TINCI(SZ:002709) Huaan Securities·2025-11-18 11:59Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has significantly benefited from the rising lithium battery market, with the price increase of hexafluorophosphate lithium (6F) driving a recovery in performance [1] - The company reported a substantial improvement in performance for Q3 2025, with revenue of 38.14 billion yuan, a year-on-year increase of 11.75% and a quarter-on-quarter increase of 7.73% [5] - The core electrolyte business is entering an upward cycle with both volume and price increases, and the profitability is expected to improve significantly in Q4 2025 [6] - The positive trend in the cathode materials business is expected to become a new growth driver, with the company completing the development of third and fourth generation lithium iron phosphate products [7] - The company is accelerating its global expansion, with significant progress in solid-state battery electrolyte research and new projects in Texas and Morocco [8] - The forecasted net profits for 2025, 2026, and 2027 are 12.35 billion yuan, 33.92 billion yuan, and 48.45 billion yuan respectively, reflecting a positive outlook based on the lithium battery market cycle and rising 6F prices [9] Financial Summary - For the first three quarters of 2025, the company achieved revenue of 108.43 billion yuan, a year-on-year increase of 22.34%, and a net profit attributable to shareholders of 4.21 billion yuan, a year-on-year increase of 24.33% [5] - The projected revenue for 2025 is 171.18 billion yuan, with a year-on-year growth of 36.7%, and the net profit is expected to reach 12.35 billion yuan [11] - The gross margin is projected to improve from 18.9% in 2024 to 31.4% in 2027, indicating enhanced profitability [11]