TINCI(SZ:002709) Tianfeng Securities·2025-05-16 10:25Investment Rating - The investment rating for the company is "Hold" with a downgrade from previous ratings [3][6]. Core Views - 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 shareholders 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 a reduction in backward production capacity [1]. - The company is focusing on developing high-performance electrolyte products, showcasing significant R&D advantages and strong ties with leading downstream customers, which is expected to enhance competitiveness post-industry consolidation [1][2]. Financial Data and Forecast - The company’s revenue is projected to recover to 15.02 billion yuan in 2025, with a growth rate of 20% [5]. - The net profit attributable to shareholders is expected to rise to 849 million yuan in 2025, reflecting 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][11]. - The company’s total assets are estimated to reach 26.64 billion yuan by 2025, with a debt-to-asset ratio of 48.31% [11].