TINCI(002709) Soochow Securities·2025-04-23 02:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance met expectations, with revenue of 3.5 billion yuan and a net profit of 150 million yuan, reflecting a year-on-year growth of 31% [8] - The company is expected to achieve a 40% increase in electrolyte shipments in 2025, with total shipments projected at 700,000 tons [8] - The profitability of the electrolyte segment is expected to improve gradually throughout 2025, with net profit per ton remaining stable [8] - The company has effectively controlled expenses, with a slight increase in inventory [8] - The forecasted net profit for 2025 is 1.12 billion yuan, corresponding to a P/E ratio of 29 times [8] Financial Projections - Total revenue is projected to grow from 12.52 billion yuan in 2024 to 25.97 billion yuan in 2027, with a compound annual growth rate (CAGR) of 21.20% [9] - The net profit attributable to the parent company is expected to increase from 483.93 million yuan in 2024 to 2.38 billion yuan in 2027, reflecting a CAGR of 41.42% [9] - The earnings per share (EPS) is forecasted to rise from 0.25 yuan in 2024 to 1.24 yuan in 2027 [9]