TINCI(SZ:002709) Changjiang Securities·2025-05-09 01:46Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 3.489 billion yuan for Q1 2025, representing a year-on-year increase of 41.64% but a quarter-on-quarter decrease of 4.56%. The net profit attributable to the parent company was 150 million yuan, up 30.8% year-on-year and up 2.74% quarter-on-quarter. The non-recurring net profit was 134 million yuan, showing a year-on-year increase of 33.35% and a quarter-on-quarter increase of 41.54% [2][4] Revenue and Profitability - In Q1 2025, the company's electrolyte shipments maintained a rapid year-on-year growth, with external sales of 6F and LiFSi increasing significantly. The overall estimated growth in electrolyte shipments continued to expand year-on-year. The gross margin for Q1 2025 was 19.21%, down 0.32 percentage points year-on-year and down 0.65 percentage points quarter-on-quarter. The profit per ton improved quarter-on-quarter, and with the supply expansion slowing down, the industry's willingness to maintain prices is strong, which is expected to further enhance profitability [10] Financial Indicators - The company's total inventory at the end of Q1 2025 was 1.412 billion yuan, an increase of 12.3% year-on-year and an increase of 3.5% quarter-on-quarter. The net cash flow from operating activities for Q1 2025 was -122 million yuan, turning negative year-on-year and quarter-on-quarter [10] Future Outlook - Looking ahead, with strong terminal demand, a slowdown in supply release, and increased external sales of lithium salts, the company's capacity utilization is expected to continue to improve. Following the anticipated price increase of 6F, combined with the industry being at a historical profit bottom and recovery in utilization rates, there is expected to be elasticity and sustainability in price increases. In the medium term, the company's expansion in lithium sulfide and solid electrolytes is progressing smoothly, with ongoing contributions to performance growth from its U.S. base. The company is expected to achieve a net profit attributable to the parent company of 1.13 billion yuan in 2025 [10]