profitability of its electrolyte products [2]. - The company’s lithium iron phosphate business delivered over 95,000 tons in 2024, a 109% increase from 2023, placing it in the leading tier of the industry [3]. Financial Forecasts - The company is projected to achieve revenues of 15.095 billion yuan, 19.708 billion yuan, and 24.974 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 20.6%, 30.6%, and 26.7% [4]. - The net profit attributable to shareholders is expected to reach 902 million yuan, 1.466 billion yuan, and 2.159 billion yuan for the same years, with growth rates of 86.3%, 62.6%, and 47.2% [4]. - The report indicates that the current price of the stock is 17.21 yuan, with corresponding PE ratios of 37, 22, and 15 for the years 2025, 2026, and 2027, respectively [5].