TINCI(SZ:002709) Tianfeng Securities·2025-05-16 09:12Investment Rating - The investment rating for the company is "Hold" with a downgrade from previous ratings [3][6]. Core Viewpoints - The company reported a revenue of 12.52 billion yuan in 2024, a year-over-year decrease of 18.74%, and a net profit attributable to the parent company of 480 million yuan, down 74.4% year-over-year [1]. - In Q1 2025, the company achieved a revenue of 3.49 billion yuan, reflecting a year-over-year increase of 41.64%, with a net profit of 150 million yuan, up 30.8% year-over-year [1]. - The electrolyte business remains highly competitive, with expectations of continued market clearing in the next one to two years, leading to an increase in industry concentration and competitiveness for the company [1]. - The company is actively investing in new product categories, including solid-state electrolytes, which are currently in the pilot testing phase, indicating potential for future growth [2]. Financial Data Summary - The company is projected to have a revenue of 15.02 billion yuan in 2025, with a growth rate of 20% [5]. - The net profit attributable to the parent company is expected to recover to 849.08 million yuan in 2025, representing a growth rate of 75.46% [5]. - The company's earnings per share (EPS) is forecasted to be 0.44 yuan in 2025, with a price-to-earnings (P/E) ratio of 40.34 [5].